Last Updated on November 4, 2022
A person looking for a property in a particular city has to go through brokers and property agents to buy a house. They pay a hefty amount to these agents. The real estate mobile apps are likely to reduce the need for these agents and replace them with mobile phones and technology. Real Estate mobile app development will help you build an app, that not only will reduce the amount paid by people to brokers tremendously, but they will also get a better idea of properties that fit their budget.
People have started showing keen interest in installing these apps on their devices like mobile phones, tablets, iPads, laptops, among others. In this article, we will discuss how the apps have changed the real estate industry, how the app is developed, the team required to develop a real estate app, and the cost of developing an app.
Driving Force Behind Real Estate Mobile App Businesses
The real estate industry has always been an ever booming industry. With a lot of people shifting to bigger cities and countries, there is always a need for apartments and houses at first. The rest comes later. Also, with growing families, people look up for additional houses or rental spaces where they can accommodate everyone easily. That is why the demand for real estate app development services has also increased. The year 2020 is said to be a positive year for the real estate industry. Take a look at the major trends contributing to its growth:
1. More traction for the sub-urban cities
The real estate market in big cities has been witnessing tremendous growth but for the last decade, small cities and suburbs are posting good demand for new properties. For instance, The real estate market in Indian cities like Pune, Bangalore, Hyderabad, and Chennai have seen a rise and there is a possibility of cities like Goa and Coimbatore also doing well in the sector by next year.
2. Growth in the residential and commercial sector
This year has contributed to both the residential and commercial sector’s growth. With the rising demand in the commercial sector like IT and other white-collar jobs, office spaces have been selling out rapidly. Similarly, people migrating to bigger cities because of job opportunities. These people are always on a lookout for better housing facilities at a reasonable cost and real estate mobile applications are always there to help.
Also read: How to develop an eCommerce website
3. Concept of co-working spaces and co-living seeping in
The Indian people are slowly moving towards the concept of co-living, which is economical as compared to renting an entire house or apartment to themselves. This has helped then save cost and the properties are also gaining a lot from this. Similarly, the trend of co-working spaces has also been introduced in the country this year. Cities like Bangalore, Pune, Maharashtra, and Delhi have welcomed this move.
4. Technology Advancement
The betterment in technology with the introduction of, IOT, Artificial Intelligence (AI), and data gathering, the builders are making sure to make smart houses giving the best to their customers. Houses built with the latest technology are huge traction for the customers. The quality of construction has dynamically improved, which helps the clients get timely possession of the houses booked by them in advance.
5. Redefining the concept of luxury housing
People also showing interest in the shift made by luxury housing. It is all about being smart and using smart technology. It accommodates an elevated living experience in society.
Types of Real Estate Apps
All real estate companies have invested their time and money in getting a best-suited app for them. It is very important for these names to show their presence in the app world as it allows everyone to stay connected from any corner in the world. The rising demand for properties has paved the way for investing in real estate app development, which means companies of all sizes, new and old have gotten their apps made. Take a look at the types of apps that fall under the category of real estate:
1. Property Buy Sell Rent Mobile App (Aggregator)
This type of real estate mobile app is more like an online marketplace, which lets the sellers and the buys register on it. People who are selling their properties can put their house on sale, along with pictures of their properties and the details of its price. Meanwhile, the buyers can look for properties from the ones listed in the app. They can access the important information and the location of all properties that are up for sale and mentioned in the application.
2. Real Estate Company App (Dedicated)
This is specifically for the agents of real estate. They can put up their properties on sale segregated under different parameters. The various aspects the one can look up for any property here include the likes of size, price, location, etc.
3. Indoor Navigation Real Estate Mobile App
Who would not be attracted to an app that lets you navigate virtually inside a house or a property? These kinds of apps use the mobile integrated sensors and features to take the users for a virtual tour inside the house through their mobile app. People are gravitating towards such apps as they can get a better experience from the comforts of their home. However, the cost of real estate app development for such features will be a bit higher.
4. Smart Home (IoT) Mobile Apps
Users can control everything in their house with the help of their mobile devices. These apps give them the control of managing anything at their houses with their mobile phones.
5. AR VR Real Estate Mobile Applications
This sort of apps allows the realtors to give a 3D tour to their viewers, helping them save their time of giving them real tours of the properties that are on sale. AR and VR technology has gained a lot of prominence over the years.
6. Buy Virtual Land in Metaverse
For us, purchasing land has always been an advantageous option since it ensures a high rate of return on our investment. It’s time to purchase land in the Metaverse, just like it’s advantageous to buy land on Earth. You may use the same advantage of real-life virtually if you own virtual real estate in the metaverse. Gaming, trading, socializing, and partying are a few advantages.
Top Real Estate Mobile Apps and Market Share
Why Invest in Real Estate Mobile App Development – Market Size and Stats
- The size of the professionally managed global real estate investment market increased by 7.8% from $8.9 trillion in 2018 to $9.6 trillion in 2019. The growth was higher as compared to 2018 when the market grew by 4.1%
- The global real estate market is expected to generate a revenue of USD 4,263.7 billion by 2025, according to a new report by Grand View Research, Inc.
- There are 938,714 Real Estate Sales & Brokerage Businesses in the US in 2020
- Real estate is a major part of the UK economy – in 2019, it employed 514 thousand people.
- There are 130.4 K Real Estate Businesses in the United Kingdom.
Change in Real Estate Market Sizes between 2018 and 2019, in USD Billion
A look at how Does the aggregator model work
An aggregator model brings the users in touch with the agents for the purpose of buying houses. Quite different than the regular agency app, this one works as a mediator between the two. Here is how the model operates:
- It helps in setting up a business for freelance agents as they can list down properties they have on their list. These can be put up for sale and can be accessed by the buyers. It is a platform requiring the sellers and buyers to register themselves before proceeding to buy or selling any property.
- While this model works for the sellers, the buyers too can get in touch with the agents in their location after browsing through their listings and the ratings of the properties.
- Thirdly, the sellers can look for the contacts of the agents and get in touch with them. It acts as a meeting platform helping the real estate agents to get in touch with the sellers and buyers of the houses.
Top Real Estate Mobile Applications
Zillow, Redfin, BiggerPockets, LoopNet, Realtor.com, Trulia, HomeSnap, Xome, and Coldwell
Monetization Opportunities Provided By Real Estate Mobile App
Wondering how real estate apps generate revenue? Read further to learn more about monetization opportunities through real estate apps:
Putting up advertisements for a third party is a way of making good money for real estate apps. Look at the three ways these apps can earn money:
- Charging a fair amount of money from the property management companies for their advertisements.
- Paid membership plans for the real estate agents.
- Earning money through paid advertisements on the app.
2. Featured Listings
Real Estate can segregate the pricing of the posts according to the space the seller wants his ad to be displayed. These featured listings allow the sellers to place their post that gets the maximum visibility in return for some price.
3. Premium Subscription
The apps offer monthly, quarterly and annual subscriptions to the users. If a user is willing to stick to the app for the long term, he would have to pay accordingly and likewise. It helps in generating a good amount of revenue for the real estate app.
Finally, the most important and interesting way of earning revenue for the real estate apps is through the commissions which they earn after a deal is carried out between a seller and a buyer.
Benefits of having a Real Estate Mobile App
For Customers Or property buyers
1. Direct interaction
The customers can only be satisfied with an app if they get a direct response to their queries. It will help the app get loyal users and customers that end up buying something. An interactive app helps the customers in getting a better understanding of how the app works and about the property they are looking for.
2. Easy search
The filters and details of all listed properties on the app, make the customer experience worthwhile. From looking at the pictures of a property to taking a virtual tour and getting all the information at one point, this one truly serves the purpose.
3. Customer support
The users can keep up to date with the information available to them through customer support of the app.
4. Speed of sales
A seller can accelerate his sale by posting about his property on one of these apps. Helping the sellers connect with the buyers, it is a perfect platform for the former to list down the properties available with them.
For Property Dealers
1. Extended reach
The agents or the dealers can list their properties on these apps for better and wider reach. With a lot of customers looking up for properties on real estate apps, the properties of the dealers are getting the maximum reach.
2. Better commission sharing
These mobile apps have integrated MLS, which enables the users to look up for only those properties that fit their bill and their requirements. They will not have to unnecessarily look at the properties which do not suit their requirements. Hence, the dealers can generate the interest of the users by showing them only those properties they are looking for.
3. Decision making
Since the app is a platform connecting the dealers with the customers, it also helps them make quick decisions. These apps also help the dealer get information on potential buyers.
4. Collect Feedback
It is very important for any business or agent to get feedback from the customers as it helps them improvising changes and work towards the betterment of the app.
5. Create a brand reputation
It is always beneficial to set up goodwill in the market, as it will fetch more customers to your brand. Through positive feedback and more sales, your brand can be listed among the top-rated brands on the app.
For Builders & Real Estate Developers
1. Get More DealConversion
The developers earn through conversions and the rate of the same is high in real estate apps as today when a daily task is being done through a mobile application, PPl makes their search desired property through a real estate mobile application that saves time and effort.
2. Provide Quality Experience
Provide a quality experience for the users by offering a better display of property with high-resolution images. With custom search refinement
3. Keep Transparency
The developers set up the platform for the buyers and the sellers. Any conversion or communication that happens between the two will be known to the developers. Therefore, they will be able to earn money on any deal that happened through the real estate mobile app.
Advance Features & Functionalities of Real Estate App
Here is a short list of advanced features and functionalities that will give you an idea of what to expect in your real estate app development project.
1. Social Login & Sign Up
All apps ask for some details of the user before registering them with the app. The sign-up system should be simple and associated with some social media platforms for easy and convenient sign-up. An alternative to signing up is through phone number, through a verification code. The users should have their own personal login accounts.
2. Behaviour Tracking
This feature enables the real estate app developers or the company to assess the behavior of an app user and give him leads that match his search criteria. The users set parameters and filters for his search, which shows the search criteria of that person to the app developers.
3. Push Notifications
It is a marketing technique that all real estate apps should definitely have. It helps the users stay loyal and updated about all properties on the app. They are reminded of the app through these timely pop-up messages on their devices.
4. 3D Property View
With the advancement in technology and high-resolution images, the real estate apps also offer the feature of a 3D property view, wherein, a user can have a virtual visit to the site location.
5. Multiple Listing Service (MLS) Integration
This means that various lists of properties from different categories are displayed on the app. This feature gives the users a better understanding of the availability of properties which is displayed in a matter that suits their needs.
6. IDX Integration (Internet Data Exchange)
This feature simplifies the listing of MLS on various platforms. The property agents and brokers can include the link to their websites with the help of this feature.
7. RETS Software (Real Estate Transaction Standard)
It is a medium of connection between the real estate app and the raw data on an app. It helps in streamlining the data on the mobile application.
8. Geolocation Tracking
The users should be able to get an idea about the location of the property; thus, this tool is included as a feature to assist the customers in doing so.
9. Interactive Map View
This is a must-have feature in all real estate apps, as it assists the new people in the city get the hand of the directions in a city and assess the location virtually. The integration of this feature can be done by a third party.
10. Property View (VOD)
The latest technology lets the users take a virtual tour of the properties and get a feel of what it looks like from the outside and inside. Reportedly, 70 percent of those buying houses for the first time believe these virtual tours are an important feature.
11. Mortgage EMI Calculator
Users can be double sure of a property when the app assists them in calculating the EMI they would have to pay against a loan on the property. This tool gives them a rough idea of the money they will have to pay annually to the bank.
12. Interest Rate Calculators
Quite similar to the point above, this one calculates the interest rate set by different banks. The interest would be calculated on the EMI amount taken as loan from any one of the banks.
13. LMS Module
The Lead Management System is a feature that sends out only that information to the users, that is required by them. This filters the information making it more interesting and descriptive.
14. Custom Mail Reminder System
This feature is very much a part of an app because it helps in sending out emails to the users, reminding them of their recent searches and informing them about new properties that are now a part of their offering.
15. Real-time Analytics
This feature notifies the real estate app company when a buyer shows interest in any of the properties listed under it.
16. Roll Based Dashboard
The dashboard is easy to manage and quite useful as it gives insight into the complete website.
17. CRM Integration
It is very important to deal with the questions and queries of the customers/users. Therefore, Customer Service management is a must include the feature in all real estate apps.
18. CMS Integration
Managing large amounts of user data such as profiles of buyers and sellers can be made easy by using CMS integration in real estate app development.
19. ERP Solutions (Enterprise Resource Process)
As a real estate app is quite expansive and there is a lot that the app serves to the users on a platter. ERP is a solution for large scale operations like lead management, employee management, payment modules, etc. So, for a large scale project of real estate app development, an ERP solution will prove very beneficial.
20. Loyalty Programs
It is always good to keep the users engaged by offering them loyalty points leading to some sort of attractive bargains in the future.
How to promote listings using MLS, RETS and IDX integrations
The purpose of all three is different from each other and might not be understandable to many. The foremost thing for the developers is to understand these three terms properly before proceeding.
Multiple Listing Service enables each real estate agent or the dealers to share the information of the properties available at their end. They also keep the users updated about the minutest information of the property. It is a directory that allows the agents to cooperate amongst the group and put up information about the properties available with them for sale. Promoting harmony among the brokers, MLS helps them connect with each other.
It is the acronym for Real Estate Transaction Standard, which allows the connection for raw data between the real estate website and the MLS listings. It is mostly used in countries like Canada and the United States for a smooth exchange of data pertaining to the real estate properties that are available. Any system that works with RETS, will get access to the MLS data. There are certain benefits of RETS, take a close look at them:
- The data listed on the MLS can be customized by the websites.
- The data that is listed on any website using RETS is up-to-date and has the latest figures.
- The data that has been shared on the website is comprehensive and written according to the SEO (Search Engine Optimization) for a better search.
The Internet Data Exchange lets the agents and the property brokers display their MLS on various websites at the same time. The people who look up for properties on these websites are either the buyers or sellers of home properties. It gives access to the public in any area of a city or the state to look at all the properties that have been put on sale. The agents make the website attractive for the users by posting attractive listings.
Tech Stack for Real Estate Mobile App Development
A real estate app should include several technologies including the following:
- CoreLocation: To help track the geolocation of the user and pinning it on the app
- CoreData or Realm: As it allows the app to save the houses and other properties as well
- MapKit for the maps integration
- Apple Push Notifications Service (APNS): Allowing various notifications to be received by the device
- Facebook SDK: Easing out the sign-in process, which can be done by sharing via Facebook
- Google sign in Another simple sign-in option.
- Virtual tours: Allowing customers to explore the property through the application only. They do not have to navigate away from the app for this.
User-Friendly Real Estate App Design
- Properties should be displayed according to the requirements of the users.
- A relevance score should be set, and the properties that are of the most relevance should be displayed on the top.
- Only those results should be displayed on top that is interest to the users, else there are chances of the users switching to some other app.
Required Team Structure to Develop Real Estate Mobile App
All app development processes require a team of experts holding a relevant experience in the industry. Take a look at the team required for developing a real estate mobile application:
- Project manager
- Front end developer
- Backend developers
- Business analyst
- Android app developer
- iOS app developer
- Graphic designers
- QA professionals
Cost of Real Estate App Development
Wondering how much it costs to develop a real estate mobile app? Like all other apps, the cost of real estate app development also depends on the features included in the app, its complexities, and the time spent on the development of the app. Take a look at the approximate cost of time spent by the app developers on the app:
- U.S. based developers: $100 to $250 per hour
- Indian app developers: $25 to $50 per hour
- Developers based in Eastern Europe: $80 to $180 per hour
These are just the rough estimates and might vary from app to app and developer to developer. A real estate mobile application with ample features will cost you around $20000- $30000, However, if you are looking to incorporated most advance technologies features including multiple integrations, Then the cost of real estate mobile app development will increase and it can go around $50000 to $200000.
Real estate is not new to the web, as it has been in the space for a long time now. Making it easier for the people to look up for houses and flats in different cities, it has removed the need for a middleman taking you to each house. With the evolution of phones and the growing bandwidth of the internet, the real estate industry has also launched various real estate mobile application, where the search criteria are comparatively easier than the web, and the users can look up for properties through real estate mobile app in any part of the world.