How open data standards empower conveyancers to shape future of property transactions
In the dynamic realm of property transactions, conveyancers lead the way on seamless transitions, guiding clients through the intricate process of buying or selling. As technology continues to reshape industries worldwide, conveyancers are now on the cusp of embracing a new frontier: open data standards.
At first glance, the notion of standardised property data may seem mundane. Yet its potential to revolutionise conveyancing practices cannot be overstated.
Currently, less than one per cent of property information is available digitally. Converting all property data sources and documents to a digital format and making them shareable is essential if the notoriously slow homebuying process is to speed up. Shareable and trustable data will also reduce fraud and failed transactions.
Imagine a world where conveyancers seamlessly collaborate with lenders, tech platforms, and regulatory bodies, propelled by unified data standards. No longer constrained by the limitations of disparate systems, conveyancers can reach their full potential, orchestrating transactions with efficiency and agility.
Central to this transformation is the concept of consistency. In a landscape teeming with varied data formats and protocols, a single tech language emerges as the beacon of clarity. It guides conveyancers and stakeholders alike towards a shared understanding. By embracing standardised data protocols, conveyancers can foster trust and reliability, laying the groundwork for smoother transactions and enhanced client experiences.
Efficiency, too, emerges as a hallmark of the open data standards revolution. Freed from the shackles of manual data entry and reconciliation, conveyancers can focus their energies on delivering value-added services that truly resonate with clients. With streamlined processes, conveyancers can navigate regulatory complexities with ease, ensuring compliance while maintaining focus on client satisfaction.
Working with the Open Property Data Association (OPDA) and other contributors across the industry, we’re building the Property Data Trust Framework (PDTF) which is set to revolutionise property transactions.
A standardised set of data and governance principles, the framework is freely available to the entire property industry and its software providers, from estate agents, through to lawyers, lenders and brokers, without any restrictive, proprietary licences.
Earlier this year, OPDA released the latest version of the framework to make free and shareable data tools available across the property industry.
For the first time, data collected when a property is first put on the market by an estate agent can be represented in a way that the conveyancer, broker, lender and other systems can understand.
Open data also has the power to inspire. As conveyancers embrace open data standards, they do more than simply streamline processes; they pave the way for a future where transparency, trust, and innovation are the norm. By championing collaboration and standardisation, conveyancers become catalysts for positive change, shaping an industry that is not just efficient, but profoundly human-centric.
In this era of unprecedented technological advancement, the role of the conveyancer transcends mere transactional facilitation. Instead, it becomes a beacon of progress, guiding clients towards their real estate aspirations with confidence and clarity. By embracing open data standards, conveyancers can stand at the forefront of innovation, driving positive change and shaping the future of property transactions.
As we journey towards this future, let us remember the transformative power of unity — of coming together as an industry to embrace change, foster collaboration, and pave the way for a brighter tomorrow. Together, we can pioneer progress, empower conveyancers, and redefine the very essence of property transactions for generations to come.
You can find out more about the Property Data Trust Framework and OPDA here: Open Property Data (openpropdata.org.uk).
Angela Hesketh is Head of Market Development UK at PEXA
