The US due diligence process in real estate transactions can quickly become overwhelming with scattered documents, manual updates, and difficulty tracking progress. Traditional methods, like Word and Excel, make it hard to keep everything organized and aligned. Legatics transforms this process by centralizing due diligence workflows, making collaboration seamless and ensuring nothing falls through the cracks.
Let’s explore how Legatics can simplify your diligence process!
Managing diligence in Excel or Word is inefficient and error-prone
Word or Excel is often used to manage the diligence process, but it falls short in several key areas:
Version control issues: With multiple team members working on the same file, tracking the latest version becomes a headache. Updates can get lost, and team members often work from outdated copies, causing confusion.
Tracking threads is messy: Questions, responses, and follow-ups are often scattered across multiple columns in Excel or Word, making it hard to follow the full thread of a query.
Manual updates are time-consuming: Maintaining the file requires constant attention to formatting and data integrity, adding unnecessary administrative burden.
Limited collaboration: Excel and Word lack real-time collaboration features, leading to delays as team members email files back and forth.
These challenges can slow down the diligence process, lead to miscommunication, and increase the risk of missing critical information.
Legatics simplifies and centralizes diligence
Legatics replaces outdated Excel and Word workflows with a centralized, collaborative platform designed for efficiency and clarity:
Start with an Excel or Word file
Legatics allows you to begin your diligence process by importing an Excel file or converting a Word table. The platform automatically transforms the data into a dynamic list, preserving all your information while making it easier to manage and update.
Centralize questions and responses
All questions, responses, and follow-ups are stored in a single, structured list. Comments are clearly organized, eliminating the need for multiple columns to track discussions.
Collaborate in real-time
With Legatics, team members can work in one place, with changes reflected almost instantly. This eliminates delays caused by emailing files and ensures everyone works from the latest version.
Assign responsibilities
Easily assign questions to the relevant team members or parties, ensuring accountability and streamlining workflows. Everyone knows their tasks, and progress can be tracked effortlessly.
Track progress and status
Use statuses and filters to monitor the progress of each question, so nothing gets overlooked. Quickly identify unanswered questions or those awaiting further input.
How to manage diligence in Legatics
Step 1: Import your existing diligence file
Begin by uploading your Excel or Word diligence tracker into Legatics. The platform will automatically convert the spreadsheet into a dynamic list, maintaining the structure and data.
Customize your diligence list by adding columns or refining sections as needed. Use Legatics’ intuitive tools to ensure everything is structured for clarity.
Assign questions to the relevant parties and allow team members to work collaboratively in real time. Use comments to provide additional context or clarify responses.
Step 4: Monitor progress and finalize responses
Use statuses and filters to track unanswered or incomplete questions. Once the diligence is complete, export the final list for sharing or documentation.
Why Legatics is the better way to manage diligence
Legatics eliminates the inefficiencies of Excel and Word, helping you:
Save time by automating manual updates and tracking progress with statuses.
Reduce errors and confusion by centralizing all questions and responses in one platform.
Improve collaboration with real-time updates and clear accountability.
Deliver professional outputs with customizable lists ready for export.
With Legatics, the diligence process becomes seamless and efficient, allowing your team to focus on what matters most—closing the deal successfully.