If you’re experienced with leasing, you know how tedious paper rental agreements can be.
Between arranging times to meet with new tenants to storing and organizing paper files over the years, it’s no wonder online leasing has taken over the rental industry.
Online leasing offers many key benefits. Landlords who know how to use them can save time, move in new tenants faster, and stay organized on the cloud.
Here are the top three benefits of online leases you can take advantage of in your rental business.
#1 Lease Templates
Each rental agreement is different, but they often have similar formats. Every lease needs a list of rules and responsibilities, required disclosures, and both parties’ contact information.
Online lease templates can help you quickly create new leases without having to start over from scratch. You can quickly add all the notices and information required.
For instance, start by uploading a template that includes all the basic fields you’d need in any lease. These might include required rent amounts, lease dates, pet addendums, the grace period for rent payment, or occupancy limits, each of which you can automatically integrate from your template. From there, you can add any other sections you might need for the specific agreement.
Let’s say you have properties in two or three states. Each state has different requirements for leases and required disclosures (e.g., some states require you to disclose information about specific laws, environmental hazards, the identity of the property manager or agents, etc.). By creating a lease template for each state, you can reuse each one with new tenants.
You might also set up a lease template for specific occupancy situations (e.g. single-family homes with roommates, families with children, renters with pets, etc.).
Whatever your rentals look like, rental agreement templates can make leasing them simple and efficient.
#2 Custom Fields
Another benefit of online leasing is the ability to create custom fields.
Online lease editors allow you to create a lease that is specifically designed for your properties. Whether you need text boxes, checkboxes, date fields, or signature boxes, they’re all available for your use. Most lease editing tools and property management software platforms use a simple “drag and drop” method.
For instance, you can design auto-filling and reoccurring fields to help you input new information in the relevant places as efficiently as possible.
Custom fields are also useful for data verification. This is the tool that verifies that the data the tenant entered meets the correct criteria for that specific field.
For example, if you designate a certain field to have phone number validation, the lease editor will reject any information the tenant types in that field unless it’s in phone number format (XXX-XXX-XXXX). Data verification help you waste less time fixing and following up on these mistakes yourself.
A final benefit of online leases is tracking capabilities.
Online leases are stored on the cloud, where it’s impossible for them to get lost, misplaced, destroyed, or stolen.
Cloud management also helps you track your leases through each stage of the process. For instance, you can see when your lease was sent, signed by you, signed by your tenants/co-signers, and when it’s complete.
If you’re wary about signing online, you aren’t alone. However, eSignatures are just as legally binding as traditional pen-and-paper ones. In fact, they’re even safer and more secure in many respects. When a tenant signs your lease electronically, you’ll receive a notification and can track each step of the process.
Online leasing has introduced a myriad of changes into rental management. From using eSignatures on an online lease template to creating custom fields, online leases are the best way to streamline the leasing process and modernize your rental business.