Buying and selling properties can be very time consuming especially with very burdensome properties which require a lot of paperwork. Fortunately, a virtual data room can provide you with the organization you need to work on multiple projects at once while making it easy to keep track of all the paperwork.
Determining the Selling Price
Coming to an agreement about the sale prices is very hard because there are so many factors that must be considered. All of the property documentation must be available to all parties involved so that a fair price can be reached. It is not a good idea to use a cloud service provider to store all of these documents because they are not very secure. Also, it could be very time consuming to search for documents and then have to wait even longer for someone to grant you access, which is the way Google Docs work. A virtual data room can serve as a central document repository where all of the information pertaining to a deal can be stored and accessed within a moment’s notice.
Also, if there are a lot of documents involved, it can take a while to upload everything into Dropbox or another cloud provider. A virtual data room allows you to upload all of your files in bulk and even offers a drag and drop feature. The data room can even be integrated with your CRM through an API which will allow all of the information in the CRM to sync with the data room.
Managing buyers and bidders
If you have a very lucrative property, there could be people lining up in order to buy it. Not only will you have to make all of the information about the property available to all of the buyers, but you will need to manage all of the bids that come in. You can invite all of the buyers into the data room, where they will have access to all of the information, and have them submit their bids inside the data room. All of the participants do not have to be aware of each other inside the data room and you can work with everybody individually.
All of the prospective buyers can ask questions about the property or the documentation inside the data room. All communication remains secure and the system will keep track of all the questions that were asked and can even create an FAQ sheet which will eliminate time wasted answering questions that have already been asked. Keep in mind, it is possible to have a real-time discussion with your buyers. This is much safer than traditional email or instant message service.
Advertising and Showing Your Property
One of the latest developments in the real estate industry is 3D virtual tours. This allows prospective buyers to view a property without physically having to travel to the location. You can upload a video of a 3D tour into the data room and all of the potential buyers will have access to it along with other due diligence documents. If you do not want all of the parties involved to see every single document, you can set granular access permissions. For example, if you would like to separate the serious buyers from the rest, you can give them access to things like property documentation, blueprints and any other documents that you choose.
If you use Excel spreadsheets, you can achieve even more granularity. For example, if you upload a spreadsheet into the data room, but you do not want certain people to see the formulas that were involved during the calculation, you can restrict such access. Such a level of granularity is only possible with a virtual data room. If your document requires an extra level of security, you can enable “Fence View” which serves as a physical barrier between the document and the viewer and can guard against camera based attacks.
After the Sale
The data room can be very useful even after the deal ends because it can be used as a central document repository. Furthermore, the data room will keep track of all the actions that were done inside the data room. This will be helpful in the event of a legal dispute. If the seller requests all documentation from the transaction to be made available, you can download the entire contents of the data room onto a DVD or flash drive. This is much easier and safer than printing documents or sending them over email.
A virtual data room can help you keep all of the process involved in buying or selling a home manageable and even do it faster. By keeping all of the documents and communication all in one place, you will be able to expedite the process and provide a better experience for all of the parties involved.