3 Reasons Why an International Real Estate Company Needs a Mobile App
This blog is for those real estate startups and businesses that are still thinking why to invest in real estate app development. Herein we have curated 3 reasons why an international real estate company needs a mobile app.
People don’t invest in real estate on a daily basis, which is what businesses thriving in this industry need to know. If they are commercially satisfied and feel that all their needs are taken into consideration, they invest in a property, either commercial or residential.
For a real estate business like yours, there is a tough competition waiting to pounce on you in the market. If you want to stand out amidst competition, it is essential that you work your way through all the odds, and create a niche for your business. Apart from offering excellent services and authentic real estate products that can attract your customers, you will need to offer convenience and value.
For most people, the convenience comes from having a mobile app. Globally, real estate businesses have started evolving as a result of their mobile app solutions, which help them build a dynamic customer base and aid their customers with ease.
Before we begin evaluating the reasons you should have a real estate app for your real estate business, let us take you through the market statistics for real estate.
The Global Real Estate Market: Trends & Analysis
- By 2025, the global real estate market is all set to generate a revenue of $4263.7Bn.
- As on date, 50% of the total population residing in the USA is currently occupying the urban regions. This figure is all set to reach 65% by 2025 owing to the rise in megacities and the increase in urban amenities.
- Apart from amenities and increasing urbanization, lower rentals, mortgage rates, and government reforms are also responsible for the increase in revenue generation for the real estate markets.
- Apart from the United States, the other markets that have shown potential growth in real estate include the Middle East and the Asia Pacific. Of these markets, the Asia Pacific, North American and Middle East markets are also showing an increase in the personal real estate spaces.
- One look at the global market trends and you will observe that Germany has taken over China’s spot as the fourth largest national market for real estate businesses.
The global real estate market also shows a disruptive trend, which means there is an opportunity for new players and plenty of space for competition as per the current trends.
According to the current market scenario, there are more buyers as compared to the spaces available, which means there is an increase in real estate prices.
Again, something that real estate investors should know is that the increase in fed fund rate does not affect the mortgage rates. In fact, the rise in the fed fund rates in some cases have also led to a decrease in the real estate prices. Of course, the real estate growth is not comparable to what it was in 2008, but the growth is definitive and validated as of now.
The one thing that the real estate business owners ought to know is that most of the investors in real estate businesses are millennials. They have captured close to 45% of the market, closely followed by the Gen Xers who account for 37% of the market.
If this trend is correct, then you have to invest in real estate apps, as the millennials try to shop more on their phone, and less in person. You will be able to attract their attention via real estate app Canada as against offline events and other services.
3 Reasons to Invest in a Real Estate App Development for your International Real Estate Business
1. Real-time Communication
For a real estate business to survive in the competitive market, it is important that they are responsive and communicate on time. This is only possible if there are apps for real estate agents and real estate businesses. The mobile app with the in-app chat facility and other features will enable the investors and other end users of the real-estate business to connect with the owners or agents or the people involved with the particular purchase.
They can easily get information regarding the property they are interested in, get their queries answered and get immediate solutions to their problems. The real estate businesses thrive on communication, and the users in current times consider a business good enough only when they are responsive and pay attention to the user’s problems immediately by providing international real estate app.
2. Eliminating Intermediaries
With a real estate application, you can see that the intermediaries in the real estate business no longer exist. The long short communication that was the norm once upon a time has been removed with the application for real estate. A mobile app has created an open marketplace for the people involved in the transaction. For instance, if you are the buyer, and there is a seller listed on the app, then you two can connect with each other, and complete the transaction.
Zillow like apps are the ones that have successfully removed the intermediaries thus making real estate businesses accessible for the end users. In fact, some of the users can even track the potential sale price and the fluctuating market price for the place they are interested in through these apps, thus removing the need for a third party as well as research.
3. Data-driven Insights
When it comes to real-estate, insights play an important role in not just recommending a property, but also in creating a unique user experience. You will need to understand the user before you can actually offer the experience they need. Mobile apps allow you to know the user, nurture their behaviour and offer them the kind of service they are looking for.
The data that is available from the regular browsing habits of the end user and the way they connect with the app will help build insights that can be used to personalize the services for the end user. Mobile apps make personalization, recommendation and even offer incredible insight-driven services easy for the real-estate businesses.
Must-have Features of Real Estate App That Startups Can Look Upon
If you are planning a real-estate app, then you ought to have a complete understanding of the basic features that you should line up. Without these features, your app is incomplete and does not perform the job for you.
- Search Abilities: What is the first thing the user is bound to use your real estate app for- to search for properties in their vicinity. Make sure your app has a search facility that allows the user to search for residential/commercial properties based on the type, area, etc. Without this feature, your app will remain incomplete, as this is the first step that the user aims to perform
- Calculators: The calculator feature will help the users calculate the best prices for the particular property. It will also help them calculate the EMI for the property in consideration, based on the current rate of interest. They can easily see the property, research if it is available within their budget before they can take it forward. You can either have two separate calculators for the mortgage and rate of interest or pair it together
- GPS Integration: This will help the users search for the property without asking anyone for directions. In fact, the exact location of the property is known via the mobile app itself, which makes it easy for the users to know whether or not they want to invest in that particular property. In some cases, the app can also provide a clear view of the property thus making the visit to the property completely unnecessary
- Price Trends: Many of you want to know the current price trends for a particular market. This can be known if you have included it in your app. You can showcase the running per sq feet or other unit based price trend for the market, thus making it easier for the user to know which area works within their budget.
- In-app chat: This is an important feature as it allows the user to connect with the business, and gain support for all the issues they might be facing. Right from the app related support to support related to a particular property, the in-app chat allows the user to get immediate communication. In fact, the in-app chat also facilitates a connection between the buyer and seller in order to complete the transaction on time.
If you have a real estate business and are not sure how to grow, it is time to invest in an app for real estate business and startup. It will not only help you stay relevant in the current times but also help you grow and convert better. The real estate app is an investment that will give you visibility, conversions, and facilitate better communication. In fact, an app will remove the need for middlemen, thus clearing the clutter that exists in the real estate industry.
If you are planning a real estate app development, then you ought to keep in mind the most important features that will help boost the usage of the app and increase revenue for your business. So, if you have an idea on real estate app development, cross verify it with us as we are a leading mobile app development company in Canada and already developed over 3500 mobile apps for a different genre.
In case, if you still have any query like real estate app for iPhone cost, real state app for Android features, real estate app developer for hire, Indian app developer cost for real estate investing apps, real estate mobile app development timeline, then fill our contact us form. One of our sales experts will get back to you in a short span of time.
This page was last edited on August 21st, 2020, at 12:03 PM.