An upgraded version of the data room platform, InstaDocs, has been released to the market. It’s at the forefront of technology for the commercial property industry, being the first within the Australian sector to provide a dedicated solution for agents to securely share and track property documents.
InstaDocs is designed to provide quick and easy access to important documentation relating to the sale of a property, giving agents speed to market through the ability to make fast, informed decisions, all whilst keeping vendor information secure. It uses an SSL 2048-bit encryption layer for secure data transport, and the infrastructure is fully secured using Amazon’s IAAS (Infrastructure As A Service) cloud. It also uses 2-factor authentication, the choice to have an open or invite-only data room with a multi-stage authentication process, automated email alerts, a greater level of detail into user activity and an overall improved user experience.
InstaDocs initially launched in October 2018 by Ready Media Group, who integrated this solution into their property platforms DevelopmentReady (DR) and CommercialReady (CR).
The new version has made its debut on DR, with CR soon to follow, with early data showing an average of 25% higher enquiry on property campaigns that utilise a data room, compared with those that don’t.
Knight Frank's Senior Sales Director, James Thorpe commented on InstaDocs, stating, “At present, there is no rival solution for the commercial property industry that does what InstaDocs does - protecting the sensitive data exchanged in the lead up to a sale.”
“When selling a site of scale as agents we need peace of mind knowing all the vendors' personal details and sensitive information is safe and secure. Up until the introduction of InstaDocs, we were sending emails with attachments which resulted in potential leaks, lost correspondence, and a lack of coherence. The access code to enter the data room not only increases security and ease of use but also gives us transparency about who is engaging with those documents, how often, how long for and when.” Added Mr Thorpe.
In a recent development auction campaign by Harcourts Coastal Commercial (QLD), a data room QR code was integrated into all marketing collateral. This funnelled more than 85 genuine enquiries through the data room, Director Jared Johnson told us “Using InstaDocs allowed no leads to be missed and gave us high visibility of buyer interest and their intent to purchase”. Director Lachlan Marshall also commented, “The most active users of the data room were prioritised when calling everyone who enquired to register them for auction day. We then found the most active bidders were those most active in the data room, and one of them was the final purchaser.” In this case, as with many, InstaDocs offered visibility of buyer interest after the initial enquiry, as well as peace of mind in terms of privacy and data security.
Above: InstaDocs Prospects View Tab
Although basic virtual data-room technology has been around since the year 2000 with a narrow application, InstaDocs is the first in Australia to tailor the tech specifically for use within the commercial property industry, protecting sensitive property information of agents, vendors, and buyers.
In June 2021, the Real Estate Institute of Western Australia (REIWA), was subjected to a breach that was caused by a vulnerability in the institute's website. In late 2021, a high-profile national real estate agency announced that it had suffered a data breach that exposed the personal information of its clients, including names, addresses, and contact details. In 2022, in addition to the large-scale Optus and Medibank breaches, companies such as ASIC and the Commonwealth Bank of Australia were also compromised.
These data breaches serve as a reminder of the importance of protecting personal information, especially in the property industry, where sensitive information is often collected and stored.
Ready Media Group’s Product Delivery Lead, Jamie Muscatel, who spearheaded the development of the new InstaDocs, stated “InstaDocs adds that much needed layer of security by utilising state-of-the-art encryption technology to protect all data stored on the platform. Sensitive information remains confidential, and all stakeholders can now have peace of mind knowing that their data is secure”.
To learn more about the new InstaDocs, you can view their website here.
