Daily Real Estate News  |  November 8, 2004  |   Groups Form Commercial Data Standards Group The NATIONAL ASSOCIATION OF REALTORSŪ and the Open Standards Consortium for Real Estate have agreed to set data standards for the exchange of information about commercial real estate properties for sale or lease. The two organizations have formed a Commercial Information Exchange Working Group that will streamline and automate the methods by which real estate professionals locate, sell, and purchase commercial real estate. A CIE is an electronic listing platform for commercial real estate properties; unlike its residential counterpart, the multiple listing service, compensation is negotiated outside the CIE structure. The group, composed of NAR, major brokerage firms, major users, and industry technology leaders, will establish standards based on the Real Estate Transaction Standard (RETS)—standards for exchanging real estate information and providing easier access and movement of CIE information. In residential real estate, many vendors, real estate professionals, MLSs, and providers have already successfully implemented RETS-compliant solutions. Membership rules for REALTORŪ-controlled CIEs are set by REALTORSŪ. CIE membership can be open to real estate professionals, including commercial brokers, property owners, mortgage bankers, real estate investment trusts, insurance companies, attorneys, listing services, vendors, and software providers. “When our work is done, all of these groups that make the real estate transaction possible will be able to communicate in a common language for the first time, and exchange information consistently, quickly, and inexpensively,” says Whitney Peyton, senior managing director of CB Richard Ellis and chairman of the REALTORSŪ Commercial Alliance (RCA) Advisory Board. “As the commercial real estate industry moves towards greater transparency, it is logical to create a structure for sharing commercial real estate data. The formation of the CIE Working Group represents the first step of this long journey,” Peyton says. “The launch of the OSCRE Commercial Information Exchange (CIE) Working Group is another important milestone in the development of e-business standards for the real estate industry," says Dave Clute, senior consultant for Cisco Systems. "The availability of a Web-based exchange will make it easier to connect industry stakeholders and share critical information involved in real estate transactions. Cisco Systems is participating in OSCRE as an Executive Member and is working with the NATIONAL ASSOCIATION OF REALTORSŪ to develop data transfer standards to shorten cycle times, improve reporting capabilities, and enhance customer satisfaction.” The announcement was made at the 2004 REALTORSŪ Conference & Expo, which goes through today, in Orlando, Fla. More than 25,000 REALTORSŪ from across the United States are attending. —NAR