In May, new data protection rules will come into play that will drastically change the way companies collect and process data about their customers, clients or prospects. Last year, it was reported that two-thirds of real estate firms were unprepared for the changes. The survey of 83 real estate firms found that only 44 percent were aware of the pending changes to data protection. When the new rules come into play, the maximum fine for non-compliance with data protection laws will rise from £500,000 (about $698,810 USD) to €20 million (about $24,752,400 USD), or 4 percent of global turnover, whichever is greater. With such high stakes, it makes sense to ensure your business is compliant by the May 25, 2018 deadline. What is GDPR? The General Data Protection Regulation (GDPR) was proposed by the European Commission to strengthen the data protection laws throughout Europe. So, if your real estate agency has any dealings with any individuals in Europe, you will need to remai…
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