Top Buildium Features Property Managers Shouldn’t Ignore
Buildium is a powerful property management software designed to streamline operations and improve efficiency. But with so many features packed into one platform, it's easy to overlook some of the most valuable tools. Are you truly leveraging Buildium to its full potential?
This article highlights key Buildium features that property managers should prioritize to maximize their return on investment, save time, and ultimately, improve their bottom line. Ignoring these features could mean missing out on significant opportunities to optimize your workflow and enhance tenant and owner satisfaction. Let's dive in.
1. Robust Accounting Features: Beyond the Basics
Buildium’s accounting capabilities are far more than just basic bookkeeping. While you can certainly handle rent collection and expense tracking, digging deeper unlocks significant benefits.
- Automated Bank Reconciliation: Manually reconciling bank statements is a time-consuming chore. Buildium automates this process, matching transactions and identifying discrepancies quickly. This saves hours each month and reduces the risk of errors.
- Chart of Accounts Customization: Don't settle for the default chart of accounts. Customize it to accurately reflect your specific business needs. This provides clearer financial reporting and makes it easier to track key performance indicators (KPIs). For example, create separate accounts for different types of maintenance expenses (plumbing, electrical, etc.) to gain better insights into spending patterns.
- Budgeting and Forecasting: Use Buildium to create realistic budgets and forecast future income and expenses. This allows you to proactively manage your finances, identify potential shortfalls, and make informed decisions about investments and spending.
- Detailed Reporting: Generate comprehensive financial reports, including balance sheets, income statements, and cash flow statements. These reports provide valuable insights into the financial health of your properties and your overall business. Use these reports to present clear and concise information to property owners.
Tip: Regularly review your chart of accounts and reporting templates to ensure they are up-to-date and accurately reflect your business needs.
2. Online Portals: Tenant and Owner Empowerment
Buildium's online portals are game-changers for communication and transparency. They empower tenants and owners, reducing the burden on property managers and fostering stronger relationships.
- Tenant Portal: Tenants can pay rent online, submit maintenance requests, view lease documents, and communicate with property managers directly through the tenant portal. This streamlines communication, reduces phone calls, and improves tenant satisfaction.
- Owner Portal: Owners can access real-time financial reports, view property performance data, and communicate with property managers. This provides owners with greater transparency and control over their investments.
- Document Sharing: Securely share important documents, such as lease agreements, inspection reports, and financial statements, through the portals. This eliminates the need for email attachments and ensures that everyone has access to the most up-to-date information.
- Automated Notifications: Set up automated notifications to remind tenants about upcoming rent payments, inform owners about property updates, and alert both parties about important announcements.
Example: A property manager uses the tenant portal to notify all tenants about scheduled maintenance on the building's HVAC system. This proactive communication reduces tenant inquiries and minimizes disruption.
3. Maintenance Management: Streamlining Repairs and Preventing Problems
Effective maintenance management is crucial for preserving property value and tenant satisfaction. Buildium offers powerful tools to streamline the maintenance process.
- Work Order Management: Create, assign, and track work orders from start to finish. This ensures that maintenance requests are addressed promptly and efficiently.
- Vendor Management: Maintain a database of preferred vendors and track their performance. This allows you to quickly find qualified vendors for specific tasks and ensure that you are getting competitive pricing.
- Preventative Maintenance Scheduling: Schedule routine maintenance tasks, such as HVAC servicing and gutter cleaning, to prevent costly repairs and extend the lifespan of your properties.
- Mobile Access: Access and manage work orders from your mobile device, allowing you to respond to maintenance requests while on the go.
Common Mistake: Failing to track vendor performance. Regularly evaluate your vendors based on factors such as cost, quality of work, and responsiveness.
4. Automated Tasks: Reclaim Your Time
Buildium's automation features are designed to free up your time so you can focus on more strategic tasks.
- Automated Rent Reminders: Send automated rent reminders to tenants via email or text message. This reduces late payments and improves cash flow.
- Automated Late Fees: Automatically assess late fees to tenants who fail to pay rent on time. This ensures that you are consistently enforcing your lease terms.
- Automated Reporting: Schedule reports to be generated and delivered automatically on a regular basis. This eliminates the need to manually create reports and ensures that you always have access to the latest information.
- Automated Lease Renewals: Streamline the lease renewal process by automating tasks such as sending renewal offers and generating new lease agreements.
Tip: Review your automated tasks regularly to ensure they are still relevant and effective. Adjust them as needed to meet your changing business needs.
5. Lead Tracking and CRM: Convert Prospects into Tenants
Buildium's lead tracking and CRM (Customer Relationship Management) features help you manage your leads and convert them into tenants.
- Lead Capture: Capture leads from your website, online advertising, and other sources.
- Lead Qualification: Qualify leads based on factors such as their budget, desired move-in date, and credit score.
- Lead Nurturing: Nurture leads with targeted emails and follow-up calls.
- Application Management: Streamline the application process by allowing applicants to apply online and track their application status.
Example: A property manager uses Buildium's lead tracking features to identify a large number of leads generated from a recent online advertising campaign. They then use the CRM features to nurture these leads with targeted emails and convert them into tenants.
6. Buildium Integrations: Expand Functionality
Buildium integrates with a variety of third-party applications to expand its functionality and streamline your workflow.
- Tenant Screening Services: Integrate with tenant screening services to quickly and easily screen potential tenants.
- Payment Processing Services: Integrate with payment processing services to accept online payments from tenants.
- Marketing Automation Tools: Integrate with marketing automation tools to automate your marketing campaigns.
- Accounting Software: Integrate with accounting software such as QuickBooks Online to streamline your financial management.
Tip: Explore the Buildium Marketplace to discover new integrations that can help you improve your efficiency and productivity.
Conclusion: Maximize Your Investment
Buildium is a powerful tool that can significantly improve the efficiency and profitability of your property management business. By leveraging the features outlined above, you can streamline your operations, improve tenant and owner satisfaction, and ultimately, achieve your business goals. Don't let these valuable features go unnoticed. Take the time to explore Buildium's full potential and unlock the benefits it offers. Start small, focus on implementing one or two new features at a time, and track your progress. You'll be surprised at the positive impact it can have on your business.