Most typically, virtual data rooms are associated with arranging due diligence procedures for accurate mergers and acquisitions. However, that doesn’t mean that these online warehouses of information can’t be applied in any other industry. This service allows the sell-side to present their deal to the buy-side in a controlled manner while preserving a high level of confidentiality and data protection.
Real estate management involves not smaller volumes of documentation, so virtual data rooms simplify collaboration for both parties to the full extent. Just imagine dozens of files you need to work with every single day. What if instead of coping with paper materials, ensuring a physical storage place is available and secure, users could process data without time and location limitations and in the long run?
Due to its functional capacity, this technology has become something more significant and multi optional in operation than a simple internet-based repository. What are the key benefits of the offer for real estate organizations? What features will be achieved for investing in this deal? Stay tuned to check that out.
Virtual Data Room Efficiency
If you are looking for a way to securely store and share, if necessary, big volumes of data or sensitive and critical information, the system under consideration turns out to be an indispensable solution. Its powers can be easily explained: the overall engineering is based on the properties required by the government legislations, so the features included complying with different standards and certifications. Implementing this technique into your workflow will make you reorganize your work process a bit, but that won’t cause any crucial differences in terms of security measures your brand prefers.
The platforms guarantee safe data exchange and options that are more advanced than a usual record keeping:
- Drag-and-drop function, along with the ability of bulk uploads, saves your time on working with the system and “relocating” your knowledge base into the digital world.
- Compatibility with divergent devices is what allows customers to work on the go and during business trips. You are not obliged to stay in the office to get access to the needed files. It is beneficial for emergency cases.
- Modern profound virtual datarooms for real estate management supports multiple formats of files. In this perspective, you can not only choose options that are more beneficial in terms of long-term storage (they don’t require that much storage space). Another advantage is flexibility achieved: organizations are welcome to select which format of files will suit cooperation with a particular brand.
- Document filtering tools will help you find what you need literally in the twinkle of an eye.
- The interested parties who have access to the platform can take a bigger control over their data manipulations, and audit log and scroll-through viewer features are designed to trace the activities with files within the system.
- Watermarking is an indicator of virtual data room quality and an additional tool for eliminating the files’ probability of being stolen or corrupted.
At the end of the service provider, virtual data rooms are a great source to select a comprehensive strategy for cooperating with this or that company. Besides, such a repository with authorized access only doesn’t limit the number of projects the real estate organization may be engaged in. Simultaneously, recipients of the deal can arrange excellent due diligence procedures, allowing analyzing risks, and predicting required offer management.
Solutions for Real Estate Firms
As you can see, the opportunity of quick and secure structuring of real estate documents is a solid background for cooperation with different parties, regardless of how many miles separate you from each other. This is a perfect tool for achieving the excellent performance of numerous collaboration processes, including the following:
- Investor relations — taking into account access to necessary data is much simplified, two-way interaction is organized in a more natural and airier manner. At the same time, security measures aren’t under debate.
- Portfolio management — the provided ability of data rooms to exchange uploaded files allows receiving information on time—this approach best suits determining potential investment risks and thus predicting whether the game is worth the candle.
- Board communications — you can combine your activities on investigating the real estate documentation with working sessions with colleagues. In current conditions, when many obstacles prevent offline meetings or make them too complicated in preparation, such an online alternative is a key method to maintain the same project pace as before (or choose desirable time frames, why not).
- Asset management — access to the company’s database in the virtual environment also influences the speed and quality of updates. It has never been easier to trace your financial affairs and reports connected with other aspects of your duties.
- Virtual tours — the fact that profound data rooms support different types of files opens new horizons for real estate firms. In this industry, the first impression is incredibly essential. Therefore, virtual tours your team can offer in the form of attached video presentations, for instance, is one of the things to introduce your deal more competitively and attractively. Take into account you also save time and other resources for in-person checks during negotiations.
Virtual Data Room Guide: Features to Search for
Apart from the functionality described above, you will be able to take most of the offer if it can boast of the next options:
- Hands-on project management — if you are new to the field of data rooms and the way they function, it is a typical case that you would like your answers and inquiries to be satisfied as soon as possible. 24/7 support assistance has become a wide-spread option, but make sure it offers several ways to reach out to the service provider representatives, and access to them is hassle-free. If the support is multilingual, international transactions and arrangements will be smoother in management.
- Accuracy and speed of performance — you aren’t supposed to spend a day uploading a single file. Consider options with a trial. Then it will be easier to check whether your expectations coincide with reality.
- User-friendly interface — the learning curve may take place, but its complexity should not be a daunting challenge for different kinds of consumers, especially non-techno-savvy individuals.
- Reputation — it is a must to discover beforehand how reliable the potential software provider is to eliminate any risks of failure.
- Flexible pricing — the list of features usually varies from team to team, and different pricing policies will help you find the package that meets your objectives most. The opportunity to choose the preferable currency is also appreciated.
- Installation-free — the best thing about virtual data rooms is that these are cloud solutions, so no hassle with implementing software into your system is guaranteed.
The divergent functionality of virtual data rooms brings a lot of maneuvrement space for real estate organizations. This intuitive in operation method to keep your progress and cooperate with partners and customers effectively confirms you will level up consumer experience with such an offer and improve your value on the market.