Home is called our personal space and we find all the comfort at home like nowhere. When it comes to buying or renting a house, people are very selective about it. People face a lot of problems while shifting to a new city or buying a new house such as property papers, good locality, etc.
Real estate app development comes into play because of these problems. Real estate app development apps are in high demand these days. Many entrepreneurs wish to grab this opportunity and enter into this side of the business to accelerate their revenue and profit in business. Most people have developed a sudden interest in the real estate market.
The main question that arises here is if you are interested in entering the market with an efficient real estate app, do you have the complete information about it? How will you compete with the other popular apps available in the market? Do you have an idea about the cost of developing real estate apps?
In this blog, you will get the answers to all these questions. We have come up with a complete guide to real estate app development features, necessity, and cost. But first, let’s see what are the reasons behind the need for real estate app development.
Table of Contents
- 1 Why You Need Real Estate App Development in 2021?
- 2 Real Estate Market Industry Insights
- 3 Must-have Features for Real Estate Management App
- 4 How Much Does it Cost to Develop a Real Estate Management App?
- 5 FAQ’s of Real Estate App Development
- 6 Develop an On-Demand Real Estate App for Your Business
Why You Need Real Estate App Development in 2021?
Nowadays, it has become really difficult to find an appropriate property with legal compliances but real estate apps can make your work much easier. Not only people, but businesses are also availing the benefits of these apps.
- For the property business, real estate apps are a must-have app. Real estate apps have already become their medium of interaction with the customers and a primary earner. Let’s have a look at some advantages of real estate apps-
- More conversions due to great customer experience along with impressive and instant real-time interaction with the agent.
- Enhanced customer loyalty due to the special loyalty programs and offers to application users that might result in profitable outcomes.
- Real-time & effective communication between clients and agents allows them to respond to the requests fast and be in touch.
- Better marketing via in-app promotional activities and campaigns to get the targeted user base. Ads based on user’s behavior and interests can also be used to provide them with related advertising.
- With the help of the real estate app, users have a chance to gather data based on user’s behavior and use it to deliver them more personalized services and products and form an improved business strategy.
- With the app, you only get customers who are interested in the real estate services and are ready to be your client that will be an exact fit.
- Since you will get only interested customers, you can maintain them through the mobile app that automatically decreases the overall cost of ad campaigns and boost the revenue.
- Businesses go for real estate app development solutions as they want brand awareness and recognition at the early stage of the venture that is only possible by having an app.
Business owners can have extra income via different app monetization strategies; it is a very enjoyable thing to have.
A real estate app will streamline the entire business process including reporting, task management, data analytics, and many more. It also boosts efficiency along with maintaining the budget and all the resources.
Real Estate Market Industry Insights
According to the reports from grand view research, it is estimated that by the end of the year 2025, the real estate market might reach revenue of $4,263.7 billion. But the COVID-19 pandemic had a huge impact on stats; the impacts were both positive and negative. Among all the property types, income properties are at the top.
Because of the pandemic, the rates of homeownership were increased but home purchasing was on a hike and it will continue in 2021 as well. There were also changes in mortgage rates and house preferences. There has been an increase in demand for larger spaces, home offices, etc.
- Due to the COVID-19 impacts, homeownership rates have enhanced and it will continue in 2021-22 at a 5% rate.
- People’s preference has been changed for bigger space, home offices, and outdoor spaces.
- Lumber prices have been high since the recession.
In the USA, by February 2021 there was a hike in home prices so approximately 54% of new homeowners took advantage of low mortgage rates.
From the above stats, it is clear that people are very much interested in buying new properties and are never going to lose their interest. In the passing time, they will find innovative ways to buy the houses like real estate apps. The apps like Zillow, realtor.com, and Trulia are performing great and are very popular among users. Hence, the real estate industry is one of the most popular, long-running, and profitable sectors.
So, if you are planning to get a real estate app for your business, then first let us explain to you the associated features and cost for developing a real estate app that will scale your business to the next level.
Must-have Features for Real Estate Management App
Addition of a few mind-blowing features that can attract users would help your real estate app to outshine other apps. The real estate app development company which you have hired must focus on the addition of excellent features to your application. You must add the following features in the real estate business app that is mentioned below:
An application aims to facilitate users. Hence, this panel must include features that the user wants! Have a look at below-
- Sign-up or Log-in
Users are required to enter some information to register with the app. Information includes the users’ name, phone number, email id, or link to his special social media account. Once the user has entered all the required information, he will receive a verification code. Once the verification is completed, the user will get an account with the app.
- Favorite List
Sometimes users like some property but can’t buy it at the moment. Favorite list feature will allow them to save the preferred properties for later. This way your application will provide an excellent user experience.
- 3D Property View
Latest technologies nowadays let your application provide amazing user applications. 3D tours of all the properties listed in the app are possible. This feature would also provide all details about the property along with a 3D tour.
- Built-in Calendar
Linking the calendar would be a great option as the app would make checking things much easier for app users. The users can also the dates of the property they saw and can manage
their visit to the property accordingly.
- Agent Details
This feature will enable you to contact the agent directly. The property owner, agent’s contact details, and property details must be included in the on-demand real estate app.
- Map to the Property
Integrating this feature in your app would be amazing but it might affect the overall cost of your mobile app development. Following this map would help customers in finding the exact routes and location to the property they wish to visit.
Few app users don’t have much time to visit all the properties and then choose one instead of that they prefer to visit the properties according to their preferences. Therefore, providing filters and sorting like prices, location, etc. can make the process easier for users.
- Customer Support
Implementing this feature is very essential so that you can gain your users’ trust by providing them with an expert who can answer all of their queries. Customers’ valuable feedback and reviews are much appreciated for the success of any application.
Now let’s have a look at the features of the agent panel. There must be features included for agents that work in their favor.
- Register or Login
Agents have to log in or register by entering their phone number or email ID or using social media credentials for making an account on the app. You can log in directly if you already have an account.
- Verify the Profile
After making an agent’s profile, verification is required by the app admin for maintaining the app’s legitimacy. Once the verification is done, agents can start linking to the customers that are looking for properties.
- Map View & List View
By this agents can view the property status online and integrating these features can make things convenient for users by updating users about the available properties.
- Adding Properties to Rent or Sale
Agents can add the properties for rent or sale. Nowadays, the need for properties is much more, and adding this feature might attract more customers.
- App Subscription
Adding this feature to your app can be very profitable for your business. Integrating subscription as a feature into your app, you can earn maximum revenue by using this monetization strategy.
Admin panel or a center which has control over all the panels, be it the user panel or agent panel. Let’s see some features:
- User Management
User management is done by the admin, be it buyers, sellers, or agents. Admin has control over each person’s activity and admin can remove the person if someone is misusing the app.
- Data & Reports
Admin manages all the users and property data along with report management.
- Property Management
Admin handles the property listing management which includes property addition, removal, or verification with all the details. Admin is responsible if any problem arises with the property.
- User Support Manager
Admin must provide quick support from any of the executives if any problem arises, answer their queries, and provide them ease in the process.
- Currency Converter
Users can have a look at the properties and easily pay in their local currency by including this feature. It enables users across the world to use your real estate app and buy property as it doesn’t have a currency barrier.
- Revenue Management
Admin can handle revenue and profit earned by the app. Integrating this feature would be beneficial in handling the revenue generated by subscriptions and locked property deals.
How Much Does it Cost to Develop a Real Estate Management App?
The cost of a real estate management app depends on several factors such as features, app complexity, platforms, type of app, location, team structure, and tech stack, etc. The overall app development cost may vary based on the app development process and the time taken.
The most important factor to be considered here is if you are hiring a leading app development company or outsourcing the app development service, you have to know how much they charge per hour. The hourly charges of developers vary from country to country. So, this will have a huge impact on the overall cost of app development.
Depending on these diverse factors, the cost for developing a basic real estate app development may lie somewhere between $15,000 – $35,000. If you wish to have a hybrid app with advanced features and the latest
technology stack, it would cost you much more.
FAQ’s of Real Estate App Development
Your app can use a variety of different monetization methods. Listed below are some profitable examples:
- Third-party advertisements
- White labeling
Time may vary depending on a number of reasons like real estate app development cost. It can take 2-4 months for a simple solution and 6 months for a completely fine-tuned product.
- Business Analysis
- Market Research
- App or Software Launch
- Maintenance and support
Develop an On-Demand Real Estate App for Your Business
For the past few years, real estate apps have been trying hard to make their space in the market. And today, the real estate app development sector has successfully made its space in the market and is booming at a fast speed and flourishing as a promising area for business development.
If you are interested and looking for an opportunity in the same industry, this is the correct time to invest your money by outsourcing your project to a reliable app development company. By doing this, you can get your efficient real estate app and can generate higher revenue. You can help users worldwide that are eagerly looking for an appropriate property through your efficient app with the latest features.
Echo Innovate IT ensures that you can beat your competition in the market with a competitive app. We will guide you to discover the digital potential of your real estate business. We can turn your real estate idea into a reality. Contact us now and begin your developmental process.