Property Management Agreement (image: c-rem.com)
Do you own single family rental homes? Are you managing these rentals yourself? Do you dread the idea of tenant screening?
Well, there is a neat application from a company called Cozy which should make your tenant screening much simpler. Funded by Google Ventures, Cozy some unique features that includes tenant screening, online rent payment and collections along with tenant applications.
And you will love the price! The cost of managing a property with Cozy only $9 per month for each unit/house. Here are some of the benefits of using Cozy right out of the box:
1) Online applications: Managing paper applications is a huge headache both for tenants and landlords. With Cozy each applicant creates profile for your property which you can then review to identify the best candidate for your property. The beauty of the online application is that you are not responsible for the privacy protection and security of the private information disclosed by the tenants.
2) Background Checks: You can use Cozy to screen your tenants where all the information about each applicant is in one place as opposed to dozen emails. This make the follow up contacts and distribution of information to your applicants much simpler too. The background checks identifies the previous landlords for you that you can contact to complete your due diligence and selection process.
3) Security: Just like privacy concerns since you are not collecting the information directly from the tenants, you are not responsible for on’t have to worry about storing the data in a safe and secure environment.
4) Online rent payments: Another benefit of using Cozy is the online payment feature which is an option that your tenants can participate. The challenge with this option is that your tenant will have to input their bank account information into Cozy. Some of our tenants are not eager to furnish such information and we can not force them. But when the tenants use such a feature, it’s wonderful since it provides predictability into your rent collection and takes the US Postal Service out of the mix as well.
We believe Cozy offers a neat solution to help small landlords avoid these challenges at a very reasonable cost. And the fact that there are no long term contracts to sign and the solution is cloud-based leaves us no choice but the recommend Cozy.
Have you used Cozy? What do you think? We would like to hear from you.
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