As someone who is a landlord, I want to keep up with the property I own. I have about four apartment complexes and two houses.
Of course, it can be tough at times when I’m trying to keep track of finances. Plus, the number of tenants I have will change regularly. Some move out and some move in.
Let’s face the facts -- I’m slowly losing track of all of this day by day. Doing paperwork isn’t necessarily a bad thing. But I really want to do less of it every month or year.
So I decided on looking for software options. After all, I know a lot of people are relying on technology to keep track of their business finances these days.
That’s when I came across Buildium. I gave it a spin and I was super amazed by what it can do.
Let’s just say it’s the kind of software that I need to make my life as a landlord a lot easier. And that’s saying a lot considering I’m not a big computer person.
Buildium Features
Has accounting features that will allow you to keep track of your property income, expenses, and allowing you to maintain control of your property portfolio.
Accounting
Let me tell you a secret -- I hate crunching numbers. I know it’s all part of the business, but I’m not a fan of it at all.
But when I have a software that does all of that heavy lifting for me, I can breathe a sigh of relief. Plus, I collect thousands of dollars a month in rent.
I’m also aware that I need to keep track of expenses. This includes paying the trash company for removal, the electric company to keep the lights on, and so on.
I finally have software to where I am able to just plug in the numbers and it adds and subtracts like magic. Better yet, I have less paperwork to deal with.
And who hates having piles upon piles of paperwork anyways. They can get easily lost in the shuffle and I’ll never find it.
Especially when it comes to figuring out if a tenant of mine has paid their rent for the past month or not. Who knew that software like Buildium will do so much and cause fewer headaches for a landlord like myself.
And by the way, I can give my tenants flexibility on how they want to pay. If they want to pay online, then they are more than welcome to do that.
Plus, I know they’re busy with their own lives. So I wouldn’t want them to rush to the leasing office so they can pay the rent.
I can be able to have them set up the payment process however they please. So not only it makes my life easier, but also easier on my tenants who are on the go.
Business Operation Features
Another headache that I no longer have to deal with is manually tracking the number of maintenance requests I get from tenants. When I get one, I get it fast.
That way, I am able to dispatch anyone on my maintenance team to check out the problem. Again, I use this software not only to make life easier for me, but I want my tenants to be happy knowing that I’ve listened and responded to their requests or inquiries.
Plus, I am able to store as much paperwork as possible in the cloud. I’ll never have to deal with the piles of papers on my desk or anywhere else.
On top of that, I am able to easily access any relevant documents pertaining to my tenants. Do they have a renter’s insurance policy? If so, then it can be accessed in the document storage portal.
Everything is easy to navigate and nicely organized. I don’t have to search all day for any documents.
Leasing
There will be times when a few tenants will be moving out. Some of them moving across town or out of town.
Once I am able to get confirmation of those vacancies, I can post ads for apartment openings. I can add listings to all of Buildium’s real estate partners.
I know that will save me a ton of money and headaches in the long run. It used to be I would have to go from one website to the next to post apartment vacancy ads.
Plus, it would cost me quite a bit of money depending on the site. Now, I don’t have to deal with any of that.
All my posts will be on partner sites and on the eyes of potential tenants looking for a place. And I’ll be able to scan applications with ease.
There was a time when the screening process would take a bit longer than expected for potential tenants. But now, I am able to screen them using Buildium.
I can be able to check to see if they have a criminal record, how their credit is, or if they have had a history of being evicted. From there, I can be able to decide who gets to move in and whose application will be denied.
Community Association
I think this is the perfect feature for anyone who is running multiple apartment buildings as I do. I’m able to keep my documents stored for various purposes.
I can also be able to track any “violations” that my tenants may have committed. I want my tenants to be held accountable for their actions.
It is my property and I really don’t want them to destroy it. The last thing I want to do is evict a tenant due to many violations. But remember, it’s their fault that they’re out the door and not mine.
At the same time, I am able to keep track of the financial figures that come in for all of my properties. If you own multiple apartments, you have no idea what you are missing with these features.
Pros
Cons
Final Verdict
If you are a property manager, I highly recommend this software. It’s easy through and through.
I’m talking from the installation to it using it in general. You’ll keep all of your finances in order as well as property updates.
Plus, you can do a whole lot more in order to make property management a lot easier for you. Why settle with going through all kinds of paperwork when you have cloud-based software doing it for you?
You can keep your financial and tenant records all in one place. And you can fulfill any vacancies with just a few clicks of the mouse.
You’d be surprised what software like this can do for landlords. If I were you, I’d give Buildium a shot today before you regret drowning in a sea of papers.
