In the complex world of real estate, information is power. However, the use of data in real estate is not just about gaining insights: you have to make a choice about whether you want to navigate an intricate web of privacy laws and regulations. Let’s keep it real: while realtors, brokers, and association executives have expertise in real estate law, they may not be well-versed in U.S. privacy laws. The dilemma often lies in choosing between regulated products and those based on publicly available data, such as Spokeo for Business. This post aims to shed light on this choice, focusing on the challenges realtors face when using regulated products versus unregulated offerings like Spokeo for Business.
Understanding Regulated vs Unregulated Data
To begin with, it’s crucial to define what we mean by regulated and unregulated data. Regulated data is governed by laws like the Gramm-Leach-Bliley Act (GLBA) and the Driver’s Privacy Protection Act (DPPA). These laws restrict the use of certain types of personal information. In contrast, unregulated data consists of information that is publicly available and can be accessed and freely used (except for credit or other decisions under the Fair Credit Reporting Act (FCRA).
Comparing Usage and Risks
| Feature / Aspect | Spokeo for Business | Regulated Safety Products |
|---|---|---|
| Prospect Enrichment | Unrestricted use | Restricted – GLBA/DPPA privacy issues |
| Buyer and Seller Intelligence | Unrestricted use | Restricted – GLBA/DPPA privacy issues |
| Reverse Phone Lookup | Unrestricted use | Restricted to safety use cases |
| Circle Prospecting Efforts | Unrestricted use | Restricted – GLBA/DPPA privacy issues |
| Contact Enrichment | Unrestricted use | Restricted – GLBA/DPPA privacy issues |
| Data Sources | 5,200 publicly available sources, including 120+ social media platforms | Public record and credit header data regulated by GLBA and DPPA |
| Legal / Privacy Risk | Publically available – No FCRA use | Depends on Realtor compliance to permissible use under GLBA and DPPA |
| Social Media Engagement | Identifies ~7 platform IDs per typical consumer | Requires independent searches on each platform |
The Value of Unregulated Offerings in Real Estate
The table above highlights the distinct advantages of using an unregulated data source like Spokeo for Business. Unlike regulated products, Spokeo for Business offers almost wide open use in areas critical to real estate such as prospect enrichment, buyer and seller intelligence, and contact enrichment. This nearly unfettered access is pivotal for realtors seeking to expand their business through effective marketing and prospecting strategies.
Legal and Civil Liability Considerations
Using regulated data products carries potential legal risks and penalties under regulations like the GLBA and DPPA. Realtors and their associated organizations must ensure compliance to avoid civil liabilities. On the other hand, Spokeo for Business, leveraging publicly available data, significantly reduces these risks, offering a safer alternative for realtors and their organizations.
Spokeo for Business: A Tool for Effective Prospecting
Spokeo for Business stands out as a highly valuable tool for real estate professionals. Its widely avaiable use for prospecting and marketing purposes offers a significant competitive edge. With access to a vast array of publicly available data, including extensive social media engagement, professionals can gain deeper insights into their prospects, enhancing their marketing strategies and customer understanding.
Real-Life Use Cases
Spokeo for Business’s utility extends beyond theoretical advantages. Here are a few practical scenarios where it excels:
- Prospect Enrichment: Realtors can use Spokeo for Business to gather comprehensive information about potential clients, enhancing their approach strategy.
- Buyer and Seller Intelligence: Understanding the needs and backgrounds of buyers and sellers can be streamlined using the diverse data available through Spokeo.
- Circle Prospecting Efforts: Identifying potential clients in a specific geographical area becomes easier, allowing for targeted marketing campaigns.
Conclusion
In conclusion, the choice between regulated and unregulated data sources like Spokeo for Business is not just about the availability of information; it’s about the freedom to use that information effectively and safely. Spokeo for Business offers a compliantsolution for realtors, empowering them with the tools necessary for successful prospecting and marketing, without the complexities and limitations of regulated data products. As the real estate industry continues to evolve, staying informed and compliant is key, and Spokeo for Business is an ideal partner in this journey.
Disclaimer: This blog post is not intended as legal advice. Consult your legal and/or compliance department before making any changes to your operations. Spokeo is not a consumer reporting agency as defined by the Fair Credit Reporting Act (FCRA). Do not use this site to make decisions about credit, employment, tenant screening, or any purpose covered by the FCRA