In 2007, in a context of real estate financialization, streamlining of data exchange across real estate players became an central issue. Indeed, new listed real estate investment vehicles like OPCIs, required that a certain number of indicators and valuations would be produced on a quarterly basis.
At that time, producing KPIs implied a significant workload and included several non-productive tasks such as researching and data collection, then qualifying and aggregating it before any analysis could be done.
There were as many data interfaces (devised to exchange data between players and systems) as there were interlocutors; those were often very unstable and prone to failure at the slightest change on one side or the other of the data exchange gateway. Obviously, the lack of common rules for sharing was very costly and was producing a poor result altogether.
Therefore, in 2007, real estate institutional investors and experts got together, aiming at devising a stable, controlled, and above all economically scalable solution. They decided to produce a standardized and shared data dictionary.
After two years of hard work and sharing efforts, which enabled the pooling of the expertise of professionals in the sector (2007-2009), the technical work necessary to produce the first version of the FIDJI dictionary was completed. As soon as version 0.1 went into production, it was unanimously agreed by all participants to create an independent professional association, which would be the repository of the format.This pioneering phase took more than 1,200 days of cumulative work, with many enthusiastic volunteer workgroups meeting in the evenings.
Since then, the FIDJI Real Estate Professional Association, now the FIDJI Institute, continues to update the content of the dictionary e and the underlying data model to accommodate new needs in the industry. The FIDJI Institute works jointly with many international organizations to standardize the vocabulary used in the real estate industry.
More than 100 organizations and companies have contributed – as members, over the past 16 years (2007-2022), with the shared conviction that a common language is an absolute need within our real estate industry. All have benefited in return from cutting on data no-value-add tasks (see MAZARS 2011 Study) and have therefore seen significant returns on their investment. The FIDJI Institute thanks all those organizations and corporates for their continued financial and technical support to the FIDJI endeavor, for the shared benefit of all in the real estate industry.