Cozy is going away. What is a good online rent payment service replacement?
Cozy is a popular online rent payment service. As of July 2021, their homepage indicates that they are going away. It states “Cozy will be saying goodbye July 28, 2021”. So for current Cozy customers, what is a good replacement service?
Apartments.com Is Not Quite the Same as a Cozy Replacement
The Cozy homepage pitches transitioning to Apartments.com. However, it turns out that the transition means a reduction in features.
Other Online Rent Payment Services Are Good Replacements
Fortunately, there are other online rent payment services that are superior to Cozy. For example, ClearNow (www.ClearNow.com) has been around for more than twenty years. ClearNow allows online rent payment for commercial tenants. And tenants using ClearNow can report their rent payments to Experian. Instead of the bait-and-switch pricing of some services, ClearNow customers pay a flat fee of $14.95/mo for their first tenant and $2/mo for each additional tenant.
Unfortunately for landlords, many online rent payment services do not allow the owners of commercial property to use their service. Often, landlords discover this only in the fine print. Fortunately however, services like ClearNow (www.ClearNow.com) permit their customers to process rents automatically for a commercial property.
Many Online Rent Payment Services Only Support Residential Property
The number of residential properties outnumber the number of commercial properties. For this reason, most online rent payment services focus only on residential customers. For example:
Find an Online Rent Payment Service for Commercial Properties
Do not despair! As a matter of fact, there are online rent payment services for landlords with commercial properties. One of them, ClearNow, allows commercial rents as long as they are lower than $10,000/mo. While ClearNow requires a business owner to sign up in their own personal name, they can submit bank account information for their business. Online rent payment is a win win for landlords and their commercial tenants.
Landlords rely on tenants for income. So for landlords to collect rent on time, they need to make paying the rent easy. Here are a few simple things landlords can do to ensure they get paid . . . on time:
Provide Convenient Payment Options
Traditionally, rent is paid on the first of every month. Not all tenants get paid around that time, which makes it harder to pay rent on time. Landlords willing to accept rent payment on a different schedule can increase the odds to collect rent on time. For example, if a tenant gets paid every two weeks, then collecting rent aligned with the tenant’s paydays creates a win win for everyone. Another convenient payment option is online rent payment. Here, tenants do not need to remember to write and mail a check, which takes time and advanced planning. Instead, rent is automatically withdrawn on the agreed upon payment day. Landlords benefit by having the funds directly deposited and eliminating a trip to the bank. An online rent payment service like ClearNow provides a choice of debit days that satisfy the needs for both landlord and tenant.
Anything to reward on time payment increases the chances to collect rent on time. Reducing the rent by a certain amount if the tenant pays earlier than the due date can be an incentive. Additionally, landlords who use certain online rent payment services like ClearNow and RentPayment can help tenants build a credit history by furnishing on time payments to the credit bureaus.
Property management companies must attract and retain rental property owners. Without owners as customers, there is no property management business. How property managers can attract rental property owners does not have to be difficult. Here are some simple and easy to implement tips:
Property managers who stand out from the competition attract attention. If you provide value and make the lives of rental property owners easier, you can win business. For instance, property managers using ClearNow’s owner proceeds is a strong selling point. This feature enables property managers to directly deposit rent to the owner’s bank account at the same time managers receive rent from tenants. This online rent payment delivers funds faster. Rental property owners want to receive funds as quickly as possible. Finally, property managers can also attract rental property owners by helping them find other investment property. Property managers who do the research and provide owners with a list of investment leads save owners time and create value.
Seek Customer Referrals
One of the easiest and most effective marketing strategies is to ask existing customers for referrals. There is a good chance rental property owners know other owners. If you provide value, your customers will tell owners how effective you are with managing their rental property. Additionally, property managers can also find customer leads in local real estate clubs. Members of these types of organizations include rental property owners, which is the property manager’s target audience! While some club members self-manage, others are probably looking to hand off the task of management.
In conclusion, providing value and seeking customer referrals are just a few tips on how property managers can build business and grow revenue.