5 Benefits of Online Lease Signing

Many landlords are hesitant about signing and sharing leases online. They worry about the legality, officiality, or security of eSignatures.

However, online lease signing is one of the most valuable ways to improve your property management. Despite the misconceptions surrounding eSignatures and online leases, this feature will maximize the efficiency and security of your business.

If you’re still unsure, here are five benefits of online lease signing.

It’s More Secure.

Concerns about the validity or security of eSignatures are largely unfounded. According to the eSign Act of 2000, electronic signatures are recognized by the U.S. government as equally valid as traditional “wet” signatures.

In fact, eSignatures are even safer than wet signatures. A wet signature can be easily forged with a pen and a bit of practice, but eSignatures are encrypted and authenticated by email verification, meaning only the person you indicate can sign the document.

Moreover, eSignatures leave a digital “paper” trail that easily allows tracking who signed the document, where they signed it, and when. Any time a tenant signs an online lease, their email address and IP address (physical location) will be recorded, along with a timestamp indicating the exact time they signed. These data points are almost impossible to verify with a paper lease—a wet signature retains no verifiable information about the actual signer.

Online lease signing is a great way to eliminate ambiguity and verify signers safely and securely.

It Reduces Turnover Time with Templates.

A rental business is most profitable when there is minimal turnover time between tenants. Online lease signing is one way you can reduce the time it takes to move in a new tenant. All you need to do is upload a lease, assign roles, indicate lease fields, and share it.

Your property management software should also allow you to create or upload reusable templates. If you have multiple units, they probably all follow the same general lease structure. Templates allow you to create one lease and then make modifications to suit each unit.

It Automates Lease Writing and Signing.

If you’ve written a lease by hand, you know how tedious it can be. Leases are necessarily long documents because of the range of information you need to cover, but this doesn’t mean lease writing should take forever.

Property management software can automate much of the lease writing and signing process. For instance, your software can save you time by auto-filling designated custom fields. You only need to fill out repeated information once (such as lease start/end dates) and every other identical field will be appropriately filled in.

Online lease signing also makes life easier for tenants. Your software can perform validity checks on predetermined fields and reject any information a renter enters that isn’t the correct type (email address, dates, etc.). With this feature, a tenant can easily see when they’ve made a mistake, and you won’t have to worry about correcting leases with careless errors.

It’s Convenient.

This might go without saying, but online lease signing is infinitely more convenient than the traditional method. In addition to practical timesavers like templates and automation, property management software allows you to instantly edit and send leases from your computer or device. You can also be notified when a tenant signs a lease remotely.

Your tenants will also appreciate the convenience of online lease signing. Digital leases allow everyone to have their own copy on-demand, which tenants can access or reference any time and place they desire. This means tenants can answer more of their own questions and save you time answering them.

It’s Sustainable.

Leases can be long documents. The more units you manage, the more copies you’ll need to print. If you rent properties with high turnover rates (such as student housing), you need to print that many new leases much more frequently.

Now imagine you need to adjust or add to your lease with an addendum. You’ll have to print that many new copies all over again.

Online lease signing is a sustainable way to mitigate this paper waste. Not only will you save money on resources, but your business will better respect the community and environment.

 Upgrade Your Lease Management with Online Signing

It might seem scary to entrust the important task of lease management to software, but you and your tenants will reap the benefits. The increased security, convenience, time-saving features, and sustainability will be rewarding for all parties. The next time you acquire a new tenant, share and sign their lease online.

News Reporter