Yesterday I left the MBA Servicing and Technology conference in NYC with some renewed optimism regarding MISMO data standards in commercial real estate.  I've been watching this since 2002 and participating since 2004.

A recent development by the SEC in Regulation AB (Asset Backed) is proposing that XML data standards, specifically those that are CMSA and MISMO related, be used for reporting information regarding commercial real estate.  Those that have resisted because of unknown factors are now faced with the reality that it is coming and it can't be stopped.  My hope is that we continue, as an industry, to do it smartly and embrace this change instead of fighting it.  If we do the latter we are in risk of it being done poorly.

Fundamentally I believe the industry will be better if data standards are in place and in use.  I believe the industry will grow and there will be opportunity for many.  Initially I got involved because I thought it would help grow our data driven platform (PARCEL) but today I stay involved because I know that it will be an interesting and fun ride.

Consider this...William Sellers did not know that by standardizing the nut and bolt that the industrial revolution and the assembly line and countless developments would come of it...DARPA could not have imagined that TCP/IP protocols that they wrote in the early 70s for communication would spurn the internet.

With thousands of fields available for every piece of real estate in the world much is possible.  I won't predict what, but I do predict it will be transformative and those who get on early will have great opportunity to do fun and interesting things.

I've even started a new blog here to track MISMO and data standards progress.