Buildium was started in 2002 by property owners Michael Monteiro and Dimitris Georgakopoulos who started out with two rental properties in Providence, Rhode Island. Buildium has grown into a residential property management powerhouse and is now a RealPage company. RealPage is an American corporation founded by Steve Winn that provides rental property management software across many industries. Its products help landlords manage finances and compliance requirements and enable tenants to pay rent and file maintenance requests electronically.
Buildium is built for all types of residential property management, including community associations, student housing, affordable housing, and residential properties. This is a really nice feature of this platform.
It is currently used by over 4,000 professional association managers with over 300,000 association units. The company offers its customers an all-in-one property management solution in four main service areas:
Buildium offers its customers a good array of support services which helps it stand out from the competition. All customers have access to ticket support, as well as self-guided, on-demand training through its Buildium Academy. Customers on certain plans can also have live phone support. It offers customers three paid plan options but does not have a free plan like some other property management platforms.
Buildium has won awards from Capterra, a software review site, including being listed as a Top 20 Real Estate Property Management Software.
Buildium has a 14-day free trial of its plans. When you sign up for the trial you’ll be able use sample data to see how its platform handles your real-world property management needs. No credit card is required to sign up. After your trial you can convert to any of the Buildium plans: Essential, Growth, or Premium.
Other property management platforms for landlords also offer free trials. However, one of its main competitors has an entirely free plan that includes many of the features needed by property managers. Buildium does not have a free plan option.
If you decide to subscribe to the Premium plan, its most expensive option, you will have access to the Buildium Rewards Program. The program is designed to give landlords a bit of a price break off its most expensive plan; and it's expensive. Its rewards program gives customers substantial discounts based on their residents’ usage of services they provide them through Buildium.
When 30 percent of a customer’s active leases make credit card payments over $100 and purchase a renters insurance policy through their Resident Center, they receive 15 percent off their annual subscription. The annual subscription price for the Premium plan is $460 a month so this can add up to a significant savings.
There are limitations associated with the rewards program. The 30 percent usage must be maintained for 6 out of 12 months of your annual subscription among other stipulations. Customers should review these limitations before subscribing to the Premium plan.
The Buildium property management platform has a lot of feature,s and it could have a steep learning curve initially. The company has obviously recognized this and has built an impressive education program called Buildium Academy. While many of its competitors offer great education and information about their services, Buildium’s is well-made with on-demand videos and a full program of information. It is laid out like an education course with videos, quizzes, practice questions, and related resources.
Buildium offers discounts to customers with more than 5,000 units. This makes the company an attractive option for landlords at places like community associations, student housing, or other high-unit properties. You will need to contact Buildium directly to find out what discount the company can offer you.
This high volume discount makes Buildium stand out to larger property managers. Many of its competitors do not have a volume discount or charge by the unit which would make their products very expensive for a customer with a large number of units.
Buildium requires subscribers to its Premium plan to have an annual subscription. The Premium plan is its most expensive and comes with the biggest selection of features including its rewards program and a larger array of support features. The company says that this is to encourage customers to make the most out of all the features and services in their plan.
Before signing up for the Premium plan you should consider all of its features and whether you will qualify for the rewards program discount. The plan is very expensive in comparison to other companies offering similar features.
In comparison to other property management platforms Buildium is quite expensive. It does offer a quality product; however, its pricing could be an issue. Its monthly plan prices are some of the highest in the industry and it also does not have a free option.
Other aspects of its services are also more expensive than some of its competitors such as fees assessed for rent collection and lease agreements.