Why You Should Consider Signing Rental Agreements Online?
In today’s digital world, where people need to access real-time information through smartphones and tablets at any time, digital leases replace paper documents. Electronic signatures offer a more convenient way to get the keys to a new rental home.
Use eSignature for Signing House Rental Agreements
A house rental agreement highlights the specific lease terms between the landlord and the tenant, and is legally binding on both parties. It discusses the crucial terms of the agreement, including the rent for the property, duration of the contract, the contract details and personal information of both the landlord and the tenant, with all the rules and regulations. To ratify a house rental agreement, all the parties must sign the document. In the past, people would have to meet up in person to verify and sign papers. However, with the evolution of eSignature solutions, most house owners are processing the rental document signing process online. The software solution enables all parties involved in the rental agreement to sign their lease agreement from any location, anytime.
Although eSignatures do provide various benefits, many realtors and landlords are not sure whether renting houses online with eSignatures are legally binding or not. As per the ESIGN Act, the proceeding with lease online is valid as hardcopy, and the electronic signatures are legally binding, just as if it had been done in person. Many advanced eSignature solutions are available in the market and can store data securely on a cloud, restricting users the ability to modify or overwrite once a document was already signed.
Here we discuss a few benefits associated with online rental agreements.
Quickly Rent Properties
The process of renting out properties can be tedious for even seasoned real estate professionals. Creating rental documents, scanning, and then emailing those documents to the new tenants. Then printing the signed documents received from all the parties, and manually verifying them can be time-consuming. Fortunately, with online lease agreements, you can allow prospects to verify all the documents on your website and allow them to sign the agreement quickly.
Maintain Maximum Occupancy
Landlords aim to achieve a high non-vacancy rate as long as possible so they can continue collecting rent throughout the year. They understand monthly income is lost when someone vacates the house. To keep rental properties consistently filled, home owners must find customers by advertising the vacant portions the moment they are available. Even though the process of replacing the occupants is costly, you can’t keep your tenant’s hostage and not let them leave when the lease is finished. So, when tenants vacate a property, you will have the freedom to advertise the new vacancy of the realty property. By adopting the online leasing process, you can quickly screen and approve applicants without much effort. Just post an ad and after approved allow the respondents to instantly sign leasing documents online and promptly receive the completed documents. Automating the lease signing process is an excellent way to quickly fill all your vacant properties.
Minimize the Chances of Human Error
Automation of rental agreements reduces the potential for human errors. As the process is continually automated, you are no longer required to manually enter the data into the system or prepare documents. All rental documents are automatically prepared and inserted into the workflow. So, you don’t worry about data errors anymore. All rental documents are securely stored on the cloud platform, both the owner and tenants can instantly view and access documents from anywhere, at any time. The eSignature solution also ensures that tenants don’t mistakenly skip any column or field which requires signatures.
Improve Security of Leasing Agreements
Rental agreements contain crucial details of both the owners and tenants. These documents must be securely stored to ensure the data is always safe. There is always a possibility for the documents to be stolen or accessed by unauthorized people, you should be more careful. However, these kinds of issues can be reduced by adopting an automated solution. The software requires you to enter the correct credentials to login into the application. It only grants access to the authorized people involved in the agreement. Advanced security features like two-factor authentication ensure there are fewer chances for a data breach.
Offer Seamless Experiences to Tenants/Applicants
Whether you are renting a property to new tenants or creating a new lease agreement for existing applicants, you can enhance their experience by using online leasing agreements. The tenants won’t need to come down to the office in person anymore just to sign paperwork, instead they can do it virtually from anywhere using the software. The prospects are more inclined with a simplified process to stay with you for years.
Automated Lease Renewals
Realtors should provide a good experience for their tenants in order to build lasting relationships. By automating lease renewals, you can live up to this high expectation every time. An eSignature software like SutiSign reminds tenants about the agreement expiration timelines and renewals. It also enables them to verify the specific details of the agreement and allow them to sign the document virtually. This process also helps you identify whether the tenants are willing to continue in the same property or not, plus enables you to plan things in advance.
What Features to Look for in an eSignature Solution
Besides the items mentioned above, an electronic signature software solutions offer various other benefits to real estate agents. Choosing the best software that best suits your businesses needs and requirements among the various available options which come with unique features and functionalities can be a difficult task. However, you can effectively handle this task by analysing various factors, including cost, features, scalability, flexibility options, and more. For instance, you need to have advanced security features to prevent hackers from accessing the data and ensure security for all your tenants. It should be noted that the software you purchase includes authentication features to ensure the rental leasing process of getting document signed is legally binding. For this, you must identify whether the digital signing software is legal and valid per compliance standards. In addition, features like permanent deletion and auto-expiration dates for documents. Plus two-factor authentication ensures more security for tenants’ data.
The document editing feature enables you to make any necessary adjustments in the lease agreement at any instance. For instance, if you need to add an extra clause into the agreement, you can do it with the document editor. Also, verify the software you are going to purchase has an audit trail feature which allows you to track the progress of the lease agreement as it travels process in real-time. It’s also essential to have a contact management system that allows you to store and manage all your contact details for each prospect and tenants. An eSignature software should enable you to configure multiple accounts and allow your team members to access the data and the tools they need to handle their tasks effectively.
Signing Online is the Practical Option
Electronic signatures are becoming a new norm for landlords to help manage all the house rental agreements. Besides helping you stay ahead of competitors, signing lease forms online also enables you to save time and money. The software enables you to instantly send lease documents to the tenants through email. Allowing tenants to review those documents and sign online in their own flexible time, without visiting the office or needing to print documents. In some cases, some tenants intend to modify some clauses of the lease. The software also allows tenants to edit the draft version of their lease documents online, thereby saving costs associated with printing dozens of paper copies. Certain tech-savvy tenants will value that you are up to date with the technological advancements and may provide better reviews.
The process of implementing and managing the online leasing process with eSignature solutions is extremely easy. You are not required to go through an extensive process of manually creating documents, scanning, and emailing to other parties involved, and again printing the signed documents for your reference. With an automated software, it’s as simple as signing up and begin uploading your rental agreements by simply scanning and getting things up and running. You can send documents to other parties involved in the agreement and allow them to sign the documents virtually. Whatever the software you are planning to purchase, make sure it includes all the necessary features you need to manage the process effectively.