Open property data and technology standards at the heart of digitisation
The Digital Property Market Steering Group (DPMSG) launch event earlier this week saw hundreds of industry experts come together under a shared vision to drive crucial digital transformation in the property market.
We heard from several excellent speakers and panel discussions – including an inspiring insight into Norway’s own challenges and how they overcame them to pave the way for digitisation.
There is, of course, a long way to go. Through collaboration, innovation and a focus on emerging digital technologies, we will build on existing progress across the home buying and selling process to get a better result for the customer.
We want everyone involved in buying, leasing and selling land and property to experience a secure and modern market that is transparent, customer-friendly and business-friendly at all stages.
As a result, the aims of the DPMSG are:
1. We want to get to the goal of up-front information – we will support the creation of the right incentives, accessible digital data and great new services that will give people all they need to know about a property before they offer.
2. We will support developing and adopting a common data standard and connectivity between systems. This is so that everyone can access a single source of the truth at all times and so they can work together, whatever system they are using. We are excited to be working with the newly formed Open Property Data Association on this issue.
3. We want to increase people’s confidence in who they are dealing with. So, we will work with those who are developing ID standards and services, relying parties in the sector, and government departments to create clarity and market opportunities for digital ID and e-signatures.
4. We will continue to support and contribute to research and development. We know that right now the potential of AI is great, potentially troubling and largely uncertain. What seems like an impossibility today may not be tomorrow. So we want to continue to collaborate on research across the sector.
5. We will listen, be transparent and offer many ways to engage. We will publish any research, our programme of activities and an annual summary of where we think the sector is at and the direction ahead.
