The choice of a virtual data space service isn’t an easy task. There is a vast variety of providers, each with different pricing models and features. Some differences are minor but others can impact the success of your project.
For instance, it is important to consider the support capabilities of a vendor. If you need to solve an urgent problem it is important to be sure you can connect with a live person right away and get fast, professional assistance. You should also make sure the vendor offers detailed reports and data analytics that give you an in-depth understanding of the activity of documents.
Another thing to look for is a user-friendly interface, as well as advanced security features. Make sure you can set the granularity of group, user and document permissions and determine how documents can be accessed even when they’re downloaded to devices of users. Verify if the vendor has dynamic watermarks, IP lock, and the ability to block access to documents remotely even if those documents are already stored on the device.
A final factor to consider is a provider that is best-suited to your industry and project. M&A virtual rooms, for example provide a range of features that streamline due diligence and aid in deal-making. Virtual data rooms for real estate are, on the other hand, are designed to accommodate the unique file compatibility needs of real estate buyers and sellers. This is the reason why many real estate VDRs feature templates and checklists to aid users in their due diligence procedures.
