How SaaS Platforms in Real Estate Enable Spam and Phishing

November 12, 2025

Malicious actors exploit listing alerts and friendly-from addresses, bypassing protections and harming both platform and client reputations.

How SaaS Platforms in Real Estate Enable Spam and Phishing

This is how security actually works in real estate (kidding, there’s no security):

A SaaS platform hosts white-labeled pages for real estate companies, where homebuyers browse listings and set up alerts.

When a new MLS property hits the market, the system fires off an email notification.

But the email doesn't come from the client's domain - it comes from the SaaS platform's domain, with only the "friendly from" name showing the real estate company's brand.

This creates a vulnerability that bad actors are actively exploiting.

An attacker finds any publicly searchable client page through Google. They register as a "homebuyer" from Los Angeles or New York (markets where new MLS listings appear constantly). Then they:

- Enable every notification type (instant, daily, biweekly, weekly, etc)

- Add random email recipients

- Customize subject lines to impersonate PayPal / invoices, Stripe / password resets, etc

- Embed phishing links, etc

An instant spam bomb is distributed through legitimate Sendgrid infrastructure. Every malicious email passes through because it's coming from a "trusted" SaaS domain.

Doesn’t seem like a regular config bug but rather an architectural flaw. A series of poor design and engineering decisions that put both the platform and their clients’ reputations at risk.

I don’t see an easy fix, but the first thing I’d do is restrict customization of listing alerts.

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