During our time as landlords, we have learned a lot about what works for us and what doesn’t. We’ve learned that automated systems are the way to go. When we first started as landlords we were collecting rent through Venmo. This system honestly worked for awhile but it definitely wasn’t perfect. We found that Venmo wasn’t going to cut it for several reasons. 1) Bookkeeping was not easy, 2) We couldn’t set up auto pay, and 3) It was limited to just transactions. That’s when we began looking around at different property management platforms and discovered Cozy.co.
Cozy is a property management tool for independent landlords that is primarily free but offers some paid features as well.
Cozy Paid Features
The paid features of Cozy include Cozy Rent Estimates and Express payouts. The Cozy Rent Estimator costs $19.99 and will provide you a full report with comps from surrounding properties in your area.
This information can be helpful to learn more about your competition and current market rents. However, in my personal opinion you can find this information for free and pretty quickly with just a few google searches. But, hey if you’ve got $19.99 laying around then Cozy will do all the work for you.
The second paid feature that Cozy offers is Express Payouts. This service is currently priced at $2.99/month and deposits your payments faster than normal. If receiving rent payments earlier is something that you require then Cozy can help you with that as well.
If those features didn’t interest you then get excited because everything else Cozy offers is completely free to use.
Cozy Free Features
Setting Up a Property / Creating a Listing
With Cozy you can manage multiple properties at once and separate each individual property so no information gets lost or misplaced. When you create a property listing you will be prompted to add the units of each property.
As you add each unit you will be able to input additional information such as lease terms, current tenants, renters insurance, and pictures of the unit. Once your property profile is completed then your ready to cruise.⛵
When you need to advertise a vacancy you can create a listing right through Cozy. You will be able to add a description text, photos, and special features. Your listing will then be advertised (for free) on realtor.com and apartments.com.
One of my favorite features is that you can create the listing ahead of time and then turn it off and on as needed. This saves you time/work in the future which can be used for more important things.
Applications – Criminal/Credit Check
When it comes to screening tenants Cozy really makes it easy. Prospects will receive a link that will take them straight to the property application where they will be prompted with a series of questions like who you are, what you do and where your from.
Additionally, you have the option to require a credit report and background check. These reports cost 39.99 when bundled together and is paid for by the applicant. I strongly recommend using this feature as it will greatly improve your screening process.
Want to see our free Tenant Screening Checklist? Tap here to get it now!
Inbox
Another great feature is the Cozy inbox. This basically operates as an email medium and allows you to communicate with your current tenants, as well as prospects interested in your property.
The inbox feature keeps all of your tenant communication documented in one organized place. Having this information organized in one place will prove to be extremely beneficial and will cut down filing things manually.
Maintenance
With Cozy you no longer have to worry about Tenants texting or calling you about non urgent maintenance requests. Instead tenants are able to submit all maintenance requests through their Cozy profile.
This feature is also a great way to keep track of all maintenance requests and what work was done for each request. This is just another way that Cozy allows you to CYA (cover your ass) and avoid in sticky tenant situations. The more you document the better off you will be.
Payments
Cozy allows tenants to pay with a debit/credit card or through a bank account. If a tenant decides to pay with a card then they will be subject to a 2.75% service fee that is paid to Cozy. Tenants who link their bank accounts will not be charged any service fees.
My favorite thing about Cozy is that tenants are able to set up automatic payments. Using Cozy to collect rent is also a great way to keep your property finances organized, which will be a relief come tax season.
Expenses
Having an effective way to track your expenses will lead to more efficient bookkeeping. With Cozy you are able to track all of your expenses in one spot. When you add an expense you will be prompted to fill in some information about the expense and upload a picture of the receipt.
It really is that easy, with Cozy you won’t have to worry about bookkeeping around tax season.
One Thing Cozy.co Needs
Overall, Cozy.co is an awesome property management tools that offers everything you really need for free. My one gripe is that Cozy currently does not have a phone app.
This one little thing would be very helpful for remotely managing my property. Having an app would also make it a lot easier to upload expense receipts in real time. An app for Cozy would allow for a lot more functionality, and I hope to see this in the near future.
Closing Thoughts
Cozy is a great property management tool that offers benefits to both landlords and residents. Landlords have a much easier time managing payments, vacancies, tenant communication, maintenance requests, and business expenses. While tenants find it easy to pay rent, submit maintenance requests, and communicate with their landlord in one central place.
There are many property management softwares to choose from however most are not free. Cozy is an extremely powerful tool that is free and will make your life as a landlord a lot easier. If you are looking for a property management software then I definitely recommend Cozy.co
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