No one can deny that thanks to technology, the property management industry has been noticeably modified. Landlords today are more tech-savvy than only a few decades ago. On top of that, they've become more concerned with the impact of their rental business on the environment. Because of this, paper lease agreements have in many cases been replaced with online documents. But that's not the only advantage to using online lease agreements.
Let's consider the most reasonable benefits of a digital document:
It saves time.
Using online lease agreements instead of paper is a time- and money-saving solution. While signing paper lease documents can be a long and cumbersome process, sending an agreement via email is a piece of cake. Just imagine how many hours you'll save if you switch to digital. Faster and better communication between both parties is guaranteed once you've decided to exclusively use online agreements. And as we all know, relying on oral communication is, to put it mildly, not the most reliable strategy.
Related: Automate Your Rental Business With Us: Planned Property Management
It's more eco-friendly.
Going paperless is what society is striving for, and the property management industry is no exception. You're a top-notch landlord if "going green" is a priority. Digital documents will not only contribute to the effectiveness of your property management business, but also help save the Earth. The average office worker uses 10,000 sheets of copy paper every year, so switching to digital is essential.
It looks more professional.
A lease is a legally binding contract between a landlord and tenant(s). It includes terms and conditions of the agreement, the rules and regulations the landlord sets up for their rental, and additional clauses regarding acceptable behavior in the property. A solid online lease agreement is the key to a successful rental business.
It improves the tenant-landlord relationship.
Millennials are the first digital generation, and for them technology is everything. If Millennials are your target audience and you're willing to establish a good relationship with them, you should stick to paperless documentation. Keep in mind that the more digital solutions you offer, the more Millennial tenants you'll attract to your rentals. In addition, Millennials as well as Gen Zers are the ones who will leave either positive or negative reviews on your social media accounts. If you're concerned about a good reputation, don't give your renters a reason to leave negative feedback on your listings or any public account.
It's more accurate and accessible.
Online leases are more accessible and easy to renew. Imagine you have to update some clauses in the current agreement (previously agreed on with the tenant, of course). With an online lease agreement, you just need to log into your account, update the information, and send it to the tenant to re-sign it. A paper document requires more steps to finalize the process.
TenantCloud Lease Agreements
TenantCloud offers customizable lease agreements and residential lease agreement templates to make the overall process easier and faster. The document can be created in just a few minutes and sent to the tenant with a click of the mouse. Landlords can create multiple lease templates for different states or types of tenants.
The e-signature feature allows you to send your tenants agreements to be signed as part of the move-in process. Setting up e-signature means you no longer consume tons of paper printing lease documents to send to your tenants for signature.
What do you think of digital lease agreements? Can you see any disadvantages to using paperless documentation? Share your thoughts and ideas by leaving comments below. We'd love to hear what you think. :)