Real Estate generates huge amounts of data, much of it subject to privacy laws. If you have files upon files of client details, take a look at how to store it and keep it secure.
Real estate agents live and die by their contacts. In the ‘old days’ it was all about the rolodex or address book before information migrated to computers, spreadsheets and digital files. Now, of course, you can collect a client’s details when they make an enquiry or visit an open house, then upload them instantly to a cloud-based system which can sort them into any number of categories.
Having a client’s first name, last name and email address is all you really need to continue a conversation with them but real estate agents increasingly have access to far more than this. From phone numbers and addresses to credit card and other banking information, your agency holds a great deal of data.
The question as your data swells is how to manage it and how to keep it secure.
Managing data for real estate agencies
Data management for real estate agencies is increasingly improving.
If you’re not already doing so, you should be looking to use real-estate specific data management software which will help you organise your clients according to where they are in the sales, purchasing or rental pipeline.
Many data storage solutions allow you to customise categories and set up automated communications so you can have a continual conversation with your clients without lifting a finger or sending them information which is not relevant.
If managing all the client information you have is too much, you can outsource to an external agency. These businesses can help with data entry but more importantly can offer predictive analytics which identify potential trends. Your data management company can also audit your data so you can offload the details of clients you are unlikely to interact with again.
Having a data management company takes the pressure off you and your team. You can request regular updates with real-time information, including local sales, time on market and auction clearance rates.
Unless you have a data expert on your team, it can make sense to outsource so you don’t have to spend hours uploading, tracking and analysing information.
Keeping data secure
It is your responsibility to keep your clients’ data protected. Security measures are important to ward off the threat of a malicious virus, leaked information or a ‘ransom’ attack, where hackers hijack your system then demand payment to allow you to access it again.
A cyber security incident can cost you more than money. In Australia, there are laws in place which require businesses to disclose security breaches to their clients. As a real estate agency, you do not want to risk the damage to your reputation of having to do this.
One of the first things you can do to protect your clients’ information is to have clear protocols for your team. In a remote-working world, devices which are used to log onto cloud-based information are a clear security risk. Have rules in place for your team about where they use their devices and how quickly screens lock when they are left unattended.
Multi-factor authentication is also important. Many businesses have been compromised, especially during COVID, because a single password was not enough protection. Additional layers of security questions and security measures including entering a code sent to your mobile phone help to protect your business and your clients’ information. Biometrics, which recognise faces and fingerprints, are also coming into play.
In circumstances where a single password is all you can have, make it difficult to hack into, for example by never using ‘password1!’ or easy to guess numbers like your date of birth.
Cyber-thieves are devious and often live overseas, meaning they are unlikely to be held accountable for their actions. No matter how small your agency is, it is up to you to ensure the data you have on file is always protected. It is highly beneficial to educate your team about how to keep their devices secure (this includes not clicking on suspicious links sent via email) so you minimise the risk of a cyber attack.
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