Buildium Review: Is It Right for Your Real Estate Business?
Buildium is a cloud-based property management software with an integrated accounting system—optimizing property management business operations. It also streamlines leasing processes, expedites incoming payments, and improves accounting workflows with monthly pricing starting at $52. Buildium reviews show users appreciate the platform’s comprehensive features and customer support. It is best for property management companies looking for a single system to connect multiple areas of operations.
If you’re wondering “what is Buildium?” read on to learn about the platform’s features, pricing structure, and reviews based on other landlords’ and property managers’ Buildium experience.
What We Like
- Recurring rent payments can be automated to minimize late payments and collections activities
- Ability to communicate with tenants directly through platform with preset templates
- Integrations with the bank for financial visibility
- Automatic monthly reconciliation following generally accepted accounting principles
- Has a 14-day free trial
- Limited listing marketing tools
- No dedicated customer relationship management (CRM) tools for lead management
- Additional fees if you want onboarding support
- Portfolio performance and analytics only available to Growth and Premium plan subscribers
- Property managers with the desire to become a paperless office by reducing physical paper printouts and manual paperwork
- Property management staff who want to save time by automating and managing maintenance requests and vendors online
- Property managers or associations that want to foster community through Buildium features that connect tenants with one another
Not Recommended For:
- Property managers with fewer than 100 units under management
- Commercial property management
- Property managers who want to create marketing materials for their listings
Buildium Monthly Pricing
- Essential: $52, includes basic property management features
- Growth: $166, includes everything in the Essential plan plus advanced data analytics and insights
- Premium: $479, includes everything in the Growth plan plus open API and enhanced customer support
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Buildium Reviews: What Users Think of Buildium
You might ask, “is Buildium legit?” In Buildium property management software reviews, it shows that clients appreciate the support received when contacting them for assistance. The platform outperformed past solutions for some clients, and the insights provided with a dedicated portal garner confidence from building owners. One client said the automation helped them save time and money. Another client emphasized it was a robust platform that included every feature for all aspects of property management.
- Capterra: 4.5 out of 5 based on 1,874 Buildium reviews
- Software Advice: 4.49 of 5 based on 1,881 Buildium reviews
- G2: 4.3 out of 5 based on 124 Buildium reviews
Less positive Buildium software reviews reveal that one client found it difficult to set up the late fee charge and thought the settings for late fees were too limited. Another Buildium review said the learning curve was too long, and a client who is an accountant found some of the financial reports frustrating. For accounting-specific platforms that may provide greater financial visibility, check out this list of the best small business accounting software like QuickBooks.
Would the Expert Use Buildium?
We highly recommend Buildium for its robust functionalities that streamline property management and make it more efficient. A favorite feature of ours is Buildium’s integrated accounting system that enables you to monitor and complete your financials and payments end-to-end, saving you time and minimizing human errors in accounting. Buildium pricing is also customizable, so you don’t have to pay for a feature or service you don’t need.
Nonetheless, Buildium doesn’t offer a free subscription plan or team management features, unlike TenantCloud. If these features are of interest to you, TenantCloud is an equally sophisticated software that not only helps you automate property management, but also enables you to manage your team’s tasks and goals on the go.
Affordability for a small team
Landlords building their portfolio
Management companies with larger portfolios
Budget-friendly property management software
$250 per month
Buildium Plans & Pricing
So, how much does Buildium cost? Buildium’s pricing structure is divided into three categories, starting at $52 per month. The Essential plan is for 150 units or less, the Growth plan’s added features are ideal for those managing more than 150 units, and the Premium plan has an open API that enables companies to share data outside the application when applicable with necessary vendors.
Standard features with every Buildium plan include accounting and maintenance tools, task management with vendors, a building violations log, a communication platform for residents and board members, and online portals for owners and residents. Here’s what you’ll find included in the three plan tiers:
Who Plan Is Best For
Property management companies with 150 units or less
Property management companies with 150+ units, and those needing frequent property inspections
Large property management companies that need business analytics and insights
Starting at $52
Starting at $166
Starting at $479
Maintenance Request Solution & Task Management
Online Portals: Owner & Resident
Live Phone Support
Dedicated Growth Consultant for New Client Leads
For more information on Buildium’s plans and inclusions, click on the drop-down menu below.
The Essential plan has the basic tools required to manage up to 150 units. It comes with a free Buildium-hosted website to market your property management services as well as your properties’ vacancies with easy customization. This plan has access to the ticket support solution to communicate with the support team via email only. Electronic signature gathering is available for $5 per e-signature and reduces the need for printed forms and obtaining physical signatures.
The accounting software streamlines bookkeeping and maintains accuracy by calculating expenses along with automating monthly bank reconciliations. Standard accounting reports include a balance sheet, profit and loss (P&L) statement, cash flow statements, and general ledgers.
The maintenance tools allow residents to request maintenance services online and automatically assign tasks to their vendors. You can even pay vendors for their services directly through the maintenance solution. Plus, building violations can be logged, tracked, and recorded in the Essential plan.
Property managers can add, log, and respond to assigned tasks with their internal team, and a mobile app enables team members to perform property management activities on the go. Additionally, available online portals for residents, board members, and building owners allow access to related reports and pertinent information.
The Growth plan includes everything included in the Essential plan, but you’ll also have access to live phone support during operating hours. Property inspections are also included at no extra cost, as are unlimited e-signatures. Performance analytics will give you information on your resident’s activities within the online residence center. Analytics showcase how many residents have adopted ePay, your leasing performance, and company revenue information.
Not all add-ons are essential for a successful real estate business, but you may want to add some of them for extra functionality. Before deciding on which add-ons to include in your Essentials plan, consider taking a look at the next available plan, as Buildium may include some of these features within them:
- New client leads, powered by All Property Management: Allows property management companies to get real estate leads consisting of interested property owners and boards seeking property management services.
- Tenant screening: Basic screening (available on all plans) does not require accreditation and performs soft credit checks for $15 per screening. The premium tenant screening (exclusive to Growth and Premium options) requires hard credit checks and generates a report in minutes for $18 per screening.
- Onboarding: This support add-on is available for the Growth and Premium plans only. A dedicated team assists with importing your existing data into the Buildium platform and provides training.
- Online payments: To accept online payments from residents or pay your vendors electronically through Buildium, you must pay the EFT transaction charges. Charges vary by plan and whether or not you want to accept credit card payments.
- Bank account setup fees: Attaching your bank account to the Buildium accounting system allows transactions to be collected in your accounting ledger for automatic reconciliation, payments, and deposits. Setting up your bank with the Essential plan is $99 per account, but Premium and Growth plan subscribers receive five free bank account integrations.
- Renters insurance: You may offer residents renter insurance starting at $12 per month.
- 1099 e-filing: At the end of each calendar year, you’ll have to process 1099s for your vendors. The platform can generate 1099s at the rate of $25 per batch and $3 per form.
- Showings coordinator: Starting at $30 per month, automate the rental unit showing process with a virtual coordinator that collects prequalification information, schedules showing appointments, and coordinates follow-ups.
- Remote check printing: Buildium can print and mail checks on your behalf. There is a $30 setup fee and 80 cents per check cost.
- EZMail: Buildium will print and mail property-related documents for you for 80 cents per single-page mailing and 15 cents per additional page.
General Buildium Features
- Tenant communication
- Financial organization
- Expense tracking
- Maintenance and work requests
- Streamlined application processes
Buildium’s features streamline day-to-day property management activities and integrate all major accounting and leasing functions into one platform. Some tools create lines of communication between residents, vendors, and property owners, all while giving the property manager a comprehensive overview. It also has features that reduce stress by providing information to residents via a dedicated portal, the ability to pay online, and automating rent payments to reduce the need for collections.
The general features available on Buildium make it a comprehensive solution for property management companies. It provides portfolio organization as well as automation with regard to tenant communication, building finances, and maintenance work orders. Its overall objective is to eliminate the pain points associated with managing multiple units while providing accurate information to all parties involved.
Let’s take a closer look at some of the key and niche features the Buildium platform offers below:
- Property-specific accounting
- Overall company accounting
- Financial reporting
- Automatic payments
The accounting solution integrated into Buildium allows property managers to manage both property and company accounting. The property accounting solution tracks transactions relating to a specific property. This includes recording payments from tenants and allowing managers to collect necessary fees and deposits or issue refunds as needed. Managers can also pay vendors for maintenance requests directly through the system, which saves time and effort by recording every check and transaction associated with the building.
Buildium’s real estate accounting software can also be used to manage the property management company’s accounting. It tracks company expenses and income, and provides an accurate snapshot of bills, incoming rent, and security deposits. Financial reporting tools generate reports for cash flow, balance sheets, and income statements. The ability to track all transactions for your business in one place is more efficient and enables you to make better-informed decisions.
- Cut payment processing fees
- Automatic deposits
- Set recurring payments
Online payments speed up the process of collecting tenants’ payments and cut payment processing times by up to 70%. Residents can connect their bank account or credit card in the resident portal to set up automatically recurring payments. Recurring payments help to ensure payments are not missed and are on time.
The money is transferred automatically, reducing the need to make manual deposits and visits to the bank. Accepting online payments also allows property managers to collect rental application fees. These fees help offset tenant screening charges and become a source of additional income for property managers.
- Lists units on major third-party platforms
- Anticipate upcoming vacancies
- Full unit descriptions
As vacancies within the building arise, property management teams using Buildium can list available or upcoming units with just a few clicks. Listings can be syndicated to major third-party advertising websites, such as Apartments.com, the Zillow Rental Network, and Zumper.
The platform allows you to input a description for the listing consisting of unit details, amenities, building amenities, and photos or videos of the space. Buildium also provides the ability to see an overview of units listed on the market, units taken off the market, and potential upcoming vacancies, and to assign these units to leasing agents.
- Apply for units online
- Customizable applications
- Collect application fees online
- Screen potential tenants
Online rental applications save time and the hassle of physical paperwork and allow interested parties to apply from anywhere. Plus, the building application is fully customizable. Edit the application as needed based on required information from the building owner and showcase building branding on the application to reinforce marketing efforts.
Application fees are automatically processed through the form, and Buildium provides an overview of application status through an applicant dashboard. Following the application, if purchased as an add-on, you can screen tenants directly within the platform.
- Unlimited document storage
- Document organization
- Share documents
Within the Buildium platform, you can store an unlimited number of documents. Some documents that should be stored are leases, amendments, insurance policies, floor plans, unit photos, and meeting minutes.
Having the ability to store important documents is essential when you need to refer to documents such as applications, leases, and renewals, or for easy sharing with building owners. Additionally, having documents uploaded into the system enables you to search within the resident profiles by name, phone number, or property to find documents pertaining to them.
- Integrates with accounting solution
- Tenants make maintenance requests online
- Schedule work requests
- Automatic alerts
Through the Buildium platform, tenants can quickly make maintenance requests online, eliminating paperwork and increasing response time. Along with the maintenance requests, residents and owners can submit videos, photos, and documents related to their requests. Vendors can also document completed work with photos and videos within the platform.
Vendors and managers can receive maintenance request alerts on their phone, tablet, or desktop. Certain maintenance requests will be ongoing for a building and can be scheduled to recur directly through the platform. This feature is integrated with the accounting solution, allowing you to pay your vendors directly through the platform for completed work.
Ease of Use
Buildium’s platform is built to automate and manage tasks conveniently online. Every user can customize their dashboard based on the functions they mostly use. With the available onboarding and support options from Buildium, launching the system to manage a portfolio of buildings is streamlined—especially with the Growth and Premium plans. The Buildium team will import all your data to assist you in migrating to the new system. There are also multiple customer support options to assist as issues or questions arise.
Even with the Essential plan, there is self-guided training available through the Buildium Academy to help you get up and running fast. Whether it’s making changes to the professional website or rental application, the Buildium system is built to allow easy customization. Try Buildium’s 14-day trial to see how the platform measures up to your rental business.
Having a comprehensive property management solution adds value to any building and portfolio. Features like online payment options and a dedicated resident portal help decrease unit turnover and keep building owners and investors happy. Based on Buildium reviews, the platform provides all parties involved access to real-time information, streamlining communication to save property managers time and money in the long run.