Wondering how real estate apps generate revenue? Read further to learn more about monetization opportunities through real estate apps:
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.
1. MLS
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.
2. RETS
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.
3. IDS
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.
Conclusion
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.
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