Data Protection Checklist: Real Estate
March 31, 2022
The critical importance of information is well-known within the real estate industry. There is, however, an often overlooked subset of information gathered and shared on a routine basis that poses a unique set of data security and privacy risks: namely personally identifiable information (“PII”).
PII is any piece of information that alone or together with other identifying information can be used to distinguish or trace someone’s identity. PII in real estate is accumulated while managing tenants, handling property guests, and selling properties, as well as servicing investors, employees, and contingent labor, such as contractors and handypersons. PII is also typically shared amongst employees, and with third-parties like lenders, lawyers, collection firms, and property managers, to name a few.
The purpose of this checklist is to help real estate enterprises better align with the modern legislative landscape surrounding PII and remain good stewards of the personal information they accumulate and use.