How Digital Signatures Are Transforming the Rental World

In the fast-paced rental market, the expectations of renters have changed dramatically over the years. Whether it is advertising or looking for a property, traditional methods are no longer preferred. They even desire virtual tours of properties from a remote location and digital signatures for their rental agreements. Yes, today’s generation is tech-savvy, and so are the renters. They want convenience by leveraging digital tools. So, if you are a landlord still sticking to traditional ways of preparing rental agreements, it is time to change yourself. Digital signatures are here to stay and steadily transforming the rental market.

There is a widespread misconception among landlords that a digital signature is merely a scanned signature. In reality, it is a tamper-proof signature in an electronic form which is now considered legally valid as per the Electronic Communication Act (ECA) of 2000. Just like a handwritten signature, a digital signature is also now legally recognized in the United Kingdom. Read this blog and know how it is leading the transformation in the rental space across the globe.

Benefits Offered by Digital Signatures

Here are the benefits that are offered by digital signatures and are thus paving the way for transformation in the rental market.

​Saves Time and Eliminate Delays

Tenants are no longer interested in waiting for their rental agreements to be sent by post, signing them and then sending them back to their landlords. This could take several days, and they don’t have the patience to bear such unnecessary delays. As prospective tenants, they believe in acting quickly on their decision, and digital signatures offer them this convenience by saving time. Now they expect their landlords to send them the rental agreements online, which they sign digitally and the deal is done! If you are a landlord with several rental properties, leveraging the power of digital signature means saving your precious time.

Reduces Chances of Forgery

While one can copy a handwritten signature, advanced encryption of digital signatures reduces any chances of fraud. Moreover, if digital signatures are facilitated by reputable rental property management platforms, there is a Public Key Infrastructure (PKI) that involves a public key and a private key. So, once signed, it is not possible to alter them at any cost and even if despite such measures, someone manages to tamper them, they will be considered invalid. Remember, details such as, who has signed, at which time and place are diligently recorded.

Aligns with Gen Z sustainable living

Many renters, especially Gen Z are now eco-friendly and prioritize sustainable living. When you are using paper-based rental agreements, you are not aligning with their life goals. However, by using digital signatures on online rental agreements, you are not only cutting the cost of paper or printer toner and reducing your carbon footprint but you also supporting their eco-driven practices. Remember, in urban areas, where rental agreements are frequent due to high tenant turnover; these digital signatures significantly reduce waste.

Simplifies the Process of Renewal and Amendments

Gone are the days when renewing or amending an existing rental agreement was considered tedious and time-consuming. There is now no need for in-person meetings or any physical paperwork. As a landlord, you need to only send the updated, renewed or amended document to your renter digitally via a secured rental platform. Next, your renter or tenant will review the same and sign it using a digital signature tool like DocuSign or Adobe Acrobat, whichever is available over the rental platform. Thus, the entire process of renewal and amendment is simplified with a digital signature and can be completed within a few hours.

In a rapidly changing rental space, you need to stay ahead by embracing changes, and digital signature is one such change that you must embrace to make your job easier. Start your digital journey today with RentOnCloud, a well-known rental property management software and experience the difference yourself. By switching to digital signatures, you are not only improving your operational efficiency but also positioning yourself as a forward-thinking landlord who prioritizes convenience and professionalism.