Soon to be new landlord! Currently have a property in mind and the numbers check out. My question I am now down to is which software would be best/easier to use :123Landlord or Erentpayment. If anyone uses either of these feel free to let me know what you think! I am really looking for an all in one software. Payments, contracts, accounting, profit loss statements etc...
I have been tossing the idea around of doing other payment methods such as picking it up myself or having tenants paypal me. But I know my personality and I know once I get comfortable with something I stick with it. That being said you run into problems when trying to scale your real estate portfolio using those types of payment methods.
Any help would be greatly appreciated.Thank you.
I wouldn't pick it up if you can avoid it. ACH is the way to go.
We use Cozy.co. The tenants create an account and manage the payment method on their side. They can set up ACH for free or pay with credit for a fee. It's completely free for landlords and the payments hit your account within a couple days.
@Will Yee Cozy.co looks really nice. Thank you for that. Will it give all necessary reports for accounting and expense tracking services or do you have something like quickbooks on top of cozy.co to do that as well?
Does anyone have an experience with TenantCloud and Cozy.co? How do they compare to each other?
I don't have any experience using TenantCloud but I have used Cozy which works great. Although I currently use Roof which suits my business a bit better than Cozy—it isn't free but it provides a bunch of great features for my tenants which is worth the investment in my opinion. The interface is also beautiful and a lot easier to use than Cozy in my opinion.
For rent collections I use eRentpayment. They are easy to use, and their customer support has always been very responsive. For the accounting side I use QuickBooks Online. QBO can be a little daunting, but I am an accountant and really like what it provides.
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Hi Benjamin, if you don’t mind me asking. What are the particulars you like about Roof over Cozy.co? Thanks
As someone that hasn't used either, could you elaborate more on the key features that Roof has over Cozy?
I agree about the interface, it's fantastic from what I have seen... I just want to make sure I understand the key features before I buy something purely based on the interface... ha!
@Jimmy Ready check out Cozy, they are great for one property to a small handful!
Cozy.co doesn’t have the greatest interface, but after the scare last year with ERentPayment I switched. Some ERentPayment customers got screwed when their payment issuer held rental payments from Landlords. Some investors lost thousands of dollars. https://www.biggerpockets.com/forums/52/topics/499696-beware-of-fraud-by-erentpaymentcom
I did like their interface much much more than cozy and with cozy you can’t set it up to charge late fees. Also with cozy application you can’t make any changes or add additional information. You may can tell I prefer ERentPayment but the way it was handled by the owner moved me away and I was lucky that I only had 1 rent not paid, but with the help of the renter, got it back eventually.
I've heard good things about Cozy.co but I've never used it. Depending on how much you want to scale your business in the future, you might want to consider going with a company like Buildium. That's who I use and I love it. It's not cheap, but it's well worth the money in terms of flexibility, reports and customer support.
It's more geared toward larger property management firms, but again, if you plan to scale your business, why not start here so you don't have to switch later
@Cameron Norfleet seems a lot of people here like Cozy. I just listened to one of their webinars last night and I think I will most likely be going with them. They seem very user friendly
A bit late to respond here, but I got hosed by erentpayment last fall in their debacle. Lost rent on 2 properties that I'm sure I'll never see, and during it all, the communication from management was just about non existent. It seemed like they just tried to run and hide, and hope everyone would go away. Switched to Cozy. It's worked pretty well, but I do miss the way erentpayment allowed you to set it up to not accept rent payments unless they were submitted with the late fees.
given erentpayment screwed me and a whole lot of other people, never them would be a good answer.
I switched to Cozy. It's been fine.
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