Imagine your property management data, a treasure trove of insights, trapped in proprietary formats that don't play well with others, structured differently from those of your competitors and incompatible with the AI tools promising to revolutionize your business.
Industry standards are not just a solution; they are the solution. They are your fastest path to AI readiness. But to make the most of them, you need to know which ones matter and how to implement them. That's where this guide to MITS, OSCRE, and BOMA comes in.
MITS: The Multifamily Standard Everyone Should Know
The Multifamily Information Transaction Standards (MITS) provide over 3,500 standardized data elements specifically for apartment operations. Created by the National Multifamily Housing Council and now managed by the Real Estate Technology and Transformation Center, MITS has become the de facto language of multifamily technology.
What MITS Actually Covers
MITS isn't a single standard; it's a family of standards that cover different operational areas. Property-Marketing/ILS 5.0 handles listing syndication and fee transparency. Lease/Application 3.0 standardizes rental agreements. Resident Screening 3.0, Resident Transactions 3.0, and Lead Management 4.0 cover the operational workflows you use daily.
The newest standards emphasize transparency. MITS 5.0 introduced strict requirements for Total Monthly Leasing Price (TMLP), forcing clear disclosure of mandatory versus optional fees no more burying costs in fine print. This transparency will give you the confidence that you're making fair and informed decisions.
Why This Matters for AI
AI models need consistent data structures to learn patterns. When your property management system exports MITS-formatted data, it speaks the same language as analytics platforms, marketing tools, and AI applications. Your data becomes instantly more valuable because it works everywhere.
Getting Started with MITS
The easiest path: buy MITS-certified software. When evaluating property management systems, ask vendors which MITS standards they support. Most major platforms now offer MITS compliance as a standard feature. If you're building custom integrations, download the free XML schemas and data dictionaries from RETTC's website.
OSCRE: When You Need More Than Multifamily
OSCRE International's Industry Data Model offers the most comprehensive real estate standard, encompassing over 130 use cases that cover the entire asset lifecycle. If MITS is purpose-built for apartments, OSCRE is the universal translator for all commercial real estate.
OSCRE's Massive Scope
Unlike MITS's transaction focus, OSCRE covers a broader range of services: leasing and space management, facilities management, investment management, portfolio analytics, Building Information Modeling integration, and sustainability tracking. MRI Software became the first primary proptech provider to fully adopt OSCRE IDM in 2023, utilizing it to integrate data across more than 300 partner applications.
When to Choose OSCRE
Use OSCRE when managing diverse portfolios across various property types, including office, retail, industrial, and mixed-use. Its comprehensive framework makes it ideal for institutional investors and corporate real estate teams managing complex portfolios globally.
The organization actively develops new standards. Current projects include Energy Data Standards and Water Data Standards, which recognize the growing importance of ESG reporting.
BOMA: The Measurement Standard That Affects Your Bottom Line
The Building Owners and Managers Association's measurement standards directly impact property valuations and lease agreements. Studies show BOMA drawings discover an average 8% more rentable area, meaning properties may be undervalued or under-leased without proper measurement.
What BOMA Standardizes
BOMA defines how to measure Usable Area (the tenant's private space), Rentable Area (the usable area plus proportional common areas), and four different Gross Area methods for various purposes. Standards exist for office (2017), industrial (2019), retail (2020), mixed-use (2021), and multifamily/hospitality (2023).
The 8% Nobody Talks About
That 8% more rentable area isn't theoretical. It's additional leasable square footage you're not charging for. On a 100,000 sq ft building at $30/sq ft, that's $240,000 in annual revenue potentially left on the table.
Implementation Is Investment
BOMA standards require hiring certified professionals or training internal staff to ensure compliance. The upfront cost delivers ongoing returns through accurate valuations, fair lease terms, and data consistency that AI models can actually use.
Making Standards Work for You
Don't try implementing all three simultaneously. Start with your primary property type: MITS for multifamily, OSCRE for diversified commercial portfolios, BOMA for immediate revenue impact through better measurements.
Standards aren't exciting. They're foundational. Like proper accounting practices or insurance coverage, you don't appreciate them until you need them and by then, it's often too late.