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Buildium Offers Online Rent Collection for Landlords and Property Managers

Boston, MA, June, 15, 2005 – Buildium LLC, a provider of state-of-the-art web based property management software, announces the ability for property managers and landlords to collect rent online with Buildium’s Property Manager and Landlord Editions. Unlike most property management software, Buildium’s property management software is online, which means there is no software to install. The only system requirement for Buildium is a basic connection to the Internet and a web browser.

Benefits of using Buildium’s online property management software to collect rent electronically:

Improved Cash Flow

With a Buildium merchant account, landlords and property managers can quickly process electronic payments of rents and fees in a fraction of the time it takes to process paper checks.

Reduced Administrative Costs

When residents pay online, Buildium automatically records the payment, updates the appropriate resident ledger and then deposits the money into the property manager’s account, safely and securely. Buildium also provides landlords and property managers with the ability to send payment reminders online and monitor resident delinquencies.

This reduction in administrative costs translates into significant savings for landlords and property managers:

  • Based on a survey conducted by Buildium, property managers spend an average of $2.00 per check to process them manually. This includes time spent entering resident payments into their property management software, preparing bank deposits, and making trips to the bank. For a property manager that processes 1100 checks a month, that amounts to nearly $26,000 per year.
  • If the same property manager were using Buildium’s online property management software to collect resident payments electronically, time spent processing checks by hand would be reduced by 80%, which would result in a savings of approximately $15,500 per year.

Increased Resident Satisfaction

Buildium’s property management software increases resident satisfaction by providing residents with a secure online payment option for rent or association dues. Residents can also access their statements and payment history online, 24×7.

About Buildium
Buildium, LLC provides simple and affordable cloud property management software solutions to landlords, property managers, condominiums, and homeowner associations. Founded in 2004, today Buildium’s property management software is used to manage thousands of units around the world.