On 25 May 2018 the European Union introduced GDPR, which is a unified regulation to help businesses deal with data protection. And for property managers, GDPR is quite a bit to think about now and then.
The new GDPR policy applies to all companies who possess client personal data, and property management is one of them. So, whether you are a property manager or a real estate agent, here’s what you need to know about GDPR:
The scope of GDPR
The new regulations of GDPR cover everything from gathering information and storing personal data of clients as well as employees. The information includes IP addresses, email address, financial details, home address, background checks to name a few.
GDPR will also affect your lead generation, accounting, payroll, tenancy contracts and more; so educate yourself about these things.
Using cookies consent on websites
Often websites use small data files having a unique user ID, called cookies, to gorge upon user behaviour, traffic on the site as well as to record user preferences. Since cookies are used to identify the person, they come under the scope of personal data.
If you are using cookies on your real estate website, make sure to add a cookie consent display banner for visitors on the site. The banner will help clients to consent the use of a cookies and can also click through to a page where they can learn more about cookies.
GDPR is all about transparency, which is why companies now have to show everything to clients. They have to be transparent about how, when and why they are using a client's personal information.
Moreover, before collecting data, they have to first obtain explicit permission from each person. Further, in terms of security, GDPR offers two assertions: first, personal data should be stored securely and second, any breach should be reported immediately.
GDPR is not about bad news
GDPR is an important thing in nurturing a client and business relationship. It's something that demands more openness, transparency and more honesty and give more control to the client.
The value of having personal data is unquestionable with clients keen to avoid the feeling of being exploited and receiving nothing. So rather than seeing GDPR as an obstacle, property managers should use it as an opportunity to let the clients know that they are offering honest and transparent services.
Check if your GDPR
Property managers should ensure that their software and in-house systems comply with GDPR expectations. They should also ensure that all the third party software should also comply with GDPR.
For real estate agents and property managers who are using desktop solutions for things like workflow management and accounting, should ensure their software is up to date and complies with the new GDPR laws.
While the new regulation for data protection is an important step in keeping personal data safe and protected, it can cause inconvenience for property managers who are not prepared. However, if you are prepared with the above steps, you can leverage the use of GDPR!
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