Here’s the way your life as a landlord has likely looked each month when it comes time to begin sending out an NYC lease renewal notice:
- Review expiring leases on a monthly basis and make decisions about new rates
- Print multiple copies of your upcoming renewals and supporting riders
- Mail these packages by Certified Mail to residents that may or may not be renewing
- Follow up throughout the process with phone calls and emails to ensure receipt and to coax a decision out of the resident
- Open returning renewals signed by tenants and pass them on for owner’s signature
- Mail a copy of the completely executed renewal back to the resident for their records
- Scan the copy of the renewal into MDS and enter whether the resident decided to renew for a 1 or 2 year lease. Or, maybe they didn’t renew at all.
Maybe, you even have someone in your office using a tool like Docusign to manually prepare and send the PDF lease renewals generated in step two for electronic signature and then monitor this process and manually pick things back up in step 7.
Not the most efficient NYC lease renewal process, right? Fortunately, we’re excited to say this time-intensive, expensive and manual process has changed forever and for the better.
MDS offers an automated, electronic way to take care of high volumes of lease renewals so that you can get on to your other important tasks.
e-Renewal Processing from MDS: The Ideal Way to Process An NYC Lease Renewal
Our e-Renewal Processing system is an add-on enhancement to your current MDS system that removes the bottlenecks that can occur within the renewal process, empowering landlords to accelerate the preparation, signing and processing of lease renewals. Thanks to our deep integration with PandaDoc – industry-leading software for creating and e-Signing documents – you never need to leave MDS. Basically, you’re taking steps 2-7 from your existing process and turning them into something anyone can do right from their desk in a fraction of the time (without paying for certified mail, envelopes and everything else!).
We understand the importance of producing accurate and comprehensive renewals and just how complicated that process can get, particularly when dealing with custom riders that should print conditionally depending on what building or even tenant the program is coming across. You have faith in this critical component of your existing system which is why we aren’t reinventing the wheel from that perspective. The e-Renewal system uses all of the same packages and logic that you’ve already gone through the pain of working out. However, sending, signing and processing the same documents just got a whole lot easier.
New York Law Opens New Opportunities For Electronic Lease Renewal
“Wait,” you’re thinking. “Haven’t there been legal questions about electronic lease renewals in New York?” Yes. In the past, it wasn’t entirely clear that landlords could shift the NYC lease renewal process for their rent-stabilized tenants over to an electronic version without some legal challenges. Those days are officially done, courtesy of a new New York law, the Electronics Documents Law paired with the DHCR’s release of the Electronic Lease Consent Form (3/22).
The Electronic Documents Law states that collecting signatures specifically on lease renewals is legal. The release of the Electronic Lease Consent Form (3/22) by the DHCR takes any question off the table with respect to Rent Stabilized tenants (yes! We even help you get that form signed electronically in a very easy way!). As a result, no matter what types of units you handle within your portfolio, whether it be Fair Market or Rent Stabilized, you can proceed with confidence that leases signed through the MDS e-Renewal Processing product follows New York.
Now that you can tremendously improve the efficiency of your entire lease renewal process, why settle for anything less? Talk to MDS about the e-Renewal Processing add-on to save you massive amounts of time. Call us at 888.325.8307 or email firstname.lastname@example.org today.