More Efficient Property Data
December 2, 2022
A recent interview with the Dutch Bank ING’s real estate team outlined how standardisation and data harmonisation is working to reduce risk and increase efficiencies in the real estate sector.
Investments in real estate can come with significant risks, increasing the importance of a range of risk management activities. “The government is increasingly shifting the gatekeeper function outwards, to banks, brokers, civil-law notaries, etc. As a customer, you therefore always have to provide the same information to all those different authorities. That is very inefficient for everyone. Together with the other banks, they are working on standardising data exchange based on Standard Business Reporting (SBR). The definitions have been harmonised so that everyone knows what the standards are and what data is involved. It already works with financial, appraisal and rental data; an appraisal or rental list is received in SBR format and is automatically entered in the system. That is much more efficient” says Hein Wegdam, Head of ING Real Estate Finance.
Not only does introducing standard business reporting using XBRL formatted data in this area increase efficiencies, data harmonisation should also lead to more consistency, more clarity, and better compliance.
To find out more details please visit : https://xbrl.org/