Practical tips on how to set up your virtual data room for your real estate company
It used to be that real estate companies, like many others, used physical buildings to store important documents and close deals. Now, they’ve been replaced by multifunctional virtual data rooms that …
It used to be that real estate companies, like many others, used physical buildings to store important documents and close deals. Now, they’ve been replaced by multifunctional virtual data rooms that allow you to close deals and review documents anywhere, anytime. VDRs speed up the transaction process and have other benefits. In this article, we’ll explain how to set up VDRs for real estate companies and what their features are.
Why use VDRs for real estate?
A virtual data room is a smart choice for any company that wants to have fast and secure access to all sensitive data, also share it securely, and close deals more efficiently. VDRs allow you to give a third party temporary access to your transaction so they can have access to all the documents they need anytime, anywhere. Data rooms are also a great tool for managing real estate projects.
It’s a simple centralized space with oodles of benefits, such as:
- Multiple business process efficiencies
- Simplified organization, storage, and retrieval of documents in a single space
- Ease of use, fast adaptation to the system, ensuring proper protection of document exchange between multiple unauthorized users
- Maximize sales and investments by improving communication and decision-making
What benefits do VDRs bring to real estate firms?
Data room service for real estate firms provides improvements in virtually every aspect of the business. It improves efficiency in aspects such as:
- Manage project documents – with the mass upload, drag-and-drop, auto-indexing, or tagging features, you can upload and structure documents twice as efficiently, and it also helps close deals faster
- Manage multiple portfolios at once-you can create separate rooms for individual projects, assign tasks and monitor their progress. Collaborative tools help improve productivity and communication
- Share documents with partners, clients, auditors – Access control and document collaboration tools let you stop worrying about data leaks. Share documents with all your stakeholders while keeping everything under control
How to set up an online real estate data room?
So, to effectively start using a virtual data roomfor real estate transactions, we’ll tell you how to set up your data room service properly:
- Start by uploading all the necessary documents for the transaction. You can upload an unlimited number of documents with any volume. You can create several areas for your clients or investors to more effectively conduct your due diligence (e.g. an area for legal reports, financial reports, portfolios, technical diagnostics, and so on)
- After that, set the necessary permissions on the documents, you can prohibit printing, copying, forwarding, editing the document spark shot. Do whatever you want. After that, you can start inviting users
- Activate the “question and answer” feature to easily distribute the necessary information to users, such as notification of deadlines, tasks, etc.
- Check the actions of all your users with the monitoring function. It allows you to see all user interactions with documents and the progress of your projects and helps you track and correct mistakes if they occur. Plus, it positively impacts the transaction process, because you can identify and focus your attention on the parties that are most interested in closing the deal