Can you guess what the usual due diligence issues are when closing deals? If you can, then you know how inconvenient they can be and how they can effect the deal.
In this special episode of the Closing Table, our Customer Success Team shares tips on how to handle these issues. They also talked about how to properly share and store documents and how junior and senior officers interact with these documents during the due diligence process.
What’s discussed:
0:00 - Intro
1:27 - Overall due diligence organization and process
4:52 - Sharing and storing documents
9:11 - Different relationships between documents based on tenure
11:57 - Aggregating everything when closing a deal
Key Takeaways:
- In commercial real estate, there are four different issues we commonly find related to due diligence. These issues are coordinating the overall process, storing documents, managing different relationships with documents, and aggregating everything for closing.
- When it comes to coordinating the overall process, all parties have different processes, and figuring out how to coordinate these different processes and meet everyone’s needs can be difficult.
- The second challenge most encounter during the due diligence process is storing documents. Most documents are stored and shared from all types of platforms. This creates a mess when all documents are spread out on different platforms.
- Thirdly, managing different relationships with documents can be proven difficult as senior and junior team members don’t use documents in the same way nor do they need the same type of access to them.
- Lastly, bringing all of the documents together at the end of the closing process and sending them over to other parties can be difficult if they’re spread out everywhere.
- Using a platform that solves all of these issues will allow you to move forward in your due diligence process more smoothly.
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