The demand for estate apps that provide user-friendly features to navigate the complex market has significantly increased. In the early months of 2022, the real estate sector experienced a dip. However, as September rolled around, there was a significant surge in demand. Data indicates that home ownership in the United States alone increased by 66% during this period. This trend is not exclusive to the U.S., as other countries have also witnessed a similar increase. As we move towards 2023, it is safe to assume that real estate is once again becoming a sought-after investment opportunity.
Developing a real property app can be a profitable venture due to several reasons. Users can search for properties from the comfort of their own homes, making it a convenient and accessible way to find the perfect property. What is more important, estate apps generate substantial revenue through advertising and commission fees, making it an attractive business opportunity for entrepreneurs seeking to capitalize on the growing demand for digital real estate services. In this article, we will delve into the topic of real estate app development.
What Types of Real Estate Apps Exist in 2023
The target audience for real estate goes beyond just buyers and sellers. Consequently, there are numerous types of estate apps, each with its unique features and functions. In the following list, we will outline the most popular and in-demand real property apps on the market:
- Property listing apps target property buyers and sellers, enabling them to search for properties, view details, and contact each other.
- Property management apps are made for landlords, property managers, and agents, who use the app to manage rental properties, from maintenance requests to rent payments and lease agreements.
- Mortgage calculator apps help homebuyers and investors calculate mortgage payments, affordability, and other financial information related to buying a property.
- By using Virtual tour apps buyers and renters are able to take virtual tours of properties, saving time and effort by eliminating the need for physical visits.
- Real estate investment apps target investors interested in real estate, providing market trends, investment opportunities, and other financial data to help them make informed decisions.
We asked the team from Jelvix, a real estate software development company, for their expert opinion on this matter. And here’s what they had to say: To ensure the success of your real estate app, it’s important to choose the right type of app that aligns with your concept and target audience. Depending on your specific needs and goals, one type of app may be more suitable than others.
Moreover, it’s important to note that you can also create a hybrid app that combines features from multiple types of real property apps. For example, a mix of property listing and virtual tour apps could offer users the ability to search for properties and take virtual tours of them, all within the same app. This can provide added value to users and set your app apart from competitors.
How Do the Owners of Real Estate Apps Make Money From Them
One of the most profitable ways is by charging a commission fee for successful transactions completed through the app. Typically, this fee ranges from 1% to 10% of the transaction value.
The most popular method of generating revenue is in-app advertising. In 2021, real estate was the 10th highest-grossing category for in-app advertising, generating around $2.2 billion in revenue, according to a survey by Data.ai.
Another way is by offering premium features for a subscription fee, which can include access to exclusive property listings, advanced search options, or additional virtual tours.
Real estate apps can also create referral programs to encourage users to invite friends and family to use the app. For every successful referral, users can earn rewards or commissions.
Finally, estate apps are able to sell their data to third-party businesses, such as market research firms or real estate agents. In 2020, the global data market was valued at $138.9 billion, according to a report by IDC, and is expected to reach $229.4 billion by 2025.
Real Estate App Functionality for Buyers and Sellers
While there are many more categories of estate app users than buyer and seller, the latter 2 are the main target audience. Therefore, we will look at the most important features for them.
For Buyers:
- Estate apps enable users to search for properties based on their preferences, such as location, price, number of bedrooms and bathrooms, and more.
- Clients can view information about each property, including photos, virtual tours, property descriptions, and floor plans.
- Buyers can save their preferred properties and share them with others via email, social media or by copying the link.
- Many estate apps offer a mortgage calculator feature to help purchasers estimate their monthly mortgage payments based on the property price, down payment, interest rate, and other factors.
- The app must give an easy access for the buyers to contact real estate agents or property owners to schedule a tour or ask questions about the property.
For Sellers:
- Apps allow sellers to list their properties for sale or rent with detailed information, photos, and virtual tours.
- Sellers are provided with analytics tools that enable owners to track how many views and inquiries their properties receive, as well as how long they’ve been on the market.
- Real property apps often present tools to manage offers and negotiations, making the selling or renting process more efficient and streamlined.
Inside the Real Estate App Development Process
To ensure a smooth and efficient development process for your estate app, it’s important to gather the necessary tools and resources beforehand. Here are some essential tools that will simplify your app development journey:
SDKs and APIs: SDKs (Software Development Kits) and APIs (Application Programming Interfaces) are tools that enable developers to integrate third-party features and functionalities into their apps. Real property apps may need to integrate with mapping APIs, MLS (Multiple Listing Service) data, and payment gateway SDKs.
Database management system: This is a software tool that allows developers to manage, store, and retrieve data. To store property data and user information implement databases like MySQL and MongoDB.
Virtual tour software: Virtual tour software like Matterport and TourWizard create immersive 3D virtual tours of properties.
Analytics tools: Analytics tools like Google Analytics provide insights into user behavior and app usage, which can be used to improve the app’s performance and user experience.
Cloud hosting services: Cloud hosting services like Amazon Web Services (AWS) and Microsoft Azure offer scalable and secure hosting solutions.
Collaboration and project management tools: Collaboration and project management tools, for example Jira and Trello help teams stay organized during the development process.
Testing tools: Testing tools like Appium and TestFlight help developers test the app’s performance, functionality, and compatibility across different devices and operating systems.
With all the necessary tools at your disposal, you’re now ready to start the development process for your estate app. Here are the key steps which you will need to go through:
- Clearly define your app’s purpose, target audience, and unique selling proposition. Determine the key features and functionalities you want to include in your app.
- Decide whether you want to develop an app for a specific platform, for example iOS or Android, or a cross-platform app that can run on multiple platforms. Consider factors such as target audience, budget, and timeline when making this decision.
- Create a visually appealing and intuitive UI/UX design for your app. Ensure that the design is responsive, easy to navigate, and aligns with the preferences of your target audience.
- Use appropriate programming languages and tools to develop the front-end and back-end of your real estate app. Implement the features and functionalities you defined in the first step, such as property search, property details, user accounts, and communication features.
- Test your app on different devices, platforms, and network conditions to identify and fix any bugs or issues. Ensure that the app functions smoothly and delivers a seamless experience to users.
- Incorporate robust security measures to protect sensitive user data, ensure data privacy, and safeguard against potential security breaches or vulnerabilities.
- Improve the performance of your app by optimizing loading times, minimizing resource usage, and enhancing database queries, among other techniques. Aim for fast and smooth performance to increase user satisfaction.
- Launch your estate app in the app stores and promote it through various marketing channels to attract users.
The Future of Real Estate App Convenience
The increasing popularity of AI is no secret, and incorporating artificial intelligence in real estate search applications can give your app a significant advantage over the competition. While it may be more expensive to implement initially, in the long run, AI-powered apps will always be in higher demand. In addition to AI, there are several other emerging technologies worth considering. Let’s explore these technologies in more detail:
Augmented Reality (AR) and Virtual Reality (VR): AR and VR technologies provide potential buyers with a virtual tour of a property, allowing them to experience the property as if they were there. This technology enables buyers to visualize a property’s layout and features more clearly, leading to better decision-making.
Artificial Intelligence (AI): AI can provide personalized recommendations to users based on their search history, preferences, and behavior. It can also automate tasks such as lead generation, customer support, and predictive analytics.
Big Data Analytics: Big data analytics can gather insights about the real estate market and trends, aiding buyers in making informed decisions. It can also analyze user behavior and preferences, providing valuable data to improve the user experience.
Blockchain: Blockchain technology provides secure, transparent, and tamper-proof transactions. It can also be utilized for identity verification, property title management, and smart contracts.
By incorporating at least one of the cutting-edge technologies discussed above, you can enhance the functionality of your app and attract a wider user base.
Conclusion
Developing an estate app is an excellent choice for a startup. With the continuous rise in real estate prices, there is a significant opportunity to generate revenue through such apps in the long term. Don’t miss out on the chance to leverage the potential of the real estate market and make a name for yourself in the real estate app development industry.
