Are you a landlord or property manager looking for a comprehensive solution to optimize your property management operations? Buildium, a cloud-based property management software with an integrated accounting system, might be just what you are searching for.
With its range of features, Buildium streamlines leasing processes, expedites incoming payments, and enhances accounting workflows. Starting at just $52 per month, Buildium offers an affordable solution for property management companies.
If you’re curious about what it has to offer, keep reading this Buildium Review to discover its key features, benefits, and pricing structure.
What Is Buildium?
Founded in Massachusetts in 2004 by Michael Monteiro and Dimitris Georgakopoulos, Buildium is a cloud-based software company that aims to make property management simpler and more manageable. As landlords themselves, Michael and Dimitris recognized the need for an app that would streamline property management tasks and provide greater control.
At its core, Buildium provides a seamless platform for property managers, property owners, and tenants to interact effectively. It offers online portals where owners can monitor property performance, tenants can make online rent payments and submit maintenance requests, and property managers can track all property management activities.
Buildium Features
- Resident Center: Buildium provides a mobile-responsive resident site, allowing property managers to efficiently manage maintenance requests and online payments. This convenient platform ensures seamless communication between residents and property managers, enhancing the overall tenant experience.
- 1099 eFiling: Buildium streamlines the tax filing process by allowing property managers to file 1099s online. This feature simplifies tax season, saves time, and ensures compliance with tax regulations.
- Professional Website: With Buildium’s Professional Website feature, property managers can enhance their brand presence and post rental listings on a free, customizable website. This tool improves marketing efforts, increases visibility, and attracts prospective tenants.
- Owner Portal: The Owner Portal feature in Buildium offers property owners easy access to comprehensive financial reporting. With this tool, owners can stay informed about their property’s financial performance, including rent collection, expenses, and overall profitability.
- Maintenance Request Tracking: With Buildium’s Maintenance Request Tracking feature, property managers can effectively manage work orders, assign them to vendors, and streamline the process of paying bills. This integrated solution ensures timely resolution of maintenance issues and efficient collaboration with vendors, enhancing overall operational efficiency.
- Violation Tracking: Buildium simplifies the process of logging, tracking, and reporting homeowner violations. Property managers can easily document and manage violations from anywhere, ensuring compliance and promoting a harmonious living environment within the community.
- Renters Insurance: With Buildium, property managers can require renters insurance, adding a layer of protection for both themselves and tenants.
- Rental Applications: Buildium simplifies the rental application process by allowing property managers to accept applications online from their marketing site and process related fees.
- Tenant Screening: Buildium offers comprehensive tenant screening capabilities, including criminal, credit, and eviction reports.
- eSignature for Leasing: The eSignature for Leasing feature in Buildium allows property managers to manage the entire leasing process online and collect applicant signatures from any device.
- Property Accounting: Buildium’s Property Accounting feature enables property managers to manage bank accounts securely, accept rent payments, and generate valuable financial reporting. This integrated solution ensures accurate record-keeping, simplifies financial management, and provides property managers with a comprehensive overview of their property’s financial performance.
- Open API: Buildium’s Open API allows property managers to integrate their most critical property, resident, and accounting data with other business applications. This feature provides access and insight into key data, enabling seamless workflow integration and enhancing operational efficiency.
Pricing
Buildium offers property managers flexible pricing options to accommodate their specific needs and scale of operations. The pricing structure consists of three plans: Essential, Growth, and Premium.
The Essential plan starts at $52 per month for managing up to 150 units and includes standard features such as accounting tools, maintenance tracking, and online portals.
The Growth plan offers additional benefits like free EFT payments, priority support options, and enhanced tenant screening. Pricing for the Growth plan starts at $160 per month for up to 50 units.
The Premium plan provides advanced features, including an Open API for data access, priority phone support, and potential discounts through Buildium rewards. Annual subscription prices for the Premium plan range from $4,698 to $159,000 based on the number of units managed.
With its flexible pricing options, Buildium caters to property managers of varying sizes and requirements.
Buildium Review: The Pros & Cons
Pros:
- Automated recurring rent payments reduce late payments and streamline collections processes.
- Direct communication with tenants through preset templates enhances tenant management.
- Integrations with banks provide financial visibility and seamless transaction tracking.
- Automatic monthly reconciliation follows industry-standard accounting principles.
- 14-day free trial for users to take the platform on a test run
Cons:
- Setup fees may be applicable, potentially increasing the initial cost.
- Credit card transaction fees can accumulate, impacting overall expenses.
Buildium Alternatives
If the cost of Buildium is prohibitive for your current situation, there are more affordable options out there. Baselane is a fast growing platform that helps improve tenant experience. Currently, Baselane has many free features. Learn more about these features in this Baselane review.
If you are a real estate investor looking to add to your portfolio, there are some great platforms to assist in this process. Doorvest helps locate, purchase, and manage properties on your behalf. To learn more about earning passive income with this innovative platform, read this Doorvest review.
If you are ready to purchase a property but want to make sure it is a great investment, DealCheck is a one stop shop for property analytics. This DealCheck Review will tell you all the details about how they are helping investors steer clear of regrettable investment decisions.
Final Thoughts
Buildium offers a comprehensive property management solution with robust features for streamlining operations, enhancing communication, and managing finances. With its user-friendly interface and extensive capabilities, it is a valuable tool for property managers and owners alike. To experience the benefits of Buildium for yourself, click here.