The introduction of digital lease agreements has helped transform the real estate industry, creating a new secure and convenient method to streamline the lease process.
Digital solutions help to simplify document management and electronic signatures ensure a secure, legal and efficient way to create lease agreements online.
Find out more about digital rental lease agreements, the benefits of electronic signing and how the new streamlined process is changing the industry.
Let’s take a closer look.
What Is A Lease?
When tenants are approved to live in a rental property, they receive a lease agreement from the landlord or real estate agent. The tenant lease agreement is a written legal document that states the terms and conditions of the rental agreement, such as agreed rental payments, length of the lease, maintenance, repairs, acceptable use of the property, and lease terms.
When both parties involved agree to the terms and conditions stated in the lease agreement, they sign the document. Their signatures ensures that the contract is legally binding.
What Is Digital Leasing?
Digital leasing is a lease agreement that is created online. The digital format allows a person to electronically sign their lease document and can automate lease negotiations. Advancements in electronic signature technology allows a person to sign their lease without being physically present.
Online leases offer several advantages, as real estate agents can easily track and manage their lease and rental agreements. Storing the lease electronically helps reduce their administrative burden.
The introduction of digital leasing has helped to simplify the leasing process, and legally binding esignatures ensure that the document retains its legal validity.
What Are The Benefits Of Digital Lease Agreements?
A digital lease agreement offers many benefits to the property owner/landlord and the tenant. The digital lease is more secure and efficient and helps streamline the process, which saves considerable time and money.
Convenience
Using digital signatures helps simplify the lease signing process. The easy to use interface helps to minimise errors, saves time and is accessible anywhere. There is no need to schedule a meeting to sign a document, which can be extremely beneficial for tenants who have busy schedules or live far away. When a lease is signed electronically it is convenient, as it also creates flexibility for agents who are constantly away from the office.
Time Saving
In the past, a lease agreement had to be signed in person, which was time consuming for both landlords and tenants, and any alterations also required signatures or initials. It took time for property managers to schedule in-person meetings with tenants, and coordinating logistics was time consuming.
Completing a lease agreement online saves time, as it can be signed and emailed within minutes. A tenant can receive the lease document electronically, which means interstate or international agreements can be completed quickly and efficiently.
Review Your Lease Onlline
Having a lease available online enables a tenant to access it at any time, which can be beneficial if they need to refer back to it quickly. Accessibility to a tenant lease agreement outside of business hours can be convenient and time saving for people with busy schedules.
Document Sharing
Accessing an electronic lease eliminates the need for physical copies of documents, scanning or mailing, which can help reduce the administrative burden. Property managers, landlords or agents can easily share and review signed documents anytime, which can streamline the tenant screening process.
Secure Document Storage
In the past, signed documents, such as lease agreements, were stored in a filing cabinet at a real estate office. Physical documents could easily be misplaced or filed incorrectly, and it was time consuming to replace or find the missing paperwork. An electronic lease agreement mitigates the risk of lost paperwork and can be stored electronically on the cloud.
Streamline Workflow
It can take time for an agent or property owner to create a tenant lease agreement as it is a complex legal document. Lease software provides templates to help property management create lease agreements and rental contracts faster, and the esignature tool helps reduce overall costs of travel, paper and postage.
Agents can easily track and manage their lease and rental agreements online, which saves time and space, and storing the lease electronically helps reduce their administrative burden and increase productivity.
Reduce Vacancies
Digital lease agreements help to save time as the process is streamlined, which enables new tenants to sign a rental agreement and move into the property faster. The turnaround time dramatically improves, this benefits all parties involved. Overall turnover time is more efficient as agents save time by not chasing new tenants for signatures or waiting for mail delivery.
Environmentally Friendly
Eliminating the need to print and store lease agreements, has a positive impact on the environment. Over 90 million pieces of paper are used annually for lease agreements in Australia, and going paperless helps reduce our carbon footprint.
Things To Look For In Digital Lease Software
When looking for digital lease software, it is vital to ensure they are suitable for lease agreements. An electronic signature platform should contain some of the following features:
- Easily accessible – cloud based
- User friendly
- Integration with other applications
- Electronic signing capabilities
- Compliant with legal requirements
- Secure and safe
- Email and SMS sharing options
- Affordable
There are many available software tools on the market, options must be researched well to ensure the electronic signature platform meets the needs of the business.
How Do You Sign A Digital Lease?
An electronic signature is legally binding, and new secure digital platforms and software tools such as DocuSign enable the process to be completed entirely online.
Digital signatures are extremely secure, more than traditional signatures, as they can not be forged or tampered with.
Electronic signature technology is revolutionising the real estate industry and changing how rental agreements are managed.
Summary
A digital lease agreement offers many benefits to the home owner/landlord and the tenant. They are more secure, efficient and help streamline the process, which saves considerable time and money. Digital signature technology allows a person to electronically sign their lease and rental agreements, eliminating the need for physical presence. Electronic signatures help improve overall security and can speed up document processing time.
Property managers, landlords or agents can easily share and review signed documents anytime, which can streamline the tenant screening process. Digital signatures are extremely secure, more than traditional signatures, as they can not be forged or tampered with.
Lease software provides templates to help property management create lease agreements faster. Agents can easily track and manage their rental agreements online, which saves time and space, and storing the lease electronically helps reduce their administrative burden and increase productivity.
Electronic signature technology is revolutionising the real estate industry and changing how rental agreements are managed.
FAQs
What Is Digital Leasing?
Digital leasing is a lease agreement that is created online. The digital format allows a person to electronically sign their lease and can automate lease negotiations.
An online lease agreement offers several advantages, as real estate agents can more easily track and manage their rental agreements. Storing the lease electronically, helps reduce their administrative burden.
A digital lease agreement offers significant benefits to the property owner/landlord and the tenant. For example, advancements in electronic signature technology allow a person to sign their lease without being physically present.
Can You Use DocuSign For Leases?
Digital signatures are extremely secure, more than traditional signatures, as they can not be forged or tampered with.
Electronic signature software technology allows a person to sign their lease and rental agreements online. An electronic signature is legally binding, and new secure digital platforms and software tools such as DocuSign enable the process to be completed online.
It is now possible to sign a tenant lease agreement from a computer or mobile device quickly and easily.