Introduction
In the leasing business, you have a lot on your plate. The last thing you need to worry about is getting overwhelmed by cumbersome, manual paperwork like background checks, lease applications, and lease agreements. Luckily, leasing automation can utilize e-signatures for frequently used documents like lease agreements—quickening the process and eliminating any need to meet with customers in person to capture wet signatures.
COVID-19 has radically fast-tracked the rate of digital adoption in the leasing automation industry. E-signatures have played an essential role in facilitating lenders to digitize the lease application process without face-to-face communication. This success has encouraged more significant interest in fully digitizing the lease closing process.
Problems You Encounter If You Haven’t Transitioned To Paperless Processes
Possibly every leasing manager would get along with the fact that the possibility for human error is immense with several dealers and originators managing the lease documents. If any document is lacking a signature, the customers would not be signing themselves. Hence, productivity and the influence on the business’s reputation are negatively impacted. Managing documents involves printing, signing, and scanning signature documents and uploading them to the business’ system.
Risks involve:
- Errors in the documents
- Poor customer experience; customers are frustrated when you have to postpone signing repeatedly
- Heavy administrative workload
- Missing documents appear in the business
This can all be eradicated from your everyday management operations by introducing an e-signature by DocuSign. E-signatures cut down such risks through better leasing automation solutions, control, and visibility. Let us see how e-signatures facilitate lenders to complete the ‘’last mile’ mile’ of the leasing automation process in today’s era where ‘digital’ is becoming table stakes.’
7 Reasons to E-Sign Your Lease Today With DocuSign
Going digital with DocuSign in your leasing process can help you in several ways:
- Saves Time: Digital signing makes things faster for all the stakeholders involved in the process. It’s much quicker to send an email than it is to print out a lease and meet with your applicant in person several times until they finally sign the document. They can assess the lease at their convenience and preferred time, reverting to you with any possible questions that can be answered on your own time.
Did You Know? DocuSign provides nine days average faster turnaround time versus paper signing processes and that 82% of lease agreements are completed in one day
- Save Money: Relying on how many clauses exist in your lease, printing out your lease document might not make sense. As drafting and re-drafting, adding and subtracting clauses become recurring, and making changes asked by the applicant, several document versions need to be printed. Why not think of saving the paper and ink costs by going digital? You also save an enormous amount of transportation costs of going to meet in person with your applicant.
Did You Know? DocuSign saves – $36 average saved per document compared to paper processes
- Boost Occupancy: Going digital makes you a more lucrative business to lease applicants. It makes your business look professional and up-to-date, drilling confidence in your business and its offerings. It also gives you a competitive edge over those who may not offer these modern services to their lease applicants.
- Better Reviews: The convenience of online lease signing can make you look better in online reviews or person-to-person recommendations. Applicants may recommend someone to the unit, citing how easy it is to deal with you because everything is done online.
- Go Green: Another side benefit of going online is a cleaner green conscience. Saving paper means saving trees, making your business greener.
Modern businesses need to adhere to the set of global environmental impact standards. Leveraging e-signatures implies that your business cares about the environment through awareness. Going digital and paperless shows other businesses that you are not afraid to make a positive impact.
- Make Renewal Easier: When a lease is available online, renewal becomes much easier. Simply resend the lease to the applicant for hassle-free signing.
- Saves Distance: Applicants can sign the lease virtually instead of having to be present. Even applicants who live close by will appreciate signing the lease within the comfort of their homes.
- It gives you more control of your documents: Maintaining lease documents under your control is highly recommended lest they fall into the wrong hands. Contrasting to the conventional paper signing method, e-signed documents are easy to track. DocuSign gives you visibility into seeing all the sent documents, who signed them, when they were sent, and who hasn’t signed them as and when needed.
The benefit of tracking your documents within the shortest time possible allows you to send automatic reminders to all the recipients who might have delayed signing any particular document effectively.
Our solution helps manage your documentation within the leasing process by integrating your CRM with DocuSign automation. After the credit department has approved a leasing applicant, all their data gets stored in the CRM. We help build a connection from your CRM to DocuSign, which helps your leasing business save enormous time and help you increase accuracy.
- Advanced Security: There’s a good reason why leasing businesses avoid the manual way of signing documents and adopting more secure e signatures. To start with, leasing documents are private and must be kept safe at all times. Additionally, malicious hackers never go to sleep. They are forever looking for loopholes to steal your confidential data for their own selfish gains. Luckily, DocuSign allows documents to be signed hassle-free. The use of audit trails reduces the risks of your lease documents being altered, intercepted, or even destroyed by malicious schemers.
Don’t wait up! Go digital with DocuSign!
For lenders, the move from managing paper files to digital assets based on e-signed lease documents is a game-changer. Leases that took days or weeks to close and the fund can now be done in minutes with far greater trust when using eSignatures throughout the lease’s lifecycle.
Visibly, the time has come to adopt the use of e-signatures. The potential to fund a deal within a few minutes instead of several hours or days; the enhanced confidence that documents are being signed correctly the first time and that a solid trail is built to validate this fact; and the forever-growing appetite for the convenience and flexibility afforded by electronic technologies all bode well for the emerging role of e-signatures in ushering in the transition to e-leases and other forms of e-paper.
For e-signatures, the time is now.
Learn how Liventus can automate the solutions and connect your CRM to DocuSign to send and collect lease documents all in one place.
About the author
Danielle Dolloff – EVP OF BUSINESS DEVELOPMENT
Danielle runs sales and marketing for Liventus. She is passionate about tackling new challenges and unlocking business opportunities.