A digital economy is taking over the world, and the real estate industry is following suit. Real estate is embracing tech to meet customer demands. In the real estate industry, web and mobile applications are essential technologies.
People now use mobile apps to buy, sell, and rent houses. According to a report by Statista, there is an expectation that the market for mobile apps for real estate will grow to $12.7 billion by the year 2022. As a result, the real estate industry is embracing technology, and real estate mobile apps represent a significant market opportunity for businesses.
If you plan to develop a real estate app, this guide will provide you with essential information about app development.
Overview of the Real Estate Mobile App Market
Research on homebuyers’ behavior indicates that the demand for real estate apps is lower now.
A staggering 96% of customers shopped for a house online in 2022. It was estimated that 60% of the respondents used mobile devices.
There is rapid growth in the market for real estate applications worldwide, and the Real Estate App market has experienced rapid growth in recent years. According to the recent report released by The Business Research Company, the market is expected to reach a value of $10.06 billion in 2022, representing a CAGR of 10.2% from $9.12 billion in 2021.
As reported on the site, a $14.61 billion market is projected to be accounted for in 2026. According to Globe News Wire, the global Real Estate software market is expected to grow at an annual compound growth rate of 8.9% by 2027 to reach $15.8 billion.
Real Estate App Development Process
Now that you have identified your real estate application’s essential features, you need to start developing your real estate application to create an app in a structured way. We’ll take you through the critical real estate app development stages.
1. Planning and research
It is essential to identify the target audience and conduct market research, as well as to identify competitors and define the scope of the project in the research and planning phase. A detailed plan is required during this process stage, describing the app’s functions, user interface, and user experience.
Prototypes, mockups, and wireframes are all part of the design stage. You visualize the experience and user interface of the app during the design stage. Creating an appealing, intuitive, and user-friendly design is essential during the design stage.
Coding and integrating the app’s features are part of the development stage. The first thing you need to do at this stage is hire developers with experience building real estate applications to develop the application. A well-designed app must be scalable, secure, and capable of handling many users.
The testing stage consists of checking for bugs and errors and testing the app’s usability. Ensure that the application is functional during this stage and that its performance meets the requirements. Make sure the app works on different devices and platforms.
During the launch phase of an app’s development, the app will be made available to the market. You need to do several things during the development phase of the app, including creating a marketing plan that incorporates social media marketing, email marketing, and other forms of promotion. It needs to be easy to download and available in different app stores.
New features are added to the app during maintenance, and bugs are fixed. You will need to ensure the app is compatible with the latest operating systems, platforms, and devices during this stage of the development process. If users have any issues, you have to help them.
Monetization Strategies for a Real Estate Mobile App
Profit-making models vary from business to business, but several basic methods are used most frequently for monetization, which include:
Ads for promotions: The catalog can be customized so agencies, realtors, and property owners can advertise individual objects.
Ordinary advertising: Your application can be integrated with the Google Ads app, which you can use to display typical adverts and banners and earn revenue by getting users to click through and view the ads.
Freemium account: It’s a model for monetizing users and intends to provide users with the option of gaining access to advanced features, disabling advertisements, and so on. With the same app, users can upgrade to a premium account.
Content fee: A monthly subscription gives you access to the best content. Maybe there’s an exclusive section with offers, or you can get priority notifications about such deals.
Challenges and Potential Solutions in Developing a Real Estate Mobile App
Developing an effective solution to real estate mobile app development challenges is one of the developers’ main focuses. Here is a discussion of these challenges
Budget for app development
For real estate companies to successfully shift into a technologically orientated mode of work, one of the most significant challenges they have to overcome is the issue of funds. When it comes to the development of iOS applications or Android applications, real estate companies are required to spend a substantial amount of money on the process. Additionally, they must be user-friendly and highly efficient, have interactive features, and be regularly updated. There’s no doubt that real estate apps are more expensive than other simple mobile apps.
As agents and workers in real estate handle highly confidential information about clients and agents, the security factor is a significant challenge. It includes the customers’ bank statements. As a result, real estate businesses have had to work on their applications extensively and secure them using a highly secure algorithm and encryption system that cannot be hacked easily.
Get Over These Challenges
Real estate companies can handle financial obstacles by building a cross-platform app, which allows them to develop Android and iOS without creating a single app.
As VR and AR technologies are highly demanded, it allows it to offer virtual tours and 360-degree tours. In addition, HD images give the photos a micro-realistic look. As a result of this feature, realtors can gain the attention of millennials and other classes, who constitute the largest chunk of the audience.
Real estate app developers can implement two-step verification or double authentication to enhance security and safeguard the customer’s information.
Developing mobile apps for the real estate industry is a market that is rapidly growing, and businesses are expected to thrive as a result. Identifying the key features, following a development process, and estimating the costs are necessary for a successful real estate application.
SynergyWorks is one of the top real estate application developers, providing a wide range of applications specifically tailored to meet the needs of its clients.
Having years of experience and a dedicated development team, SynergyWorks has been developing several successful real estate apps that have enabled companies to generate revenue, engage customers, and streamline operations through enhanced customer experiences.