10 Ways Signing Leases Online Will Benefit Your Rental Business
January 12, 2021
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It’s no secret that leases are important. In order to keep all of your ducks in a row, you must create a detailed lease, get signatures from your tenant, provide them with a copy, and store the document in a safe place. If you aren’t sure what your lease should include, review our article on 10 essential lease terms for your rental agreement.
Traditionally, leases were handled offline. In order to complete the signing process, you’d have to give your tenants a chance to review the lease, email or call to set up meetings, and schedule times to get it signed. It was a long process.
Now, signing leases can be done entirely online. Property management software makes it possible to upload your lease, allows tenants to review the agreement on their time, and enables secure signing in less time than ever.
Paper leases and physical signatures are a thing of the past. In case you still need a little convincing, we’ve provided 10 benefits of online leases. By the end, you’ll be ready to make the switch and modernize your rental business.
#1 Save Time
Signing leases offline takes time. You have to create the lease, email it to your tenant, wait for them to review it, print it off, schedule a time for them to sign it, scan it, and then provide them with a physical copy. The process takes even longer if you’re using the postal service.
Signing online enables tenants to review their lease and sign it as soon as you make it available to them. This way, there’s no printing, emailing, or scheduling meetings. Many platforms also provide landlords with templates that make creating the lease simple and fast.
#2 Improve Occupancy
The quicker leases are signed, the quicker you can lockdown tenants and get them moved in. Because signing online simplifies and expedites the lease signing process, you’ll be able to fill your vacancy as quickly as possible.
What’s more, with less time spent getting leases signed, you’ll be free to find renters for other vacancies you might have. You’ll have more time to write listings, market your rentals, screen and approve applicants, and more.
#3 Minimize Human Error
With online leasing, you don’t have to worry about renters missing signatures and initials. Most digital signing platforms won’t allow submissions until all required fields are filled in, so there’s less room for human error. Because everything is stored online, you also eliminate the chance that documents will be misplaced or lost.
#4 Save Money
Signing online eliminates the costs of printing physical copies and mailing them back and forth. Additionally, since online lease signing reduces the time it takes for a tenant to be move-in ready, you’ll be able start collecting rent sooner.
Whether you or one of your team members handles lease signing, an efficient signing process frees up your time and resources to focus on other important matters. You shouldn’t be paying someone to do tasks that can be automated and simplified.
#5 Environmentally Friendly
Most lease agreements are multiple pages long, with some even surpassing 20 pages. You and your tenant will both need access to a copy of the lease. If you have multiple properties and renters, the amount of paper accumulates quickly. With online lease signing, you eliminate the need for paper copies. This not only saves money from the cost of printing, it’s also better for the environment.
#6 Accessible Records
Tenants and landlords both need access to their lease agreements, whether for legal reasons, answering questions, or settling disputes. It’s a nuisance to have to shuffle through documents to find a single lease, and that’s if it hasn’t been misplaced. Online leases keep everything organized and accessible.
#7 Greater Security
Keeping paper copies of your documents is a security risk for you and your tenants. The last thing you want is for documents to be misplaced or for sensitive information to be made available.
Leases stored online are protected by encryption and audit trails, making them secure, easily accessible, and legally enforceable. You don’t have to worry about electronic signatures being invalid — they’re fully recognized by the US government, thanks to the ESIGN Act.
#8 Better Tenant Relationships
As technology continues to advance, renters are expecting everything to be handled online. Offering online lease signing, as well as other digital services, will attract renters who want a modern rental experience. You will also be able to easily answer questions and settle disputes when both parties have easy access to their leasing agreements.
#9 Automate Renewals
Of course every lease is different, including renewal leases with the same tenant. With online leases, however, you can easily make simple modifications to term dates, rental fees, and other changes on the platform of your choosing. This makes renewing quick and easy for tenants and landlords.
#10 Modernize your Business
There’s no reason not to capitalize on the convenience and efficiency of online rental technology. Offering online lease signing shows that you’re committed to staying up to date with the market and that you run a professional rental business.
You might think that you have to be tech-savvy in order to implement online lease signing, but this is a myth of online leasing. Property management software makes digital leasing simple and intuitive, so you don’t have to be a technology expert to digitize your leasing process.
Switch to Signing Online
It should now be clear that signing online stands to benefit your rental business. It will simplify your life and your business’s operations. There’s truly no reason not to make the switch to online leasing — and you and your tenants will be glad you did.