Gary Pinkerton starts off today’s show discussing the issues that can arise when managing several property managers in different markets. The issues of remembering which company provides which services at what price and managing all of them can leave you with extended vacancies and potentially high repair costs, wiping out your cash flow. But if you’re considering going into self-management, you need to be prepared.
Then, Jason Hartman talks with Gino Zahnd with Cozy.co. This new service allows landlords to screen tenants, view credit reports and collect rents from a smartphone or tablet. There are nominal fees built into services like debit card processing and the obtaining of a credit report which are paid for by tenants. Professional property owners now have a one-stop shop for managing their income properties, no matter where they are in the world.
Key Takeaways:
Gary Intro:
[2:51] Some of Cozy’s perks, and when you might not want to use it
[4:43] What Gary’s learned about the complexities of his property managers
Gino Zahnd Interview:
[11:12] What exactly is Cozy and how did it start?
[14:23] A landlord has access to a tenant’s credit report without the chance of identity theft
[16:10] An agent can only use the screening tools or the full-service option
[18:59] Can a landlord can still add an application fee to cover their time spent?
[21:44] Credit reports & background checks have a fee associated with them via Cozy
[23:35] Automated Clearing House (ACH) payments are free between landlord and tenants
[26:07] Cozy eats the cost of transactions in exchange for client satisfaction
[27:26] 2 ways for a landlord to initiate payments
[29:45] Cozy’s goal is to be the best one-stop shop for realizing rent payments
[33:52] Rental markets are in the U.S. are fragmented and hard to access
[34:50] Cozy is available on your phone or tablet and new services are coming
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