Collaborative document review is the fastest way for real estate and property management agencies to work through property documents, especially if team members are in different places.
Despite the glaring need for close collaboration, many teams have yet to create an effective document review process. Collaboration software offers tools to edit PDF, comment on files, and review contracts in different formats.
In this post, we’ll learn how to use collaborative document tools to create a centralized hub for seamless property management.
What is Collaborative Document Review?
Collaborative document review provides a platform for several individuals to contribute to a single document by offering real-time edits and updates. The end goal is to collaborate effectively without creating confusion.
In property transactions, the attorney must carefully consider contracts, loan agreements, and other property documents on behalf of the client. It’s a very complex process, and the back-and-forth can be stressful, especially when the review process moves slowly.
Fortunately, collaborative document editing eliminates inefficiencies and automates your review process, allowing you to close deals faster.
You can get ahead quicker using collaborative software for docs, spreadsheets, or PDF files. These group-editing apps let you add participants, resolve comments, and update newer versions of the same document.
Benefits of Collaborative Document Review in Property Transactions
Before highlighting the best tools for reviewing property documents, let’s discuss what your team can gain from collaborative reviews.
Improved accuracy and efficiency
The auto-save functionality within collaborative Word document software ensures teams don’t lose essential changes. Instead, they can focus on what really matters — reviewing the document.
Moreso, collaborative workflows ensure efficiency within teams. You can sit in your home office or commute while resolving comments in a Google Docs file.
Better communication among stakeholders
Online document editing lets the stakeholders in a property deal communicate seamlessly, not minding geographical barriers.
Using comments, reactions, e-signatures, and annotations helps stakeholders offer constructive feedback to documents used in this process, which strengthens communication within teams.
Fewer risks and legal implications
Collaborative document review ensures that files are handled with utmost scrutiny because it’s easier to spot loopholes in the contract when several eyes are reviewing it.
Property managers can advise their clients appropriately based on the legal implications of the mortgage plan, loan period, and taxes. A practical review process lets clients decide if they will move on with the terms of agreement before settling for a property.
Monitor version control
The ability to view previous versions of the same document is a collaboration feature that lets you keep track of changes or edits. You can also see who made these changes in case you need to carry on communication in that line.
With collaboration software, an attorney can efficiently create and edit paperwork, get signatures from all parties, and close a property deal remotely. This saves time by eliminating all unnecessary work from the workflow.
Potential Risks of Collaborative Document Review in Property Transactions
Despite its many advantages, collaborative document sharing still presents some shortcomings. Here are risks to watch out for when collaborating online.
If you’re not careful, you’ll receive similar comments from different reviewers and make a mess of the file.
For realistic outcomes, team members should resolve comments as soon as they’re worked on. You can also tag persons to unresolved comments and get a clean version quickly.
Imagine the struggle and confusion when you receive different versions of the same PDF from several teammates.
That’s why real estate firms should use cloud-based document management software for property documentation. It ensures smooth version control and allows you to manage all feedback in one place.
Team members can voice their opinions by commenting on files, but remote collaboration could create slight disputes. Some reviewers may disagree on ideas from others, and these situations could escalate.
The team lead is responsible for resolving conflicts by providing options for compromise. If you learn to manage conflicts professionally, it creates an opportunity for innovative discussions.
5 Collaborative Document Review Tools
With these 5 collaborative document management tools, teammates no longer have to send and receive files back and forth. Let’s check them out.
Lumin PDF is the best collaborative editor for Word documents, PDF files, and spreadsheets. It offers an intuitive workspace to create PDFs online, annotate files, track edits, and review editing history.
To put it mildly, LuminPDF’s collaborative capacity is top-tier. You can import documents from cloud servers, sign documents, and restrict access. The auto-save, version control, and mobile-friendly features ensure you don’t lose information as multiple people work on it.
Google Docs is one of the finest collaboration tools for property management experts. You can create a Google Doc and install different sharing permissions to limit how others interact with the document.
Google Docs integrates perfectly with apps in the G-Suite, however, it doesn’t support PDF annotation. You must also purchase more storage space to make it a central hub for office documentation.
Notion is a flexible collaboration app for document creation and group editing. Users can create notes databases and use premade templates for quickly creating files.
Reviewers can easily divide their workspaces into pages and sub-pages and make notes separately to organize their thoughts. Notion’s commenting feature lets you mention others and comment to promote innovative discussions.
Slack is a popular messaging app for office communication. However, it also offers file-sharing and document collaboration features. You can integrate third-party apps like Google Drive on the Slack app. You can tag team members to documents or chats to hasten the review process.
This collaborative document review software allows users to share their files and take notes in one place. To enhance comment visibility and swift communication, you should use the @mentions feature. Unfortunately, Dropbox Paper creates a new file each time someone saves changes.
How to Create a Collaborative Document Review Process
Follow these steps to standardize document review workflows, regardless of team size or project demands.
Step 1 — Select essential documents for review
Buying a house on behalf of a client requires you to review the property survey, loan agreements, title deed, etc. Fortunately, you won’t review all the property documents, so select the most important.
Step 2 — Allocate responsibilities within teams
Delegate responsibilities to every member within the group. When the roles are defined, assigning points of action to intended recipients is easier. For instance, you can assign portions of the agreement to different team members to establish who is in charge of what.
Step 3 — Track and record modifications
Use a document review tool that records editing history in real time to track changes. With such a tool, you can quickly identify who made comments or changes to any version you need.
Step 4 — Verify document compliance with legal standards
All property transactions should be stored in a single repository on the cloud. So, your collaborative document software should comply with GDPR and other regulations to secure client information from data breaches.
Step 5 — Tackle concerns and risks during evaluation
The process must enable real-time assessment of suggestions, comments, and edits. If risk points are highlighted, they should be addressed during the review.
You should catalog all reviewed files and store property documents in a cloud database for easy retrieval. The review process ends when documentation is finalized and ready for filing.
Using an online collaborative document editor automates how multiple participants contribute to a single document. Now, you can hasten the paperwork stage and move on to securing client property.
Collaborative document-sharing tools like Lumin PDF make it easy for people to work on documents in diverse file formats from anywhere. This makes it possible for colleagues to collaborate on spreadsheets, resolve comments, and convert to PDF from a single document management software. The satisfaction is unmatched.