As an experienced rental property owner, one thing I can tell that makes a significant difference is the ability to be organized with paperwork. As you are probably well aware, there is a significant amount of paperwork that goes along with managing rental properties. In the last few years, there has been a strong push towards going paperless in every aspect of our lives. With very good reason. Not only is paperless better for the environment, but it's also an excellent way to reduce expenses.
In the past, one of the barriers that has prevented the ability to create a paperless property management office is the requirement involving written contracts. Consequently, property managers have naturally generated significant amounts of documents. Not only is the resulting mound of paperwork difficult to manage, it can also be expensive. While many property managers have learned how to efficiently handle the management of paper, it is certain that none of us actually appreciates the time wasted on handling snail mail, filing originals, making copies, and making trips to the post office.
A significant barrier to creating a paperless property management office was removed when electronic signatures were declared legally binding. As a result, property managers are now able to take advantage of greater efficiency and lower operational costs.
Instituting a paperless office is a significant step that can help to immediately decrease expenses while also helping you to feel good about your contribution to the environment. While going paperless is not without costs, compared to the expenses associated with the storage and management of hard documents, the costs are minimal.
Getting Started Going Green
When you are ready to implement a paperless office, kick off the campaign by asking your current tenants if they would like to help you save a few trees. Email addresses for your residents are all you need to initiate paperless interaction. Of course, if you have a resident who wants a printed copy of a document, you can always make one, but you may be surprised at how many of your tenants are interested in going paperless.
If your current rental application does not already include a space for entering the applicant's email address, now is a good time to make a change. Emails can be quite helpful for a variety of reasons, including tenant education, marketing, and announcements.
Working with a provider can also help you to institute a paperless property management office. For example, VerticalRent offers a variety of tools that can assist you in going paperless, including the ability to create a lease agreement and collect rent payments online.
Going paperless is not only a great way to save trees, but also help you to save time while managing your office in a more efficient manner. As we all know, when it comes to business, time is money. If you are looking for a way to cut costs and simplify the management of your rental property business, going paperless is a great way to start.