Groups Look to Establish International Real Estate Data Standards

WASHINGTON, DC-The US division of the Open Standards Consortium for Real Estate has teamed up with the Appraisal Institute to set comprehensive uniform international data standards for the real estate industry. The two entities begin their first workgroup today and will have weekly virtual meetings on the matter, OSCRE Americas CEO Andy Fuhrman tells GlobeSt.com.

Referring to the US Department of Commerce’s National Institute of Standards and Technology report for 2004, OSCRE Americas notes that the absence of a uniform language created an inoperability that yielded a loss of nearly $16 billion in capital across the various sectors involved in real estate in the US alone. “Many companies that are OSCRE Americas members such as Sprint, Cisco and Lockheed Martin all have international portfolios and it’s often hard for people to talk the same language,” Fuhrman says.