The advanced technology landscape is spreading like wildfire. Real estate dealers, as well as buyers, have rapidly jumped into the mobile app market. Zillow, Realtor.com are a few popular real-estate application names that have helped people embark on this online journey. The digitization and the mobile-first approach is the primary reason why entrepreneurs are excited to develop a real estate app like Realtor. In this blog, we have planned to introduce you to real-estate app development’s rising craze, its market analysis, and reasons why you should develop a rental property management app like Realtor. Ready to onboard the learning journey? Here we go…
In search of home…
If given the task of searching for a home or a rental property, what is your most go-to approach? Online search, isn’t it? Well, even with this online thing, you will go for any one of the two approaches, either browse a specific website or open an application that covers almost every single property option available.
The latter one sounds more convenient, your thoughts? Definitely a BIG YES. Gone are the days where people would spend hours researching a decent property option, contact numerous real estate agents, visit the sites, calculate prices for houses and analyze the best suitable one. Do not believe us? We have statistical proof of this,
- Three out of four homebuyers (says, National association of realtors) search for a home using their mobile devices;
- Nearly 73% of homebuyers use a tablet or an app for searching homes;
- Out of the indulging buyers, 76% of buyers successfully find a home on mobile devices.
- The online resulting searching stats on mobile apps have increased by 123%.
- Realtor.com has nearly 1.1 million daily active users, whereas Zillow has over 160 million active users a month.
- 90% of real estate firms have websites and property listings.
- The real-estate revenue in the US was expected to cross 70 trillion US dollars by 2020.
- The commercial real estate US market size was $1.2 trillion in 2020.
These huge benefitting market stats have opened up lucrative doors of opportunity for entrepreneurs. Real estate app development like Realtor can be thus used as a powerful tool to make money in the years to come.
Additionally, with the emerging digital trends in the real estate industry, you can expect a revolutionary rebuilding of the way real estate operates. Curious to find out about digital trends? Keep scrolling.
Trend 1: Big data technology:
You can integrate big data technology and help users to hunt the best property option & deal from the pool of properties. The structure of big data algorithms can also help buyers estimate home prices.
Trend 2: Use Artificial Intelligence algorithm:
You can also use various AI tools to provide personalized alerts and a browsing experience.
Trend 3: Provide virtual tours:
With the advancement in technology, people expect to have a virtual house tour before making an expensive purchase. An application can satisfy this need of consumers easily.
I hope the above information helps you in deciding for yourself how making an app like Realtor can be a win-win situation. Let us look at the various types of real estate apps that you can initiate.
In this app type, numerous real estate agents or specific builders can register themselves and market their properties. This way, you will have hundreds of thousands of listings on the app, and in return, they will have a platform for support. You can charge your commission for every transaction made using the app.
If you already own a real estate company, you can go for a dedicated mobile app development for your business. This application will solely represent your business and the listings. The profit is completely yours, and you get to decide the percentage share on each listing.
You can also launch loan schemes, products, etc., and thus create a more alluring platform.
A few other types of applications that exist are:
Smart home control app:
This app type assists users in controlling and managing their home appliances remotely using a smartphone.
Indoor navigation app:
If the listed property is a villa or a huge bungalow or a hotel or castle, you can develop an indoor navigation app that helps people in navigating between the spaces.
Looking out for ways to monetize your business by making an app like Realtor? Here they are:
There are myriads of ways in which you can earn money by making a free app from scratch. We have already covered the ways in one of our blogs; however, we will list down exclusive ways to earn money in the next section.
Every property listing wants to top the list, isn’t it? Well, you can give a specific property an exposure they want in return for a small amount of fee from them.
One of the most beneficial ways of making money is through in-app advertisements. Allow relevant advertisers to showcase their business through in-app ads. These ads can be mortgage ads, home decor ads, loan insurance ads, anything.
You can provide a premium subscription plan where users get added perks for unlimited browsing, lower rate of interest, etc., by applying for a premium subscription.
You can also adopt a business model for the Realtor like an app where you get commission over every transaction done using the app.
Read Also: 5 Profitable Real Estate Technology Trends
What are the basic features of a real estate application?
Some of the interesting features that will make your real estate app stand out from the competition are listed below. However, you can discuss your feature expectation with your team of hired mobile app developers if you are planning to make an app from scratch. But, in this journey, make sure that you start with a Lean Canvas model, followed by a product requirement document, Prototype Development, or MVP development. All of these steps will ensure that a flawless application is launched successfully.
|Register or login||Social media integration|
|Filter option with location, area, landmark, etc.||Map integration|
|Property details||Posted by|
|Book a visit||Contact broker/ real estate builder|
|In-app chat||In-app message|
|Images of house||Recent activity|
|Browse latest projects||Loan calculator|
|Price calculator||Favorite listing|
|Heat map||Loyalty programs|
|3D property view||Virtual tours|
Features for Admin:
|Property management||Analytical report|
|Currency converter||Customer support|
|Edit or Delete subscription||Earning management|
|History of transactions||Multiple listing service integration|
|Internet data exchange||Intriguing dashboard|
|Real-time analytics||CMS integration|
Features for sellers:
- View leads
- Customer support
- Social media sharing
- Customer query support
How much does it cost to develop a real estate app?
Real estate app development is an interesting concept to initiate in current times. Additionally, even the project’s execution doesn’t require a hefty investment. You can develop a real estate app with a budget of $25K with all the features and functions.
For developing a real estate app, you will require a team of,
- Business analyst;
- Project manager;
- Android/iOS developer;
- QA testers;
- Graphic designers.
If we assume the time required for various activities, the project can be expected to complete in nearly 900-1200 hours. There are many cost variation factors that play a role in deciding the final cost of app development. You can read about the same in one of our blogs. For any further questions, feel free to contact us directly. Our business development executive will get back to you in the shortest possible time.
Here comes an end:
We hope that the above information helps you in developing the real estate app of your dream. Kody Technolab gladly consults entrepreneurs on on-demand app development in various niches. We help businesses in distributing their limited budget in app development and yet have a brilliant business solution. We wish you all the best with your project initiation. Thanks for reading.