Agency Practice

Will You Be The Victim Of A Cyber Attack?

Ask any First National member who has experienced a cyberattack, especially one that has resulted in a customer losing their deposit, and you’ll quickly understand the implications are costly, extremely stressful, and potentially very damaging to our brand – collectively.

Real estate agencies are prime targets for cyberattacks because you often hold a large amount of sensitive personal and financial information about your clients, like contact details, addresses, and banking information. That makes you a lucrative target for cybercriminals looking to exploit this valuable data for identity theft, fraud, or other malicious purposes.

Plus, Australian businesses have a reputation for paying up when hackers make demands, so we’re sometimes our own worst enemies.

Key reasons why real estate agents are vulnerable

High-value data

Real estate transactions involve significant sums of money, and the personal details associated with these transactions are highly valuable to hackers. Naturally, this makes our business associates targets as well – solicitors, mortgage brokers and various suppliers.

Frequent online communication 

We rely heavily on email and online platforms to interact with clients, which can be a gateway for phishing attacks.

Client trust 

Cybercriminals often exploit the trust clients have in their agents to gain access to sensitive information through deceptive tactics.

Potential for financial manipulation

Hackers can manipulate real estate transactions by altering payment details or forging documents to gain financial advantage.

Examples of Cyber Attacks Against Estate Agents

Phishing emails

Sending fraudulent emails that appear to be from a legitimate source to trick agents into revealing login credentials.

Ransomware attacks 

Encrypting an agent's data and demanding payment to decrypt it.

Data breaches 

Hacking into an agent's system to steal client information.

Wire fraud 

Manipulating wire transfer details to redirect funds to a fraudulent account.

How Real Estate Agencies Can Protect Themselves

Strong password practices

Using complex passwords and enabling multi-factor authentication. If you are not using multi-factor authentication, your business is an accident waiting to happen and your professional indemnity insurance is highly unlikely to cover you. Even if you have cyber insurance, your negligence would likely see your claim dismissed.

Regular security updates 

Keeping software and operating systems updated to patch vulnerabilities

Data encryption 

Encrypting sensitive client information stored on devices

Employee cybersecurity training 

Educating staff about phishing scams and other online threats

Reviewing suspicious activity

Monitoring accounts for unusual activity and reporting potential breaches promptly

NEVER email a customer your banking details. This is an extremely high risk approach, almost always at the centre of cyber fraud.

Read First National Real Estate’s secure funds transfer process recommendations on FN Central. 

Unlock The Power of SMS Video

In the competitive real estate industry, establishing genuine connections with clients is essential. While technology offers efficiency, it can sometimes diminish the personal touch vital to building relationships. However, integrating SMS video messaging into your communication strategy can bridge this gap effectively.

The Power of Non-Verbal Communication

Non-verbal cues—such as eye contact, tone of voice, and facial expressions—play a significant role in conveying sincerity and building trust. SMS videos allow agents to showcase these elements, making interactions more personal and engaging compared to traditional text messages or emails.

Practical Applications of SMS Video in Real Estate

Appraisal Confirmations

Sending a personalised video to confirm appointments can set a positive tone and demonstrate professionalism.

Post-Appraisal Follow-Ups

A brief video expressing gratitude for the meeting and addressing any immediate questions can reinforce client trust.

Buyer Engagements

Following open homes, a video message thanking attendees and offering additional information can enhance engagement.

Vendor Updates

Providing vendors with real-time updates through video can keep them informed and assured throughout the selling process.

Anniversary Greetings

Sending clients a video message on the anniversary of their home purchase can maintain long-term relationships and encourage future referrals.

Benefits of SMS Video

Capturing Attention

Videos are more likely to be opened and viewed compared to standard text messages, increasing the likelihood of client engagement.

Emotional Connection

Visual and auditory elements help convey emotions effectively, fostering a deeper connection with clients.

Differentiation

Utilising SMS video sets agents apart from competitors who rely solely on traditional communication methods.

Implementing SMS Video

Incorporating SMS video into your routine doesn't require extensive resources. Most smartphones are equipped with quality cameras, and numerous apps can assist in recording and sending videos efficiently. The key is to be authentic, concise, and ensure the content is relevant to the recipient.

By embracing SMS video messaging, First National Real Estate agents can enhance their communication strategy, build stronger client relationships, and stand out in a crowded market.