Whether you're just getting started with Buildium or you've taken new properties under management along the way, you need to add the rental properties you manage into the system.
In Buildium, a property could be a single family home, a multi-family apartment building, or a property could even represent storage units or mobile home lots.
The property is the hub for all other types of data you enter, including rental units, leases, tenants, and accounting transactions.
This article describes how to manually add a property.
If you want to learn about importing your entire property portfolio in bulk, click here to learn about data import options.
To add a rental property:
1. Navigate to Rentals > Properties, then click Add property.
2. Choose the property type, then the subtype
For rental properties, choosing the proper subtype will tell Buildium how to handle the amount of units in the property. If you have multiple units in a single property, choose multi-family and enter the number of units.
3. Enter the street address for the property
If you plan on using Buildium's rental listing syndication, use the address that's registered with the postal service, as rental listing websites validate addresses and will not publish those with incorrect or fake addresses.
street address will inform how the property is named in Buildium, but you can change the property name after you've entered the address.
How you enter the property name reflects how the property will appear in lists throughout Buildium. If you’d like the street names in alphabetical order, you want to lead with the street name and add the property number after. For example - Main Street - 15.
If you lead with the street number, things will be ordered numerically.
4. Add a property owner
Select an existing owner from the drop-down menu, or click Add new rental owner to create the owner of the property. You can add additional owners to the property by following the same steps.
5. Choose the bank account you want as the default account for the property.
Select an existing bank account from the drop-down menu, or click Add new bank account to enter a new one.
Adding a default account tells Buildium the bank account you use to manage a property. If you have multiple bank accounts you use to handle a property’s money, you can add other bank accounts on the banking page.
6. Enter a property reserve.
A property reserve is the amount of money you’ll tell the system to automatically hold back each month from any payments you make out to your rental owner.
These are funds to have on hand on the property in case of any emergency expenses that arise down the line. If you’re not planning on entering a property reserve, you can leave the amount at $0.
If you’ve entered a condo or single-family, you can click the Create property button. If you’ve entered a multi-family home, you’ll be able to start adding units.
Click here to learn more about adding units to multi-family properties