With a number of benefits for different sectors, electronic signature has also become a valuable tool for property management business. Here’re the best practices for property management with eSignatures.
Markets all over the world are currently floating in a state of uncertainty. Many estimates, projections, charts, and numbers have been churned out in the last few months to find out the possible impact of this global pandemic on the global economy. In general, markets will be affected, and the ones who are ready to brace for impact have the most probabilities of emerging out as winners.
Real estate is one of the noticeable sectors that could bear the brunt of the COVID-19 pandemic. However, opportunities for creating a sustainable edge lie in digital transformation. Are you ready to take your real estate business digital? Don’t worry. You can’t just start step by step. For example, property management with eSignatures would be a pretty good start! E-signatures reduce the cost burden on an enterprise that can be exceptionally helpful in this scenario.
Read Now: Top Reasons to Go Paperless
Best Practices for Property Management with ESignatures
However, do you know the best practices for using electronic signatures to recession-proof your property management business? The following discussion outlines different pointers that can help you find out the ideal applications for leveraging e-signature functionalities in organizing your property management business.
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Quick Access and Sharing of Documents
The first important concern of a property business owner is the management of paperwork such as contractor timesheets, leases, and invoices. However, you can simplify this aspect of property management with eSignatures. Modern e-signature solutions offer flexible storage options such as quick-access templates.
The templates offer easier organization of the documents that you need frequently, and cloud storage adds up the advantage of accessibility. You can use any device connected to the internet to access the required documents and send them. Most important of all, you can make any modifications or changes in the documents on the go. Therefore, you have a prominent administrative benefit by adopting electronic signatures.
Also Read: Why to Adopt Electronic Signature for Your Business
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Effective Integration with Existing Technology
Resistance to new technology can create prominent barriers to the adoption of paperless property management. If you are accustomed to the use of traditional tools such as MS Word, then paperless solutions can create confusion. However, you can use electronic signature solutions that offer comprehensive integration with all departments in your property management business.
The benefits of eSigning for property management are also evident in the facility of collaboration between different departments. E-signature solutions help in sharing documents within seconds while keeping all departments of your business on the same page.
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Easy to Learn
Another notable reason to organize your property management business with e-signatures is the simple learning curve. You don’t have to learn coding or any complex programming concepts to use electronic signatures. Popular e-signature solutions in the market offer simple and easy-to-use GUIs (Graphic User Interfaces). So, you need basic knowledge of computers and security certificates and most important of all, the functionalities of e-signatures to use them. Therefore, within no time, you can learn to optimize your approaches to property management with eSignatures.
There are a number of myths about the e-signature. Here we cover the top electronic signature myths and facts behind them.
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Faster Completion of Lease Agreements
Lease agreements are also one of the toughest parts of the property management business. Furthermore, the situation can become more complex when the number of tenants moving into an apartment or a home increase considerably. Now, you can easily complete lease agreements by accessing templates for lease forms. Property managers have to adopt property management with eSignatures to find custom-tailored lease agreement forms.
Furthermore, the assurance of legal validation for the lease agreement forms and the legality of electronic signatures strengthen the credibility of paperless lease agreements. You can highlight the important parts in the lease agreement form such as name, location, time of signing, and the request for signatures from all involved parties.
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Monitoring the Workflow
Property management business is not all about selling and buying properties. As you all know, a lot of work goes into the property management industry such as plumbing, electricity, construction, and maintenance work. Therefore, you would find that the management of work at different locations is not an easy task. However, property management with eSignatures is a lot easier as you can monitor hours of work easily.
Contractors can upload their worksheets at the end of each tracking period through an e-signature solution app on their phone or desktop. Then, contractors send the worksheets to property managers. So, electronic signatures not only save you a lot of time and effort but also provide you with transparency into every area of work in your organization.
Also Read: Top 10 Uses of Electronic Signatures
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Following Up With Clients and Reminders
Well, we discussed already how easy it is to send lease agreements to tenants with electronic signatures. However, many of the agreements don’t get a reply. So, you cannot just pile up the paperwork unnecessarily lying on your desk. E-signature solutions let you review the number of people who have signed a particular document.
In addition, you can also find out the people who have not submitted their signature for the document. Therefore, it becomes easier for you to follow-up with them and sending them a reminder notification. As a result, you can notice that you address the redundant workload, thereby increasing the productivity of your business.
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Security
Security is undoubtedly one of the formidable concerns for property management business. Legal documents, sensitive information, and disclosures in the property management business are vulnerable targets for cyber threats. However, contemporary e-signature solutions offer safeguards such as digital certificates and encryption of communications between the sender and recipient.
Furthermore, credible methods for identity authentication and verification to sign a document also offer assurance of security with e-signature. Most important of all, electronic signatures provide a comprehensive audit trail report. The report outlines all details about the changes in any document and the users responsible for different modifications. As a result, you can also develop comprehensive safeguards for property management with eSignatures.
It is important to look into the security factors while choosing an electronic signature solution for your business. Here are the top points you should consider while choosing an e-signature vendor.
Bottom Line
The times frequently change in the world of real estate. However, property managers should take preemptive measures to ensure safeguards against the potential fluctuations in market trends. Digital transformation through the use of electronic signatures should align with the recommended best practices for the property management industry like the ones mentioned above.
However, you should also invest adequate efforts in checking the validity of electronic signature software. Check for the reviews and testimonials of existing customers of top e-signature solution providers. You can definitely find out the ideal solution that fits your requirements.
So, start exploring now and prepare your real estate business against a possible recession with electronic signatures!
