Virtual data rooms are the most secure place for storing confidential business documents today. These solutions are used in various industries and for multiple purposes, but most commonly, they are used for due diligence and M&A transactions. In addition, law firms, investment banks, and real estate firms frequently use VDR services. For the latter industry, it’s critical to keep their clients’ data and intellectual property protected, so in this article, we’ll highlight the VDRs best suited for real estate transactions.
Why do users use VDRs?
Virtual data rooms are mobile, flexible, and secure solutions for businesses. They provide access to a centralized space from any location and device, offer collaboration and communication tools, and most importantly, their top-notch security enables complex processes like online due diligence. VDRs can benefit virtually every business industry with solutions tailored to their unique needs. For example, for the real estate industry, it is not only first-class security important. Also, they should provide support for many file types and communication and electronic signature tools that would allow all important issues to be handled without leaving the office. Below we highlight the best VDR providers for real estate use.
iDeals VDR Overview
iDeals is a virtual data room provider that has been on the market since 2008 and, in that time, has become known not only in the U.S. but worldwide. It has a robust security infrastructure and is one of the most frequent choices of real estate firms. The main features the provider offers clients are:
- Intuitive interface and easy navigation -this greatly speeds up your adaptability to the space and allows you to move into direct use of the solution immediately. Plus, it eliminates the possibility of human error
- Support for languages other than English, proving it’s widely used around the world
- Multi-level access control – you can deny copying, printing, uploading, editing, and forwarding of the document, depending on the role of the users
- High flexibility to customize the program to your needs – including custom branding
- Simplified file uploading using drag and drop methods
Drooms VDR Overview
Customers note the following benefits of Drooms:
- Timely customer support – if there’s a problem, it must be resolved immediately because otherwise, it will hurt your productivity
- Simple interface and high speed
- First-class security, including watermarks to protect your intellectual property rights
- Easy large file uploads
Sometimes when organizing files, clients note that indexing doesn’t always work.
Digify VDR Overview
The Digify provider is ideal for small groups, up to 500 people, and offers quality file protection that includes:
- SSL encryption – to guarantee document security during file sharing
- Automatic reporting – will track the actions of all users within the VDR and within the documents
- Self-destruct feature – set the time of the document until which it will be available, and when it expires, access will be blocked
However, the program interface is not easy; you may find it difficult to work with the provider because of some shortcomings.
DealRoom VDR Review
DealRoom is an efficient VDR provider known for its flawless due diligence. It is also frequently used in real estate because it provides secure and easy file sharing and effective data management tools. The provider also features batch downloading and provides one of the easiest interfaces in the industry.