Picture this: you’re a property manager juggling multiple leases, each requiring signing from various parties before the keys can be handed over. You’re buried in piles of physical documents, each needing to be printed, signed, scanned, and emailed back. It’s a logistical nightmare that introduces delays, errors, and overwhelming stress.
Traditional signatures and lease-signing methods were the norm for years, creating inefficiencies due to required handwritten signatures that could easily derail time-sensitive transactions. Lost documents, signature discrepancies, delayed agreements—these were common issues that frustrated landlords and tenants alike.
But what if there was a better way to handle lease signing? With digital signatures, we’ve slashed our lease signing time by a whopping 80%! In this article, we’ll discuss digital signatures, how they work, and how you can benefit from them, too!
What Are Digital Signatures?
So, what exactly are digital signatures? They are a secure form of an electronic signature, comparable to an electronic fingerprint, and are unique to each signer. These online signatures employ Public Key Infrastructure (PKI) for encryption, ensuring that the legal document remains tamper-evident and maintains its integrity during electronic transactions or other verification requirements.
Electronic Signatures vs. Digital Signatures: What is the Difference?
While every digital signature is an electronic signature, the same is not true regarding electronic signatures. The key difference lies in the security and identity verification processes. Digital signatures are much stricter and involve digital ID verification through a trusted digital certificate authority. They are legally accepted in various industries and regions worldwide, providing peace of mind for businesses and consumers alike.
How Digital Signatures Work
Digital signatures might initially sound complicated compared to manual signatures, but they are relatively straightforward. They are easy to complete through various programs, but each program uses the same sort of technology to guarantee each digital signature’s privacy and security.
Digital signature transactions are supported with encryption, verification, and a digital certificate authority that confirms their legitimacy. Encryption means that a private key encodes the document's hash, creating a unique signature. A corresponding public key also decrypts this hash, verifying the signature's authenticity. Finally, a trusted certification authority then completes signature validation for the identities of the digital signature signees, ensuring that each one is authentic.
A digital signature is like a sealed, tamper-proof envelope. Anyone can see the outside, but only the intended recipient can see and access the encrypted contents, guaranteeing the sender’s identity as presented and the document's integrity.
How We Improved Our Lease Signing to Make It 80% Faster with Digital Signatures
Before applying digital signatures to our document signing process at TenantCloud, lease signing felt like running a marathon. It was long, tedious, and challenging at times. Our landlords and property managers had to ship the documents physically, print and sign multiple copies, and finally scan and track the documents as they were sent back.
You can only imagine the trouble people would get if there were a lost package or a delay with the paperwork! One misplaced document could stall the entire process for days. When we quantified these inefficiencies, we lost hundreds of hours annually—a drain on time and resources.
What Happened After We Fully Implemented Digital Signatures
Adopting digital signatures was a game-changer for us. Integrating the digital signature solution was straightforward and efficient, and it only took a few steps for us to offer this to all of our landlords and managers through our tenant screening platform. As you can imagine, the results were impressive!
Our lease signing time plummeted by 80%. Errors were virtually eliminated, and our turnaround time significantly improved. Many of our clients praised the streamlined process. Now, their lease digital signing process is easy and effective and only takes a fraction of the time compared to before!
Why You Should Consider Using Digital Signatures for Lease Signings
We have found many benefits to using digital signatures, and we believe that every landlord, property manager, or tenant could benefit from this electronic document tool. Here are some benefits you could enjoy if you choose to use digital signatures:
- Security and Compliance: With digital signatures, your documents can become tamper-evident with traceable audit trails, adhering to global regulations like the US ESIGN Act and EU eIDAS. Digital document security is unparalleled, offering you and your renters peace of mind.
- Environmental and Cost Savings: Gone are the days of hefty paper document printing costs. Reducing our reliance on paper cuts expenses and contributes positively to our sustainability goals. The environmental impact of fewer paper documents is a silent yet significant benefit.
- Customer Experience: A user-friendly, streamlined signing process means happier customers. Documents can be signed anytime, anywhere, from any digital device. This level of convenience ensures that you always stay ahead in today’s competitive market.
How to Sign PDF Document By Digital Signature
If you're wondering how to sign a PDF document with a digital signature, it's incredibly simple. Most digital signature technology providers offer intuitive platforms and usually follow this distinct process:
- Upload the Document: Upload the lease PDF to the platform of your choice and ensure it is fully visible on your computer. If it is not, try uploading it again.
- Add Signature Fields: After you have uploaded your PDF and it is visible, it’s time to select where signatures are needed. You can also mark where people should initial.
- Invite Signers to View and Sign the File: The next step is to invite your signers to the document by typing in their email. This is easy and quick.
- Sign the Document: Finally, using your digital signature, it’s time for you to sign the document and await the others to complete their signatures and initials.
- Download and Send a Copy to Signers: Once the signatures are all signed, you’re finished! Most programs will tell the other signers when the signed document is ready for them to download. Additionally, you can download the finalized copy for your electronic records.
As you can see, even the least tech-savvy individuals can complete the process without a hitch. It’s easy, simple, and only takes minutes!
How Do I Create a Digital Signature?
If you’re using TenantCloud, creating a digital signature is simple. First, log in and set up an online lease in under a minute. Fill in the necessary details, select the property, and add tenants. Specify rent amounts, deposits, and fees, and choose your agreement template.
You can also customize your lease using the easy-to-use template builder. Then, e-sign the lease and send it to your tenants so they can complete the signing of the document or electronic form. Once signed, your lease becomes active, and you can collect rent online. Our platform allows you to build and store all digitally signed documents, simplifying the management process.
Sign Up for TenantCloud’s Free Trial to Streamline Your Business
With so many options for tenant screening and property management, you need a platform with all the bells and whistles. TenantCloud offers you the opportunity to simplify property management by accessing all your must-have features in one location. Perfect for those just starting out in the industry, our user-friendly design allows you to send leases to prospective tenants, contact your renters, and so much more.
Take the next step toward optimizing your property management operations with simple and secure electronic signatures. Try TenantCloud today with a free trial to see how it can support your workflow and enhance your business success!
