The fusion of digital and human labour has been said, by Denise Doyle, Legal Enablement lead at Telstra, to be the future of legal work as the need for every legal business to have an agile digital strategy becomes imperative. Previous Real Estate processes have been contained to individual employee’s hard drives, but this has resulted in errors and lack of company cohesion.The growing importance of data, coupled with price pressures and increased competition in all markets, have become the driving force for technological adaptation. However, uptake has been slow to adopt digital practises despite a high degree of digital vulnerability. Here we discuss the for reasons why those in the real estate industry must adopt technological advancements, especially Virtual Data Rooms.
Forward thinking organisations are investing in data platforms to improve operational efficiency and improve processes, by leveraging technology and more specifically Virtual Data Rooms. Virtual Data Rooms are driving the innovation in commercial real estate in the future as the potential efficiency benefits to real estate organisations would be enormous. The streamlined process will help to speed up transactions which will result in increased efficiencies in the commercial real estate market.
With Ruby Datum Virtual Data Rooms, your business can regain control of your data. Here we discuss the four reasons why the real estate industry must adopt technological advancements.
Virtual Data Rooms can be used for a variety of real estate applications:
- Due Diligence
- Debt & Equity Fundraising
- Loan and REO Dispositions
- Private Placements
- Business Development
- Board and Investor Communication
Ease of Use
During real estate negotiations, it is crucial for documentation to be organised and easily accessible. However, finding and obtaining information can be challenging. Real-time data sharing for commercial investment property, will grow to a massive scale in the next decade as every property owner will be expected to share transactional data and also will want to gain access to real-time property information. Further, with real-time sharing on Virtual Data Rooms, owners and agents are able to store video and image data to share with potential buyers to reduce contact until interest emerges. The ultimate goal of these changes is to reduce the risk of conflicts in transactions.
Virtual Data Rooms, By Ruby Datum, are designed to be a central data resource for within your organisation and those outside, and can always be accessed by all parties involved within the current deal. Evidently, Virtual Data Rooms will result in reducing the chances of conflicts in transactions and will help to remove a key obstacle for investors, especially in commercial real estate.
Speed of Service
Virtual Data Rooms are the next era in property investment as real-time data sharing, which has been taking place for commercial investment property, will grow to a massive scale. Every property owner will be expected to share transactional data and also gain access to real-time property information. This trend is set to transform real estate to create a new era of Virtual Data Rooms with real-time sharing. Having a fast Virtual Data Room is imperative for those in real estate as a quicker communication chain and with time waiting for documents almost negligible, results in a smoother and speedier real estate transaction. With far fewer obstacles in the process deals can be quicker and more efficient in comparison.
With an unrivalled character recognition, a dedicated search engine and tagging means scaling between hundreds and thousands of documents is fast and easy. Whether navigating, setting up users, downloading in bulk or uploading an entire folder structure, you will experience almost instantaneous loading times with Ruby Datum Virtual Data Rooms.
Collaboration and control
Throughout negotiations, there are many stakeholders who will need to have varying levels of accessibility to updates and documentation. With Virtual Data Rooms, virtually collaborating and sharing information allows for ease within an organisation. Virtual Data Rooms also allow users to have more control over their data by setting alerts when certain actions occur and with varying levels of accessibility for different parties, confidentiality concerns are removed from the equation.
Ruby Datum Virtual Data Rooms provide a secure online repository that gives users the ability to control who can access data in the data room. With personalised grouping controls, users are able to easily manage levels of access for groups of users, depending on their necessity of viewing certain data. Further, with alerts added to documents and questions, users can now be notified based on users’ interests.
Many industries, including the real estate industry, have been slow to adopt data digitisation practises despite a high degree of digital subjection. Further, in an increasingly geographically spatial working landscape, it is clear the increased need for confidentiality, especially when collaborating and sharing data, is set to continue.
Ruby Datum, an industry leading Virtual Data Room empowers your team to do more. Awarded the ISO9001 and ISO27001 cyber security accreditation in addition to having two-factor authentication and rigorous security testing by a CREST accredited company, Ruby Datum is committed to providing a quality and secure platform and service. Enabling you to set user specific access permissions alongside accredited cyber-security, you can ensure your data remains confidential.
With customisable features to make your Virtual Data Room your own, Virtual Data Rooms are built for your business. As large data repositories they are your singular source of all your business data so must work for you and your employees.
At Ruby Datum, you ask, we listen. With user experience at the core of what we do, we regularly ask for client and user feedback to see where we can improve our services. The lack of integrations, with competing data rooms, between systems and platforms was cited by 44% of legal professionals as the most common complaint, thus, we’ve built integrations with leading platforms to ensure an easy user journey. Ruby Datum also boasts that each site in your data room can be customised with colours to suit yours and your client’s branding, user levels, site settings, custom fields and features can be enabled or disabled through our intuitive setup parcel. Evidently, Ruby Datum’s Virtual Data Rooms are the ideal storage location for your highly confidential data.
Real estate companies around the world are beginning to think about data digitisation with clients even requesting that firms use Virtual Data Rooms in particular to store confidential data. Be ahead of the curve and impress your clients with Ruby Datum Virtual Data Rooms and get in touch with our team today!
To learn more about Ruby Datum’s features, check out our website!