Privacy Enhancing Technologies (PETs) -- What’s in for the Real Estate

Privacy issues have grabbed the attention of many especially in recent times due to the Facebook scandal that emerged with the misappropriation of the content and data obtained. Along with WhatsApp’s privacy scandal, these widely-used platforms breaching consumers’ trusts have effectively placed privacy enhancing technologies (PETs) in the spotlight, making it even more essential for all businesses dealing with data and privacy. 

PETs aren’t new. According to an article on AdWeek.com, they’ve been humming in the background for decades to preserve governmental agencies’ and highly regulated industries’ sensitive information—such as satellite locations, bank statements and medical images—enabling permissioned parties to safely translate between identity spaces and access information without having to move or copy the data. Today, PETs are on the radar of more companies seeking to build a competitive advantage through safely and securely connecting disparate datasets, surfacing new insights and creating differentiated business value. They can be leveraged across a number of industries and scenarios.

So, what’s the gist for the Real Estate industry?

While we are not as technology-inclined as digital platforms that utilise data for content, we are still inherently accountable for privacy given the sales-centric nature of our industry. Even more so, with social media being a perpetual tool for branding and marketing, here are some key things that we need to bear in mind as well:

1. Increasingly privacy-oriented consumers

With the issues of privacy-breaching by databases coming into the spotlight, it is inevitable that consumers are growing to be more conscious about how their data is being utilised and stored. Bearing this in mind, we need to be aware of the content we are using for branding or marketing purposes, especially if they are being put up on the web.

2. Make your customers feel safe

With the aforementioned, it is more important than ever to help our customers feel safe with us. The recipe for this? Learning from WhatsApp’s mistake, transparency is key when dealing with privacy-related issues. 

3. Respecting the opposite party

Transparency is not synonymous to having 100% rights - even when practicing transparency when dealing with data, it is remarkably eminent for consent to be earned. This does not only help you, as a salesperson, to draw the line on what content to be used and shared, it also fosters greater trust and working relationships that are essential for the industry.

At BCD, we recognise the importance of observing the topics that consumers of other industries are dealing with as it also serves as a helping hand for us to improve our guidelines. If you are also hungry to learn and keep up with industry trends, feel free to contact us at BCD. Our focus is YOU.