How Virtual Transaction Rooms Can Benefit Your Real Estate Business

Virtual transaction rooms are online databases that display sensitive information during high-stakes deals. These systems are used most frequently during mergers and purchases however they can be used to aid due diligence procedures, financial audits, legal terms and quit or real-estate planning processes.

If properly used when they are used correctly, these software platforms allow everyone to review, access and exchange documents during a transaction without having to meet face-to-face. There are numerous software programs and tools available to assist companies in completing a transaction. However, a virtual dataroom (VDR) is the most effective option for storing and dispersing documents among multiple users.

While VDRs are available in a variety of industries, they’re particularly useful for businesses undergoing high-stakes procedures that require sharing documents. Investment banking procedures such as IPOs, M&A and capital raising require a massive amount of information sharing. The appropriate virtual transaction space will ensure that all stakeholders are engaged and connected, while not exposing sensitive information.

In contrast to traditional transaction rooms, VDRs provide greater the ability to share and edit file formats. While most transaction rooms only use PDFs and proprietary formats VDRs can be integrated with business productivity apps such as Google Docs. This allows staff to use their favorite applications in a secure virtual workspace.

This feature allows real estate agents to update their real estate forms with data from the VDR. This will reduce the number of steps that must be completed and keeps everyone on the same page throughout the transaction. When paired with an excellent e-signature service that is already integrated into the platform, such as DocuSign, real estate professionals and deal coordinators are able to invite sellers or buyers to sign and review documents in the VDR using any device.