How I Save Time and Money in 5 Easy Steps with Cozy

Written on July 24, 2015 by , updated on June 2, 2016

Save time and moneyReal Estate is in a lot of ways the old store of value.

Going back to biblical times, people who owned a lot of land had the country’s wealth.

But the internet and technology, which has no bounds, is destroying the traditional way of doing business.

It has left me wondering, how is technology changing the real estate industry?

The Technology Shift

Many moons ago I was an intelligence analyst and worked for General Stanley McChrystal. He was an incredible leader and was recently featured in Tim Ferriss’s podcast.

During the interview, he accurately said, “we are living in a very unique time when organizations are having to change how they are managed to effectively compete in the economy”. Seeing this need, he has started a consulting company to help companies implement the same strategies he implemented in the military as a General.

Related: Gen. Stanley A. McChrystal on Leadership [ VIDEO ]

A True Story

Finding the Right Technology

In the first article in this series, I ended with how I was also utilizing Cozy to increase my revenue and decrease the time involved with my real estate business.

In this post, I’m going to show some specific examples of how I utilize Cozy to increase my revenue and decrease the amount of time I spend on your rental properties.

The best part of this is that it cost absolutely ZERO dollars for Landlords and Property Managers. Additionally, you basically get a free website listing for each of your rentals as well.

I feel like I’ve waited 10 years for this.

I have owned rental properties for over 10 years and have always wanted to set-up a website for my units, but lets face it, it’s a lot of work. But in less than five minutes after signing up for Cozy, I was able to have my first property listed and have my tenant pay their first months rent and deposit.

I realize that there are several hundred property management software options on the market. However, it appears to me that 99.9% of them are built for large-scale apartment owners, and as such cost hundreds of dollars.

When looking for a solution, I chose Cozy for one simple reason: it’s free!

I was hesitant to try other solutions, since Cozy was free, I figured that I could always revert back to old school paper and not feel any effects.

My Initial Walk-through of Cozy

Cozy has an extremely simple sign-up and on-boarding process – one that many companies should emulate.

1. Sign Up

I filled out the form on their website, and verify my email address.

Sign up

2. Login, Get Started

When I logged in for the first time, I was kindly greeted:

Welcome to Cozy

3. Add a Property

When clicking “Add a Property” in the lower left hand corner, I was prompted to add my rental property details:

Add a Property

I always forget to take a picture of the outside of my properties, so I took a screenshot of the google street view.  Yes, this is very low-quality, but in my opinion it’s better than no picture at all.

After adding a property, I was prompted to invite current tenants to setup payments, or find new tenants.

instructions-cozy

4. Advertise Your Listing

When clicking on the “Accept Applicants?” toggle button, I’m presented with a few ways to market my vacant listing:

Accept Applications

Property Website

I was given a free property website + online application:

mobile-app

Via Twitter

When you share it on Twitter, it looks like this:

twitter-cozy

5. Setup Rent Payments

Clicking “Payments”, I was invited to set up a lease payment schedule that should match my actual lease:

lease

Summary

As you can see from the above screen shots the process is extremely easy. My initial and continual response is “I can’t believe this is free”.

Within just a few minutes, I was able to get setup to accept online rental applications, collect rent online, and had created an online website for my rental property. Amazing.

I can’t believe this is free!

I encourage you to try to utilize some kind of technology to improve the profitability of your rental property business this month.

The ironic thing is that your tenants will be happier with having an online system than having to mail in checks.

I would love to hear how you guys are using Cozy and anything I left out in the comments. To learn more about how Cozy works, and how to get it setup, check out their FAQs.

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6 CommentsLeave a Comment

  • William Dorough

    Jimmy,

    Great information. This tool will allow landlords to easily organize and track their information and criterion.
    They should take this opportunity to utilize cost free yet effective tool.

    Thanks,

    William

  • Tari

    How dose this unline rental payment work ? Is it costly ?

  • Shelia

    I like what Cozy has to offer, making it easy for landlords. I don’t understand how Cozy work with the housing program that uses direct deposit to pay landlord. Is the program all or nothing?

  • D5 Real Estate (Pty)Ltd

    Is this product available for South African citizen?

  • Sam Hamilton

    Cozy is a great service for sure. I have been using it for the last year. And I’m absolutely satisfied with it. Recently I came across new rental service that is called Rentberry. According to the description is quite similar platform. They offer free tenant screening and digital signing of contract. I was wondering if someone used it so far.

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