Buildium Pricing Packages: How Much Do the Plans Cost? - Financesonline.com (2024)

COVID-19 left a significant impact on the real estate industry, but we can arguably say that no one has felt it more than property managers. Even as professionals strive to do their job best while out in the field, the pandemic has forced them to take a step back and find new ways to effectively handle property management processes and problems from a distance. Leveraging modern technology in the form of property management software has turned out to not only be a band-aid solution at a time when travel restrictions and limited face-to-face interactions were put in place. It has now become an essential tool for property managers for navigating a post-pandemic world where “virtual” has become the new and preferred business environment.

Just like other business technologies, property management solutions can be costly, which is why it is important to examine their benefits and advantages, which come with a considerable price tag. Among the apps offered by property management companies today, Buildium is one of those that offer standard and cutting-edge property management tools for real estate businesses of any type and size. In this article, we will examine what the Buildium pricing packages offer and help you determine whether Buildium is a worthy investment.

Property rental in the United States is a massive industry that employed nearly 400,00 individuals in 2021. Among these employees are property managers who are also the most involved in running a property rental business. According to a recent study, around 70% of property managers are responsible for coordinating property inspections and maintenance, lease negotiations, advertising rental vacancies, and communicating with board members and tenants. With all the responsibilities property managers have to shoulder, it is no secret that they have the busiest days dealing with the challenges of managing rental properties effectively.

Since the pandemic, the number of tenants who want a more convenient way of sending applications, communicating with landlords and property managers, and making payments continue to grow. For this reason, industry experts encourage property managers and owners to invest in new technology. Utilizing modern property management apps not only helps ease the burdens of handling daily operations but also ensures that the business remains competitive by meeting tenants’ needs and preferences. But despite the apparent need for modern tech to prioritize the adoption of property management solutions, only 11.2% of property managers in the United States do so. On the other hand, property businesses that invested in modern technology have proven that it not only makes business operations more manageable but also helps increase client satisfaction.

Choosing the best property management solution, however, is another challenge property managers and owners have to deal with. Different factors need to be considered, from the features offered to the cost of property management software. With these, we proceed to examine the Buildium pricing packages and help you determine if this is the right software solution for you.

Overview of Buildium

Buildium is a cloud-based property management solution that gives rental property managers and owners flexibility in managing different types of rental properties in a single platform. Whether you are managing residential or commercial properties, affordable housing, community associations, or student housing, Buildium offers user-friendly tools that enable property managers to streamline day-to-day operations, from accepting rental applications, conducting property inspections, managing payments, to staying on top of owner and tenant maintenance and other requests, and more.

Buildium’s online payment feature allows property managers to automate lease collection through its own online payment tool called ePay, which accepts credit card and ACH payments. This also allows property managers to automate payments to vendors and property owners, which not only eliminates manual errors but also greatly reduces the time and effort spent on these tasks. Furthermore, Buildium allows you to set your online accounting on autopilot while keeping an accurate and detailed record of every payment transaction and automatically reconciling your financial records with your actual bank statements.

This software solution also simplifies maintenance management for both property managers and residents. Tenants can download Buildium’s resident app on their mobile devices and send maintenance requests with photo attachments. Property managers can then assess the request and assign it to a vendor or staff and monitor the progress until the request is completed. Communication is another area Buildium helps improve. Property managers have access to ready-made email templates for notices and they can also create their own templates for announcements they send to residents. Furthermore, Buildium gives property managers the ability to create fully customized websites with its free website builder to boost their brand. The website can also serve as a host for important documents, from resident handbooks, available listings, rental applications, etc.

Buildium Pricing Packages

Essential is Buildium’s most affordable subscription package and is ideal for property owners and managers handling one to 150 rental units. This comes with all the standard features needed to streamline accounting and maintenance operations. With the Essential plan, you also get access to task management tools that allow you to create tasks, assign them to a vendor or staff, and respond to task-related inquiries.

Buildium Essential

Essential is Buildium’s most affordable subscription package with a starting price of $52 per month or $562 per year for a single unit.

Who is this plan ideal for?

This plan is ideal for property owners and managers handling one to 150 rental units. This comes with an online portal and a dedicated mobile application equipped with all the standard features property managers need to streamline accounting, maintenance operations, resident relations, and more.

Basic Tenant Screening

This level of tenant screening does not require accreditation and only conducts soft credit checks on applications. Reports are automatically generated once the applicants give their approval for the screening.

Task Management

With the Essential plan, property managers get access to task management tools that allow them to create tasks, assign them to vendors or staff members, as well as respond to task-related inquiries.

Violations

In case there are residents who violate property rules or home association regulations, Buildium’s Essential plan allows property managers to log, report, and keep track of these incidents.

Online Payments

This is a must-have feature of any leading property management software. Buildium supports electronic fund transfers via credit card and ACH payments. Transactions, however, have fees—$1.00 for every incoming EFT transaction and $0.50 for outgoing EFT. For credit card payments, there is a 2.95% charge for every transaction.

Free Marketing Website

The Essential package also provides property owners and managers with user-friendly tools to set up a fully integrated website for free to help promote their rental property business.

Standard Reporting

Standard reporting and analytics tools are also included in this plan, covering different types of financial reports, such as income and cash flow, budget vs. actuals, general ledgers, and more.

In-app Communication

Also included in this plan are in-app text and email features to make communication with residents and board members more convenient and to make sure that all important conversations are organized and secured. Property owners and board members are given their own online portals where they can directly access reports, submit requests, as well as collect payments. Meanwhile, residents have their own mobile application where they can submit ticket requests for maintenance, etc.

Optional Add-ons

You can add more features to this plan at an additional cost. These features include an electronic signature, which costs $5 for every e-signature. And if you are also interested in adding property inspection capabilities, the starting price is $40 per month.

Buildium Growth

The Growth plan has a base price of $166 per month or $1,793 per year per unit. It includes all the features of the Essential package and more advanced features, enhanced support, and more comprehensive performance insights.

Who is this plan ideal for?

This plan is ideal for rental property businesses that are expanding their portfolio of rental property units.

Free Property Inspections

Unlike in the Essential package, the property inspections feature in Growth is free. This allows property managers to automatically sync all necessary information they gathered during property inspections using the mobile app.

Performance and Business Analytics and Insights

This feature gives property managers and owners an in-depth view of the property business’ performance through detailed analysis of key metrics. These metrics cover gross potential rent, loss to lease, snapshots of revenue streams, and other data that can be helpful in identifying trends and business goals to set.

Ticket and Phone Support

The Growth plan also provides users with two types of customer support. Users can send tickets anytime and receive responses via email. Live support, on the other hand, is only available on weekdays from 9:00 AM to 8:00 PM EST.

Buildium Premium

Premium is Buildium’s most sophisticated plan and is an annual subscription package that starts at $5,172 per unit.

Who is this plan ideal for?

This plan is designed for large-scale property rental businesses with a maximum of 5,000 units.

Open API

With the Premium plan, property managers and owners can seamlessly integrate Buildium with other software systems, such as third-party accounting solutions and marketing tools.

Buildium Rewards

One of the perks of purchasing the Premium plan is it also entitles rental property companies to annual discounts that can go as high as 15% off the subscription cost.

Dedicated Consultant

Property owners or managers get assigned a Growth Consultant who will guide them through the most effective ways of running a rental property business.

Which Buildium plan is best for you?

Choosing the right one from among the Buildium pricing packages largely depends on the type of portfolio and the number of units you are managing. If you are running a start-up property rental business, Essential has everything you need to simplify your day-to-day operations and make this property management platform more efficient. But if you are already in the process of growing your portfolio and increasing the number of units under your care, Growth has the additional tools necessary to lay down a strong foundation for a scaling rental property business. Organizations, on the other hand, will benefit the most from the Premium plan as it is specifically designed to handle large-scale rental property operations, especially in terms of integration capabilities and client support.

If you are still uncertain if Buildium addresses your business needs and if the cost is worth it, you might be interested in reading our article on the questions you have to ask before buying a property management software solution.