Buildium Review 2024

What is Buildium?

Buildium is a comprehensive cloud property management software tool designed to help property managers and owners manage their rental and association properties efficiently. It is known for its robust set of features that streamline various property management tasks, including rent collection, maintenance management, property inspections, tenant screening, and more.

Buildium’s primary objective is to provide a platform where property managers, property owners, and tenants can interact seamlessly. It offers online portals where owners can monitor their properties’ performance, tenants can make online rent payments and lodge maintenance requests, and property managers can keep track of all property management activities.

It’s worth noting that while Buildium simplifies property management tasks, owning and managing rental properties still involves significant responsibilities and potential risks. This Buildium review is for informational purposes only and should not substitute professional advice. Always consult with a property management professional when making significant property decisions.

External Buildium Reviews & Ratings

Here are some reviews from traders who have experienced the platform firsthand:

How Does Buildium Work?

Buildium simplifies property management by centralizing various tasks in one platform. Once you’ve set up your account, you can add your rental properties, residential properties, or association properties. You can then invite your tenants, who can set up their online portals to submit rent payments, lodge maintenance requests, and communicate with you directly.

One key feature of Buildium is its advanced accounting tools. You can link your bank accounts to Buildium, allowing you to keep track of your income and expenses, generate financial reports, and even pay your property-related bills directly from the platform. This gives property managers and owners complete control over their finances.

Another standout feature is Buildium’s tenant screening functionality. Property managers can accept rental applications online, run background checks, and even generate electronic leases right from the platform.

Buildium also offers a comprehensive maintenance management feature. Property managers can track maintenance cycles, assign work orders to contractors, and communicate updates with tenants directly from the platform.

What Are the Buildium Options?

Buildium offers three primary plans: Essential, Growth, and Premium. Each plan offers a different set of features tailored for different property management needs:

• Essential Plan: The basic plan starts at $52 per month for up to 20 units. It includes basic features like rent roll, online payments, maintenance management, and Lease Tracking. It’s best suited for smaller property managers with a handful of properties.
• Growth Plan: The next step up is the Growth plan, starting at $166 per month for up to 110 units. In addition to the Essential plan’s features, it includes key features like rental applications, tenant screening, and property inspections. This plan is suited for larger property managers looking for more advanced features.
• Premium Plan: The top-tier plan is the Premium plan, starting at $479 per month for up to 5,000 units. It offers all the features of the Growth plan, plus advanced features like electronic payments to vendors and custom training. It’s ideal for large property management companies with a vast portfolio.

All plans are available on a monthly subscription or an annual subscription with a discount. Setup fees may apply.

Buildium Features Review

Buildium is a property management platform designed to cater to a variety of portfolio mixes including single-family units, multifamily residences, associations, and commercial properties. The software offers an array of tools and features to support you through your daily operations, leasing processes, accounting, payments, marketing, and business performance.

1. Business Operations

• Resident Center: This is a mobile-responsive resident site where you can manage maintenance requests and payments online.
• Owner Portal: Provides easy access to financial reporting for property owners.
• Maintenance Request Tracking: This feature allows you to manage work orders, assign them to vendors, and pay bills efficiently.
• Property Inspections: In partnership with HappyCo, Buildium allows you to perform property inspections from your mobile device.
• Violation Tracking: This feature enables easy logging, tracking, and reporting of homeowner violations from anywhere.
• Board Communications: You can communicate with homeowners, non-owner residents, and board members anytime, anywhere.

2. Leasing

• Renters Insurance: This feature enables you to require renters insurance, adding a layer of protection for both you and your tenants.
• Rental Listings: Manage all your rental listings and syndicate them to partners effortlessly.
• Rental Applications: You can accept rental applications from your marketing site and process related fees.
• Showings Coordinator: In collaboration with Tenant Turner, Buildium automates showing pre-qualification, scheduling, follow-ups, and prospective tenant management.
• Tenant Screening: Run comprehensive tenant screenings including criminal, credit, and eviction reports.
• eSignature for Leasing: Manage the entire leasing process online and collect applicant signatures from any device.

3. Accounting & Payments

• Property Accounting: Manage bank accounts securely, accept rent, and generate valuable reporting.
• Company Financials: Monitor and report on business expenses alongside property expenses.
• Online Payments: Allows online transactions for rent, association fees, and vendor payments.
• Retail Cash Payments: An easy and efficient way to make, receive, and process cash payments from residents.
• 1099 eFiling: Makes tax season easier by allowing you to file 1099s online through Buildium.

4. Marketing

• All Property Management: Get first-in-line access to rental property owners looking for your services.
• Professional Website: Enhance your brand and post rental listings with a free, customizable website.

5. Business Performance

• Analytics & Insights: This feature provides powerful analytics and actionable insights to drive your business with data-driven decisions and strategies.
• Open API: Buildium’s Open API integrates your most critical property, resident, and accounting data with your other business applications to provide access and insight into what matters most.

Buildium offers a robust array of features to streamline the property management process, from operations to marketing. With its extensive suite of tools, it provides property managers and owners the ability to work efficiently, communicate effectively, and make data-driven decisions to boost their business performance.

Who is Buildium Best For?

Buildium is best suited for:

• Property Managers: Buildium is a comprehensive property management solution that can help property managers simplify and streamline their tasks. Its extensive features and easy-to-use interface make it a powerful tool for property management professionals.
• Property Owners: Whether you’re a property owner with one property or a larger property manager with a vast portfolio, Buildium can help you stay organized and manage your properties effectively.
• Residential Property Managers: With features tailored specifically for residential properties, Buildium is an excellent choice for residential property managers.

What are The Benefits?

Choosing Buildium offers several notable benefits:

• Streamlined Property Management: With Buildium, property management tasks are centralized in one platform, making it easier for property managers and owners to stay organized.
• Online Portals: Online portals for property managers, owners, and tenants facilitate easy communication and simplify tasks like collecting rent and lodging maintenance requests.
• Advanced Accounting Tools: Buildium’s comprehensive accounting tools give property managers complete control over their finances.
• Tenant Screening and Electronic Leases: Property managers can screen tenants and create electronic leases directly from the platform, making the leasing process easier.

Limitations of Buildium

Despite its benefits, Buildium does have a few limitations:

• Setup Fees: Setup fees may apply, which can add to the overall cost of using Buildium.
• Transaction Fees: While Buildium allows for online rent payments, credit card transaction fees can add up, especially for larger property managers.

Final Thoughts

Buildium emerges as an all-in-one property management solution designed to handle the multitude of tasks involved in the day-to-day operations of property management. From streamlining communication with tenants and owners to automating leasing and accounting processes, the platform offers an impressive set of features to take the hassle out of property management.

The software’s ability to accommodate all portfolio mixes, coupled with its flexible pricing structure, makes it a suitable choice for both small and large property management firms. Particularly notable is its commitment to constant innovation, as evidenced by its partnerships and integrations with other key platforms such as Tenant Turner and HappyCo. This not only positions Buildium as a leader in the property management industry but also gives users an edge by providing the latest enhancements that cater to their specific needs.

One of Buildium’s strengths is its dedication to user support. With award-winning customer support and onboarding teams, users are guided through each step of the setup and operation processes, ensuring a smooth transition and efficient usage.

In terms of business performance, the Analytics & Insights and Open API features stand out, providing valuable data-driven insights to aid in strategic decision-making. These features provide an overall view of business operations and the flexibility to integrate with other business applications.

Buildium is a comprehensive, feature-rich platform designed to address the diverse needs of property management. Its simple-to-use interface, combined with its robust features and tools, make it a highly recommended choice for property managers aiming to streamline their operations, improve tenant relationships, and ultimately grow their business. The 14-day free trial is a testament to Buildium’s confidence in their platform and gives prospective users a risk-free opportunity to experience firsthand how the software can revolutionize their property management process.