If you provide management services to property owners, the fees you collect are fuel for growing your business.
If you haven't set your management fee policies yet, you'll need to do so before recording any management fee payments to your company.
Collecting management fees is a step you'll need to take each month. Buildium will accurately calculate the fees owed to you based on the policies you have in place, but you'll need to record the payment of those fees to your company.
To collect management fees:
- Navigate to Rentals > Rental owners.
- If you're collecting fees from an association, you can also find this button under the Associations menu and Associations page, and on the shortcuts menu.
- Click Management fees, then Collect management fees.
- Select the time period and properties for which you'd like to charge a management fee.
Our recommendation is to record your management fees once a month using the date range "one month ago to yesterday." For example, if today is September 10th, choose the date range of August 10th (one month ago) to September 9 (yesterday).
You can also choose to select the option to only display properties with fees available. This will exclude any properties who had zero income for the month, and are on a percentage of income management fee policy.
Buildium will tell you when the last fee was collected for a property, but it does not have a flag to indicate to prevent an additional fee collection if a fee has already been charged on income. By choosing a consistent date range each month, you insure against accidentally missing or double recording a fee.
- Check the boxes next to the properties to confirm that you'll charge the fee.
Save time! Use the master checkbox to the left of the header to select all properties.
- When you click Save, a check for management fees will be recorded in the indicated bank accounts, and an expense placed on the relevant properties.