Drooms NXG Findings Manager launched to speed up and simplify real estate transaction due diligence
04. October 2017
- Recent research undertaken by Drooms has shown that 68.0% real estate professionals believe automated document analysis software will bring the biggest benefits to real estate due diligence in the next decade
- First VDR provider to offer suggested findings for real estate professionals
- Based on unique set of over 20 predefined categories co-developed by Drooms and real estate experts
- Users can design their own categories and fully customise their workflow
Visit Drooms at EXPO REAL, October 4-6 2017, Munich. Partner of City of Frankfurt: Hall C1, Stand 230
4th of October, 2017 – Drooms, a leading provider of virtual data rooms in Europe, today announced the international launch of the Drooms NXG Findings Manager. This is the first time that real estate specialists and lawyers can quickly locate key terms and categories from thousands of electronic documents within a virtual data room (VDR).
Drooms NXG has partnered with a selection of real estate dealmakers to build a unique set of predefined categories for the purpose of online due diligence. When users search their VDR for terms in order to find potential red flags chosen from the categories listed by Drooms NXG Findings Manager, the system returns a ‘Suggested Findings’ list including the document to each incidence.
Users can categorise these as very low, medium or high level risk or opportunity, enabling the team to quickly build insight into risks and opportunities of a real estate transaction.
Real estate professionals can add their own categories or edit existing keywords to make their searches as focused as possible. Once the list of categories is completed, they can individualise the findings still further by assigning individual calls to action to each one; adding an individual note to highlight specific insight, incorporating a link to a document, page or even a paragraph or single word; or using a colour coding system by selecting one of the built-in colour tags.
Drooms has developed the Findings Manager in response to growing customer demand for technology that can help speed up the due diligence process in real estate transactions. Research undertaken with real estate professionals found that the majority (68.0%) believe that automated document analysis software will bring the biggest benefits to real estate due diligence in the next decade, while 40% think that artificial intelligence replacing manual due diligence work will bring the biggest benefits.
Jan Hoffmeister, Co-Founder of Drooms, said: "Drooms’ goal has not only been to profoundly alter the market with the digitisation of the due diligence process but as a natural next step in the evolution of the sector and practice, to change the way the analysis of documents is carried out. It’s important to note the continued need and value of human intelligence and experience when performing due diligence however, for that reason a focus on a high degree of individualization is vital. The volume and breadth of documentation involved in real estate due diligence continues to grow exponentially and it’s become increasingly important for users to quickly and efficiently navigate their way through to focus on the essentials.
We have built a number of close partnerships in the real estate industry over the last 15 years and have drawn on these to define a set of the most relevant categories for due diligence in this sector. While technology can assist human experience, judgement and know-how, it can’t replace it - so we have made sure that the Drooms NXG Findings Manager allows users to customise their search terms to match their specific needs."