While you have to make an initial investment in the technology, real estate management software is going to save your time, money and even space in your property. Making your documentation paperless is one of the major positive changes this technology can bring in your business.
When you are managing a rental property, the following are the top five ways you can go paperless:
- Sharing documents electronically
- Storing electronic documentations
- Avoiding printing everything
- Developing a filing system
- Dealing with online payments
Sharing Documents Electronically
Do the following when it comes to sharing documents with your tenants:
Scan Your Documents
Scan your lease paper and send its digital copy to your tenants. Make sure that the lease agreement is a PDF file so that your tenant cannot edit.
Use Fax Software
If you are using real estate management software, you don’t even need fax software. Without this software, faxing documents will be the right way to communicate.
Using an E-Signature Service
When you are uploading a PDF version of your lease agreement or any other document to real estate management software, have an e-signature field for signing.
Storing Electronic Documentations
Don’t just sign and share documents electronically. Store all the important documents electronically. You can store your electronic documents locally. If you are using real estate management software, you can take advantage of cloud-based storage. You can use any device to store, access and share your documents anytime and from anywhere. You do not need any special expensive IT infrastructure to use cloud-based storage. You simply need to subscribe to a plan and log in using your username and password. You can easily upload, save and share your documents in different formats.
Avoiding Printing Everything
Printing everything is a bad habit. This is a habit you have to break to go paperless. Sometimes, there are some documents that must be printed. If it is the security and fear of data loss that worries you, don’t worry. Your data is stored in encrypted form using advanced encryption algorithms. You know the username and password. Everything is in your hands. When it comes to data loss, cloud-based real estate software providers maintain proper backup of your data. Your documents are always secure and available. So, stop printing everything.
Developing A Filing System
Even when you are dealing with paperless documentation, you need an efficient filing system. You have to organize all the documents you have scanned and shared. Here are some tips for you:
- Invest in software that is specially designed to address the needs of property managers. This software has the right functionality you need to handle rental property and tenant-related documentation.
- Define a naming system for folders, files and documents.
- Create a subfolder system that you can understand. Have this system for the individual properties you are managing, individual tenants and everything else.
- Define roles, responsibilities and grant access to your folders and files.
Dealing With Online Payments
When you are making your documentation paperless, also make your payments paperless. You can take rent payments online. This is the most convenient and secure way. Everybody is familiar with making online payments. In addition to rent collection, make all other payments online. You are working with vendors and contractors. Most of them accept online payments.
Cloud-based real estate software comes with the features you need to make your business paperless. So, invest in the right one.