Every year the real estate market becomes more competitive. Founders who launch their product now will become richer. To build a successful real estate startup, it’s best to do everything right from the beginning: polish the idea, hire a team, and develop a working product.
In this article we will look at the real estate application market. We’ll talk about how to make a profitable product – what features to include and how to monetize the application.
There are many clients in the real estate market: realtors, tenants, landlords. They have their own needs – they need different applications. For example, renters are looking for rooms and apartments to move into, and owners want to rent out their properties. In addition to them, there are clients who are going to buy a home.
It is impossible to create one application that will benefit them all. It will be bloated – with features that most people don’t need.
The business model and type of application depends on its target audience. There are 4 types of real estate applications:
These apps calculate the price of a property. To do this, the program collects data: the state of the area, infrastructure, prices for similar real estate. The service takes information from the home owner or from 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.
These applications are based on a database of properties that can be purchased or rented. The user finds a property and makes an appointment with the landlord directly in the platform. Such an application acts as an intermediary between tenants and landlords or buyers and sellers.
Brokers and realtors can use these apps to manage commercial real estate. For example, keep accounting and review requests from tenants. Or check which properties have already been rented out and which ones are ready for a potential buyer to view.
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 only part of the property, rather than buying the whole house. The customer base for such applications is still growing.
There are more and more real estate apps. 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 happening thanks to new technologies: virtual reality, automation and artificial intelligence. These features make it easier for users to interact with properties, such as checking the condition of a property, viewing listings, or listing a property for sale.
Investors are looking to capitalize on this growth—according to a CRETI report , they are increasingly investing in real estate startups every year and are trying to find apps with unique features.
If you want to attract investment and get more customers, it’s better to develop your own application now.
Once you have decided on the type of application, try releasing an MVP. This way you will know that the app concept works – it can attract and retain users.
MVP (minimum viable product) is a simplified version of the application that includes only the main features. It is cheaper than a full-fledged product. MVP helps startups check if there is any demand for their app. With the help of an MVP, they can collect feedback that will help improve the application.
To release a good MVP, you don’t need to add a lot of features to your app. A few basic ones are enough – without them it will be inconvenient to use the application.
Registration system. With this feature the application is safer. Users can view each other’s profiles in advance – this makes it easier for clients and tenants. Don’t forget about UX when you add registration – if the user downloads the application and gets stuck at this stage, he will probably leave the application.
Favorites. With this feature, users save time – they can quickly view the apartments they like.
Search by filters. Add location, price range and area – with these filters the user does not need to look at uninteresting ads.
Cards. Two identical apartments can differ in price by hundreds of thousands of dollars just because they are in different areas. That’s why real estate apps need maps. If they are not there, users will exit the application – this is inconvenient.
Chat. This way, users won’t go to another app to discuss a deal and arrange a live meeting.
Navigation panel. It makes it easy to return to properties you like, investments and real estate listings.
Feedback system. This makes it easier to see which landlord or tenant you can work with and which you shouldn’t.
You don’t have to spend a lot of money to develop these features from scratch and implement them into the application. Most of these solutions already exist – you can easily and cheaply adapt them to your MVP.
To stand out with an MVP, think about what additional features you can add to your app. This way you will attract more users and make your application indispensable. Here are some of the features:
| Function | Advantage |
| Augmented reality (AR) and virtual tours | You can view the property online and see the full layout. If the user is planning to move, using AR he can change the wallpaper and furniture – without leaving the application. |
| Comparison of different properties | The user does not have to rush between two advertisements for the sale or rental of real estate. |
| Additional search filters | With them, the user will quickly find the right property. For example, he will immediately find out when the apartment was last renovated and whether it is possible to move in with animals. |
| Mortgage calculators* | You can calculate the interest on the loan or check its repayment schedule directly in the application. |
| Calendar* | Landlords will be able to keep track of overdue payments, and realtors will be able to quickly schedule meetings with potential buyers. |
There are several methods with which you can monetize the application.
Advertising. You can place it on top of your ads. Watch the number and size of advertising – otherwise it may scare away the user.
Subscription. Allow access to additional features for money – or make the application completely paid.
Special offers for realtors. Allow landlords to advertise their properties and get them to the top of searches for a commission.
We are the leading real estate app development company, specialising in creating cutting-edge solutions tailored to your specific needs. Contact us immediately to create your own real estate mobile app for your business!
At Sparkout, we have been creating MVPs for 8 years – we have developed more than 300 projects. We believe that it is better to hire a team of professionals for development. This determines whether it will be possible to bring a workable product to market or not.
Applications can be developed by freelancers, an in-house team, or outsourced. The choice is yours – but an outsourced team has advantages that others do not have. For example, all the developers who know the frameworks you need are at hand—you don’t have to hire a developer yourself.
The stages of development in any company are different. We have divided the process into 5 steps:
Conduct market research. Determine the target audience and their pain points – what the client does not like when using a real estate application. We also ask the entrepreneur what the final product should look like – we calculate whether we can make such an application or not.
At Sparkout, we help with market research. We analyze other real estate applications, their pros and cons. When we start developing your application, we won’t make similar mistakes.
Decide which monetization method you will use for your application: advertising, subscription, special offers for realtors.
Collect ads that you can show in the application. You can connect your existing MLS* to the app – or find brokers and landlords and talk to them in person.
Select the main functions. Try not to add non-essential ones – this will make application development cheaper.
Think through the logic – how users will interact with the application. Using the data you collected in step one, imagine what kind of user experiences your customers want.
At Sparkout, we create real estate app design from scratch – fully assisting with UI/UX. The entrepreneur only has to choose the style of the application. If you want to create different interfaces for iOS and Android, we’ll do it.
This step includes coding and QA testing.
We create applications from scratch – our developers use React Native – a framework that allows you to quickly develop applications simultaneously for iOS and Android. Then we test the application and fix bugs. The client receives a working MV9P that can be released to the market.
You can start testing hypotheses and refining your app based on user comments. This way you will find out which features users liked and what would be better to remove or change.
At Sparkout, we support the application after release. Work on a project does not end after launch. We collect feedback from MVP users. Using feedback, we improve the application.
Through this process, we developed Pad , a real estate startup. Renters in London can use the app to find a room to move into.
We discussed the business strategy with the founder, and together we decided to change the idea of the application. Then they chose the main features and refrained from others – for example, the ability to attach files in a chat with the landlord.
We created an MVP in 4 months. As a result, Pad’s founder attracted clients and investments.
The real estate mobile app market is lucrative. If you want to create your own application, start now.
If you’re thinking about developing a real estate app, choose a monetization method, such as advertising or subscriptions. Start with the MVP – the basic version of the application. This way you can understand whether there is a demand for your product.
If you have an idea for an app, fill out the form below and we will help you calculate the price.
1.How can a founder make money with a real estate app?
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