Picking a data room provider is not a straightforward task. There are a variety of providers, each with different pricing models and features. Some differences are minor but others can impact your project’s success.
Consider, for example, the ability of a company to offer support. It is important to be aware that if you encounter an urgent issue you can reach someone live and receive quick, helpful assistance. It is also important to ensure that the vendor can provide comprehensive reports and data analytics that provide you a complete understanding of the activity of documents.
Another thing to look for is a user-friendly design and advanced security features. You will be able to set users, groups and document permissions and control access to documents even if users download them. Also, check if the vendor has dynamic watermarks that lock to IP, and the ability to restrict access to documents remotely, even if they’re installed on the device.
Another important aspect to consider is a vendor that is appropriate for your industry and type of project. For instance, M&A virtual data rooms offer a range of features that can streamline due diligence processes and facilitate the process of making deals. Real estate virtual data rooms are, on the other hand, are designed to accommodate the specific requirements of file compatibility of real estate buyers and sellers. This is why many real estate VDRs include checklists and templates to help users with their due diligence procedures.
