Buildium Product Overview
Buildium is a comprehensive, cloud-based property management software designed to streamline and simplify the entire process of managing residential and association properties. Since its introduction in 2004 by co-founders Dimitris Georgakopoulos and Michael Monteiro, Buildium has become a favorite among property managers due to its robust features and user-friendly interface.
Key Features and Functionality
Tenant Management
Buildium offers a robust tenant management system that allows property managers to monitor tenant information, communicate effectively, and manage tenant payments. Key features include:
- Tenant Profiles: Access detailed tenant information, track rental history, and communicate through an integrated messaging system.
- Tenant Screening: Conduct background checks and collect rental applications through Buildium’s partner network.
- Online Payments: Accept online rent payments, set up automatic payments, and follow up on late payments.
Lease Management
Buildium simplifies lease management by automating various tasks associated with leasing. Features include:
- Lease Creation: Create customized leases, track lease expiration dates, and generate lease renewals.
- Lease Tracking: Store and access lease documents and communication in one place. Manage lease amendments and automatically generate amendment documents.
- Showings Coordinator: Automate re-qualifications and manage scheduling and follow-ups with potential tenants.
Accounting and Payments
Buildium’s accounting and payment features are highly robust, ensuring seamless financial management.
- Property Accounting: Manage full general ledger accounting, bank accounts, and rent payments. Automate rent reminders and payments to other bills.
- Online Payments: Send and accept payments for association properties, vendors, rent, etc. Track payment history and generate financial reports.
- Bank Reconciliation: Automatically compare company bank records against Buildium records to ensure accuracy.
- 1099 eFiling: File taxes through Buildium, calculating 1099 totals based on income information.
Maintenance Tracking
The maintenance tracking system centralizes property maintenance requests and work orders.
- Maintenance Requests: Accept requests from tenants, vendors, and staff through an integrated system. Manage work order details, schedules, and maintenance tasks.
- Vendor Management: Store vendor information and track vendor performance.
Business Operations
Buildium manages all aspects of business operations from a single portal.
- Maintenance & Owner Portal: Manage maintenance requests, cycles, and property inspections through a mobile-friendly website.
- Residents Center: Allow residents to make maintenance requests, make payments, and access property management services via a mobile-friendly portal.
- Violation Tracking: Log and track resident issues or violations.
- Communication Tools: Communicate with community association management, residents, and other board members through bulk emails, SMS messaging, and physical letters.
Financial Reporting
Buildium’s financial reporting system helps in managing income and expenses, generating reports, and tracking financial performance.
- Income and Expense Tracking: Monitor income and expenses, generate detailed financial reports such as income statements, balance sheets, and cash flow statements.
- Analytics: Access business performance analytics and data-driven improvement strategies.
Additional Features
- Mobile App: Access Buildium features on the go through its mobile app.
- Open API: Integrate other business and building management software with Buildium’s open API.
- e-Signature: Use e-signature powered by HelloSign to speed up the leasing process with online document signing.
Pricing
Buildium offers three pricing tiers:
- Essential Plan: Basic features, $52/month plus additional fees for leases, setup, and property inspections.
- Growth Plan: Most software features, $166/month with no additional fees.
- Premium Plan: All features, $479/month with no additional fees.
In summary, Buildium is an all-in-one property management software that automates and streamlines various aspects of property management, including tenant management, lease management, maintenance tracking, and financial reporting. Its comprehensive features and user-friendly interface make it an indispensable tool for property managers dealing with multiple residential and association properties.