Open Property Data Association (OPDA) launches latest iteration of its property data trust framework
The Open Property Data Association (OPDA) has released the newest version of its property data trust framework which, among other benefits, will help key conveyancing information to be provided digitally. It will be easier for consumers to view a comparable list of conveyancer quotes, bringing greater choice to the market.
OPDA’s framework is already boosting the digitisation of the property market, making transactions easier and more efficient. 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.
Produced in collaboration with OPDA members, the latest version of the framework has several new features. It can represent key pieces of information required for producing a digital seller conveyancing quote. This includes whether the property has been purchased with a Help to Buy equity loan.
The new version also supports the latest and fifth version of the Buying and Selling Property Information (BASPI) form, updated earlier this year to support the new National Trading Standards Material Information guidelines. Estate agents using the updated data fields in the OPDA framework will be compliant with the new guidance.
The new version also supports additional documents in the digital property pack, and it can represent some important declarations required from sellers. These include declarations such as the authority to act on behalf of all sellers and their consent to share the data in the property pack with buyers, conveyancers and lenders.
PriceHubble’s desktop valuation solution passes external audit for compliance on EBA loan guidelines
PriceHubble, Europe’s leader in property data solutions for finance and real estate, is pleased to announce that its desktop valuation solution has successfully passed an external audit of compliance with the EBA Guidelines for loan origination and monitoring (GLOM) conducted by a Big 4 firm.
The European Banking Authority’s (EBA) guidelines for loan origination and monitoring came into force for most banks in Europe on June 30. They advocate the implementation of a more sophisticated, data-driven approach to real estate valuation and a better integration of ESG criteria. Faced with this deadline, banks need to implement various initiatives to ensure regulatory compliance.
In this context, PriceHubble is committed to offering robust solutions that comply with the most stringent regulatory standards. The successful audit of its advanced statistical model and desktop valuation solution, following a thorough review of its methodology, documentation, development and control processes, confirms their regulatory compatibility for use by an internal or external valuer for loan origination and monitoring.
The audit was conducted by a Big 4 firm according to the ISAE 3000 standard, which sets globally recognised standards for ensuring ethics, objectivity, independence, and technical competence within organisations.
“To our knowledge, this is a first in Europe. With this ISAE 3000 audit, our ongoing commitment to developing the most accurate, transparent and reliable property valuation technology on the market takes on a new dimension,” says Alexis Radjabi, Chief Sales Officer at PriceHubble. “We are very proud to be able to offer our banking partners assistance and technological support in setting up loan origination and monitoring processes that meet regulatory requirements. This includes insights on energy renovations and climate risks.”
Referral system earns agents up to five figures in additional revenue
With an extensive Membership of independent estate agents throughout the UK, The Guild of Property Professionals is one of the UK’s largest property networks. Leveraging this extensive reach and influence, Guild Members are reaping the rewards of its Automated Referral System, which saw a reboot in 2023.
Iain McKenzie, CEO at The Guild of Property Professionals, comments that working together as a network and using a referral system is financially beneficial for independent agents. He says,
“Many more people now have the freedom to live further away from their place of business with remote working becoming more widespread. Lifestyle has also been a driving factor behind home-moving decisions and many people are choosing to move to different regions. Guild Members are able to help a vendor sell their home in one region, and then refer them to another Guild Member in the area they are looking to move to.”
“This is beneficial for the network and the agents involved, as well as the client, who has the peace of mind that the agent they will be dealing with on the other side is part of the same carefully selected network of property professionals that adheres to the same high standards and ethics.”
Peter Lawrence, Director at Lawrence Rand, explains how they joined The Guild to extend their reach and to be able to rely on the support and backing of a trusted network of estate agents nationwide. Lawrence says,
“Estate agencies often face limitations when clients have properties to sell outside their trading area. This is precisely why we utilise The Guild’s referral platform to pass on leads to fellow Members. Our agents have been trained to identify clients who have properties to sell outside their trading area during the initial consultation phase. Once a client with an out-of-area property is identified, our team access the referral platform and submit the client’s details.”
Andrew Stanton Founder & Editor of 'PROPTECH-X' where his insights, connections, analysis and commentary on proptech and real estate are based on writing 1.3M words annually. Plus meeting 1,000 Proptech founders, critiquing 400 decks and having had 130 clients as CEO of 'PROPTECH-PR', a consultancy for Proptech founders seeking growth and exit strategies. He also acts as an advisory for major global real estate companies on sales, acquisitions, market positioning & operations. With 100K followers & readers, he is the 'Proptech Realestate Influencer.'
