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Leases are an essential a part of being a landlord. You need a written agreement between you and your tenants that outlines what each party is responsible for and what is expected of them. With paper leases, you could be present to sign the lease with the tenant or send it to him, and then check it for errors. This process might be tedious and time-consuming.
While written leases were the norm for many rental managers, online property management software was beginning to take over and revolutionize not only the market lease signing process but the entire realm of rental management. Don’t worry if you’re not particularly tech-savvy—these software firms have made e-signing a piece of cake. And if you or your tenants are still having trouble, make sure to contact the software provider’s customer support team. They’re there to assist.
What are the advantages of signing leases online and how can it increase your revenue as a landlord? Here are some the explanation why you and your business will profit from this change.
Improves occupancy
Vacancy is a revenue killer for property owners. Empty units mean stagnant revenue, so improving occupancy rates needs to be a priority for every property manager.
Signing leases online accelerates the lease signing process. The sooner you sign leases, the sooner you may move tenants into your units and start collecting rent. Plus, without having to schedule a physical lease signing appointment with a tenant and coordinating complicated and tight schedules, you have time to write down other listings, screen potential candidates for other openings, and complete other tasks which will require your attention.
Saves money
The extra money you save on operating costs, the more profit you’ll see. Signing leases online eliminates the have to keep physical copies of the agreement and postage. It also reduces the likelihood of human error—missing signatures and initials is quite common when signing physical leases. With a paper lease, you’d have to return the agreement and wait for it to be revised. Online leases don’t allow tenants to maneuver in without signing all the required fields, which cuts down on tedious postage and shipping costs.
You also don’t have to contemplate the risk of losing your physical lease when you sign it online. Losing your lease could mean you’re open to legal motion because you don’t have the contract. With online leases, the document is all the time available. You don’t have to go looking through a filing cabinet or desk drawer to seek out it. With a physical lease, you would lose it and be left without a signed written lease.
Automatic renewal
Tenants who renew their leases are a huge relief for property owners – there is no break in rental income, and landlords do not have to spend time and money on marketing to latest tenants and choosing potential buyers.
If you have a tenant who is willing to re-sign, online leases make it incredibly easy. You can make changes to term dates, rental fees, and any other changes with a single click. Tenants will simply have to electronically sign to start out a latest lease.
Faster, easier lease renewals provide you with more time to focus on other elements of your business. It also makes it much easier for a tenant to re-sign with you than to sign a lease elsewhere, encouraging the tenant to remain for one other lease term moderately than having you deal with a emptiness.
Better security
Paper copies are a security risk. Tenants must provide you with personal information, comparable to checking account details, social security numbers, and other sensitive information that you just are not allowed to share. When you retain paper copies in your office, there is a probability that the mistaken people will see this information.
When leases are stored online, they are protected by encryption and audit trails, making them legally enforceable and secure. Electronic signatures are fully recognized by the U.S. government, so you do not have to fret about documents signed electronically not being valid.
A modernized rental experience
Today, tenants want the convenience and efficiency of online leases and rental technology. They will pay the way they need, whether it’s by bank card, debit card, or bank transfer. Offering online lease signings shows that you just know the best way to stay awake to this point with the market and are willing to change to suit the changing rental landscape.
With the ability to routinely charge late fees, send rent reminders to tenants, and more once you sign a lease online, you may increase your revenue while providing your tenants with a modern and convenient rental environment.
It’s time to ditch the old paper leases. They’re less secure, slower, and more tedious than switching to a modern, web-based property management system. Save yourself the time, effort, and hassle. Investigate web-based property management software today and see how your schedule—and your overflowing filing cabinets—will probably be reduced.