Although physically intangible, and not yet recognized on balance sheets, your data has value. Dubious?
A broad spectrum of businesses and professionals recognize the value of your data, including real estate agents and brokers. That is why they often buy leads. Moreover, just like real estate, the value of raw data can be enhanced. For example, companies like RedFin, OpCity/realtor.com and Zillow charge 30 – 35% (+/-) of the ensuing real estate commission in exchange for providing a referral.
A significant portion of this fee is attributable to the cultivation of the initial data/lead, transforming it into a referral. However, a block of this time and skill is frequently devoted to the extraction of more data. Laws are emerging to protect individuals’ rights to their data.
This includes the California Consumer Privacy Act (CCPA), providing rights such as the right to prohibit the sale of personal information.
Stay tuned for more as CCPA is enacted and a growing number of other states consider their own legislative initiatives.
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Copyright 2019 Exceedant LLC and Randy Airst. Photo courtesy of Pixabay.