“Why an Online Rental Contract Template is Better” written by Mike Marko
You’ve probably heard some landlords claiming that an online rental contract template is better than an offline one. Do you want to know why an online rental contract template is better?
You already know that having a rental contract is what makes an agreement transparent. It includes all clauses that are vital and can affect the way tenancies are managed in your business.
That’s why most landlords have a rental contract template in their office. But have you considered the hassle it can be if your template is lost?
What if you misplace your documents and discover you don’t have a copy of the template left? Or you don’t have any duplicates for it?
That’s when an online rental contract template enters the equation.
Ease of backup is just one of the perks of keeping an online rental contract template. It can also make things easier once you get to sharing it with tenants, and other matters.
For today’s blog, I’ll talk about all the reasons having an online rental contract template is better than having an offline one. This might prove instrumental to you as you run your rental business.
Perks of Signing an Online Rental Contract Template
The online rental contract template is a fairly new invention. Before, templates were kept mostly as hardcopies (as physical paper documents, that is).
Even when computers became par for the course in business, templates were still files landlords kept in their own hard drives or disks.
Only later did they start uploading them to the Internet, and for various reasons.
Sometimes, it was to help other landlords out. Experienced landlords would share their templates with less-experienced landlords to give them an idea of how to make a rental contract template of their own.
Sometimes, it was for safety. The rise of cloud and similar online technologies has made data redundancy extremely easy, after all.
Today, I’ll show you why you yourself might want to have an online rental contract template. We can go over the benefits of using one.
Online Template Consumes Less Time
An online rental contract template is more time-efficient because it doesn’t require you to do several things a physical one would.
First, there’s no printing necessary. Then, there are no storage concerns. You don’t have to worry about keeping it safe and trying to remember where you kept it afterwards.
Instead, everything related to it can be accomplished from a single device that has access to the Web. You can actually type, distribute or send, and store the contract online!
If you don’t know where to store your online rental contract template, there are a lot of resources where you can keep the file. You may keep your rental contract template through these online sites:
- Dropbox – This is designed to help busy people manage their time and focus on the things that matter. Use it to store your templates as well as signed contracts.
- Google Drive – A file storage solution developed by Google to help you access your files anywhere through secured cloud storage.
- Box – Helps by changing how you organize your content across your business.
- Bitcasa – This is an American cloud storage company that aims to help business owners manage everyday access to their files.
- Evernote – Another way to keep all your files organized by syncing files so you can access them anywhere and anytime.
- iCloud – This site is from Apple Inc., and this lets you transfer all your files to the system and access each one when you need it.
- Mega – You can get 50 GB free when you create an account with this site. With that, it can help you secure files easily.
- Sky Drive – This is also known as Microsoft Drive. You can save your file here then send only a link of the file to your tenant. This means no more big email attachments.
You may want to give your lawyer access to your rental contract template before you finalize it, by the way.
All rental contracts still have to abide by the laws of the state in which they are to be used. Your online contract can be pre-checked by lawyers according to state-approved policies.
More Convenient to Use
The good thing about having an online rental contract template is that it’s very convenient to use, not just store. I hinted at this earlier when I talked about you being able to type it anywhere you like.
In fact, you can access it anywhere and anytime you want. Even when you’re out of town or away from your office, you can still have access as long as you have a connection.
An online rental contract template thus makes it possible for you to conduct certain parts of your business out of the office. Not only can you edit the contract while away from the office, but you can even sign it and send it to tenants from anywhere!
That’s a big plus if you travel a lot or find yourself away from your property often. It also makes it easier to send the contract to tenants if they’re moving from out-of-state.
You see, the file is already online, so you can simply grab it from there and forward it to them via the Web then. They can use digital signatures to sign the contract wherever they are too.
That means both you and your tenant can conduct your business with each other from anywhere in the country, even anywhere in the world!
Renews Rental Contracts Faster Than Usual
When your rental contract template has been signed and stored online, it becomes even easier to renew your lease anytime.
Again, you just need to grab the rental contract template from your online storage, update the rental/tenancy dates, and send it to the tenant. They can sign it digitally again and send it back to you for storage once more.
The property manager can also easily send an email of any updated versions of the contract if you or the tenant ever find it necessary to renegotiate a certain tenancy term after the original was already signed.
The document may contain new dates or other conditions that are not found in the previous or original contract, for example, with the concurrence of both parties.
Agreement Can Be Customized Easily
I said earlier that it’s easier to make an online rental contract template because you can do it anytime, anywhere. Say you start doing it at the office, for instance — if it’s online, you can still do it when you go home, as long as you have access to the Internet.
In line with that, it’s also much easier to edit contract templates when they’re on the Web. Templates are called templates for a reason… and chances are, you’ll have to edit yours before you sign it with your tenant.
Making revisions to a soft copy is way easier than having to type out a brand new copy each time. Whenever you want to see all the changes that have been done, you can simply view it in the document’s history (this is especially true if you’re using something like Google Docs).
Final Thoughts on Why an Online Rental Contract Template Rocks
That’s it! For today’s blog, I talked about why it’s worth creating your own online rental contract template for a better rental process.
Since, we’re now in a digital world, having your rental contract template online is a good idea. It helps you safeguard it, among other things.
In fact, let’s go over the of the benefits of having an online rental contract template that I mentioned in this blog;
- Managing an online rental contract consumes less time.
- An online rental contract template is often more convenient to use.
- It makes renewing rental agreements faster than usual.
- An online rental contract template can be customized easily.
These benefits should tell you how important it is to have your own online rental contract template now.
If you found this blog informative or have further concerns about the value of an online rental contract template, please feel free to leave a comment below. You can also ask for help with any aspect of your online rental contract template, if you need it.
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