FREQUENTLY ASKED QUESTIONS
What are REALworkspaces?
Most popular use of REALworkspaces is staging and managing diligence for real estate
transactions. REALworkspaces enables “Diligence on Demand”.
What is Diligence on Demand?
Diligence on Demand provides buyers with convenience of self-service and instant
access to diligence documents within boundaries established by seller.
How does Diligence on-Demand work?
Diligence on Demand uses high-traffic public Web sites as gateways into REALworkspaces.
Property listings on seller or agent´s Web sites contain click-thru buttons for
buyers to self-register, electronically sign confidentiality agreement and instantly
enter REALworkspaces to view selected diligence documents determined by seller.
This friction-free, fully automated process is intended to attract interest and
sustain buyer momentum throughout diligence to closing.
What are “embedded war rooms”?
Embedded war rooms exist when REALworkspaces are “embedded” within high-traffic public websites. Property listings on such sites have click-thru buttons for buyers to access REALworkspaces and instantly begin diligence.
Why a REALworkspace for every property ?
Because every property had diligence events at some point. Diligence is a prerequisite
to any closing. No diligence, no closing. Very simple.
Can REALworkspaces help sellers qualify buyers?
Sellers and agents immediately receive auto-generated e-mail alerts when buyers’
register and sign confidentiality agreements. As buyers enter REALworkspaces, sellers
can monitor all activity based on unique log-in for each buyer. As buyers are qualified,
seller can permit expanded rights to access additional diligence documents. Also
buyer activity within REALworkspaces may help seller identify potential negotiating
points.
How is REALworkspaces different and better than other online “war rooms”?
Key differences identified by REALworkspaces clients who have used other online
“war rooms” include:
- Embedded link on high traffic public Web sites thereby creating instant access to
diligence
- Diligence on Demand attracts buyers using convenience of self-service and instant
access
- Friction-free diligence lures attention to properties and sustains buyer momentum
throughout diligence to closing
- Embedded “best practices” used by industry leaders to stage, manage & accelerate
diligence
- Affordable pricing without constraints on number of users or volume of documents
- Access via public Web site gateways exposes properties to more potential buyers
- Post-transaction uses include archiving, ongoing asset management and speed-to-market
in future transactions
- Simple, intuitive navigation – no training needed
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What are “best practices“ embedded into REALworkspaces?
Numerous proven and tested templates are continually being developed by industry
leaders. These templates are guidelines showing folder structures to organize diligence
documents, security hierarchies to control access rights and workflow processes
to leverage automation provided by Diligence on Demand. Templates are easily modified
by clients to align with specific needs and desires. With rapidly expanding adoption
of REALworkspaces, these best practice templates continuously improve.
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How does Diligence on Demand compare to current practices?
Most sellers and agents have property listings displayed on public Web sites. Typically
these listings have links to download marketing flyers and to email associated brokers.
Separately a virtual “war room” is often created and strictly used for due diligence.
This scenario involves multiple manual processes for all parties that potentially
impairs buyer interest and slows transaction activities. Diligence on Demand uses
public Web sites as gateways into REALworkspaces by simple click-thru buttons on
property listings to begin diligence. Buyers have convenience of self-service to
self-register and instantly access selected diligence documents allowed by sellers
and agents. All diligence activity for each buyer can be closely monitored and as
buyers are qualified, access can be granted to expanded diligence. This friction-free,
fully automated process is intended to attract interest and sustain buyer momentum
throughout diligence to closing.
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Where are examples of REALworkspaces Diligence on Demand?
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Who needs REALworkspaces?
Anyone contemplating future real estate transactions “must have” REALworkspaces
to stage and manage diligence.
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How long has REALworkspaces been around?
During last ten years over 32,000 workspaces have been launched and accessed by
over 13,000 users for wide-variety of transactional activities. REALworkspaces has
been successfully stress-tested in multi-billion dollar transactions as well as
effectively used in small, local deals. This widespread adoption and collective
experiences of many clients contribute to continuous enhancement of REALworkspaces
features and functionality.
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What is cost of REALworkspaces?
Annual subscription fee per REALworkspace allows unlimited number of users and document
storage. REALworkspaces may be used for any size transaction. Annual licensing encougages
staging, speed-to-market on future transactions, additionally promotes post-closing
uses such as deal archiving and ongoing asset management.