95 per cent of estate agents didn’t even know about this
If I asked you why the 25th May 2018 will affect your agency’s business what would you say?
If like 95 per cent of the 25 agents I’ve asked that question to you’ll more than likely respond with a puzzled look a bit like that hungover looking furry cat doing the rounds on YouTube.
Well my estate agency amigos the date is super significant because that’s when the General Data Protection Regulation (GDPR for short) comes into full, fine giving out effect.
It sounds boring, and certainly isn’t exciting but it’s essential businesses prepare for it because otherwise your agency could get hammered like an Anthony Joshua jab with heavy fines.
The majority of Estate agents are not alone in being ignorant of GDPR. Many businesses across the UK fall into two camps – 1) Have never heard of it. Or 2) Have heard of it but think that due to it being an EU ruling and because of Brexit we won’t be affected in the UK. Wrong.
GDPR affects any business in the World that deals with data on an EU subject.
It covers all activities involved in the collection, storage, use and / or other processing of that personal data.
So, for example all those details of people on your database, all those people registered with you and even your staff.
The definition of personal data starts at simply having a person’s name and email address.
The key thing that the GDPR wants to see is how your agency is taking appropriate measures to protect that data. There’s many other aspects to it but it will make businesses have to think a lot more carefully about they access and handle personal data.
The existing data protection laws were created in 1998 – and it’s fair to say the world has changed enormously since then. Data is a HUGE part of today’s world especially for estate agents who need to hold a lot of information to run their businesses successfully.
A lot of what the GDPR wants businesses to do is simply good practice anyway.
I’m ever the opportunist and see these changes as yet another way for good estate agents to stand out.
Once you’ve got everything in place to comply with GDPR – make it a point of dazzling difference and share with your market the lengths you go to respect and protect their data.
Bad agents will be too lazy or complacent to get GDPR right and that’ll put their reputation and certainly their bank balances at risk. Don’t put off learning about GDPR until it’s too late.
For more information on the GDPR visit: www.ico.org.uk – there’s a handy ‘Preparing for GDPR’ guide on there.
Thanks for reading and here’s to your next instruction.
Jerry
PS: Estate agents up and down the UK are getting involved in a big bundle – to find out more simply email: “bundallllllll!!!”
You May Also Enjoy
Real Estate Lawyers: Who They Are and What They Do?
Weekly News Roundup – 03/05/24
Rightmove’s weekly mortgage tracker – 02/05/24
Powering Up Your Brokerage: How Real Estate Apps are Transforming the Industry
Breaking Property News – 02/05/24