The real estate market is evolving more competitive every year. Founders who launch their products now will become richer. To create a successful real estate startup, it is better to do everything right from the beginning: polish the idea, hire a team, and develop a working product.
In this article, let’s look at the real estate app market. We will tell you how to make a profitable product – what features to include and how to monetize the app.
There are many customers in the real estate market: realtors, tenants, and landlords. They have their own needs – they need different apps. For example, renters are looking for rooms and apartments to move into, and owners want to rent out their properties. In addition to them are customers who are looking to buy Nikki Beach residences for sale.
Creating one app that will be useful for all of them is impossible. It will be bloated – with features that most people don’t need.
The business model and type of app depend on its target audience. There are four types of real estate apps.
Real estate appraisal applications
These applications calculate the price of real estate. To do this, the program collects data: the condition of the area, infrastructure, and prices for similar properties. The service takes information from the homeowner or the Internet. The user can also contact a realtor directly in the application – the real estate agent will analyze the market and name the approximate price of the property.
Applications for renting and selling real estate
At the heart of such applications – is a database with property that can be bought or rented. The user finds a property and schedules a meeting with the landlord on the platform. Such an app is like an intermediary between renters and landlords or buyers and sellers.
Real estate management apps
With the help of these apps, brokers and realtors can manage commercial real estate. For example, keep records and review inquiries from tenants. Or check which properties are already leased and prepared to be considered by a potential buyer.
Example. Buildium is an app that helps realtors and brokers manage rental properties. They collect fees and store and process paperwork for tenants. If tenants have problems, landlords can quickly reach out in the app for help.
Real estate investment apps
Not everyone has enough money to invest in real estate and become a landlord. Some crowdfunding apps can help with this – the user invests in just a piece of real estate rather than buying an entire house. Such apps still have a growing customer base.
Fundrise is a popular real estate investment app. The app aggregates investments from multiple users – an investor doesn’t need to spend hundreds of thousands of dollars to invest in a property. The platform disposes of money automatically – it distributes investments between different assets.
Users can see in the app which assets they have invested in. When dividends come in, the investor receives a notification.
Real estate app market trends
Real estate apps are getting bigger. According to Future Marketing Insights ( FMI), the real estate app market will quadruple in 10 years, from $18.2 billion in 2022 to $86.5 billion in 2032.
This is due to new technologies: virtual reality, automation, and artificial intelligence. With these features, it is easier for users to interact with real estate: for example, to check the status of a property, view listings, or list a property for sale. By keeping loyal customers interested in the mobile app through interesting real estate app features, you can save money on your advertising campaign and increase its effectiveness.