It’s lease season
Spring is here and with it comes one of the busiest times of the year for landlords. If you are struggling to keep track of the many documents and files required to get your properties rented, we’ve got one way to help – using online rental agreements. It is easy to have your tenants sign their rental agreements online.
Why a rental agreement matters
Having a written legal agreement protects both the tenant and the landlord – and should be completed before you rent your property. The contract is the best way to communicate your expectations and protect yourself from legal issues. Be sure that your agreement is appropriate for your state, as rules do vary.
A lease is legally binding – be sure you’ve got your contracts up to date and add any special addendums. These might include a pet agreement, restrictions on use of the property, rules about quiet hours, parking guidelines, insurance obligations, and regulations about property damage and modification. Be sure to set clear expectations about rental due dates, late fees, and required deposits. As always, inspect the property before the lease is signed and record the condition of the unit before leasing.
The last step before signing is to ensure that the tenants have reviewed the contract section by section to avoid any misunderstandings and answer any questions they may have.
Is signing a lease online legally binding?
Signing a lease online is just as binding as signing a lease with pen and paper – it is just faster and easier! All states recognize digital signatures as being legally binding as long as they meet these four requirements:
- Intent to sign – All parties intended to sign the document.
- Consent – All parties have agreed to do business electronically.
- Tracking – The system used to capture the signatures keeps a proper, secure record.
- Record retention – The system used must maintain the records and be able to reproduce them for all involved parties.
Why should you sign rental agreements online?
1. Save time
If you are still faxing, scanning, and mailing documents to get signatures, you will not believe how much time you can save with e-signatures. You’ll no longer be waiting hours, days, or weeks to get those contracts back when you use electronic signature technology. Sending the document to your tenants electronically allows them to sign instantly – meaning: less chasing and waiting for you.
2. Save money
Reduce the cost of executing contracts by saving the cost of paper, ink, envelopes, stamps, toner, courier services, and more. In addition, you’ll save on the cost of labor because electronic signatures are faster and easier to track.
3. Environmentally friendly
All of us are trying to do our part to help the environment and go green. By using digital signatures, you can reduce the consumption of paper and save trees in the process.
4. Easier for everyone
Your tenants can sign from any electronic device – phone, tablet, laptop, or computer. This means your clients have a better customer service experience, and you’ll have higher retention rates and happier tenants.
5. Reduce errors
When you use digital signatures, you can easily reuse your templates and automate the rental agreement process. Besides, you’ll never have a client miss a signature line again, because the electronic contract won’t allow that to happen.
6. Stay up to date
Using digital contracts makes it so easy to keep your deals correct and updated. You’ll be able to update contracts and add addendums electronically and ensure you’ve always got the latest version ready for signatures.
7. Track the process
You can easily see who has signed and who hasn’t – making it simple to remove roadblocks and execute the contract. If you are tired of chasing signatures or wondering where in the world your printed documents are – you’ll love the digital signature process. Each step is monitored, allowing you to see exactly who has signed and who hasn’t.
8. Resend contracts to renewing renters
It will be easier than ever to renew a lease with your renters if you transition to digital agreements and electronic signatures. All you’ll have to do is make sure the contract is up-to-date and send it off for the tenant to sign on their device. Simple and easy!
A new standard
Signing documents online is much more practical than the standard methods. Your tenants will be thrilled to have the option to sign digitally rather than wait for paper documentation. No more copying, printing, mailing, faxing, or missed signatures! All over the business world, people are moving to e-signatures to improve process flows, reduce waste, and increase profits.