Hi, I'm Jordann from Cozy. Owning rental properties doesn't have to be stressful
or a time consuming. With Cozy's online tools, you can market your rentals, screen
tenants, collect rent, track expenses, and communicate about maintenance requests
all in one place and for free.
Let's say I'm looking for renters for one of the
units and my new duplex. I'll set up a listing and Cozy, which will allow me to
advertise my rental and collect online. The application setup is easy and I'll get
a professional-looking website with a built in online application. I'll enter
basic info and details about my property, describe its best features, and share
rent and deposit info. I can also ask my applicants to send me credit reports and
background checks. This way, when renters apply I'll receive
their application alongside their screening reports to get the complete picture
The applicants pay for the reports directly so I don't have to
bother with collecting application fees. If I'd like to receive reports
separately from the application, that's also an option
Now I'll turn on my listing and I'll get a link that I can share anywhere or
email directly to applicants. I can also take advantage of free advertising
through Realtor.com and Doorsteps.com if I want to reach even more renters.
The listing's online application has all the info I'd find on most paper applications,
like income, employment details, and rental history I'll get an email
whenever someone applies. Applications are stored on my Cozy account for easy
review, as well as any screening reports if I've asked for those. I can also
request credit reports and background checks using my applicants email.
Applicants enter their details directly into Cozy and pay for reports themselves.
Your applicants sensitive personal data is safely stored in Cozy, so you don't
have to worry about the risk of storing it yourself. Cozy credit reports come
directly from our partner Experian, the industry leader in credit reporting.
We provide background checks through our partner Checkr in our credit reports.
We give you an easy-to-understand overview and detailed payment history for your applicant
You'll quickly know whether your applicant is financially responsible.
In our background checks, we search national and county records.
If something turns up, we'll generate a detailed report that you can download.
Let's say we found our renter. I'd now like to set them up with automatic rent
collection in cozy. Cozy's rent collection is easy to set up and free
for landlords. There are no transaction or monthly fees, or limits rent collection.
It's also free for your tenants if they pay using their checking account.
If tenants pay with their credit card, they'll pay a 2.75 percent fee. You can
set up rent collection in Cozy at any time, whether you have new or current tenant.
I'll just need my tenant's email address handy, as well as which check-in
account I want to use for it deposits. I can collect rent month-to-month or for a
fixed term. And if I have multiple tenants living in the unit, I can add
them all to the payment request and they can divide the rent amount themselves.
I'll set when rent is due each month and also if I'd like to automatically add a late fee
I can use any checking account for
deposits. Cozy supports all banks and checking accounts in the United States.
I can also add multiple check-in accounts to Cozy so I can send the security
deposit to go to a different bank account or card. I can upload and store
documents that are part of my rent collection in Cozy and share them with
my tenants. This is great for signed leases, move in, move out check lists and
more. And if I require renters insurance in my lease, I can ask tenants to share
proof of coverage with me through Cozy. My tenant will be able to purchase a
policy through Cozy or add their policy details if they already have renters insurance.
When I click confirm an invite, Cozy will
email my tenants and guide them through setting up their payments. And that's all
I need to do. My tenant can get set up to pay through Cozy in just minutes. They'll
get an email from Cozy inviting them to set up payments and Cozy will walk them
through the whole process. I can check to see if my tenant is set up in Cozy by
viewing the payments page. Cozy will also send me an email whenever my tenant
sends a payment. Tenants can pay using their checking account for free or their
credit or debit card for a 2.75% transaction fee that they pay. My tenants
will be asked to pay any move-in costs that I've requested, like the security
deposit or other one-time fees. They can schedule automatic monthly payments.
They'll enter the amount of rent to send and pick the day they'd like to send
their payment each month. Lastly, my tenant will see a summary page with all
their payment info and they'll confirm that everything's right. If I have
required renters insurance in Cozy, my tenants will then be asked to add their
policy details or buy a policy. Tenants can log in to their Cozy account anytime
to edit their scheduled payments, view their setup, and send a one-time
payment. One-time payments are useful for paying utility bills or late fees, or if
they'd like to pay rent without using the auto pay option or on a bi-weekly or
weekly schedule. Cozy will keep you informed about your tenant's payments
every step of the way. We'll send you an email whenever your tenant sends a
payment as well as an email five days before your first payment is due to let
you know if your tenant is ready to pay. You can also log into cozy and check
your payments. You can quickly see which tenants have paid and
which are late. Any overdue balances are displayed in orange. Click into the
individual unit to see your tenant's scheduled payments and set up status. At
the top, you'll see the current balance which is a running of what's been paid
and what's owed. If your tenant is paying with a card, it takes two business days
for funds to deposit to your account. If your tenant pays with their checking
account, Cozy's core payment processing time is five business days. That's
because there are two ACH our bank to bank transactions first to verify funds
are available. Then once funds are available, Cozy immediately begins a
deposit to you. If you need funds faster, you can opt into Cozy's Express payouts.
That costs $2.99 per unit per month and that will speed up the payment timeline
to 3 business days. In addition to collecting monthly rent, you can also
bill your tenants for one-time fees. These are good for things like late fees
and water bills. When you add a bill, we'll email your tenant and help them send the
payment. You can also credit your tenant for things and Cozy will send them an
email and guide them through applying the credit to their next month's rent.
If your tenant pays by check or outside of Cozy, you can record that to balance the
ledger using an offline payment. You can see if your tenant is set up with Cozy
from the tenants tab. You can also update your rent set up in Cozy if you ever
need to extend the dates or change the rent amount. You can also end payments if
you want to stop receiving your tenant's payments through Cozy. Cozy will keep
track of all your payments in your account, but if you'd like you can
download a spreadsheet of all your payments - this is done from the export
payment data tab. This is a great feature if you're working with a bookkeeper.
Now that we've covered payments, let's go into the other management tools in Cozy --
maintenance requests and expense tracking. Your tenants can submit
maintenance requests through Cozy and you can get alerts and manage repairs
from anywhere. Cozy will send you an email whenever your tenant submits a
request, and you'll be able to view the message and log in to Cozy to reply or
take notes. You and your tenants can add photos, videos, and documents to Cozy so
you can keep all of your communication in one place. You can also add
maintenance requests for your tenants to let them know
about updates. Cozy can also help you track and organize your rental expenses.
Anytime you have a rental expense, you can record the expense amount and vender,
upload a photo of the receipt, and choose a category. These are the categories that the
IRS uses for taxes, so you'll have an easier time with next year's tax prep.
You can review your expenses in Cozy or export your expenses into a spreadsheet
anytime. All right, that wraps up this demo of Cozy. We've
reviewed how to advertise your rental, collect applications, screen tenants,
collect rent and use Cozy's maintenance request and expense tracking features.
Thanks for watching! if you have any questions about Cozy you can reach our
team at support@cozy.co seven days a week.