The absolute peculiarity of the situation created by the lockdown is also changing the way in which investors approach even large deals. As reported to Reuters by the Sales Director of Lucas Fox agency, an investor negotiated the purchase of six properties in Barcelona for a total of 4 million euros, signed the preliminary contract and closed the deal without having seen the properties in person: therefore, the deal was entirely negotiated and closed remotely. A situation which may be perhaps extreme, but it is however an indication of what level of refinement the technological tools, such as virtual data rooms, have reached in order to support even complex and significant transactions.
The tendency to use Virtual Data Rooms in real estate has existed for a while and the use is spreading in the hotel business. One of the reasons for the use of VDRs in the real estate sector is certainly the simplification of the "thorough investigation", the due diligence, which may be able to protect everyone in a transaction. It is perhaps one of the most laborious and complex processes required, but it is through this analysis that many of the dangers and risks of a business can be assessed and prevented in time. The best digital tool to manage a due diligence is a virtual data room that allows, among other things, to classify and sort all documents. The impressive amount of documentation to be viewed is in fact one of the main characteristics of the due diligence and, in the case of real estate operations, it is an intertwined analysis among thousands of documents: cadastral, administrative, engineering, urban planning and construction, security and last but not least, environmental.
The ease and rapidity of access from all over the world to the documentation and videos of the properties, typical of a due diligence organized in a virtual data room, allows to speed up the search and consequently the analysis and evaluations of assets and properties from behalf of the subjects involved. The workflow integrated with the virtual data room enhances the organization of the various phases, speeding up and tracking activities, guaranteeing savings in costs, time and resources. The VDRs ensure to highly protect documents uploaded on the platform and ensure a careful segregation of the viewing rights thanks to the double authentication of each user and the granularity with which everyone is admitted to the VDR. A single VDR also allows you to easily manage multiple real estate projects at the same time and in the same virtual, performing and protected place. The VDR also allows the sharing of comments, information and communications with partners in a secure and confidential manner, to discuss strategic and operational decisions to be taken. Radiocor.
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