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Data Protection in Real Estate: How to Stay Globally Compliant?

News Technology
May 28, 2024

For real estate professionals, data protection is crucial in managing client relationships and transactions. This article provides an overview of the main data protection laws around the world: GDPR in Europe, CCPA in California, PIPEDA in Canada, and PDPA in Singapore. Understanding and complying with these regulations is essential to ensure the security of client information and avoid severe penalties.

Key Regulations Worldwide

GDPR (General Data Protection Regulation) – Europe

Implemented in May 2018, GDPR imposes stringent obligations on companies handling the personal data of EU residents. The main requirements include:

Explicit Consent: Companies must obtain clear and informed consent before collecting data.

Individual Rights: Individuals have enhanced rights, including access, rectification, and deletion of their data.

Data Security: Companies must implement appropriate technical and organizational measures to secure data.

Breach Notification: Data breaches must be reported to the data protection authority within 72 hours.

CCPA (California Consumer Privacy Act) – California

Effective since January 2020, the CCPA aims to protect the data privacy rights of California consumers. Key provisions include:

Right to Know: Consumers can request information on what personal data is collected and why.

Right to Delete: Consumers can request the deletion of their personal data.

Right to Opt-Out: Consumers can opt out of the sale of their personal data.

Transparency: Companies must inform consumers about the categories of data collected and the purposes of this collection.

PIPEDA (Personal Information Protection and Electronic Documents Act) – Canada

PIPEDA, the federal law protecting Canadians’ personal information, imposes several obligations on businesses:

Valid Consent: Companies must obtain informed and explicit consent to collect, use, and disclose personal data.

Access and Correction: Individuals have the right to access and correct their personal data if it is inaccurate.

Data Security: Companies must protect data against loss, theft, and unauthorized access.

Transparency: Privacy policies must be clear and accessible, explaining how data is managed.

Loi 25 – Quebec

Since September 2023, Loi 25 modernizes personal data protection in Quebec. Key requirements include:

Explicit Consent: Companies must obtain clear and informed consent before collecting, using, or disclosing personal data.

Individual Rights: Individuals can access, correct, and delete their personal data, and in some cases, transfer it to another provider.

Data Security: Companies must implement adequate security measures to protect data against unauthorized access, loss, or theft.

Breach Notification: Companies must promptly inform the Commission d’accès à l’information and affected individuals in case of data breaches posing a serious risk of harm.

PDPA (Personal Data Protection Act) – Singapore

In effect since 2014, the PDPA regulates the collection, use, and disclosure of personal data in Singapore. Key obligations include:

Consent: Companies must obtain individuals’ consent before collecting their data.

Reasonable Use: Data must be used only for the purposes for which it was collected.

Data Security: Companies must implement security measures to protect data against unauthorized access and losses.

Transparency: Individuals must be informed about the purposes of data collection and their rights regarding data protection.

Applying These Regulations

Importance of Global Compliance

When targeting prospects in different regions, real estate developers must comply with local data protection laws. This compliance ensures legal operations and builds international client trust.

Penalties for Non-Compliance

Non-compliance with data protection regulations can result in severe penalties, such as hefty fines, legal actions, and reputational damage. For example, the GDPR imposes fines of up to €20 million or 4% of global annual turnover, whichever is higher.

Data Management in a Real Estate CRM

Choosing a real estate CRM that understands and implements data protection regulations is crucial. A compliant CRM ensures client information is handled securely and legally, which is essential for maintaining client trust and avoiding legal risks.

Ensure Your Compliance with Onyx Technologies

Integrating a robust CRM solution is essential for real estate companies to comply with Loi 25 and protect the personal data of their clients and prospects. Our CRM solution, developed by Onyx Technologies and based on Salesforce, is specifically designed for the real estate sector and ensures compliance with strict data protection regulations.

With features such as marketing automation, electronic signatures, and access management, we help real estate agencies and developers manage consent, maintain transparency, and secure personal information effectively. Leverage our expertise to ensure compliance and improve your operations.

For more information, schedule a demo of our platform

Author: Louise Vaissaire