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Proptech solutions are multiplying at a rate matched only by the rise in concerns about digital security.
Data privacy is of utmost concern in the industry, with agencies responsible for protecting client information and safeguarding their own businesses from weaknesses.
And as governments increasingly look to regulate how real estate agencies handle consumer data, leaders in the industry might find themselves hesitating before adding new tech tools. It’s no use saving time through automation if it creates legal and logistical challenges down the road.
Leon Ward, digital construction specialist for Australia and New Zealand at PlanRadar, shared some recommendations for assessing the safety of new tech to give leaders peace of mind when integrating new proptech components into their businesses.
“To smoothly transition to digital, real estate professionals should firstly understand which processes and tasks are suitable for automation,” Mr Ward noted.
He also said that it’s important to work on the human component of tech adoption, ensuring the team is on board with the new solution and ready to adapt.
And most importantly, data protection needs to be top of mind when considering a new automation.
“Invest in secure and user-friendly proptech solutions prioritising data protection features like encryption and access controls,” he said.
According to Mr Ward, some key examples of security-focused features to look for in a proptech solution include:
- Automated access controls: any new tech tool should implement automated access control systems to ensure that only authorised personnel have access to sensitive property and tenant information.
- Secure document management: automated document encryption is important for safeguarding the personal information contained in contracts, agreements and other critical documents that could be misused if they were to land in unauthorised hands.
- Real-time monitoring: data-driven monitoring tools should provide real-time alerts for any unusual activities, allowing for immediate response to potential security breaches.
- Biometric authentication: biometric authentication adds an extra layer of security, ensuring that only authorised individuals can access key systems and data.
- Two-factor authentication (2FA): similar to biometric authentication, this creates a high barrier for entry, ensuring that only verified users have access.
- Compliance automation: automated compliance checks ensure that teams adhere to data protection regulations and industry standards without manual intervention.
- Automated software updates: employing automated software update mechanisms within digital real estate management tools means that security patches and updates are promptly applied to mitigate vulnerabilities.
- Data encryption for communications: end-to-end encryption for all communication channels allows peace of mind when sensitive information must be exchanged between stakeholders.
- Automated audit trails: automated audit trails record and monitor all user activities to ensure accountability and transparency in data handling.
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