Data protection is about to get its heftiest overhaul in two decades. While the GDPR 2018 deadline is a good benchmark to get everything into order, staying compliant is a constant process.
May 25 might be the regulation enforcement date, but it’s far from being the end of the story – it’s really just the beginning for GDPR. Uncovering rules within the regulation and who they apply to is going to take time. But how can housebuilders keep up? From sharing data to getting back your leads, here’s how to stay compliant and competitive as the law establishes its place in society.
The future of GDPR: 2018 and beyond
Compliance after GDPR 2018
All businesses need to stay on their toes where compliance is concerned, especially if they’re sharing data or even storing it on a third party’s server. Most companies have already brought measures into practice to combat this, but there’s another regulation to be aware of – and the penalties could be mighty.
With GDPR comes mandatory reporting of data security breaches. Article 82 of the regulation makes it easier for individuals or groups to raise compensation claims against companies for material or non-material damage, such as distress or a reputational hit. Before GDPR, the liability was with a data controller (those controlling, rather than possessing personal data), but this will now branch out to companies keeping or sharing digital information.
What can businesses do to comply? It’s crucial that parties working together post-GDPR carefully set out clear obligations involving the data shared. There will be a lot to learn from the early statements and actions of EU regulators as the year goes on – so stay informed as much as you can.
Fines after GDPR 2018
It’s one of the biggest and most discussed elements of GDPR. How hefty are the repercussions for businesses that don’t comply with the law? Put simply – if the regulation applies to you, you should take it very seriously. Currently, the Information Commissioner’s Office (ICO) can throw out penalties of £500,000. Under the new law, fines can be up €20m or four per cent of a company’s global turnover – whichever is higher.
Factors which will affect fines after GDPR 2018 will include:
- Whether non-compliance is intentional or negligent
- If the violation is reported as soon as possible to reduce damage
- The income of an individual facing the fine
- If the data controller has any previous violations
After May 25, supervisory authorities will inevitably begin handing out fines. Whether this is a stern letter or a million-pound penalty, the general conversation surrounding GDPR indicates that this will have a lot to do with a company’s efforts to comply and cooperate. If you slip up post-deadline, the crucial thing is that it’s not through pure ignorance. Or worse, intentional.
Marketing after GDPR 2018
We can no longer assume all of our home-buying leads want to be contacted. In the future, prospects need to freely give consent in a ‘specific, informed and unambiguous’ manner, reinforced by a ‘clear affirmative action’. Hang on – what does that all mean?
When put into practice, it means that leads need to physically agree that they want to be contacted. Pre-ticked boxes don’t cut the mustard anymore. We need to give customers a reason to opt into our marketing.
For housebuilders, a popular way of landing perfect leads is by providing genuine value in return for a GDPR-compliant opt-in. Prospect generation tools are marketing gold, especially for companies trying to replenish databases post-GDPR. Plugins such as our Online Valuation Tool are proven to bring in new leads – perfect for the year ahead – but they’ll also give you a genuine reason to contact your current database and get opt-ins before the deadline.
The world of GDPR has its fair share of confusion, but the best way to approach life beyond the deadline is with common sense. The culture of data control will continue to change, so it’s important for businesses to stay informed. You’ve come this far with compliance, but it certainly helps to develop an action response plan – should a data breach occur down the line.
Just because you’re fully compliant, doesn’t mean you have to fall behind competitively. GDPR strengthens the way companies seek permission to use data – and it can also strengthen the leads you have and your customers’ trust in you. Our easy-to-implement tools ensure any future prospects are informed, engaged and ready to buy. Find out more ways we can help property marketers thrive in a world after GDPR here.