There’s a lot of property management software out there. Most of it is pretty expensive. It does come in handy, though.
Software can really simplify your property management. Being able to automate tasks is a wonderful thing. Tasks such as:
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Advertising your properties
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Screening tenants
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Collecting rents
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Tracking expenses
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Signing documents electronically
With the big boys in property management software, many of these features are included. At a pretty tall price. Some of these features, such as rent collection, represent extra charges for you every time a tenant pays the rent.
Software Fees Be Gone
As landlords, we not only want to automate all our tasks, but we want to cut expenses dramatically as well. In the past, it seemed like you could not do one without having the other. Either you do the tasks yourself, or you have to pay monthly fees to automate the tasks.
Trust Silicon Valley to come up with some software that automates your tasks – and makes the software free for landlords. The company is called Cozy. Although it started in San Francisco near Silicon Valley, its headquarters is now in Portland, Oregon.
Cozy does not have all the features of more robust software packages. But it does have some very helpful features. They also say the full package is coming soon. When you sign up for Cozy as a landlord, you can:
In addition, soon Cozy will allow you to also:
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Sign documents electronically
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Track expenses
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Manage your rental portfolio on your smartphone or tablet with the Cozy App
How much does all this cost you, the landlord? Here is what the Cozy website says:
“Cozy is 100% free for landlords. Applications and online rent payments are free for renters, too. We charge for just three things: credit reports, background checks, and making rent payments with a credit or debit card. All of the things are optional, and are paid by renters.”
Not a bad deal. You can have most of the features of other property management software, without any of the price. Let’s look at some of the features a little more in-depth.
Nice Features
Listing a property on Cozy is very easy. Just fill out some details on the property and Cozy advertises it on your own unique URL. You can then use that URL to share with potential tenants or they can pass it to roommates.
All your vacancies can be listed on that URL so potential tenants can look at them all at once.
The listings will also automatically be shared on Realtor.com and Doorsteps.
You can also take the URL and paste it into your Craigslist ads, or any other sites you might want to advertise on.
Once someone is interested in your listing, you can take applications right through the ad page.
If you want to dig deeper, you also have the option of running credit and background checks, directly through the Cozy website. Of course the prospective tenant will pay for the checks you want to run. Cozy will handle the payments. All a landlord needs to do is make a decision.
The website is convenient for your prospective tenants as well. They can fill out the renter profile (as shown above) once and leave it sitting on the Cozy website. Then when they are looking for a new property, like yours, they can just submit it to the new listing. They don’t have to fill out tons of applications as they apply to new properties. Just update their existing ‘resume’ as their status changes.
No More “Hey, When Are You Gonna Pay Your Rent?”
Cozy can set up automatic transfers from a tenant to you. It can either be done through a bank-to-bank transfer, or a credit card.
Bank-to-bank transfers using Cozy are free – for both you and the renter. Credit card charges are still free for the landlord, but will cost the renter a 2.75% processing fee.
Renters generally set up the payments as automatic monthly debits from their bank accounts. They can also pay as a one-time fee. Other charges such as damages and utilities can also be paid directly to the landlord through Cozy.
Cozy will provide detailed reports of tenant payments for the landlord to track by property.
The program will allow you to edit the amounts manually if you need to enter offline payments or credits to the renter.
Beyond the features for helping you run your property management business, Cozy gives you the idea that it wants to build a community of landlords and tenants. They have a blog that provides lots of tips and techniques for making your properties run more efficiently and profitably. You can also subscribe to their newsletter.
Cozy has a YouTube Channel with all kinds of videos on how to use the software more effectively – plus more landlording tips.
There are a lot of benefits to using Cozy, especially for the free price. For landlords with larger portfolios, it may not have all the features you need to run a massive rental portfolio. But for the smaller guys out there, and those people who find themselves becoming 'accidental landlords,’ Cozy may be a great addition to your business.
Whatcha Got?
Do you have experience with Cozy? We’d love to hear from you in the comments section below.
Make it Easy to Pay – As a group, tenants are not the most diligent people in the world when it comes to paying rent on time. Try to make it as easy as possible for them to pay you.
Screen Your Tenants – It’s much easier to deal with a tenant before they move in to your place than after. Make sure you know enough about them before handing over the keys.
Learn from Other Landlords – Real Estate Mogul has a great community. Reach out to other landlords on the site to find ways to improve your business. Also check out blogs on sites like Cozy and other forums to expand your knowledge.
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.