HBSG launches OPDA – the Open Property Data Association
Maria Harris says firms who are already using the schema to create digital upfront property packs are seeing up to 70-day reduction in transaction times.
The Homebuying Selling Group (HBSG) has formed an independent industry body, the Open Property Data Association (OPDA), for companies revolutionising the property industry through data collaboration.
The new association comes after the public release of version two of the Property Data Trust Framework as revealed in The Neg last month.
INNOVATION
OPDA’s mission will be to foster innovation, trust, and industry-wide collaboration and to digitise the home moving process through the power of data.
The association will continue to work closely with the HBSG and members will ensure that the data on any given property is trusted and interoperable – meaning that the whole buying and selling process can be effectively speeded up.
Firm who are already using the schema to create digital upfront property packs 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.
Maria Harris (main picture), Chair of Open Property Data Association, says: “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.”
COLLABORATION
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 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.”
Membership applications are now open to data, technology, and industry firms across the home buying, selling, and mortgage industry.
More information about OPDA HERE.
The Property Data Trust Framework v2.0 and JSON Schema are open source and available for free on GitHub HERE.
70 day (ie 2 month) reduction in transaction times? Really? I am sceptical given that most of the delay in the conveyancing process relates not to the upfront information but to process issues between conveyancing firms, and other third parties such as management companies. More upfront information, and more digitisation of core conveyancing data is important, but it is only one small part of achieving greater transaction efficiency.