Drooms launches Lifecycle, free software product for real estate
Drooms has launched Lifecycle, a new product that enables customers to access its data room solutions for real estate assets in three different versions, including as a “free-to-use” application.
In this basic version, all participants in real estate, M&A or other transactions are able to securely store, organise and view all their asset documentation on one single platform and make it available to other stakeholders or transaction participants if necessary.
The benefit is that asset managers will be able to stop trying to locate documents in order to focus on more valuable tasks such as raising the value of their assets. They can also initiate the transaction process with the click of a mouse.
“With Drooms Lifecycle we are offering one of the first free B2B software products for the real estate and finance industry,” said Alexandre Grellier, founder and CEO, Drooms. “This is a major milestone and brings us a big step closer to our vision of a 360° platform for real estate and other assets.”
In the current economic climate it is becoming increasingly important for market participants to have all information and documentation ready and organised in one place to be able to react quickly, efficiently and cost-effectively to changing market conditions, he said, and Drooms provides them with the tools to do so.
Drooms offers the new Lifecycle product in three categories: The free Essential version, which includes all functionality related to document organisation; the Advanced version with additional selected AI applications from Drooms and a full text search, even in scanned documents, for €19.90 per user per month; and the Premium version for €49.90 per user per month, which includes SSO and an AI-based translation tool for all uploaded documents, in addition to a dedicated contact person. All three versions are backed by 24/7 customer support.
The modern transaction process is highly demanding, as thousands of documents have to be organised and readily available. The amount of information property owners need to provide has increased significantly. In the due diligence process, numerous legal documents such as the title, leases, zoning regulations, surveys, tax certificates, and the seller’s financial records and operating statements must be accessed, evaluated, and verified.
“Ongoing documentation of properties can be expensive, especially for smaller market players. With our free Lifecycle application we are not only making the market more transparent, efficient and secure, but also fairer,” said Javier Meseguer, chief revenue officer, Drooms. “Lost documentation can be detrimental to the final sale price of an asset and ultimately negatively harm the ROI for investors. With Lifecycle all stored information can be kept organised and up to date on the platform and can be accessed by all stakeholders at any time, from anywhere. Drooms customers will also be ready to transact when the opportunity strikes, rather than wasting valuable time chasing files. This all results in more valuable assets, faster sales and higher profits.”