The Appraisal Institute and the Open Standards Consortium for Real Estate have agreed to work closely together on an international effort to set data standards to drive out inefficiencies in the real estate industry and, in turn, save billions of dollars.

The Appraisal Institute has made a strong commitment to the OSCRE project by joining the organization for three years as an executive member and sharing its Commercial Data Standards to support the exchange of information for all professionals who work with real estate around the world.

The data standards were created to enable data sharing, better analysis of market trends and other efficiencies in the real estate and financial services markets.

The Appraisal Institute is an international real estate appraiser organization with 18,000 members. The group aims to uphold professional credentials and standards of professional practice and ethics.

OSCRE, created in 2003, will further the work of the Appraisal Institute by creating a more encompassing level of standardization, coordination and collaboration among other key stakeholders in the real estate industry.

Other OSCRE executive members include Cisco, CoreNet Global, the Data Consortium, National Association of Realtors and the U.S. General Services Administration. There are three regional organizations in OSCRE International: OSCRE Americas, OSCRE Asia Pacific and PISCES in Europe, Middle East and Africa.

OSCRE is a not-for-profit consortium that aims to drive the development, synthesis and adoption of e-business standards that enable the Real Estate industry to function effectively and efficiently in the new economy.

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Send tips or a Letter to the Editor to jessica@inman.com or call (510) 658-9252, ext. 133.

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