Investor · Spokane, WA · Member since 2015 · 86 posts · 68 votes
10y
I've LOVED Cozy. It's a free service to collect rent via ACH and manage your units. We only have three tenants, and not a single one complained about ACH. Cozy manages the account numbers, so no one can see the other's accounts. We we loved the most was that the tenants set up auto-draft. Their payments are on auto-pilot and we haven't had a late or missed payment in over two years. I think this is because, if they know it's coming out automatically for rent, they make sure the money's there for it; and it's some other bill that gets paid laid if money's tight on a given month. Cozy also allows you to request a one off fees, such as a maintenance bill or if you're splitting any utilities.
It's free for managing tenants and collecting rent. They make money by integrating paid background checks into the system.
There are probably better systems if you have dozens of units, but I couldn't be happier with how they've worked out for us.
Investor · Spokane, WA · Member since 2015 · 86 posts · 68 votes
10y
I've LOVED Cozy. It's a free service to collect rent via ACH and manage your units. We only have three tenants, and not a single one complained about ACH. Cozy manages the account numbers, so no one can see the other's accounts. We we loved the most was that the tenants set up auto-draft. Their payments are on auto-pilot and we haven't had a late or missed payment in over two years. I think this is because, if they know it's coming out automatically for rent, they make sure the money's there for it; and it's some other bill that gets paid laid if money's tight on a given month. Cozy also allows you to request a one off fees, such as a maintenance bill or if you're splitting any utilities.
It's free for managing tenants and collecting rent. They make money by integrating paid background checks into the system.
There are probably better systems if you have dozens of units, but I couldn't be happier with how they've worked out for us.
Investor · Mesa, AZ · Member since 2016 · 37 posts · 6 votes
10y
I just signed up with cozy.Co for rent payments. Free to payer and payee. They also do application capture and secure storage as well as screening. And they do listing that syndicate to other top sites.
Investor · Alabaster, AL · Member since 2016 · 280 posts · 88 votes
10y
I'm with Joe Splitrock on this.... I make it easy for my tenants to pay...cash..for safe areas has worked well with a receipt given...this has been a rare occurance. My other tenants pay by money order...there is one that I take checks from but that is purely because of her payment history and her son and mine are best friends! (8 year olds)
Property Manager · Allen, TX · Member since 2015 · 190 posts · 160 votes
10y
When you're just starting out it may not be worth it, but you'll want to transition to electronic payments as soon as possible. No more tenants saying the check is on the way and I especially like the automation of late fees. No one gets an exception, meet the deadline or pay the fee.
Property Manager · Allen, TX · Member since 2015 · 190 posts · 160 votes
10y
@Joe Henry I use Buildium and have been very happy with it. It integrates the rent collection with accounting software and other property management tasks.