At one time, renting a home or apartment was a long, involved process requiring reams of paper, multiple copies of the necessary documents, and in-person signings for each potential tenant or applicant. Now, however, knowing how to create an electronic signature makes the rental process a streamlined affair that can be easily completed from anywhere.
One of the biggest lessons of the COVID-19 pandemic has been the need for hands-off, remote ways of conducting business and transactions. After all, as we are now more aware than ever, you can’t always get everyone into a room and pass around pens and paperwork like in the old days. These days, electronic document access and transaction management is a must for real estate professionals, landlords, and property managers.
How to create an electronic signature with RentSpree
From the RentSpree dashboard, you can upload and send a rental application, lease agreement, or other supporting documents and indicate the places where your applicant or tenant will need to sign or initial. Once the signer receives the document, he or she can open it on a phone, tablet or computer, review the information, then set up a signature either by typing in the name and initials or by drawing the signature with a finger or stylus.
From there, the e-sign platform guides the user through each area that was identified for action, providing a prompt once the document has been completed. Once everyone has done their part, the signers will be sent a copy of the final document with signatures.
If there is an error or question about some element of the document, you can void any signed copies, make necessary changes or clarifications, then re-send for new signatures.
Benefits you’ll experience when you create an electronic signature
You may think that putting together a plan to incorporate electronic signatures into your real estate transaction process will be a time-consuming and frustrating addition to your rental routine.
In reality, however, our e-signature platform is designed to be user-friendly and incredibly easy to implement. You’ll save time on every transaction and enjoy all of the following benefits:
Forget driving across town to obtain a forgotten signature or hanging around the office because that new tenant needs to come and sign a leasing agreement. With e-signing, there’s no need to schedule in-person document preparation and submission. Upload and send documents from the RentSpree dashboard for fast and convenient signing anytime, anywhere.
If every rental process is a jumble of paperwork, folders, and supporting documents, you’ll love the way that e-signing changes that game for you. Stay organized by uploading only the documents you need for the transaction and keeping each signature within that same doc. There’s no more need for multiple versions of the same document for multiple signers or for preliminary approval copies and revised signature copies.
Does the tenant have a question about an item before signing? Does a colleague need to take a look at the lease agreement? Does the client have a change to a supporting document and need the tenant to acknowledge it? All of the stakeholders to the transaction can view the document, seek clarification as needed, then sign at their convenience -- and yours.
Maybe you need a checkbox, initials, dates, or some additional information submitted within a text box rather than a full signature. Whatever you need, there’s a customization option that’s tailor-made for your rental transaction.
Do you ever worry about document security? Think of all of the personal and financial information contained in the documents you gather. Did you know that you are liable for security breaches caused by improper document security? When you offer an electronic signature option, you ensure that applicant and tenant information is protected from unauthorized access to your files or the prying eyes of others.
Better document tracking
When you create an electronic signature, you can see at a glance who has signed or who has sent the document back for additional clarification. That helps you stay on top of every transaction and know where you stand at a moment’s notice.
In most states, you are required to maintain documents securely for years after the transaction has been completed. When you create an electronic signature for your tenants to use, you also solve your document storage challenges with complete, easy-to-access digital documents.
Is an electronic signature legally binding?
Yes! With the passage of the United States Electronic Signatures in Global and National Commerce Act (ESIGN) in 2000, electronic signatures carried the same legal status as traditional pen-and-ink handwritten signatures. In cases where federal law does not apply, most states have adopted the Uniform Electronic Transactions Act (UETA) for the same purpose.
In some states, including Illinois and New York, state law governs the use of electronic signatures but provides the same assurance of validity as ESIGN and UETA. That means that as long as there is an intent and consent to sign, when you learn how to create an electronic signature, you can feel secure in its legality and appreciate the convenience that is lacking from their handwritten counterparts.