|IRPF’s Data Aggregation Integrity Proposal Approved by Reaume Foundation
The International Real Property Foundation is pleased to report that the Reaume Foundation has approved the proposal to fund the Data Collection Integrity Plan, presented by IRPF in November, 2009. The Data Collection Integrity Plan will build on the success of the Reaume Foundation funded Central/Eastern Europe Data Analysis Development Project completed in August 2009 which developed a matrix for systems to collect and utilize timely and accurate information on the real estate property markets of Ukraine, Georgia, and Poland.
The goal of the Data Collection Integrity Plan is to develop real estate business tools in the target markets in order to move toward business collaboration and data sharing within the industries. The current structure of the real-estate industry in Ukraine and many other countries in Central/Eastern Europe does not promote data systems, and the parties generally seem unwilling to share data or even information to pursue the development of MLS. With the help of this Integrity Plan, players in the real estate markets of the countries of Central/Eastern Europe and beyond will move closer to effective collaboration in business. The project will build on the Polish experience as a guide. The proposal, presented to the Reaume Board of Directors at the NAR conference in San Diego, was approved in the amount of $29,685.
To engage in the project, a team of qualified IRPF consultants will be dispatched to meet with MLS participants in Poland to create a business plan based on their experience that can be shared with others, and create a toolkit that demonstrates how data can be successfully collected. The toolkit will aspire to harness trust, collaboration and camaraderie among industry players.
This project emphasizes the value of data as a building block toward successful real estate market participation, fair pricing and stabilization. Players in the real estate market in the above-mentioned countries need exposure to the concept that data may be utilized to their advantage and that cooperation works in other countries and markets. The banks also recognize the value of data and with education may become partners in the effort to promote the process of data collection. Training on successful models, ie the Polish model, is required to achieve education of key players in real estate market data collection.
IRPF is grateful to the Reaume Foundation for their support and is confident the Data Collection and Integrity efforts will lead to heightened transparency and efficiency in Eastern European property markets.