Investor · Temple, TX · Member since 2015 · 111 posts · 80 votes
Hi, everyone! What are your thoughts on Cozy or TurboTenant?. I will own five units from two properties by mid-August. I want to manage them online as much as possible. Both of these free management tools look promising, and I don't need something like Buildium or Appfolio yet.
I've done some reading in the forums on both Cozy and TurboTenant, and there doesn't seem to be just one better choice.
What are your thoughts? Do you think one has an advantage over the other?
Rental Property Investor · Augusta, GA · Member since 2014 · 8 posts · 10 votes
10y
I'm two months into Cozy. I have really enjoyed the ease of it. I have had a couple of hiccups that Cozy immediately handled with quick respond on the site. It has simplified my life!
I just had a bad experience with Cozy, screening side not payments, so I'm here to find a better service. I can't speak to their collections, but in my opinion their handling of the screening process is scuzzy and misleading, and reflects poorly on me as a landlord.
Investor · Fort Collins, CO · Member since 2017 · 169 posts · 119 votes
9y
The great part about TransUnion is that they have access to data to pull all three screening reports, credit, criminal and eviction. Other services like Experian only offer credit, but not an integrated criminal or eviction report so you need to source those elsewhere. We partnered with TransUnion because of their integrated nature which makes it easier to get the full picture on a possible tenant.
Investor · Herriman, UT · Member since 2017 · 79 posts · 60 votes
9y
I bought my 1st property about a month ago and I use Cozy. I used them for the application process as well as an avenue for the tenants to pay rent. My tenants are college students with zero to little credit and a highlight that I found is that Cozy reports the rent payments to Experian (whom they are partnered with), which builds their credit as they pay rent!
Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
9y
I have 9 units in 2 buildings- not everyone is on Cozy, but all new tenants are. I love it. My rent is in my account on the 1st of every month and it has my tenants name on the deposit. I use their background check when I am down to considering the final tenant.
I do my books on Excel- I tried so hard to use quickbooks and I may again in the future- but right now Excel is the best.
Investor · Temple, TX · Member since 2015 · 111 posts · 80 votes
9y
Wow, what great feedback everyone has given, so thank you! And how much has changed in a year since I first posted this...
I now have three properties with seven units, with one vacancy at this time.
All of my tenants use Cozy for rent payment, and we love it.
The background and credit check worked great (applicant with BAD financial record, did NOT rent to them!)
I've used the 'credit to a tenant' feature with success. I give a discount off first and last month's rent for people employed in a service position. I gave the tenant a credit off first month (through Cozy) and was able to schedule a credit ahead of time off last month's rent, so I don't have to worry about forgetting to do it later.
And, best of all, I've used Cozy for easy, beautiful listings. They make it easy to add photos and details.
Looking forward to a time when they offer bookkeeping software!
Developer · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
8y
From a property manager's perspective, I have been using Cozy for months. I use it to collect rent and it has been great for the most part. No hiccups, money takes 4-5 business days which not all of my clients are a fan of because if someone pays on the 5th they might not get it in their account until the 12th.
I am now considering transitioning from using excel to do the book keeping on each property and using Cozy. I wish it was more property manager friendly because on Tenant Cloud I can bill the owner directly for property management (have been playing around with Tenant Cloud too). If I use Cozy I would have to generate a separate email, kind of annoying but then again it's also free so maybe I just need to stop complaining. Appfolio seems like the best out there but no way am I paying $250 a month to manage less than 50 units. Even then I don't know if I would pay that.
Rental Property Investor · Louisville, KY · Member since 2017 · 10 posts · 7 votes
7y
Thanks everyone for all the Information provided here. I'm currently in the process of getting an appartment rented. I will definitely go with Cozy because all the good feedback. Thanks to you all. I'll keep you informed.
Banking · Philadelphia, PA · Member since 2015 · 26 posts · 16 votes
7y
I do not recommend Cozy. The inherent flaw in Cozy's business model is that you cannot turn credit card payments off. If a tenant pays via credit card, they have a 90 day period to dispute the charge. For me, this resulted in a tenant going from fully paid, to behind 3 months in a single day. In this instance, Cozy will come after the landlord to collect the lost payments. This has resulted in 3 credit collection accounts being added to MY credit report. Cozy does not make this situation well known, and it is not discussed on this forum at all. I recommend utilizing a method for rent collection that does not allow for credit card payments.
Investor · Kenai, AK · Member since 2015 · 12 posts · 11 votes
7y
Rentec Direct is the solution to many of the issues discussed here. I am four months in and it is working well. Renters were happy to setup the automated ACH, that is my favorite part. Well that and the online application process with fee collection. You can pick the cards you want available, or none. That is a really great point about accepting credit cards, I need to ask Rentec about that. I have run the fee up high enough that everyone chooses ACH. The online application seemed limited at first, but I am finding that it provides everything we require, and the ease of use for us is super nice. When we get calls we direct them to our website where they can view not only our available rentals but also our Application Process and Qualification Standards, then apply. This has cut down our phone time substantially. I am told by my accountant that that portion is providing everything I/they will need and I've been able to set it up so all money associated with a property is properly tracked now, all online, and I provided my accountant with a login. Of course I have lots to learn yet and there is always some fine tuning, but the people at Rentec are great to work with. We have been able to make huge strides in automating our tenant management(currently 3 SFH). Not that it was that tough, however, are goal this year is seven more houses so everything that we can streamline now will pay dividends down the road.
Investor · Temple, TX · Member since 2015 · 111 posts · 80 votes
7y
@Account Closed Rentec Direct sounds interesting. When you say that "all money associated with a property is properly tracked now", does this include a way to upload expenses and do bookkeeping from Rentec Direct? Thank you in advance for input on this!
@Account Closed I've been using Cozy now for three years. I inform my tenants that they are required to pay online, via Cozy, which is free for ACH payments. However, they do have the option of using a CC to pay, but at a 2.75% fee. For $1,000 rent that's an additional $27.50 they'd be charged, and I make them aware of it. It's an insane amount. When I call their attention to that, they refrain from using that as an option. I've had zero problems.
Investor · Kenai, AK · Member since 2015 · 12 posts · 11 votes
7y
@Laura Sulak
@Laura Sulak Yes, once we finish a renovation we put the property "into service" meaning all $ tracking on the Buy/reno side stops(We have been using Houseflippingspreadsheet.com for about 3 years now, ) and the property is input into Rentec where all financials are tracked in there. Although I am capable of real estate/ investing numbers(mathmatics is a hobby of mine) , accounting is a bit different, so I am learning as I go. My accountant reviewed my Rentec Direct account, using a log in I created for their access, and they said that it will track everything they need to their work. They are quite happy with the level of tracking we doing and of course offered "suggestions" on on categories and structure setup.
Investor · Kenai, AK · Member since 2015 · 12 posts · 11 votes
7y
@Ryan Wamsat That makes sense. We have a rate for ACH set to $3.25 (this is a user option to charge or not and how much) but our rate for CC is 3%(also user configurable) . I will highlight the 3% CC charge with an example in my paperwork provided to Tenant and mention that as well during the New Tenant Orientation. I appreciate your input and will take your advice.
Investor · Temple, TX · Member since 2015 · 111 posts · 80 votes
7y
@Account Closed Thank you for the details and information. I need a better bookkeeping system (mathematics is NOT a hobby of mine;) and this sounds promising. Thanks!