There are a variety of data room providers available on the market today. It’s easy to get caught up in the low-cost plans, or the lure of a free trial but if you don’t spend the time to look into them thoroughly, you could find yourself stuck with a VDR which doesn’t fit your needs.
Support is also crucial. Make sure that they offer at least a minimal response time, 24/7/365 availability and single-point-of-contact resolution, as well as a knowledge base and free access to an online demo. A good way to find convenience features include support for a variety of file formats along with a user-friendly interface and Drag & Drop file upload.
Make sure the company offers various security measures, like two-factor authentication or 256-bit SSL encryption. You can be confident that your documents will not get into the hands of hackers.
The majority of virtual data rooms cater to different industries, however some are more specialized than others. M&A virtual rooms, for instance have tools that can help you streamline due diligence and ensure large-volume documents sharing. They also typically have checklists and templates to simplify the process of making deals for their users. Real estate is a similar industry where virtual data rooms are used to manage the entire process of due diligence process and for securely exchanging documents with multiple people.
