MRI’s Agora platform is the first to use the OSCRE Industry Data Model™ (IDM) developed by nonprofit consortium OSCRE to support data standards in the real estate sector.

“MRI and OSCRE have a shared mission to improve data quality and consistency and ease the burden of integration for the real estate industry – that’s what our open and connected philosophy is all about,” explains Patrick Ghilani, CEO of MRI Software. “MRI has committed to not only adopting and using OSCRE data standards, but also to leading the way by pioneering best practices.”

MRI and OSCRE have a shared mission to improve data quality and consistency

“MRI’s implementation of the OSCRE IDM marks an exciting milestone for the industry,” says Lisa Stanley, CEO of OSCRE International. “Their decision to incorporate OSCRE’s data standards into an expansive, open software platform like MRI Agora demonstrates the value they see in a standards-based data strategy that will drive growth and performance.”

Data standards directly support expansion of the PropTech sector by making systems integration easier, faster and less costly. The sector continues to attract significant investment, with US $24.3 billion invested in PropTech companies globally in 2021 and a projected CAGR of 9.3% over the next ten years. As real estate organisations seek to leverage multiple PropTech applications to drive business success, industry data standards will be key to facilitating integration with existing technology and enabling rapid adoption of future innovations, including Artificial Intelligence (AI).

Without a standardised way to share data between systems, companies must perform manual analysis and time-consuming data manipulation to address inconsistent formats and integration processes. The OSCRE IDM can improve data consistency, transparency and accuracy and provide a strong base for effective data governance. The OSCRE IDM enables software developers to “develop once” and achieve significant savings for future integrations.

The MRI Agora real estate platform uses the structures provided by the IDM to streamline integrations, standardise data exchange between systems and enable deeper analysis and insights. The app-agnostic nature of the IDM will further simplify integrations and data transfer between members of the MRI Partner Connect programme and MRI solutions. As a result, MRI clients can more easily leverage the capabilities of over 300 global partners and gain access to new technology as it is introduced. The MRI Agora platform is designed to efficiently transact and store data and effortlessly accommodate new use cases.

The IDM also serves as the basis for building a common data model for MRI Agora Insights, a multi-source data and analytics platform that can provide automated insights from MRI products, partners and third-party solutions in one place, enabling faster decision-making and easier access to information.