As a busy professional, you know that every minute counts when you’re running a deal. That’s why it’s crucial to choose the right virtual data room provider to make your life easier. But with so many options out there, how do you know which one is best for you?
In this guide, we’ve listed some key points to consider when setting up a virtual data room to ensure a smooth transaction process:
1. Plan out your project milestones:
Before you even start looking for a virtual data room provider, it’s important to have a clear idea of:
- When you need to launch your project,
- and when you will choose your provider.
- When access will be given to third parties.
- when you expect the data room to close. (This information will help you get a more customized quote from potential providers).
2. Look for an easy-to-use data room platform:
A virtual data room should be up and running in minutes, but you don’t want to spend hours trying to figure out how it works. Ask for a demo or a trial to get a feel for the platform and make sure it’s user-friendly.
3. Understand the pricing and service proposal:
Make sure you fully understand the pricing of the virtual data room and that it’s reflected in the contract. Don’t be caught off guard by hidden or additional fees for things like adding new users, needing extra help from the provider’s support team, or using additional features. Flat fee-based pricing structures are often a good option, as they allow for more customization based on your needs.
4. Know what features and services are included:
It’s important to discuss the level of support and service offered by the virtual data room provider. Are they available 24/7, or only during business hours? Do they offer support via chat, email, and phone? Can they assist with data room management, or just technical support? Make sure you have a clear understanding of what’s included so you can plan accordingly.
Having a strong support team that is available 24/7 can be very valuable as you can delegate the data room tasks such as “adding users, uploading data, or assigning permission” to them and focus on the more important stuff. In addition to this, always ask the provider if they have Support Guides for various data room functions that can be shared within the team so they don’t spend much time in learning the steps.
Click here to see the complete list of services and features included.
5. Be prepared for the setup process:
Once you’ve chosen a provider and signed a contract, it shouldn’t take long for them to set up your virtual data room. But they’ll need some information from you to get started, so it’s a good idea to have it ready in advance.
- Name of the project.
- Initial user list.
- Initial folder structure (or data).
- Level of security.
By following these tips, you can choose the right virtual data room provider and set up your data room quickly and efficiently. Don’t waste valuable time searching for the perfect provider – use these points to make an informed decision faster.
