A Virtual Data Rooms Guide For Advisors
It is crucial to be aware of all aspects of the transactions your clients make. That includes their data room. If your client needs a VDR for their M&A deal, a modern interface with granular permissions on documents and a strong team of support can be the difference between success and failure in the process of negotiating.
You can learn more about the different providers by reading reviews on websites like Capterra and G2. Be wary of providers that have numerous 5-star reviews, but only one is from one specific industry or use case.
When you do your research, you should look for transparent pricing. Check if the plans are clearly explained. Also, be aware of the features included and what are not. The absence of clear pricing is a red flag because it could result in unexpected costs later on.
Look for an VDR that has an opportunity to test the product for a period of time. Ensure you can test out the VDR with your team and decide whether or not it is a fit before making a financial commitment. Avoid providers that don’t offer an initial trial for free. You won’t be able to test the product in real-world conditions and assess its capabilities, usability and performance.
Demos can be scheduled once you’ve narrowed down your options of providers to gain a better understanding of their services and support for customers. Be sure to keep track of how responsive each provider is and ask questions related to cost, security and the ability to integrate, scalability and usability.