Real Estate Document Management Definitions and Best Practices

 

The Real Estate industry is in the midst of a digital transformation. Real estate professionals are evolving to embrace technology and leverage it for their benefit. Real estate firms, brokers, agents - they all need access to documents anytime, anywhere. CRE companies that don't adopt new technologies risk being left behind in this market where customer expectations are high, and competition is fierce.

What is CRE Data, and How Does It Work?

Every activity in commercial real estate involves data, whether it's a spreadsheet with hundreds or even thousands of lines of data. With the greater quantity and velocity of data, companies in the CRE sector are having a harder time keeping track of it all. The CRE sector, like most others, lags behind in terms of data and analytics adoption. However, the commercial real estate sector has been through a digital transformation in recent years, and data and analytics have become too important to ignore. Such tools can assist sponsors and investors in making better decisions by combining data and analytics, as seen with investor dashboards and reporting.

What is Document Management and How Does It Work?

The term "document management" refers to the utilization of a computer system or software to access, control, organize, secure, store, retrieve. Businesses may use document management systems to link documents into a single central location, allowing them to simplify business operations. Office 365, as a service for document management, permits organizations and their investors to rapidly and efficiently extract critical information.

The following are some of the key trends affecting document management software growth:

Collaboration in the workflow has increased.

Integration with mobile devices is high.

Increased demand for security

The shift toward a paperless existence

Increased attention to the investor experience

Document security and governance are more tightly regulated.