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In Depth Review: Buildium Software for Property Managers

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Buildium is a comprehensive property management software designed specifically for the needs of property managers.

From property accounting to owner portals and rental services, Buildium is the ultimate tool for any property management business.

This software has so many features that it can be a bit overwhelming at first.

Not sure where to start with Buildium and its advanced feature set?

We’ve done an in-depth look at Buildium’s software services and functionality 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 other similar cloud accounting software, like QuickBooks, and tailors those tools to the specific needs of property managers.

 

This comprehensive accounting software can track budgets, manage vendor payments, coordinate your rental schedules with tenants, and ensure all your transactions are tracked efficiently.

With Buildium’s integrated accounting software, you can be sure that your property and business expenses are accurately recorded and analyzed, ensuring the financial health of your company.

Property Accounting

Because Buildium’s property accounting software is specifically designed for property managers, you’ll never have to worry about incomplete or inaccurate accounting again.

With its cloud-based property accounting software, property managers can record and view every transaction in their business. This includes payments, disbursements, deposits, and refunds.

You can create complete transaction notes right within the software to track problematic payments, habitually late tenants, and unpaid or unpaid fees.

Buildium’s property accounting software ensures that no transaction is overlooked and that all invoices are paid on time.

In addition to traditional property management accounting, Buildium also offers tenants the option to pay their share of the maintenance fees through a co-payment feature. So you never have to worry about individual payments again.

Buildium’s property accounting software also ensures that your accounts payable are in perfect order. With its built-in calculator features, 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. Forget about manual data entry.

With its comprehensive suite of financial reporting and tracking tools, Buildium property management accounting software can generate a variety of useful and complete reports. This important feature provides continuous monitoring of the financial health of your property management operations, allowing you to identify any risk factors, unpaid invoices or vouchers, and address inefficiencies.

All reconciliation reports created with Buildium comply with audit standards. Some of the reports that can be easily created with Buildium accounting software include:

Company Financials 

Managing the financial health and growth of your property management business is made easier with Buildium’s parallel accounting data platform.

This efficient approach to property management accounting allows you to control every dollar you spend and earn through automated tracking and collections.

With Buildium’s online payment platform, you can easily manage rent, security deposits, and other tenant payments without having to go through a bank.

Buildium’s online payment service even allows property managers to split invoices and automate recurring payments. This is especially useful for property managers who have salespeople working in different managed locations and their headquarters.

Its seamless data system allows property managers to add their company’s financial information and transactions to the system using simple forms created exclusively by Buildium. It is a unique accounting software on the market, designed specifically for property management businesses.

In addition to real-time financial transaction entry, property managers can also automate recurring monthly expenses such as office rent, insurance, or legal fees using these customized forms.

Online Payments with Buildium Tenant Portal

With Buildium’s automated billing and payment system, 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 via the Buildium resident portal and set up a recurring payment schedule. This ensures timely payments and fewer headaches for both 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 company’s bills in the most efficient way possible with the Buildium platform.

Payments will be recorded automatically.

With Buildium’s fully integrated general ledger software, you won’t have to worry about recording transactions or verifying bill payments.

Retail Cash Payments

Buildium offers its tenants PayNearMe, a premium service that allows residents to make cash rent payments at over 20,000 trusted locations across the United States.

This easy-to-use system is perfect for property managers who manage large apartment complexes or low-income housing complexes.

With PayNearMe, residents can use cash to pay rent without the need for 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 residents receive this code, they can visit a participating PayNearMe branch, 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 that you receive your rent on time.

Payments made through PayNearMe are deposited into your company bank account within 5 business days, with no risk of chargeback.

After each PayNearMe payment, Buildium accounting software will automatically update, 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 assured 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 time and headaches compared to filing them yourself.

This easy-to-use electronic filing system ensures accuracy by directly recording all payments from owners and sellers into your Buildium account. This eliminates the need to manage a complex filing system during tax season.

Property managers can easily create tax forms online and fill out, stamp, and ship them via UPS the same day they are electronically filed. It couldn’t be easier.

You can also get ahead of tax season with Buildium’s electronic filing service. Buildium launches its electronic filing tool a month before the official IRS tax filing deadline.

This extra time allows property managers to verify tax identification numbers, review recipients with missing tax information, and ensure all files are properly organized before the official filing.

When you file your return through Buildium’s e-filing service, Buildium will send digital copies of your 1099 forms to your recipients, in addition to 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 key deadlines.

Buildium Tenant Portal & Business Operations

A key benefit of Buildium’s business operations software is the flexibility to adapt to your specific property management needs.

No more trying to manage everything with generic accounting and CRM software.

Buildium’s software is designed with the property manager in mind. They integrate seamlessly with your existing business operations and processes.

Below, we provide our thoughts on some of Buildium’s key business operations features and services.

Resident Center

With Buildium’s Resident Center, property managers can streamline their daily business operations and create a centralized space where residents can communicate with each other and with you.

This simple and streamlined resident portal is perfect for communicating with residents, collecting rent, and managing service requests. The platform also adds a professional touch to your relationships with residents and suppliers, 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. The 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 via 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 with each other and create a sense of community within their property.

Owner portal

Similar to the resident center, the owner portal allows owners to see a comprehensive 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.

Regardless of the size of the property you manage, the volume of important documents can be overwhelming and expensive.

With Buildium’s cloud document storage feature, you can easily organize and archive all your leases, insurance policies, and other important documents directly on a digital platform.

The platform allows you to upload an unlimited number of documents 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.

Document Storage

No matter the size of the property you manage, the sheer amount of important paperwork can be overwhelming and costly.

With the Buildium cloud-based document storage feature, you can easily sort and file every lease, insurance policy, and important document directly on the digital platform.

The platform allows for an unlimited number of document uploads so you can keep accurate historical and current records. These documents can be accessed anywhere through the Buildium desktop or mobile app and can be shared with residents and owners.

Some of the important documents stored in Buildium’s digital archiving system include:

Maintenance Request Tracking

In addition to collecting rent, the Buildium Resident Center portal also allows residents to submit and track their maintenance requests.

This smart maintenance management tool allows residents, owners, or staff to submit maintenance requests and work orders, with the ability to attach photos or videos right from their phones.

Once work is assigned, residents can track the status of their maintenance request directly in the Resident Center platform without having to contact the property manager directly.

Buildium maintenance management software also allows property managers to monitor the progress of service providers and manage efficiency.

By tracking the performance of all service providers, you can ensure that everyone is constantly evaluated. The most efficient providers receive the most service requests.

You can even schedule regular maintenance tasks, such as lawn mowing or snow removal.

In addition to workflow management and tracking service requests, Buildium’s maintenance request tracking software allows property managers to manage their expenses with fully integrated billing and accounting features.

Accounting invoices and supplier costs are accurately recorded in Buildium’s property accounting software. They are also paid within the system, so you don’t have to worry about complicated data entry or unpaid invoices.

Renters Insurance

In partnership with MSI, the Buildium platform offers renter’s insurance that protects both you as a property manager and your residents.

With this unique self-service feature, your residents have access to renter’s insurance that is fully integrated with the Buildium software. It’s easy to use and purchase, protecting everyone from accidents and liability.

Using renter’s insurance, powered by MSI through the Buildium platform, property managers can enforce the requirement for renter’s liability insurance. You can monitor this insurance to ensure your residents keep it up-to-date.

This custom-designed renter’s insurance offers up to $100,000 in liability coverage, with residents choosing 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, 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 information will 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 that property managers can compare their data with industry benchmarks and similar-sized companies.

This is the perfect way to better understand your position relative to the competition and create opportunities to reach your business’s full potential.

Buildium Property Management Software: Tenant Management Tools

If you’re looking for the right property management software, you’ll need one that has comprehensive leasing capabilities.

With Buildium’s complete suite of tenant management tools, property managers can focus their time on finding the right tenants and increasing their rental opportunities.

From syndicated rental listings and online rental applications to tenant screening tools and eLease software, Buildium’s tenant management software helps you effectively manage your rentals and overall business operations.

Rental Listings

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 categorizes and manages each rental application so you can quickly and thoroughly screen and review applicants using personalized checklists and comprehensive tenant screening.

With Buildium’s comprehensive screening feature, property managers can access complete background checks on potential tenants, including credit history, criminal records, and previous evictions. This screening tool helps you effectively evaluate applicants before screening so you don’t waste valuable time reviewing inappropriate applications.

eLease

As many property managers know, the traditional leasing process often involves a mountain of paperwork and archiving.

With Buildium’s eLease service, the entire tenant experience is online, so you never have to worry about losing important documents. From a tenant’s initial application to their lease agreement (and subsequent leases), Buildium’s eLease archiving system is second to none.

Property managers can collect legally binding digital signatures thanks to Buildium’s partnership with Adobe Document Cloud. Don’t worry about your tenants; they can sign their digital lease from their computer, tablet, or even their phone.

All electronic leases can be easily tracked using just the tenant’s name, phone number, or apartment address.

Property managers can even save time with Buildium’s pre-designed lease templates. You can use one of these helpful templates or create and reuse an online template that meets your specific needs.

These templates use auto-fill fields so you can easily change lease details, such as tenant names and rent amounts.

Buildium Pricing: How Much Does Buildium Cost?

Buildium’s property management software offers three pricing tiers, depending on the size of your business, needs, and accounting requirements. All platform tiers include basic services such as:

Essential starts at $50 per month, Growth starts at $160 per month, and Premium (with all the features listed above) starts at $460 per month. To learn more about Buildium and its tiered pricing plans, visit www.buildium.com/pricing.

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