The Open Standards Consortium for Real Estate (OSCRE) has enunciated seven principles to be applied when artificial intelligence (AI) is employed in collecting, processing and/or interpreting real estate data. The global organization’s newly released policy statement underscores AI’s potential to advance data management capabilities and better inform valuation processes, investment decision-making and property management and operations, provided those exercises and outcomes are grounded in a standardized, industry-approved approach.
“We remain committed to the development and continual improvement of the OSCRE Industry Data Model (IDM) to provide a firm foundation for employing AI technology and associated ethical implications,” it states.
The policy statement calls for AI applications in real estate data management to be:
- secure and trusted;
- reliant on a standardized data model;
- beneficial to society;
- respectful and protective of human values and privacy;
- fair and unbiased;
- understood and transparent; and
- accountable to people.
In keeping with its mandate to enhance real estate data through unified standards and knowledge, OSCRE will consult with the many disciplines within commercial real estate that are now adopting and refining AI for their professional purposes.
“This policy statement underscores OSCRE’s commitment to advancing data standards and AI integration in the real estate industry while prioritizing collaboration, education, continuous improvement and accessibility. By adhering to these principles, we commit to support a more transparent, efficient and sustainable real estate ecosystem for all stakeholders,” the policy statement affirms.
