This software has so many features that it can be a bit overwhelming at first.
Not sure where to start exploring Buildium and its advanced features?
We’ve delved into the services and functionality of Buildium’s software so you don’t have to.
Here’s everything you need to know about Buildium’s property management software.
Buildium Rental Management & Accounting Features
Buildium’s accounting software takes the ease of use of similar cloud-based accounting software like QuickBooks and tailors those tools to the specific needs of property managers.
This comprehensive accounting software can manage budgets, vendor payments, coordinate your rental schedules with tenants, and ensure efficient tracking of all your business transactions.
With Buildium’s integrated accounting software, you can be sure that your property and business expenses are properly recorded and analyzed, ensuring the good financial health of your company.
Property Accounting
Since Buildium’s property accounting software is specifically designed for property managers, you no longer have to worry about incomplete or inaccurate accounting.
With its cloud-based property accounting software, property managers can record and view all transactions made in their business. This includes payments, disbursements, deposits, and refunds.
You can create complete transaction notes right in the software to track problematic payments, frequently late tenants, and unpaid or unpaid fees.
Buildium’s property accounting software ensures that there are no hidden transactions and that all invoices are paid on time.
In addition to traditional property management accounting, Buildium also allows tenants to pay their share of maintenance fees through the general distributions feature. So, you no longer have to worry about individual payments.
Buildium’s property accounting software also ensures that your accounts payable are in perfect condition. With its built-in calculator functionality, Buildium shows property managers any unpaid amounts owed to their company and suppliers.
You can easily create work orders and invoices directly within the Buildium platform for a seamless online payment process. The system even allows you to set up automatic payments for recurring items or monthly invoices, saving you time and potentially money.
One of Buildium’s key features is the ability to automatically reconcile bank accounts in real time. This way, every check and deposit is recorded to ensure the accuracy of your property management accounting and improve efficiency. No more manual data entry is required.
With its comprehensive suite of financial reporting and tracking capabilities, Buildium property management accounting software can generate a variety of useful and comprehensive reports. This important feature ensures that you continuously monitor the financial health of your property management operations to identify any risk factors, unpaid invoices or vouchers, and eliminate inefficiencies.
All reconciliation reports created with Buildium are audit-compliant. Some of the reports that can be easily created with Buildium accounting software include:
- Balance Sheets;
- Income Statements;
- Cash Flow Statements;
- Budget-Actual Comparisons;
- General Ledgers;
- Tenant Reports and Closing Balances;
Company Financials
Managing the financial health and growth of your property management business is easy with Buildium’s parallel accounting data platform.
This simple approach to property management accounting allows you to control every dollar you spend and earn through automated tracking and collections.
With Buildium’s online payments platform, you can easily manage rent, security deposits, and other tenant payments without having to go to the bank.
Buildium’s online payments service even allows property managers to split invoices and automate recurring payments. This is especially useful for property managers whose salespeople work in different managed locations and from their home office.
OPEN AN ACCOUNT: Its seamless data system allows property managers to add their company’s financial information and transactions to the system using simple forms created by Buildium. This accounting software is unique in the market and is specifically designed for property management businesses.
In addition to recording financial transactions in real time, property managers can also automate recurring monthly expenses such as office rent, insurance, or legal bills using these custom forms.
Online Payments with Buildium Tenant Portal
property managers can reduce payment processing time by up to 70% thanks to an online payment portal.
This means you’ll get your money faster and more efficiently.
Tenants or residents can authorize a bank account or credit card through the Buildium resident website and set up a recurring payment schedule. This ensures timely payments and fewer hassles for you and your tenant.
With this payment processing software, you’ll never have to worry about insufficient funds or bank delays.
Payments are automatically deposited into your bank account.
In addition to collecting rent and other payments on time, you can pay your business invoices as efficiently as possible through the Buildium platform.
Payments will be recorded automatically.
With Buildium’s fully integrated general accounting software, you won’t have to worry about recording transactions or verifying invoice payments.
Retail Cash Payments
Online Payments through the Buildium Tenant Portal. Buildium offers its tenants PayNearMe, a premium service that allows residents to make cash rent payments at over 20,000 trusted locations across the U.S.
This easy-to-use system is perfect for property managers managing large apartment complexes or low-income housing complexes.
With PayNearMe, residents can pay their rent in cash without a bank account, credit card, or government-issued photo ID.
To use PayNearMe services, all you need is a printed pay stub or a mobile payment code provided by your property manager.
Once they receive this code, residents can visit a PayNearMe participating property, show their unique payment code, and make their monthly rent or other payments in cash.
This affordable option is perfect for all types of residents and helps ensure they receive their rent on time.
Payments made through PayNearMe are deposited into your business bank account within 5 business days, with no risk of chargebacks.
After each PayNearMe payment, Buildium accounting software is automatically updated so you don’t have to worry about tracking your payments.
PayNearMe helps eliminate the risk of fraud, theft, and other payment disputes. You can rest easy knowing that PayNearMe payments are guaranteed.
1099 e-Filing
One of the most underrated features of Buildium is its ability to generate electronic 1099 forms in minutes.
Simplify your tax season by filing your 1099 forms electronically through the Buildium app. This will save you the time and hassle of manually filing them.
This simple electronic filing system ensures accuracy by directly recording all payments from landlords and vendors into your Buildium account. This eliminates the need to manage a tedious filing system during tax season.
Property managers can easily create tax forms online and fill them out, postmark them, and ship them via UPS the same day they are electronically filed. It couldn’t be easier.
With Buildium’s electronic filing service, you can also get ahead of tax season. Buildium launches its electronic filing tool a month before the official IRS tax deadline.
This extra time allows property managers to verify tax identification numbers, identify recipients with missing tax information, and ensure that all files are properly organized before the official filing.
When you submit your application through Buildium’s e-filing service, Buildium will send digital copies of your 1099 forms to your recipients, plus a paper copy for your office records.
The digital copies are completely free, and you can track their delivery to ensure that all recipients receive their digital copy and meet important deadlines.
Buildium Tenant Portal & Business Operations
The key benefit of Buildium’s business operations software is the flexibility to adapt to your specific property management needs.
You no longer have to try to manage everything through a common accounting and CRM program.
Buildium’s software is designed with the property manager in mind. They integrate easily into your current operations and business processes.
Here are our thoughts on some of the leading features and services in Buildium’s business operations.
Resident Center
With Buildium’s Resident Center, property managers can streamline their day-to-day business operations and create a centralized place for their residents to interact with each other and with you.
This simple and efficient resident portal is perfect for communicating with residents, collecting rent, and managing service requests. The platform also brings professionalism to your relationships with residents and vendors, helping you improve your property management.
One of the most useful features for property managers with Resident Center is the ability to collect rent or fees online, directly from the Buildium software. Property managers can view a resident’s payment history and even allow them to register a bank account or credit card to process recurring monthly payments. Resident Center can be accessed via a computer or mobile app.
Residents will love Buildium’s tenant portal for its community building features and accessibility. Property managers can quickly and efficiently share important notifications and updates with residents using a bulletin board, individual or group emails, and text messages.
Additionally, the Resident Center offers a community message board so residents and resident associations can easily meet, discuss issues, and share news. This is a great way to connect residents and create a sense of community within their property.
Owner portal
Similar to the Resident Center, the Owner Portal allows owners to see an overall financial overview of their building and investments.
This accessible portal provides financial data and reports directly from property managers. It helps reduce the number of emails sent to owners on a regular basis.
Buildium’s Owner Portal allows property managers to share real-time financial reports, including income statements, accounts payable and receivable, and specific transactions made on behalf of the property.
Owners can access comprehensive financial reports, such as balance sheets, from any device through the Owner Portal. Other important documents are also available through the Owner Portal.
Property managers can easily share important notices and updates directly in the Buildium platform through the platform’s hundreds of email and mailing templates. Property managers can even send vital documents through traditional post with the EZMail option, which automatically prints and sends written documents for as little as $0.80 per mailing.
Document Storage
Regardless of the size of your property, having a large number of important documents can be overwhelming and expensive.
With Buildium’s cloud document storage feature, you can easily sort and archive all your lease agreements, insurance policies, and important documents directly on a digital platform.
The platform allows for unlimited document uploads so you can maintain accurate historical and current records. You can access these documents from anywhere via the Buildium desktop or mobile app and share them with residents and owners.
Some of the important documents stored in Buildium’s digital archiving system include:
- Lease Agreements,
- Property Policies and Guidelines,
- Appendixes,
- Resources and Transaction Records,
- Meeting Minutes,
- Inspection Reports,
- Tax Plans,
- Maps,
- Maintenance Request Information,
Maintenance Request Tracking
Maintenance Request Tracking. In addition to billing, the Buildium Resident Center portal also allows residents to submit and track their maintenance requests.
This smart maintenance management tool allows residents, owners, or employees to submit maintenance requests and work orders right from their phones, with the ability to attach photos or videos.
Once a job is assigned, residents can track the status of their maintenance request directly on the Resident Center platform, without having to contact the property manager directly.
Buildium’s maintenance management software also allows property managers to monitor the progress of their providers and manage efficiency.
By tracking the performance of all providers, you can rest assured knowing that they are all being evaluated on an ongoing basis. The most efficient providers receive the most maintenance requests.
You can even schedule routine maintenance tasks that need to be performed regularly, such as mowing the lawn or shoveling snow.
In addition to workflow management and service request tracking, Buildium’s service request tracking software allows property managers to manage their expenses with fully integrated rental registration and accounting features.
Accounting invoices and supplier costs are accurately recorded in Buildium’s property accounting software. Plus, they are paid within the system, so you never have to worry about complicated data entry or unpaid invoices.
Renters Insurance
In partnership with MSI, the Buildium platform offers renters insurance that protects both you as a property manager and your residents.
With this unique self-service feature, your residents have access to renters insurance that is fully integrated with Buildium’s software and is easy to use and purchase, protecting everyone from accidents and liability.
Using renters insurance, powered by MSI through the Buildium platform, property managers can enforce resident liability insurance requirements. You can track this coverage to ensure your residents keep it up to date.
This specially designed renters insurance offers up to $100,000 in liability coverage, with residents able to choose between $10,000, $15,000, or $30,000 in personal property damage coverage based on their specific needs.
These policies also protect residents against guest medical expenses and emergency living expenses. Resident plans start at $12.00 per month.
Analytics and Insights
With all its services, features, and capabilities, the Buildium property management software provides property managers with valuable insights into their business and actionable recommendations to save money and improve efficiency.
This real-time performance and personalized insights can help you set and achieve your goals, regardless of the size of your business.
As a property management software, Buildium offers valuable benchmarking data so property managers can compare their data to industry benchmarks and similar-sized companies.
This is the perfect way to better understand your competitive landscape and create opportunities to realize your business’s full potential.
Buildium Property Management Software: Tenant Management Tools
If you’re looking for the right property management software, you should consider this one.
With Buildium’s rental listing management tool, property managers can upload their listings to their website and share them with some of the largest rental websites, such as Apartments.com, Zillow Rental Network, Facebook Marketplace, and many others.
Sharing their listings allows property managers to expose them to millions of potential renters across the country without having to list them on each site separately.
The tool even lets them customize them based on the type of rental unit they have. These specialized descriptions include important information for potential renters, such as the number of bedrooms, building type, amenities, monthly rent, and more.
Rental Listings
With the ability to include photos and videos, your listings will be ready when you are.
Rental Applications: In addition to sharing rental listings, property managers can create personalized rental applications to find the best potential renters.
With Buildium’s personalized rental application form, property managers can use a standard, pre-designed application or customize it with their own questions and information. These online rental applications are easily accessible to potential tenants through your Buildium marketing website. It allows applicants to pay the appropriate fees directly in their online application.
Tenant Screening: The Buildium platform easily categorizes and manages each rental application so you can quickly and thoroughly evaluate and review applicants using personalized checklists and comprehensive tenant screening.
Rental Applications
With Buildium’s comprehensive screening feature, property managers can access comprehensive background checks on potential tenants, including credit history, criminal history, and prior evictions. This screening tool helps you effectively evaluate applicants before reviewing them so you don’t waste valuable time reviewing inappropriate applications.
E-Lease. As many property managers know, the traditional rental process often involves a mountain of paperwork and paperwork.
The rental listing tool even allows property managers to customize their listings based on the unit available for rent. These specialized descriptions include important information for potential tenants like the number of bedrooms, type of building, amenities, monthly rent, etc.
Paired with the ability to include photos and videos, your listings will be ready and waiting when you are!
Rental Applications
In addition to syndicating your rental listings, property managers are able to create a customized rental application to help find the best potential renters.
With the Buildium custom rental application form feature, property managers can use the premade standard application or customize it with their own questions and required information.
These online rental applications are easily accessible to potential tenants through your Buildium marketing site. It allows applicants to pay any applicable fees directly within their online application.
Tenant Screening
The Buildium platform easily sorts and manages each rental application so you can quickly and thoroughly screen and review applicants using custom checklists and comprehensive tenant screening
Through this comprehensive screening feature on Buildium, property managers can access full background checks on potential tenants, including data on credit history, criminal records, and prior evictions. This screening tool helps to effectively screen applicants prior to your review so you aren’t wasting your precious time viewing unfit applications.
eLease
As many property managers know, the traditional leasing process often comes with a mountain of paperwork and filing.
With the Buildium eLease service, everything about the tenant experience is online so you never have to worry about misplacing important documents ever again. From a tenant’s initial application to their lease (and subsequent leases), the Buildium eLease filing system is second to none.
Property managers can collect legally binding digital eSignatures through Buildium’s partnership with Adobe Document Cloud. No need to worry about your tenants – they can sign your digital eLease from a desktop, tablet, or even on their phone!
All eLeases can be easily tracked with just the tenant’s name, phone number, or unit address.
Property managers can even save time with Buildium’s premade lease templates. Either use one of these helpful templates or you can create and reuse an online template that fits your unique needs.
These templates utilize auto-fill fields so you can easily change lease details like tenant names and rental amounts.
Buildium Pricing: How Much Does Buildium Cost?
Buildium property management software is priced in three tiers and is based on your company size, needs, and accounting requirements. All tiers of the property management platform include vital services such
- Accounting
- Maintenance
- Tasks and Violations
- Communication with residents and board members
- Online portals for residents, board members, and owners
The monthly cost for the Essential service starts at $50/monthly, the Growth service starts at $160/monthly and the Premium service option (with all of the features listed above) starts at $460/monthly. For more information on Buildium and their tiered pricing packaging, visit www.buildium.com/pricing
