A real estate data room is the online room where a seller, broker or fund puts every document a buyer, lender or investor needs to underwrite a property – title, leases, rent roll, operating statements, permits, technical and environmental reports – and controls who sees what. This guide covers what goes into a CRE deal room, how to structure it so buyers find things fast, how to run access during a sale or financing, and what real estate data rooms cost in 2026.
When a real estate deal needs a data room
- Property or portfolio sale – several bidders, each doing their own legal, technical and financial due diligence.
- Financing and refinancing – lenders and valuers need the same rent roll, leases and reports.
- Fund raising and LP reporting – investors review track record, asset business plans and quarterly reports.
- Development and joint ventures – partners share planning, cost plans and construction documents over months.
E-mailing folders works for one buyer you know. With several parties you need to see who has read the leases and the technical report, and to cut off a bidder who drops out.
What goes into a real estate data room (index)
| Folder | Typical documents |
|---|---|
| 1. Property | Title deeds or land register extract, site and floor plans, measured surveys, building permits and completion certificates, photos |
| 2. Leases | Rent roll (tenant, area, rent, term, breaks, indexation), leases with side letters and amendments, service charge budgets and reconciliations, tenant arrears |
| 3. Financial | Operating statements (3 years), capex history and plan, property tax assessments, insurance policies and claims |
| 4. Legal | Easements, rights of way, encumbrances, mortgages to be released, litigation, service and management contracts |
| 5. Planning & environment | Planning permissions with evidence of compliance, nearby applications, flood risk, ground conditions, asbestos and environmental reports |
| 6. Technical | Building condition survey, M&E reports, fire safety, energy certificates, maintenance logs, warranties |
| 7. Transaction | Teaser, information memorandum, process letter, NDA, Q&A log |
Get the full numbered list with CSV download: real estate due diligence checklist. Number folders the same way in the room so buyers' lawyers can reference "4.2" in questions.
Running the room during a sale
- Teaser and IM first, the rest after the NDA. Put an NDA in front of everything except the teaser – the signature is recorded with the viewer's e-mail and time.
- One group or link per bidder. You see each bidder's activity separately and can close access for one without touching the others.
- Protect the sensitive folders. Rent roll and leases view-only, with each viewer's e-mail watermarked on every page; allow downloads only for the technical reports advisers need offline.
- Stage the release. Round one: IM, rent roll summary, title. Round two (shortlist): full leases, technical and environmental reports, service contracts.
- Read the activity. A bidder whose surveyor spends an hour in the technical folder is preparing an offer; one who opened only the IM is not.
- Answer questions once. Keep a Q&A log and publish answers that apply to all bidders.
Real estate data room costs (2026)
| Provider | Published starting price | Notes |
|---|---|---|
| Drooms | Free Starter (150 MB); Professional from €49/month (≈ $54), Business (Q&A) from €398/month (≈ $437) – Drooms pricing | Strong in European real estate and asset management |
| CapLinked | Team $399/month; Enterprise from $550/month | Real estate and private equity, many guests |
| SecureDocs | $250/month (12-month plan) or $400/month (3-month plan) | Flat fee, mid-market |
| HelpRange | $199 one-time Deal Room Pass (90 days) or Max $69/month yearly | Flat per team, unlimited guests, viewer watermarks, NDA |
| Datasite, Intralinks | Quote only (reported medians ~$14,000–25,500/year) | Large portfolio sales run by banks |
Sources: Drooms, CapLinked, SecureDocs (onit.com/products/clm/securedocs), Datasite, Intralinks. A single-asset sale usually runs 3–6 months; scanned plans and survey reports make per-GB and per-page plans expensive – check the model with the cost calculator.
Common mistakes
- Uploading the rent roll as an editable spreadsheet to everyone in round one – share a PDF summary first.
- One shared link for all bidders – you lose the activity per bidder and cannot revoke one party.
- Unnamed scans ("scan_0042.pdf") – rename files to match the index.
- Leaving the room open after closing – set an expiry and export the activity and Q&A log for the file.
FAQ
What is a real estate data room?
A secure online room where the documents of a property, portfolio or fund are shared with buyers, lenders or investors, with access per party, protection and activity tracking.
What documents should be in a CRE data room?
Title, leases and rent roll, operating statements, capex, tax and insurance, legal encumbrances and contracts, planning and environmental reports, technical surveys and the transaction documents (IM, NDA, Q&A).
How much does a real estate data room cost?
From free starter plans and about $250–400 a month for flat-fee providers to quoted enterprise rooms costing tens of thousands a year; HelpRange's Deal Room Pass is $199 once for 90 days.
Can buyers download documents from the data room?
Only if you allow it. Keep leases and the rent roll view-only with a viewer watermark, and enable downloads per folder for reports advisers need offline.
See also: HelpRange for real estate · best virtual data room providers.