The Benefits of Technology in Lease Renewals

The Benefits of Technology in Lease Renewals

Owning a rental property in Denton, TX, is a wise investment, with it receiving the honor of being the 19th best city in the country to rent in.

However, you need to do more than own a rental home to make your investment a financial success. Today's renters want more than a place to lay their heads.

Embracing technology helps you streamline rental processes. Your tenants will appreciate the convenience while you enjoy more free time and better record-keeping. It's time you embrace technology for your lease renewals.

Information Accuracy

Humans make errors when manually entering data into a form. The last thing you want is an error on a lease that could cost you big later on. Using software to manage your leases can help prevent human error mistakes.

24/7 Availability

When your lease renewal is available online, it is available 24/7 to your tenant. This means they can review and sign it whenever convenient for them. No more struggling to meet up.

This benefit becomes even better if you don't live near your rental. You can access the completed lease from anywhere you are.

Regulation and Legal Compliance

Texas leasing laws can get detailed and do change over time. You must stay abreast of the current applicable laws. Some of which apply to your lease.

A leasing software can ensure your lease always complies with the latest laws.

Accurate Record Keeping

You need to keep accurate records of your rental property. An essential tip that experienced landlords know is to use software to manage their documents.

You can upload your lease draft. Then, make edits as needed for each tenant's renewal. This lets you reference your document history.

The software also auto-logs all signed documents. That way, you have one central place to find all the leases you have signed.

Optimized Property Management

If you don't want to buy property management software, working with a property management service is a great alternative. Many offer property owners access to their management software, which includes lease management.

Your property manager will give your tenants a portal to view documents, pay rent, and submit maintenance requests. Then, as the owner, you can log into your portal and see the status of your rental at any time.

Convenience for Tenants

Denton is home to the University of North Texas and Texas Women's University. Because of this, the population's median age is relatively young at 32.4. As a landlord, you want to appeal to your ideal tenant.

In a young market like Denton, this means embracing technology. Tenants are accustomed to doing everything online. Your tenant will appreciate that you have an online portal where they can access their lease.

Making lease signing easy and convenient for tenants typically results in them signing their renewal sooner. It also makes them more likely to sign.

Optimize Your Lease Renewals

You are behind the times if you are still processing your leases on printed-out paper. There are so many benefits that come with using technology for your lease renewals.

Schedule a consultation and learn how PMI United's 20 years of experience can streamline your lease renewal process.