Rents are an essential part of being one the lessor. You need a written agreement between you and your tenants, dictating what each party is responsible for and expected to do. With paper leases, you must be present to sign a lease together with your tenant or mail them, then inspect it for errors. This process can be tedious and time consuming.

While written leases have been the norm for many rental managers, online property management software has begun to take over and revolutionize not only lease signing process but the whole range of rent management. Don't worry if you're not particularly tech-savvy—these software companies have made e-signing easy. And if you or your tenants are still having problems, be sure to contact your software provider's customer support team. They are there to help.

What are the advantages of signing leases online and how increase your income as the owner? Here are some reasons why you and your business will benefit from the change.

Related: How this new and innovative technology is disrupting the real estate industry

Improves combat

Vacancies are a revenue killer for owners. Vacant units equal stagnant income, so improving occupancy rates should be top of mind for every property manager.

Signing leases online speeds up the lease signing process. The sooner you sign leases, the sooner you can get tenants into your units and start collecting rent payments. Also, without having to set up a physical lease signing meeting with your tenant and coordinate complicated and busy schedules, you have time to write other listings, screen potential applicants for other vacancies, and do other tasks that may need your attention.

They save money

The more money you can save on operating expenses, the better EARNINGS you experience. Signing leases online eliminates the need for physical lease copies and postage. It also reduces the likelihood of human error – missing signatures and initials are all too common with physical lease signing. With a paper lease, you will have to mail the lease and wait for them to correct it. Online rentals don't allow tenants to proceed without signing all required fields, cutting down on tedious postage and delivery fees.

You also don't have to risk losing a physical lease when you sign it online. Losing your tenancy can mean you are vulnerable to legal action as you are out of your contract. With online rentals, the document is always available. No need to dig through your filing cabinet or desk drawers to find it. With a physical lease, you can lose it and be without your signed written lease agreement.

Related: How to get the most out of your rental property investment

Automated renewals

Tenants renewing their leases are great for landlords – there's no interruption in rental income, and landlords don't have to spend time and money marketing and screening new tenants for the unit.

When you have a tenant who is willing re-signonline rentals make it extremely easy. You can make edits to due dates, rental rates and any other changes with a simple click. Tenants will only need to sign electronically to start their new tenancy.

Faster and easier lease renewals give you more time to focus on other aspects of your business. It also makes it much easier for the tenant to re-sign with you than it would be to sign a lease elsewhere, encouraging the tenant to stay for another lease term and not forcing you to deal with the vacancy.

The best security

Paper copies are a security risk. Tenants must provide you with personal information such as bank account information, social security numbers, and other sensitive details that should not be shared. When you keep hard copies in an office, it's possible for that information to be seen by the wrong people.

When leases are stored online, they are protected by encryption and audit trails, making them legally enforceable and secure. Electronic signatures are fully recognized by the US government, so you don't have to worry if the electronically signed documents are not valid.

Modernized rental experience

These days, renters want the convenience and efficiency of online rentals and rental technology. They can pay however they want, be it by credit, debit card or bank payment. Offering to sign leases online shows that you know how to stay up-to-date with the market and are willing to change to fit the changing rental landscape.

With the ability to set automatic late fees, give tenants rent reminders, and many other benefits when they sign a rental agreement online, you can increase your revenue by providing your tenants with a streamlined and suitable for rent.

Related: 6 Reasons Why the Real Estate Industry Should Start Embracing Technology

It's time to ditch the outdated paper leases. They are less secure, slower and more tedious than switching to a modern online property management system. Save yourself time, effort and hassle. Research online property management software todayand watch your schedule—and overflowing filing cabinets—free up.