Buildium Update
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
Buildium Update (by WMH [NC]) Jan 20, 2023 5:05 PM
       Buildium Update (by Dodge [PA]) Jan 20, 2023 6:52 PM
       Buildium Update (by WMH [NC]) Jan 20, 2023 7:32 PM
       Buildium Update (by Barb [MO]) Jan 20, 2023 8:36 PM
       Buildium Update (by Small potatoes [NY]) Jan 21, 2023 1:56 AM
       Buildium Update (by WMH [NC]) Jan 21, 2023 10:33 AM
       Buildium Update (by Small potatoes [NY]) Jan 21, 2023 4:33 PM
       Buildium Update (by WMH [NC]) Jan 21, 2023 6:02 PM
       Buildium Update (by Small potatoes [NY]) Jan 21, 2023 8:35 PM
       Buildium Update (by WMH [NC]) Jan 21, 2023 9:37 PM
       Buildium Update (by Doogie [KS]) Jan 22, 2023 9:31 AM
       Buildium Update (by S i d [MO]) Jan 22, 2023 3:04 PM
       Buildium Update (by Jim [PA]) Jan 23, 2023 12:19 PM
       Buildium Update (by WMH [NC]) Jan 24, 2023 8:36 PM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

Buildium Update (by WMH [NC]) Posted on: Jan 20, 2023 5:05 PM
Message:

It has taken us longer than expected to implement but not because of Buildium, it's our personal schedules that have impeded progress. BUT...so far, we are very happy with this program. It seems to be offering everything we were looking for in one place.

We will soon be able to drop our lease e-sign program (PDFiller) our separate background check program (TUSM) our separate application process (Google Forms/Sheets.) We will speed up our lease creation process (currently use WordPerfect, print to PDF, upload to PDFiller, email it out, get it back email, etc.) We can stop maintaining a separate tenant database. We can stop using Google Forms/Sheets for maintenance reporting. We can now track tenant communications in one place, rather than through Outlook Rules and Folders.

Anyway, you get the idea.

Best of all, because my son is working with us on the implementation, someone besides ME will know the process and can take over when necessary! --50.82.xxx.xxx




Buildium Update (by Dodge [PA]) Posted on: Jan 20, 2023 6:52 PM
Message:

Thanks for sharing! Have you had any complaints from tenants? How do you like the automated rent withdrawal. --174.228.xxx.xxx




Buildium Update (by WMH [NC]) Posted on: Jan 20, 2023 7:32 PM
Message:

We are not there yet. We have yet to turn the switch on - that's happening next week. --50.82.xxx.xxx




Buildium Update (by Barb [MO]) Posted on: Jan 20, 2023 8:36 PM
Message:

Thanks so much for sharing!

I keep looking at Buildium, and I'm realizing that is probably what I need to invest in. Particularly as I do estate planning, so that when I can't manage it, hubby or kids can hire a local agent. Most of them use Buildium, so it would be easy for them to import into their system. --149.76.xxx.xx




Buildium Update (by Small potatoes [NY]) Posted on: Jan 21, 2023 1:56 AM
Message:

Did you ever ask them how to do credit card accounting? It has always been a 3 step process to me w a ‘cc bank’ account and the operating bank account and you record a check in one place and a deposit in the other and say “money in transfer” for step 2,3. Now that it’s tax time I have catch up on my expense entries. --181.214.xxx.xxx




Buildium Update (by WMH [NC]) Posted on: Jan 21, 2023 10:33 AM
Message:

Yes, we've talked CC accounting with our onboarding guy, SM/NY. It sounds way more laborious than what I've got going already (Quicken) so we'll see. I haven't done it yet. Having a working system in place has actually slowed us down as necessity is the Mother of Invention (and motivation) and what we've got going on works, after a fashion!

As for debits and credits, that's accounting and an accountant I'm NOT so we'll see...I have more of a basic checking account register "Does it balance?" kind of mind.

Barb, we started the process because my DH does not understand the biz side at all. He's the head & feet, meat & potatoes, of the whole "outside the house" thing, but the paperwork and money is my bailiwick and my processes need to be more structured - not the hodge-podge of systems we've hand-grown over the years - so that we can hand it over when needed.

We started this process of getting our affairs in order after attending a Retreat with Mr. Landlord. I think it was called Leaving a Legacy. Anyway since then we have been working on doing just that! Having trusts, wills, POAs etc drawn up, property transferred about - once all that was done, we started on the business itself. Slowly. --50.82.xxx.xxx




Buildium Update (by Small potatoes [NY]) Posted on: Jan 21, 2023 4:33 PM
Message:

Shucks WMH I was hoping buildium might of introduced a fix i didn’t know about. Sure seems like they should be able to automate step 2 n 3. Ask away when you explore it more

--181.214.xxx.xxx




Buildium Update (by WMH [NC]) Posted on: Jan 21, 2023 6:02 PM
Message:

I will be sure to get all the details and report back, Potato. I know one key thing, in either program, is staying on top of it. I download my charges from all CCs every morning and categorize them using a Schedule E's list of deductions as my guideline. It takes minutes. If I waited for, say, a monthly statement, it would take hours and I would never do it until tax time and then it would take me months to get ready...so because I'm lazy, I do it every day.

Always follow the lazy person if you want to know the easiest way to do something :) --50.82.xxx.xxx




Buildium Update (by Small potatoes [NY]) Posted on: Jan 21, 2023 8:35 PM
Message:

Yea, I’m the yearly type, Takes me 2 weeks to a month to do the entries NOW! But minutes to print the property reports and take it to the accountant. A quirk of tax preparers some have wanted to see admin expenses divided evenly to each property. Current accountant just has me out everything against one property, says it’s the same difference. --191.96.xx.xxx




Buildium Update (by WMH [NC]) Posted on: Jan 21, 2023 9:37 PM
Message:

Ours splits across properties. It's NOT the same difference when you go to sell someday, btw. --50.82.xxx.xxx




Buildium Update (by Doogie [KS]) Posted on: Jan 22, 2023 9:31 AM
Message:

I switched to Buildium last November. I love it. Takes way less time and provides FAR more features. It's an overall general package, so customization isn't really possible. However, it was written for property managers. Most things you would customize are already included.

Not a good solution for a smaller operation. I think Buildium even suggests you have at least 50 doors (not positive on that). The cost wouldn't be worth it. I love the fact that a tenant pays, it's deposited in my account and the system automatically posts all accounting to go along with it. I just pull up the outstanding rent report to know who I need to start bugging. Hard for tenant to argue with anything as well when they can log into their account and see the breakdown of any charges posted to their account. --70.179.xxx.xxx




Buildium Update (by S i d [MO]) Posted on: Jan 22, 2023 3:04 PM
Message:

I'm almost 3/4 of a year into Buildium, and I love it! It makes organization so much easier instead of all my homegrown spreadsheets, although I'm still doing cash flow forecasting in my home grown sheet.

No more wondering what that bank deposit was when the teller forgets to write the tenant's name on the slip: Buildium shows me.

Tracking late pays, partial pays, lease renewals, late fees, and rent increases is easy and fast.

An often overlooked bonus too is if I ever end up incapacitated, all we'd need to do is turn over this software portfolio to a PM company that already uses Buildium and presto...nothing changes. Smooth sailing. --184.4.xx.xx




Buildium Update (by Jim [PA]) Posted on: Jan 23, 2023 12:19 PM
Message:

I went with Apffolio in 2015, At first I was concerned about the cost. However I am so glad I did, It has made managing a lot easier in ever aspect of our business. Everyone one should jump on a web software ASAP when starting out.

--71.182.xxx.xx




Buildium Update (by WMH [NC]) Posted on: Jan 24, 2023 8:36 PM
Message:

Appfolio was a bit too pricy for us but it's highly recommended as well. Buildium runs us less than $5 per door per month. That's less than Starbucks money ;) Not that I go to Starbuck's...

We have less than 50 units, btw. Price is still well worth it. --50.82.xxx.xxx



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: Buildium Update
Your Name:
Your State:

Message:
Buildium Update
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: