Real estate firms, which are taking a privacy-centric view on data, can have substantial business benefits.
FREMONT, CA: The business world is on the cusp of reckoning the value and sensitivity of data. Data regulations are demanding businesses to think more about how they store and manage data. The world is starting to see top property industry commentators talk about data. The real estate industry needs to take action to ensure data privacy. Balanced against the new data regulations are increasing consumer demands, which drive the market. This makes the industry focus on a wide range of data points on consumers used to provide and enhance services in the manner that customers prefer. What can real estate organizations do to make all this personal information compliant and secure?
Data in the real estate industry is much broader and can be defined as any information that relates to the customer. Data in real estate can be associated directly or indirectly with a particular consumer or household. This can be a name, social security number, banking details, IP address, physical address, and less obvious information like biometric information, snaps on security cameras, smart home technology settings, and customer profiles compiled using various digital devices and data points. To adequately comply with data privacy regulations, real estate firms must handle all these personal information securely.
Apart from this, real estate firms need to flag any areas of risk, both within the organization and with third parties who handle customer data on the firm’s behalf. Data compliance may also require changes in existing third party agreements. Updating consumer-facing privacy laws is in itself, providing a mechanism to meet the fundamental rights of consumers. At a minimum, real estate organizations’ privacy policies need to spell out what information of the customers is being collected and for what purpose the data is being used. Such a solution maximizes customer experience while eliminating privacy concerns and reducing data storage costs for real estate management.
See also: Top PropTech Companies