Cozy | Proptech Talk Thursday #9
Welcome to my new PropTech Talk Thursday series to take a look and provide my candid thoughts on new Proptech businesses. These could range from products to companies leveraging technology to improve all facets of real estate. The Real Estate industry is one of the slowest to adopt technology but there are many opportunities along with money chasing these opportunities. Have you ever dealt with the hassle of renting out a property and wished there was a one stop shop to manage the entire process? Let me introduce you to Cozy.
Founded in 2012 in Portland Oregon, Cozy has raised a total of $18.4M and was acquired by CoStar group in 2018 for $68M.They are an online property management service designed for landlords and renters to handle processes like rent payments, rental applications, tenant screening, and property advertising helping small and medium landlords and renters to facilitate both sides smoothly. So how does it work? For landlords, their platform allows you to list your property and collect applications all in one spot. The listings you post on Cozy.co are syndicated with Realtor.com and Doorsteps.com. Applicants are able to directly apply and purchase a background check and credit report through them for $40. When an agreement is reached, you are able to collect rent through their platform every month without any additional charges. Tenants can send payments for free with their checking accounts. They can also pay with a debit, credit, or prepaid card for a 2.75% transaction fee. You’re able to manage the entire process all in one place. Now, they do face a lot of competition. I just recently leased a client’s home as a landlord and just like marketing a home for sale, you want to get as much exposure as you possibly can. There are many options for consumers and landlords including Zillow, Craigslist, Facebook marketplace, Zumper, and/or the MLS. There is no centralized system like you will find for properties to buy and for sale.
Summary: Nevertheless, Cozy is a great option to post and manage the process of finding the best tenant. You can always post in multiple platforms for a rental and then have the screening process through your favorite portal. Leave in the comments below if you have rented a property, and which site you used. Did you have a good experience?