Anyone using Cozy to collect rent?

24 Replies

Hey all, 

I just closed on my first rental property and we're getting ready to rent it out. I'm looking at different ways of collecting rent and was just curious if anyone used Cozy. It looks like a great option, but given I don't have much experience, I wanted to see what thoughts others might have on it.

Thanks,

Ryan

Luckily for me the previous owner used Cozy.co to collect rent. Now I use it for all my inherited tenants. First month was a breeze, I anticipate a lot more to come!!!

@Ryan Schaefer ,

Yup, it's great-- we do all our advertising, screening and rent collection through them!   We do low income houses, so it's nice to offer them an alternative to use CC if needed.   

The only thing that sucks, is if you don't pay their $3/property fee, it can take up to a week for them to transfer the $. 

@Ryan Schaefer

It is a good site to use if you only want to collect rent. The site has really updated their processes to improve expedition of rent payments to your bank. However, if you are looking for property mgmt as well for a tool, Cozy would not be my first choice. I used to use them but left once I figured out I needed PM software as well.

Wow, thanks for the quick replies! It looks like it has worked out for you all, so I'll give it a shot. 

Originally posted by @Shaun Palmer :

Ryan Schaefer

It is a good site to use if you only want to collect rent. The site has really updated their processes to improve expedition of rent payments to your bank. However, if you are looking for property mgmt as well for a tool, Cozy would not be my first choice. I used to use them but left once I figured out I needed PM software as well.

 Exactly!! After a few months of using them for rent collection I also came to the same realization and I am moving to a more robust PM software that ALSO handles rent collection. I trialed Verticalrent for a few weeks but I am biting the bullet and heading over to Buildium, a system that can grow with me. 

Been using cozy.co for electronic rent collection for 2 years. No problems. Waiting 5 days for deposit is tolerable for me.

Cozy was fine about advertising and screening tenants. But the credit and background checking reports exipre in 30 days. And people have to pay again after that which kinda sucks. 

Never tried collecting rent sounds not that good. Some landlord used venmo to collect tent which can be transferred right away though more like social tool

Great site - will be using it for a property I just got under contract. My co-worker raves about it and I can see why.

Previous two investments were out of state so I have property mgrs handle everything for those. New tenants will be screened/charged via Cozy. Makes things simple for both sides.

I use cozy for my 2 rental properties. Really like it and tenants have had no issues setting up payment.

One of my properties has 3 roommates living together; cozy makes it easy to split the total rent so they each setup auto ach.

Cozy has clean reports and you can also track expenses via the app

I'll give another thumbs up for Cozy. It's super easy to setup and makes rent collecting a breeze. I highly recommend it. 

I have used Cozy.co for over 2 years now! Super easy for collecting applicants and then notifying them to order credit reports! I gave my tenants a choice to use cozy for payments but one decided to just deposit into my bank account. Old school money order then another one sends via chase pay!
I really loved the ease of sharing the listings and uploading the pictures. I actually used it to have an open house one weekend and advertised my rental for a week before! That way everyone who was interested came through all on a sat 12-4! It worked great! I got like 7 applicants and only one needed to do the credit report! Recommended especially first starting out! Been great for us!

I have used several, Cozy being the current one.  The best part is it's free.  The negative is it's slow.  however, if you and your tenants know this going into it then you can plan accordingly.  Once they submit their payment it usually takes 4-6 business days for it to post to your account.  Have your tenant submit their payment that far in advance of the due date and everything will be fine.

check or money order in house drop box, no cash!  

Cozy is awesome! I use it for all my tenants. No going to properties to collect rent. Cozy tells you right when the tenant has paid and when you will receive the money.

be careful if your state regulates partial payment when evicting

Cozy allows partial payments 

I have been using Cozy for over 2 years. It is an awesome part of my team. They charge a$2.99 fee to have the payments clear in 1 or 2 days. I also like how the background check and credit check are done by the tenants and sent to the landlord.

I like cozy a lot, but can't compare to other online payment methods.

One thing I really wish they'd integrate, is a way for landlords to have the option to automatically apply late fees after the grace period (if u have one). 

Originally posted by @Dustin Beam :

I like cozy a lot, but can't compare to other online payment methods.

One thing I really wish they'd integrate, is a way for landlords to have the option to automatically apply late fees after the grace period (if u have one). 

 Who do you like better?

Originally posted by @Michael Plante :
Originally posted by @Dustin Beam:

I like cozy a lot, but can't compare to other online payment methods.

One thing I really wish they'd integrate, is a way for landlords to have the option to automatically apply late fees after the grace period (if u have one). 

 Who do you like better?

 I haven't used other online payment methods so I can't say who is or isn't better. Generally cozy has been good for me.

Originally posted by @Dustin Beam :
Originally posted by @Michael Plante:
Originally posted by @Dustin Beam:

I like cozy a lot, but can't compare to other online payment methods.

One thing I really wish they'd integrate, is a way for landlords to have the option to automatically apply late fees after the grace period (if u have one). 

 Who do you like better?

 I haven't used other online payment methods so I can't say who is or isn't better. Generally cozy has been good for me.

 Ok thank you 

Originally posted by @Michael Plante :

be careful if your state regulates partial payment when evicting

Cozy allows partial payments 

I hadn't even considered that, thanks for the heads up!

Love Cozy.  I don't understand the worry about the delay. If you don't have several months of operating expenses in your checking account for the unexpected you have bigger problems, don't you? 

We have been using Tenant Cloud for our rental management of 17 units. Sounds very similar to Cozy. Not sure all of the features of Cozy, but TC also lets you keep track of maintenance request, even allowing the tenants to send requests that way. $9 total flat fee per month until you reach a larger number of units. So far so good. Glad to know they have a competitor, and will also check out Buildium like @Audrey Ezeh mentioned earlier in the thread. 

@Ryan Schaefer

I Use Cozy. Can't beat it- 

It does take 5 days or so to see the money in your account, but that's not a major issue. 

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