Real estate tech software development has been on an upward trend in recent years, and it also seeks to harness technology to streamline processes and make transactions more efficient. One of the primary goals of real estate tech software development is to bridge the gap between buyers, sellers, and agents.
Aloa follows the rising trends of the PropTech industry in developing real estate tech. We've worked with clients to build custom software solutions for their unique needs. From there, we've seen firsthand how technology can transform the real estate industry.
Drawing from our experience, we'll share how to build real estate tech efficiently and productively. Through that, you can apply state-of-the-art custom software solutions to drive business growth and scalability in the fast-paced real estate industry.
In this blog, we'll go through what real estate tech is, how to develop A+ solutions, the core features to consider, and the benefits of such technology for real estate industry professionals.
By the end, you'll have the details to create a top-notch custom real estate tech solution that directly meets your business needs.
So, let's dive in!
What is Real Estate Tech?
Real estate tech is using technology to enhance internal processes and operations. It involves developing software solutions that help automate tasks, increase efficiency, and enhance communication among all parties involved in a real estate transaction. The aim of real estate tech is to ultimately increase profits for real estate businesses.
Users of real estate tech can apply this to various technologies. This technology can be applied in areas of the industry, such as property management, home buying/selling, rental management, and more.
Building A+ Real Estate Tech Solutions
Developing a real estate tech solution requires thoroughly understanding the industry, best practices, and the latest technology trends. You'll also require insights into how your solution will address end-user needs. This includes not only real estate professionals, but also buyers, sellers, and other parties involved in a transaction.
Here are some critical steps to follow when building A+ solutions:
Step 1: Identify Your Business Needs
Before diving into development, it's essential to identify the specific needs in your real estate business that you want to address with technology. This will help guide the features and functionalities that should be included in your solution.
Regarding real estate tech, there are a handful of solutions to consider. These solutions are based on the core functions of the industry. Here are a few types of real estate tech solutions to consider:
- Property Listing Solutions: Property listing solutions help real estate professionals manage listings, properties, and clients in one place. Property Management Solutions: These solutions assist with managing rental properties, including tenant communication, rent collection, and maintenance requests.
- Transaction Management Solutions: Transaction management streamline buying/selling a property by automating tasks like document management and communication between parties.
- Client Management Solutions: CRM or client/customer management solutions help real estate professionals keep track of their clients, leads, and interactions to improve customer relationship management.
- Marketing/Sales Solutions: These solutions focus on lead generation and conversions through targeted marketing campaigns, email automation, and more.
- Real Estate Investment Solutions: With real estate investment solutions investors help clients analyze and manage their real estate portfolios, track expenses, and forecast returns.
Specifying the software solution that best suits your needs will help you create a more focused and effective product. From there, you can effectively utilize your developed real estate tech to achieve better ROI and scalability.
Step 2: Understand Technology Requirements
The next step is to understand the technology requirements for your real estate tech solution. This includes selecting the suitable programming languages, frameworks, databases, and tools that best support your needs. Sometimes, it may also involve integrating with existing software or platforms.
Knowing the tech requirements for building real estate tech does require a thorough understanding of what options are out there. In most cases, it is best to partner with a real estate tech development partner to guide you through the process.
With that, a sub-task of this step is to source and partner or hire a real estate tech company or professional to work with. Real estate tech developers, or PropTech developers, are experts in creating solutions for the real estate industry.
Their industry knowledge enables them to effectively propose the best custom software solutions based on your requirements. As you work with a PropTech developer company or team, you'll gain valuable insights into what type of solution best fits your needs, how to develop, and how to ensure maximum efficiency.
One great place to start your search for a PropTech development partner is to explore our website, Aloa. Our experienced team of Account executives can walk you through developing custom real estate tech solutions. We'll also match you up with the ideal team of developers from our outsourced partner network and work closely with you throughout the process from design to deployment.
To help decide on the best technology to apply in development, here is the tech stack we use when developing custom software solutions:
Frameworks and Languages
- Web: React, Vue.js
- Mobile: Swift, Java, Kotlin
- Hybrid: React Native, Flutter
- PHP Laravel
- Python / Django
Database & Storage
- Relational databases: MySQL, PostgreSQL
Tech stacks in real estate tech development determine the coding framework, language, and databases used. Depending on your needs, the tech stack may vary to accommodate your specified requirements.
Remember that different developers will apply various tech stacks based on the tools they are most comfortable using. So, don't forget to inquire about the tech stack used when partnering with a development team.
Step 3: Design and Develop Your Solution
Once you have specified your business needs and identified the technology requirements for your real estate tech solution, it's time to begin your real estate tech development process. This involves creating wireframe prototypes and finally building a full-fledged software product.
Creating wireframes means creating a visual representation of your software product that outlines the layout and flow of the user interface. Prototyping goes a step further by adding functionality to your wireframes so you can have a better understanding of what the final product will look like and how it will work.
After you have a wireframe you're happy with, developers can begin prototyping and developing the software using the selected tech stack. Prototyping involves multiple rounds of testing and revisions to ensure the product meets your business needs and is user-friendly.
From there, building the final minimum viable product (MVP) involves extensive coding, testing, and debugging. The development process can take several months, depending on the complexity of your real estate tech solution.
Once your MVP (minimum viable product) is complete, it's essential to continuously gather feedback from users and make necessary updates and improvements to ensure the long-term success of your software product in the competitive real estate industry.
Step 4: Test, Launch, and Maintain Your Solution
Once your solution has been developed, it's essential to thoroughly test it before launching it to market. This includes technical testing to ensure functionality and user testing to ensure a positive user experience.
Technical testing involves checking for bugs and fixing any issues that may arise. It's essential to test on various devices and browsers to ensure compatibility. User testing involves real users using the software and providing feedback on its usability and functionality.
User testing means using real users to test the software and provide feedback on its usability and functionality. This feedback is crucial in making any necessary improvements before launching your solution to the market.
Step 5: Perform CI/CD for Maximum Scalability
Even after launching your real estate tech solutions, it's essential to perform continuous integration and delivery (CI/CD) to ensure maximum scalability and efficiency. This means regularly updating and improving your software based on user feedback and market demands.
By implementing CI/CD practices, your real estate tech solution can continue to evolve with the changing needs of the industry, ensuring its long-term success. It also allows for easier scale-up as your business grows and new features are needed.
What Features Should a Real Estate Tech Solution Have?
Real estate tech solutions will have various features depending on the type of software you have in mind. However, regardless of the final outcome, real estate tech should have the following core features to it:
Admin Side Features of Real Estate Tech
The admin side features of real estate tech aim to ensure that developers, software managers, and other staff can easily maintain the software without any hassle. These features include:
- User Management: User management features allow for efficient management of user accounts, including creating new users, deleting old ones, and assigning roles and permissions.
- Content Management: With this feature, developers can easily add or update content to the software without needing any coding knowledge.
- Analytics & Reporting: Analytics and reporting features provide valuable insights into how the software is being used and highlight areas for improvement regarding real estate sector market research and tech trends.
- Permission Control: This feature allows for different access levels to the software, ensuring secure and controlled use by all parties involved.
- Process and Workflow Automation: Process and workflow automation enables users to streamline their tasks and productively accomplish them.
User Side Features of Real Estate Tech
The front-end or user-side features of real estate tech are what users will see and interact with. These features should aim to improve the user experience and provide valuable tools for users, such as:
- Property Search: Real estate platforms with this feature allow for easy searching and filtering of properties based on location, price range, and other criteria. AI-enabled
- Virtual Tours: With technological advancements, incorporating real estate solutions like virtual tours has become a popular feature for real estate tech solutions. This allows users to take a 360-degree virtual time of a property without physically being there.
- AR/VR Technology: Digital platforms that use AR and VR for showings make it easier for potential clients to engage with property listings. This is true for both residential and commercial real estate
- Online Chat: An online chat feature can improve customer service and communication between users and real estate agents.
- Mortgage Calculator: This tool helps users estimate their mortgage payments for a specific property, making it easier to determine affordability.
Factors to Consider When Building a Real Estate Tech Solution
When building a real estate tech solution, whether for residential or commercial real estate purposes, it's essential to keep the following factors in mind to ensure its success and effectiveness:
A user-centric design approach results in a more intuitive software product. This means keeping the end-user in mind throughout the development process, incorporating their feedback, and considering their needs and preferences. For internal management tools, a user-centric design goes a long way in making sure those using the software can efficiently accomplish their tasks without frustration.
For client-facing solutions, a user-centric design ensures an easy and enjoyable experience for potential buyers or renters. This can lead to higher conversion rates, satisfied customers, customer loyalty, and positive word-of-mouth marketing.
The real estate industry constantly evolves with a handful of moving parts. Because of this, it's best to consider the scalability of your developed software. Scalability pertains to the ability of your software to handle higher volumes of information and data. Ideally, your final solution will be able to adapt to increasing workloads or usage.
Ensuring scalability in your real estate tech solution prevents overloading or crashing due to increased user traffic. Taking steps to ensure this does not happen works towards creating a better user experience for your customers. Likewise, internal real estate tech solutions incorporating scalability reduce the need for additional resources, software, and employee support as the company expands.
Location Based Services
With the rise of location-based services, real estate tech should utilize this technology for more accurate property search results. Most platforms now include AI (artificial intelligence) capabilities that match listings with a searcher's location.
With that, property managers and property owners can effectively reach potential customers within their area. From there, it streamlines the consideration process of the customer journey. It ensures users gain access to valuable information based on their needs.
In today's society, mobile compatibility is a must as more users are accessing the internet through their smartphones. Your solution should be optimized for mobile use to reach a wider audience. Real estate technologies that integrate or use app platforms can get a larger audience when opting for mobile compatibility.
Real estate tech solutions handle sensitive personal and financial information, so it's essential to ensure the highest level of security measures are in place. Property technology in the real estate market that considers data security builds a higher trust with its customer base.
Additionally, following best practices for data security ensures that realtors and landowners keep their transactions, documents, and dealings safe in a digital environment.
Integration with Other Platforms
To provide a seamless user experience, your real estate tech solution should integrate with other platforms, such as property databases, CRM systems, and social media. Integration also enables real estate technology companies to apply predictive analytics and big data based on how they see fit.
Automation and Analytics
Every real estate business is unique, so it's essential to have a solution that can be customized and scaled according to the specific needs of each company. Part of that customization is being able to integrate, use, and apply automation and analytics. With these, users can quickly pinpoint how to make strategic decisions regarding engaging, reaching out, and communicating with clients.
Real estate tech software development requires a comprehensive and strategic approach to ensure its success in the competitive market. Considering the steps listed above and the core considerations to take makes it easier to create a real estate tech solution that effectively meets industry and business needs in a fast-paced environment.
Those looking to stay ahead of the competition in the real estate and PropTech industry trends do well to explore their options for digital transformation. With the right tools, resources, and a forward-looking mindset, you can create an A+ real estate tech solution that will revolutionize your business and provide valuable solutions for users and businesses.
So, get started on building your real estate tech solution by reaching out to our Account Executives at [email protected]. Our team will walk you through the development process and get you started on the right track by linking you with our software development partner network.