Real estate transactions are always risks and how the preparation for the operation, verification of documents, etc. is carried out its security depends. Thus, modern companies use real estate data rooms for secure and well-organized due diligence procedures.
Virtual data room – digital real estate assistant
According to experts, the security of the transaction in the real estate market depends on the ability to identify, analyze and minimize their risks. Due diligence of real estate is an objective view of a commercial real estate object, including investment analysis, an independent assessment, a comprehensive study of activities, and a comprehensive check of financial indicators. To make this procedure automated and transparent, companies implement virtual data rooms. It is a cloud-based digital solution for secure data storage and file-sharing between contractors.
In the real estate data room, you store your physical folders and filing cabinets in a digital storage location. Your data room is based on the gif-IDA, the real estate data exchange of the Society for Real Estate Research, with some helpful extensions. Collaboration with third parties such as service providers, employees, and partners is child’s play – you can share every data room area, including documents such as contracts, plans, and writings, with the project participants. An integrated approach ensures the uniformity of all information flows, flexibility in setting up business processes, ease of implementation of changes, unification of management reporting, enterprise management in the real-time mode.
The data room structure of your real estate, unit, and owner data rooms are based on an extended real estate data exchange standard. With search and filter functions, you can find any document in no time at all.
How to organize large-scale projects in the data room?
Real estate data room ensures the following features to make business transactions secure and transparent:
- Rights concepts for groups and users. Access rights to directories, subdirectories, and files can be set individually – explicitly for individual users or entire groups. Clear administration tools allow structured analyzes of the currently set permissions in your data room.
- Evaluate the logs. The processes and transactions in the data room are recorded by the data room continuously and without exception: be it registrations or deregistrations in the data room, opened files, or changes to the documents. These logs can then be evaluated and used further.
- Downloads large amounts of data. To make a local “backup” of the entire amount of documents in the data room, the software offers a practical option, the “bulk download”. This packs the entire directory structure with subfolders and files into a compressed ZIP file that can be easily saved on an external data medium.
- Security in handling your documents. Protect your documents from unauthorized editing or printing: the secure viewer technology offers additional protection for your company-relevant information.
- Safely stored data. Our servers are optimally protected: Firewalls, fire protection devices, and highly scalable and highly available servers, which are redundantly protected against power failures, ensure that your data is optimally stored. All data is stored on servers in data centers.
- Secure authentication. With the data room’s double authentication, you remain doubly protected against unwanted access in your data room: a password is assigned to each user and a one-time password can also be sent via SMS to the user’s mobile phone. The user can then only identify himself in the data room and use it continuously with both access data.