The HBSG is pleased to announce that following the public release of v2.0 of the Property Data Trust Framework, the technology group has formed an independent industry body, the Open Property Data Association (OPDA), for companies revolutionising the property industry through data collaboration.
OPDA’s mission is to foster innovation, trust, and industry-wide collaboration and to digitise the home moving process through the power of data. The association aims to be the leading voice for open property data in the home buying and selling industry by supporting the creation and adoption of data and technology standards to create a digital, efficient, and trusted home moving process for everyone. The association will continue to work closely with the Home Buying Selling Group to understand and help resolve the industry’s data and technology challenges and with government departments who are committed to improving the home buying process.
This is a major breakthrough for the consumer because each customer will know that those member companies of OPDA ensure that the data on any given property is trusted and interoperable with continual adherence to the OPDA Standards. This doesn’t just mean the data is safe of course, it means that because it is of an interoperable standard, the whole buying and selling process can be effectively speeded up. The volunteer firms who are already using the schema to create digital upfront property packs, instructing the sellers conveyancer on day one, and sharing the data using our open standards are seeing results with up to 70-day reduction in transaction times, 80% faster for customer checks, and a huge drop in fall through rates
The property industry has traditionally faced challenges related to data fragmentation and lack of interoperability. The Open Property Data Association will address these challenges by driving adoption of common standards, promoting data sharing best practices, and driving innovation. As an inclusive association, OPDA is a membership community from a broad range of firms covering all areas of property transactions including proptech start-ups, CRM and case management platforms, connectivity and integration partners, property data providers, property insight platforms, and other entities involved in property data. These firms represent the data and technology solutions across the home buying industry for consumers, estate agents, mortgage intermediaries, mortgage lenders, valuers, and conveyancers.
The ongoing maintenance, development, and governance of the Property Data Trust Framework will move to OPDA and the organisation will continue to drive collaboration across government and industry, promote the adoption of open standards, and ensure interoperability with other open ecosystems.
Maria Harris, Chair of Open Property Data Association, commented:
“The quality and volume of work that our volunteer group has delivered over the last two years has been nothing short of monumental so I’m thrilled to be taking us onto the next stage of our evolution. By harnessing the power of data and fostering collaboration, we have an incredible opportunity to drive innovation, improve decision-making, and create a more transparent and efficient property ecosystem.
Formalising the group as a trade association gives us the structure and governance we need to drive further innovation and represent our members interests relating to open property and technology standards with policy makers, regulators, other trade bodies, and industry stakeholders.”
Key initiatives of the Open Property Data Association include:
- Development of Data Standards: enabling seamless interoperability, transparency, and data sharing across the property industry
- Advocacy and Education: a strong advocate for open property data, engaging with policymakers, regulators, and industry stakeholders to promote the benefits and importance of data collaboration
- Networking and Collaboration: a vibrant community where members can connect, collaborate, and create a sustainable digital ecosystem
- Thought Leadership and Research: drive innovation and shape the future of the property industry. This will include white papers, industry reports, and case studies that highlight the transformative power of open property data
Membership applications are now open to data, technology, and industry firms across the home buying, selling, and mortgage industry. Organisations and firms interested in joining the association are invited to visit www.openpropdata.org.uk for more information and to submit their application. By working together, members of OPDA will have the opportunity to shape the future of the industry and drive positive change.
Kate Faulkner OBE, Chair of Home Buying Selling Group, adds:
“The HBSG generates some fantastic collaboration and innovation from those in the home moving process who are determined and passionate to improve the home buying and selling process. The Technology Group has delivered exceptional work and now there is an agreed way forward, industry experts need to be able to fund progress to ensure their practical ideas can be implemented for buyers and sellers. The HBSG will continue to provide free participation to enable everyone that wishes to put forward and progress ways to solve the problems in the home buying and selling process.”
For more information, please visit https://www.openpropdata.org.uk or email contact@openpropdata.org.uk