In this episode, we're joined by Gregg and Alexis from Buildium. Buildium is a cloud-based property management platform that gives landlords and property managers the ability to take control of every aspect of the business including online rent payments, vacancy management, maintenance cycles, accounting, and more.
Today we discuss how delegating your property management to a third party and using property management software like Buildium can help free your time so you can focus on growing your business. We also discuss some new features that Buildium just released, like analytics.
Gregg Damiano spoke at the 2020 Tax and Legal Summit where he covered the ins and outs of Buildium in a live walkthrough. Since that time in February, Buildium has been busy! This week, Buildium is releasing their new pricing and packaging. There have been some other advancements made on the platform, such as the analytics hub. The analytics hub gives investors more insight into their business with visual representations. Within this hub there's areas like epay adoption that analyzes payment methods, resident center usage, and leasing performance against market standards. The company revenue insight breaks down the business is gaining revenue.
Buildium is now also offering an open API. The open API allows the data from Buildium to be free and exportable to other platforms. This information can now be more easily manipulated and analyzed. Buildium was also recently acquired by RealPage.
What Problems Does Buildium Solve?
Buildium takes a consultative approach with potential customers to identify their problems. Sales consultants always ask about problems and roadblocks. They ask how the business looks today vs. how they want the business to look. The first big problem is organization. Managing the day to day operations can be a challenge, especially if real estate isn't a full-time job. With spreadsheets and post-its, it's very difficult to grow and scale efficiently. There's also a fiduciary responsibility for someone owning and renting properties, such as managing finances and keeping track of incoming and outgoing funds. Areas such as unlimited document storage and the ability to tie transactions to specific properties helps add this clarity.
Another big problem is managing tenants. The goal is to have good tenants. Buildium works with TransUnion to screen tenants for investors. Once you have the tenant, communication is key. You're lowering churn and vacancy rate by keeping tenants happy. Buildium offers a tenant portal with resident information such as a copy of the lease, online payment, and maintenance requests.
Maintenance is another major problem. This process can be very cumbersome. Buildium provides workflows for this process that eliminates all the email and phone work for the investor. Tenants submit maintenance requests, platform administrators book a contractor and submit a work order.
Selecting the right property manager is still very important as they are the face of the unit and manage the relationship. Hiring a professional property manager is a good idea if you're feeling overwhelmed with the day to day responsibilities, you're at risk of losing control over the business side or tenant management side, or if you feel your efforts are better served somewhere else. Property managers can add peace of mind.
Buildium has integrations with many industry-leading tools to support the leasing cycle. Customers can link open listings to syndicated listing sites such as Zillow, Apartments.com, and Apartment List. Another integration allows coordination of rental showings and call center service. Buildium also offers integrations for inspecting properties, renters insurance, and remote check printing and mailing services. Since Buildium now has an open API, endless integrations are now possible, even with accounting and tax software.
Buildium prides itself on ease of use. The barrier for entry into property management is very low with Buildium even for single family investors. This platform allows individual investors to manage their properties regardless of location by collecting payment electronically and submitting work orders to vendors that are local to the unit. There's a lot of flexibility and investors aren't limited to a geographic area. For a multifamily investor, Buildium allows for clarity and ease of growth. Buildium can handle scale and a diverse portfolio, even storage units and low-income housing.
Buildium has also spent a ton of time on the mobile app. Buildium mobile provides the same experience and functionality as Buildium in a browser, and many investors love this flexibility and instant access.
Learn more about Buildium and access their free content: https://www.buildium.com/
Work with Buildium: https://buildium.ustnul.net/c/2190075/787974/10839