Standards bring rivals together under the same roof to agree upon the best ways to build and deliver their respective products.
In a standards based industry, rivalry is left up to the quality of the products themselves. The history of standardization is packed with examples of businesses successfully finding common ground on which to compete and graveyards of products that chose their own path or closed protocol. Estated’s latest version of our Property Data API now supports the emerging RESO-backed Universal Property ID (UPI) standard in real estate.
Whether you use Beats or Bose you use Bluetooth. Whether you drive a Ford or a Toyota you use the same gas pump. The fact that you can read these words on your phone or computer on the internet is due to agreed upon standards from multiple participating organizations, many competing for your attention.
As a company dedicated to making property data extraordinarily simple to find and consume, Estated is passionate about data standards.
We understand first hand the challenge of opening filing cabinets, digital or otherwise, in every county courthouse in the US to acquire the data needed to power real estate deals, unlock financing, validate insurance, establish mineral rights, power online applications and market services. Estated data APIs aggregate and standardize the data from these wildly contrasting storage systems - more than 3000 counties and municipalities, over 130 million property records - into a unified data set.
Long recognizing the value of data standards, the real estate industry has been coming together for decades to standardize the exchange of property information. As a participant in the Real Estate Standards Organization (RESO) and its working groups, Estated is looking forward to a future when information about parcels, structures and units is completely standardized and easily transferable in a vibrant online marketplace. The Universal Property ID (UPI) is one such innovation that we believe can help transform the industry. The Estated property data API fully supports UPI as both a search and data field.
The UPI itself is easily derived from the data in the various public records systems across the country. Designed in such a way to be easily repeatable, any company transacting using the UPI should be able to exchange property data with any other. With cross platform adoption of UPI, we anticipate growth opportunities in:
- Actionable insights from property data such as real estate heat maps
- Rapid ownership validation for insurance providers
- Real-time mortgage qualification
- Identification of real estate investment potential
- Financial services lead prospecting
- Data exchange between applications such as CRMs and Mobile apps