Buildium
by Mel
Dec 14, 2022 |
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Buildium is an American property management software company providing cloud-based SaaS real estate solutions for managing property portfolios, including leasing, accounting and operations. Buildium is currently used by more than 12,500 property managers working with more than 175,000 owners and 1 million tenants.
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Summary
Buildium is an American property management software company providing cloud-based SaaS real estate solutions for managing property portfolios, including leasing, accounting and operations. Buildium is currently used by more than 12,500 property managers working with more than 175,000 owners and 1 million tenants.
What You Get
If you’re an investor in multiple rental properties, you likely understand the challenges of managing them, such as screening potential tenants, writing up water-tight contracts, collecting rent, maintenance, accounting, and other property management issues. Most owners hire a property manager to take care of nearly everything. Depending on the number of properties, however, owners may need to hire multiple managers or sub-managers to the tune of approximately 10% of the monthly rent per employee.
In this era of mobile and web apps where practically every aspect of your personal, professional, and financial life can be easily managed with just one click; fortunately for landlords there’s Buildium, a property management software and app offering extensive landlord features for advertising, leasing, collection, operations, accounting, and even taxes. For just a fraction of the cost of hiring multiple employees, Buildium takes care of the tedious paperwork which allows a single property manager—or the landlords themselves--to focus more on new business opportunities instead of spending all their time on routine operational work.
Best for owners who personally manage their investment properties as well as professional property managers who handle hundreds of units; whether you deal with rental properties, condominiums, or homeowners associations, Buildium is an all-in-one solution that helps you improve communication, increase operational efficiency, and maximize financial resources.
In general, Buildium operates in the cloud so you can manage across multiple devices, offering numerous features to streamline the property management process every step of the way. Check out Buildium.com to find out about all the benefits the software can offer for your properties’ complete and convenient Leasing, Operations, and Accounting requirements. They also offer tools for Analytics & Insights, Open API, and Renters Insurance.
The most fundamental function of the Buildium website and mobile app is its Leasing features where you can use the platform to handle things like Rental Property Listings, including vacancy advertisement as well as syndication to Zillow, Trulia, Yahoo and Craigslist) and Applications & Tenant Screening which offers a standard application form where you can add or remove fields as you see fit, applicant dashboards, and a screener that gives you access to an applicant’s credit, criminal and eviction histories so you know if an applicant is someone you really want to move into your property.
The app also facilitates the E-signing of the Lease and after a lease has been signed, an Online Dashboard--with its wide variety of reporting tools—provides all the vital information managers need and gives a quick overview of the leases about to expire in near future. The dashboard also includes Automatic Reminders that are sent before expiry of a lease, which helps in timely follow up.
Tenants, meanwhile, can use the Resident Center to download their lease or other important documents as well as see their payment history and generate detailed reports of previous payments for convenient and efficient accountability. Tenant portals also allow tenants to make electronic payments and track maintenance requests and let landlords and property managers send important notices and updates with residents using the Announcements Board, draft and send emails to individuals or groups, or send text messages to residents or association owners.
Buildium can even help you build your own property website if you don't yet have one.
Moreover, Buildium gives owners and residents an online portal where the software can automatically handle Operations such as Payment Tracking which provides all the necessary tools to minimize late payments, allows tenants to access their information online, and assists in collecting payments electronically (which also saves property managers from calling the tenants repeatedly). Owners can also view Financial Reporting via the web or mobile app.
Maintenance Requests are among the biggest nightmares for landlords, which Buildium minimizes significantly. Its maintenance request platform gives you the ability to receive maintenance requests and payments, generate work orders, and send requests directly to vendors from the owner dashboard.
In addition, Buildium is now integrated with the Happy Inspector App so you can perform inspections in the field from your phone or tablet no matter where you are using a variety of inspection templates. You can then sync all your data in one simple step which will automatically update in Buildium.
On the business-end of things, Buildium’s Accounting efficiently covers that as well. Using the Owner Portal, the software handles property and company-level Accounting and Financial Reporting; takes care of Rent Payments and Bills; allows you to e-file 1099s for vendor payments; gives access to Profit and Loss Statements, contributions and draws, and specific transactions you’ve made on behalf of the property; and Uploads Receipts, Leases, and other important items to the built-in document sharing system. Balance sheets, income statements, and 50+ other financial reports can also be accessed from any device which are automatically recorded in your general accounting ledger.
When tenants pay online via the Renter Portal, the payments are directly deposited from the renter's preferred payment method whether Credit Card or ACH Payments via ePay powered by Buildium which automates collections and payments to vendors, owners, and residents.
Buildium is also partnered with PayNearMe to bring you an easy way to make, receive and process Cash Payments. With PayNearMe, residents can make cash rent payments without the need for a bank account, credit card, or photo/government issued ID. The tenant simply needs to obtain a printed payslip or mobile payment code from you, visit a participating PayNearMe store, show the cashier their unique PayNearMe payment code, and make their cash payment. When it’s easier for residents to make payments, it’s easier to receive payments on time.
Landlords, furthermore, can grow their business with data-driven decisions and strategies care of Buildium’s in-house Personalized Data Insights where you can see real-time performance, compare your data with industry benchmarks and similar companies, see how you stack up against the competition set goals, and keep staff members and clients informed about key data analytics through clear, easy-to-read data visualizations.
Buildium’s Open API integrates your most critical property, resident and accounting data with your other business applications. Use Buildium’s simple-to-use developer portal to walk you through every step of using the API, including how to create API Keys, make your first API request, and how to understand the information you get back. Receive 24/7 monitoring and alerting; authorize your team to create API keys, and retrieve the information they need, in the format that works best for your business; get programmatic access to data within Buildium and link it to outside tools and systems.
Finally, you can enforce a resident liability insurance requirement for your portfolio with Buildium’s Renters Insurance, powered by and fully integrated with Millennium Specialty Insurance, which makes enrollment easy for residents and tracking easy for you.
Policy plans include $100,000 in liability insurance, $10,000, $15,000 or $30,000 personal property coverage for tenants, and policies designed to protect residents from guest medical expenses and emergency living expenses—all for as little as for $14.50 per month.
Terms
Buildium pricing is based on the number of units managed and falls under three levels of subscription: Essential, Growth, and Premium. Buildium offers a 14-day free trial so you can try out for yourself what Buildium plan is ideal for your specific needs.
Essential starts at $50 per month for 20 properties, with additional services being charged on an á la carte basis. With an Essential subscription, electronic fund transfer (EFT) payments cost 50 cents, and credit card transactions charge 2.75%. There is a $99 setup fee per business bank account you use to receive payments. Mobile inspections require an additional $99 setup fee and a $40-per-month subscription for up to 60 units. Electronic leases cost $5 each, and basic tenant screening costs $15.
For 21–40 units, Essential costs $60 per month, and the monthly fee continues to rise to a maximum of $225 for 141–150 units. Note: Essential is not available for those managing more than 150 properties.
Growth starts at $160 for up to 50 units and $200 per month for up to 100 units and includes free ETF payments and free bank account setups for up to five accounts. Outgoing payments still cost 50 cents each, and credit cards remain at 2.75% for processing. But you get 30 free lease documents per month, free basic tenant screening, free mobile inspections, and premium screening for just $18 each.
Starting at $460/mo to $1,080/month for up to 5,000 units (Annual Subscription only) Premium offers everything included in the Growth package plus Open API, Personalized Data Insights, and additional savings (up to 15%) when residents use select services.
Buildium also offers Community Association specific pricing or pricing for over 5,000 units. For Custom Pricing just call Buildium Sales at 877-396-7876.
Additional Buildium Services for extra fees are also available as package add-ons including:
Property Inspections - $40
Basic tenant screening - $15
Electronic Leases - $5
Renters Insurance - $14.50 per tenant per month
Print and Mail Checks - $30 setup fee and then $.80 per check
Print and Mail Documents - $.80 for one page, plus $.15 for each additional page
1099 Filing - $3/form plus $25 per batch.
Online Payments for Residents - $.50
Trustworthiness
Buildium generally has a positive reputation with clients, unanimously receiving 4+ star ratings (out of 5) with sites such as Trustpilot, GetApp, Capterra, and other review sites. While the platform receives high marks for UI, function, updating, and customer service minor criticisms include the fact it is quite cost prohibitive for smaller property management operations, requires additional setup and processing fees for certain services, the emailing functions can be glitchy, and that more features suitable/applicable to international clients will be appreciated (meaning, the software is primarily designed for and ideal for customers in the United States).
Conclusion
One of the best—if not the best—property management platforms in the market today, Buildium was designed by property managers for property managers and has a lot of great features for those looking to run their entire investment property management experience online. From property advertising and tenant screening, to rent collection, operations, and accounting, Buildium has everything you can possibly need—and then some—to manage your property with complete automation, efficiency, and ease from the convenience of your computer or smartphone.
Buildium Blog
New Site Added: Buildium
by Mel
Dec 14, 2022
Buildium is an American property management software company providing cloud-based SaaS real estate solutions for managing property portfolios, including leasing, accounting and operations. Buildium is currently used by more than 12,500 property managers working with more than 175,000 owners and 1 million tenants.
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