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How to Build a Custom Software Solution for Real Estate?

Real estate agent with two clients

Ivan Samkov from Pexels

The real estate industry is now bursting with cutting-edge technologies, which help to automate its business processes and reach the wanted KPIs much faster than before. Real estate software solutions automate the sailing process, collect rent, maintain tasks, manage financial operations, and optimize costs. How to incline into this taught technological market and become here the best? Fively software specialists compiled a checklist and are ready to share it with you. Here we go:

1. Choose Your Type

First of all, let’s look at the possible types of real estate software and choose the suiting one: 

  • CRM Software

It effectively works with contacts, targets different audiences, maintains relationships with existing customers and clients, and even finds new customers. This is the best solution for real estate if you need to reach many customers, facilitate trustworthy reporting, enhance customer service, and guide the decision-making process. Some CRM solutions for real estate are multiple listing services (MLS) and internet data exchangers (IDX). 

  • ERP Software

This is a perfect solution for management activities, delivery planning, inventory and supply chain, accounting, and procurement. Property management solutions and real estate transaction solutions (RETS) are the possible types of ERP software.

  • Custom Real Estate Software

These highly-rated property solutions provide perfect customer support with a feature of the “rent on roll page”, as well as affordable pricing, user-friendly interface, reduced paperwork, easy third-party integration, and multi-user accessibility. Some examples of such software are online marketplaces, real estate valuation engines, online tenant dashboards, rent roll apps, expense tracking reports, etc. Custom real estate software development provides you with the best possible online experience, and Fively primary focus is on precise analyzing the clients’ business to create really great custom solutions like online marketplaces that we have built for our real estate clients:

“Effective problem solvers aren’t afraid of weird plans and great risks, they take a problem as an opportunity to improve and a motivation to find the right solution, even if it differs from everything they used to do before.” Alex Kalachyk, CEO and Co-Founder at Fively, a custom software development company.

2. Use Cutting-edge Tools

When you have chosen the type of solution for real estate, it’s time to decide on its technical background. Here’s the list of smart technologies, which we use to make our real estate solutions reliable, robust, and flexible:

  • Artificial intelligence and machine learning: help in driving personalization, data visualization, and building prediction models;
  • Augmented and virtual reality: enable clients to take virtual tours of properties before making the final choice, economizing their time, energy, and expenses; 
  • Internet of things: helps to equip the real estate spaces with sensors to make them energy-efficient and remotely controlled;
  • Data science: provides business with the needed data on customers’ behavior, helping to optimize operations and make data-based decisions;
  • Chatbot: a handy feature allowing to keep potential customers engaged and informed;
  • Location-based service: raise conversation rates relative to its untargeted and personalized approach;
  • Blockchain and smart contracts: due to its encryption abilities help to secure important documents: reports, title deeds, and contracts. 

Real estate agent uses tablet

3. Include the Needed Features

If you want your app to hit the real estate software charts, it should possess the following features:

  • Property listing: customers should be able to see available properties in a list format, via a user-friendly app interface;
  • Advanced location search: include location-based navigational filters: affordable price, region, the number of the floor, etc., to simplify property hunting and show the matching ones right on the map;
  • Property inspections: have informative templates and generate insightful reports while in the field to make this time-consuming task faster;
  • Payment management: users should be able to set, modify, and carry out payment plans, with the related safely stored financial details;
  • Enhanced communication: the seamless flow of information between the real estate company and the customers, where the last can create profiles, make payments and maintenance requests;
  • Reduced administration: all data on properties is updated automatically, so customers get details in real-time, 24 hours a day, seven days a week;
  • Reports and analysis: generating detailed reports with statistics on total revenues, capitalization levels, pre/post-tax cash flow, and return on equity. Thus, real estate companies get insights into the effectiveness of their campaigns, as well as predict their financial future.

Plus to these basic features, you can include the following smart options in your solution to make it unique and popular on the market:

  • 3D view of the property: your customers will be able to visit the property virtually without leaving their home, which significantly raises the chances that they buy it;
  • E-Signature: expedites contract completion and streamlines transactions from beginning to end;
  • Valuation models automation: users are able to generate sales and cost data, which maximizes objectivity and reliability of the given data;
  • Easy advertising and marketing: customers target properties by a snapshot, Google, Facebook, or Instagram’s geofencing adoptions.

4. Check Your Success

To sum everything we described up, let’s highlight the results you should get for your customer with your real estate software launched:

  • Higher lead conversion rate: the main benefit of your real estate software is that it should result in higher lead conversion rates and better KPIs;
  • Better interact with clients in less time: you can engage both current and potential clients in your offerings and programs through chatbots and marketing instruments, saving time and resources for routine conversations.
  • Easy digital marketing: automatically create your social media posts and share the updates as soon as they are created to focus on lead generation;
  • Sales process automation: the ability to control, change and modify each customer profile from the first contact with you;

Having them all means that you have built a really good solution for real estate, congratulations! And remember that if you have any software-related questions or need technical help in building the needed real estate app, you can always turn to our specialists and get a free consultation. Wish you good luck in your real estate software project!