There are numerous data room providers on the market. It’s easy to be caught up in the low-cost plans or the promise of a free trial, but if you don’t spend the time to look into them properly, you may end up with an VDR that isn’t the best fit for your needs.

Support is equally important. Make sure that they offer at least a minimal response time, 24/7/365 availability and single-point-of-contact resolution, as well as a knowledge base and free access to an online demo. Look for features that make life easier like Drag & Drop upload, user-friendly interfaces, and support for a variety of formats.

You should also check if they offer a variety of security measures, such as two-factor authentication as well as SSL encryption with 256 bits SSL encryption, and virus scanning. This way you are able to ensure that your documents aren’t in the hands of hackers and are reliably secured.

Virtual data rooms are offered for a wide range of industries. However, some are more specialized. M&A virtual rooms, for example, provide tools to find this streamline due diligence and secure large-volume documents sharing. They also have checklists and templates that can simplify the process of making deals for their users. Real estate is a similar sector where virtual data rooms can be utilized to manage the entire process of due diligence and securely exchanging documents with numerous people.