Digital Transformation

How Real Estate Industry can Drive Digital Transformation: An End-to-End Guide

Negi Negi 01/02/2023
How Real Estate Industry can Drive Digital Transformation: An End-to-End Guide

In recent years, no industry remained untouched from being digitized. Technology has changed the way of user-adoption and perception of dealing with real estate activities wherein modern users have been switching continuously from offline dealing to online dealing. Hence, it has become inevitable to seek real estate software development services to streamline the overall practices and stimulate the end results.

As per the current scenario, technology has turned the traditional way of property dealing whether it’s about dealing with residential or commercial purposes. The switch from offline dealing to online dealing has brought revolutionary changes in the market. Both the buyers and sellers agreed upon this quick market adoption as they are more likely to believe in flexible processing, a time-saving deal, and a seamless experience.

Whether to deal with construction purposes, buying, selling, renting, or related services, the real estate industry is continuously changing and anticipating solutions satisfying the continuously increasing user needs.

Market Analysis

The real estate market is continuously growing and there is no doubt that it reserves futuristic growth indeed. However, in recent years, the pandemic affected the industry and slowed down the market for a certain time but now the Real-Estate industry is ready to drive challenges while fulfilling the anticipations of today’s users.

As per the research report generated by Grand View Research, the global real-estate market size is anticipated to reach USD 5.85 trillion by the year 2030 at a CAGR of 5.2% for the period of 2022 to 2030.

So, you can see the growth potential in the real estate industry, and to ensure market competitiveness, many real-estate firms have already started taking recourse to real estate software development services.

To ensure your market sustainability and competitiveness for now and in the long run, partnering with a real-estate software development company can truly help you manage your day-to-day business needs as well as accelerate the process flow to drive productivity and growth at scale.

Challenges Faced by the Industry and Ways to Overcome

As we cannot deny the frequent ups and downs in the real estate industry for various reasons especially due to the pandemic situation. However, the industry is still urging for improved market growth and potential scope with accelerated speed and maximized efficiency.

With a long break due to Covid-19 wherein no industry remained untouched, real estate reserved its futuristic opportunity by generating demand for advancing or maximizing the healthcare infrastructure. Moreover, the steadily increasing urbanization is also supporting the industry to embark on high potential.

However, the real estate industry is facing a multitude of challenges that are somehow interrupting the smoother market flow and expected enlargement. So, let’s understand the challenges faced by the industry and potential ways to overcome them:

Lacking transparency

The real estate industry is not maintaining any easily available market database for general users to support quick and seamless decision-making in terms of buying and selling property with quick effect. However, launching real estate software can help the domain to raise the database for general users willing to sell, buy, or rent out their property.

Manual processing

In today’s digitized world, manual or traditional paperwork is pulling back the industry. These time-consuming processes enable the opportunity in terms of interrupting the deals to be finalized, losing money, losing potential customers, and more. 

So, it can be said, developing and launching customized software for the real estate industry can help them minimize their potential inefficiencies and involved breakups.

Risk of fraudulent

When buying and selling activities or agreements happen through manual paperwork, it ensures a potentially high risk of fraud. In the lack of adequate digitized solutions, a significant hike can be seen in breaches and fraudulent activities compared to the last consecutive years.

Intermediary expenses

One of the biggest lacks in this industry is additional or intermediary expenses in terms of broker fee/commission, exchange fee, taxes, etc., and all these additional expenses are somehow interrupting the industry heights from being transformed. To overcome this industrial challenge, real estate organizations need to associate with a trustworthy real estate software development company to develop the mobile app fulfilling the gaps while serving a seamless experience to everyone willing to participate in land/home, commercial, etc. buying/selling activities.  

Slow Processing

To carry out any dealing and ensure trust in the process, the traditional real estate sector requires third-party involvement which ultimately slows down the process.

So, after getting awareness about challenges in the sector and possible ways to overcome them. Now, let’s understand the possible benefits that a real estate firm can acquire and drive a simplified and faster experience.

Unlying Benefits of Real Estate Software Development

There could be many benefits to developing a real estate app, some of which include the following:

Increased convenience to customers

Developing a real estate app allows customers to search for properties and view listings from their mobile devices, making it more convenient for them to browse and find the property on the go.

Improved communication with clients

A real estate app can facilitate real estate agents to communicate with clients, enabling them to easily share listings and schedule viewings.

Increased visibility

A real estate app can help increase visibility for your business, allowing it to reach a larger audience and attract more potential customers.

Better property management

Deploying a real estate app can help you streamline property management by allowing property owners and buyers/tenants to communicate with each other and manage their properties using their mobile devices.

Increased automation

Launching a real estate app can automate a multitude of tasks, such as property listings, scheduling, and messaging, which in turn, saves time and increases efficiency.

Data tracking & analysis

A real estate app can also help you track data and provide analytics on user behavior, which can be useful to make informed decisions and improve the overall performance of the app impacting the business growth and productivity level.

Cost-effective

When you launch a real estate app for your business, it can be a cost-effective way to reach a wider audience and expand your business, as it can be developed and maintained at a relatively reduced cost by partnering with ScalaCode -an offshore development company that offers up to 60% cost-effective rates.

Must-have Key Features for Your Real Estate Software Development

Deploying a feature-enriched app ensures long-term success while reinforcing your concurrent as well as futuristic business goals. Here, we are demonstrating the essential key features that you can ask the real estate software development company that you associate with:

Easy login

The very first step after installing the app is to register and login in to the app. If your login process is complex, your users may abandon your app even without using it. Hence, ensure easy and seamless login with minimal information for successful user onboarding to your app. 

However, you can still keep a scope for additional information that you can ask them at a later stage or whenever required fulfilling the mandatory context.

User profile

The user profile creation feature is a must-have feature wherein you allow your users to create their own profiles combining their requirements to be leveraged to suggest requirement options later based on. Further, you need to categorize these user profiles as general users, sellers, buyers, and real estate agents.

For instance, after creating their profile, sellers will be able to post the property that they are willing to sell and can access the potential buyers’ information who visited their property page, contacted them, etc.

Integrated database

To serve seamless and actual information related to any land, housing, or property, you need to include an efficient database wherein all the information can be recorded related to buyers’/sellers’ activity, user profiles, conveyed messages, and more. 

Ask your provider to implement and integrate the database serving the actual information to the buyers or sellers at the moment they are looking for helping them to make a profitable decision.

Favorite/Shortlisted feature

Facilitate buyers and sellers with advanced filter features wherein they filter the relevant information fulfilling what they are in need of. Enabling filter functionality helps to save time and effort for your users and encourages them to make faster decisions.

Filter option

Moreover, allow your users the option of marking or shortlisting their favorite properties they are looking to deal with. This feature can help them to review their shortlisted properties whenever they come back to the app as well as support their decision-making. 

Leveraging this feature, you can notify your users or send them push notifications about their searched or shortlisted property so as to engage them on your app and encourage them to end up with the property finalizing decision.

Property details

Ask your real estate software development services provider to design your app interface with intuitive effects wherein a seller can include property pictures, property videos, and comprehensive details of the property. This can help buyers to make quick and trustworthy decisions. 

You can also include the questioning option for sellers wherein buyers can ask initial questions about the property before coming face to face for a serious conversation.

Advanced search

Offering simple navigation and easy-to-use features, you can attract more and more user base to your real estate business app. Moreover, no one would love to struggle while searching for relevant information. However, enabling advanced search can help your users to get things right away rather than navigating or redirecting them one by one.

Map integration

Integrating maps in your app is such an essential step when buyers and sellers plan to meet to access the property and ensure dealing with the same. Hence, make sure to integrate a map in your app to facilitate users reaching the right address at the right time.

Furthermore, you can also integrate smart features wherein you can suggest additional useful data demonstrating the nearby places, stats, etc. helping the users to connect, meet, and drive effectiveness while ensuring the real estate dealing.

Virtual property tour

Including this feature, you can allow your users to virtually visit your property and help them to make an initial decision about whether to even visit the property or not. This will help rescue everyone’s efforts involved in the project chain. Similarly, if the visitor finds the property addressing their needs, this feature will help them to close the deal as early as possible. 

By enabling the virtual property tour feature, you will gain visitors’ trust as they will be able to make quick buying decisions.

Push Notifications

A push notification feature allows real estate agents to send notifications to users about listings, price changes, and other updates. This helps to enhance the user experience as well as helps to gain their trust.

Contact Form

Contact form is such a crucial feature to include in your app that allows your users to easily and effortlessly contact real estate agents and schedule viewings/listings.

Reviews & Ratings

Imbibing this feature allows users to leave reviews and ratings for properties and agents, which can help improve the overall user experience and can help potential buyers make informed decisions.

Multilingual Support

Concluding multilingual support features can allow and facilitate your users to choose a language for the app, which can be useful for a global audience.

It’s worth noting that the feature you decide to include in your app will depend on the specific goals and needs of your business, so it’s important to work with a development team that has experience in real estate mobile application development and can help guide you in making the right choices.

Investment Required for Availing Real Estate Software Development Services

The cost of developing a real estate app can vary greatly depending on a number of factors, such as features and functional navigation that are included in the app, the platform it will build for (Android, iOS, etc.), the complexity of the design, and the experience level of the development team you choose.

Moreover, your cost will also include server costs, marketing expenses, and maintenance costs. So, it would be better to plan your budget first and then come up with your requirements to ensure smoother and interruption-free app deployment. You can also have a detailed discussion with the real estate software development company before starting the project.

How ScalaCode Can Help You Build a Real Estate Industry-driven App

ScalaCode can help you drive a competitive edge through real estate Android/iOS app development that is designed to meet the specific needs and goals of your business. Here are some ways that ScalaCode – a real estate app development company helps you achieve this include:

Customized features

We work with you to create a unique and customized app tailored to your business’s specific needs. For instance, by including features that allow your users to easily search for properties based on their specific criteria.

User-friendly design

We as a software development company design an app that is easy to navigate and use, making it more appealing to potential customers/user base.

Advanced technology integration

Depending on your need, ScalaCode – a mobile app and web development company can integrate advanced technologies such as virtual reality, 3D walkthroughs, and augmented reality to provide an immersive and engaging experience for end-users.

High-performance

We build quality-assured apps and optimize the app for high performance, ensuring that it runs smoothly, quickly, and seamlessly on various devices and platforms.

Scalability

We also help you ensure that your app is built to scale, allowing it to handle a large number of users and listings without a single interruption.

Marketing & Promotion

If you require, we can also assist you with promoting your app, and getting more visibility and traction in the market, by providing you with digital marketing strategies and techniques to help you enlarge the reach of your app.

Monetization model for your app

There could be several monetization models that can be followed when it comes to developing a real estate app:

Subscription-based

This model involves charging users a monthly or annual fee for access to premium features or content on the app.

Advertising-based

This model is all about displaying ads on the app and earning revenue from ad impressions or clicks.

Commission-based

Commission-based model imbibes taking a commission on any property sales or rentals that occur through the app.

In-app purchase

Through this model, you can offer additional features or services for purchase within the app, such as virtual tours, enhanced property listing, or contacting the concerned person.

Lead generation

This model involves providing leads to real estate agents or property dealers and getting paid on a per-lead basis.

Brokerage

A real estate app can act as a brokerage, and charge a commission on each sale or rental occurring through the real estate app.

Furthermore, it’s important to note that different monetization models may be more appropriate for different types of real estate apps. And the right model will depend on the specific goals and target audience of your business. 

Addressing your business potential, you can leverage a combination of more than one model to generate more revenue streams. However, consulting with a real estate software development provider that has experience in real estate app development can assist you in making the right decision.

Final thoughts

Thus, real estate app development could be a greater way to increase the visibility of your business and reach a wider audience. It can provide many benefits such as increased convenience for customers, improved communication with clients, and increased automation of tasks.

When developing a real estate app, it’s important to consider the specific goals & needs of your business and to include features that will be useful for your target audience. However, partnering with a trustworthy and industry-experienced real estate software development company can help guide you in making the right decisions.

Lastly, with a well-designed, well-executed real estate app, you will be able to drive a digital transformation and accomplish your business goals. To discuss your real estate app development project and acquire real estate app development services, connect with us. We can help you deploy and launch a business-empowering real estate app.

Furthermore, we also help businesses with an end-to-end digital transformation through our standard approach, advanced development, and implementation of industry-oriented practices. Contact us today to know more about our digital transformation services.

Negi
Negi

With a rich background in the tech industry spanning over seven years, Negi thrives as a project manager. His expertise lies in orchestrating teams and crafting engaging content that empowers software developers to grasp intricate technical subjects. Innately driven by a zeal for technology's transformative potential, he's been a tech enthusiast from the very start. Presently associated with ScalaCode, Negi is your dependable resource for punctual software project delivery and underlining their enduring success.