Commercial real estate transactions are becoming increasingly digital with the rise in digitizing legal documents. Commercial real estate companies need to have an effective way of locating these files. The law requires certain records to stay with you for several years, which can make storage space-consuming or time-consuming to process when necessary. We are all aware of how troublesome it is to find the information we need in a hurry. Business professionals use 50% of the time searching and taking an average of 18 minutes each day to locate documents.

Your firm could suffer from avoidable human errors such as misfiled or lost contracts without an effective system. Additionally, slow document retrieval and inaccessible financial agreements are more likely to occur because of the lack of efficiency with which they work on their end-to-end processes.

The need for proper storage is critical when dealing within any business environment where valuable assets are safeguarded against loss. It includes all aspects beyond just physical documents and data stored internally across multiple platforms throughout one’s company landscape (i.e., cloud).

Forward-thinking and progressive firms know that there has to be a better way of managing documents.

The cloud-based DMS for real estate lets firms combine files into a single hub, streamline business workflows and efficiently handle documents. It allows organizations and their investors easy access to crucial information to quickly locate critical information.

Docupile’s document management software eliminates inconsistencies by storing and managing each document in a centralized cloud-based repository so that you can deliver consistent customer service. Firms can now quickly access and manage essential process documents such as K-1s, waterfall audit files, or broker/property management info from one secure location. It ultimately allows them to find what they need within seconds rather than hours.

With the recent advances in technology, modern investment firms can now benefit from a document management system.

A few benefits of adopting such an approach are outlined below:

Enhanced Security

Security is a top priority for storing and managing documents.

CRE professionals are in charge of storing and managing documents that contain sensitive information like financial data or private records. In this high-risk environment, security is a top priority for these workers who handle such valuable resources. They are also creating, using, storing, and sharing more data, making them vulnerable to threats like hackers or identity thieves. When documents are not stored and managed efficiently, the chances of proprietary and sensitive information being exposed to the wrong people increase exponentially.

The Docupile document management tool is the perfect way to ensure your company’s sensitive data stays secure. We use banking and military-level encryption, hosted on our most advanced cloud hosting platform with an elite team of operational experts who monitor for potential security issues in real-time.

On-Demand Access

The global economy is changing, and commercial real estate investors need access to crucial information no matter they are in a different time zone. In addition, this modern-day business requires 24/7 intelligence when working from home or on the go – which means having all available data at your fingertips whether you’re commuting into an office each day for meetings. To address these demands, companies must leverage CRE technology to provide the 24/7 and anytime access that investors usually come to expect.

With a commercial real estate document management system, investors can instantly locate and identify their investment information. It is beneficial for those who are constantly on the go or need instant access to critical documents to perform basic tasks such as investing correctly without having too much hassle.

Increased Efficiency

Commercial real estate transactions are time-consuming and require a lot of hard work. Document management software is an invaluable tool that saves time and eliminates risk. Its powerful functionality allows commercial real estate firms to efficiently organize their documents, which ensures better productivity levels for everyone involved with the process. The use of real estate document management allows firms to stay organized by eliminating inefficiencies created from manually managing files and paperwork. With an electronic document system in place, you’ll never have to spend countless hours searching for misplaced documents. The time saved by utilizing a document management system is invaluable. With 20% of all productivity loss coming from accounting for records, firms can focus on what matters most – their core business functions- with the peace knowing that they have this vital tool in place.

Remove Data Silos

The primary cause of document management issues today is data silos. When documents are stored in different computers, servers or filing cabinets, it becomes challenging to find the correct information when necessary, and compilation can be complex. With a cloud-based document management system, you can easily unify the management of your documents with one easy-to-use access point. This technology will help eliminate internal silos by giving all authorized personnel quick and convenient viewing opportunities for their specific needs within seconds for easy access to documents.

Conclusion

Together, these benefits help create an improved investor experience and improve client relations. A cloud-based DMS for real estate also enables the company’s scalability as it grows with fewer manual processes than before- allowing them for future success in this industry.

 

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