We know how important it is for property owners to access payments, documents, and fees. As a client with WILMOTH Group, you can keep track of important information 24/7 through our platform, Buildium. WILMOTH Group co-owner Joel Wilmoth explains how Buildium is used by property owners, tenants, and WILMOTH to maintain real-time information that provides transparency to the property management partnership.
Buildium is a cloud-based software program that can be accessed by rental owners, tenants, vendors, and our staff. They are one of the major companies that provides software for property management. They’re owned by a major corporation in the real estate space called Real Page, and that should provide users extra comfort as to the stability of the platform and the security of their data. We try and make it easier for tenants to remember how to access their payment portal by using a special URL. That’s wilmothmanager.com. If you’re a rental owner with us, you can use that URL, and at the bottom, after you log in, you’ll see a place for owners to sign in. It’s easier for them to remember that URL, but there are also links on our home page of our website that you can click to go straight to your owner portal, also.
With Buildium serving as an owner portal, it gives our owners real-time reports at the tip of their fingers whenever they need them. We have owners that are out of the country and a lot of them that are out of state, and so this gives them that real-time reporting, no matter where they are or what time zone they’re in. When an owner needs information, they can log right into Buildium and they can see everything from accounting and reports to if their tenant has paid rent, how much, and when they paid. It will also show them detailed billing of any of their invoices. Anything from repairs to utilities to how much has been paid in management fees.
And then, of course, to sum all the data up, we refer owners to their rental owner statement, which we believe is hands down the most important report on the portal. This report provides a summary of all the cash transactions in an owner’s account. Buildium also manages the electronic distributions that we send owners of their cash balances at the end of the month after any maintenance holds. Those are expenses that have been incurred for a property where a bill has not been received by the vendor, but we know that the expense is coming so we’ll put a hold on, and sometimes the rental owner will receive a distribution that doesn’t match up because we have that hold knowing that the expense is going to be hitting us after the 14th of the month when we send out cash distributions.
So, if we know a bill is coming and we don’t have it yet, there’s a maintenance hold, and the available cash ends up being overstated. That’s probably one of the points that confuses owners most. Owners and tenants can also find all important documents, such as property management agreements and leases in their portals. Those documents are easily available for review or download whenever an owner needs them. Frankly, we can’t imagine having a property management business without a tool like Buildium.