Technology is finally coming to real estate in a BIG way and changing entire landscape of the industry. It is altering the manner in which both real estate developers and the investment community operate. No form of real estate is untouched from the expansion of technology. Technological disruption provides new business tools and environments, opening up business horizons. Technology is helping overcome stereotypes in space use, locations, and demand levels – eliminating the need for actual physical space.
Property data is getting complex every day. The data is not just providing information to everyone, but creating value for clients in terms of true market insights relating to specific industry, business and employees. Furthermore, the number of devices generating data from different sources has increased tremendously. As mobile technology continues to get smarter, the real estate industry will continue to evolve.
The key lies in aggregating data from both structured and unstructured sources. This generates an actionable insight that helps to provide predictive analytics. The primary advantage of having real estate apps is the ability to monitor real estate investments and property managers. As a result, real estate business owners can focus on core activities such as operations, lease administration, and tenant management.
Technology has the power to transform real estate asset managers’ own operations. Extensive use of ‘mobility’ technology facilitates telecommuting as well as embraces data management techniques. Traditionally in the real estate industry, select number of people manages huge chunks of information, relating to tenants and buildings. With efficient use of technology, dependence on few people to manage large amounts of data will reduce significantly. It is obvious to expect a significant increase in use of data analytics.
Mobile app development adoption for the real estate industry comes with challenges which need to be resolved in order to get maximum benefit from enterprise mobile app development solutions. The resistance to technology adoption remains to be one of the primary challenges.
Privacy Concerns: Real estate companies deal with sensitive data, including confidential tenant, vendor, and employee information. Companies need to protect the information as well as prevent access to interconnected tenant and vendor systems.
Cost & Budget: One of the major challenges facing real estate companies transitioning their business to be more technologically adept is the cost to develop the proper technology.
Reaching out to Millennials: The emergence of millennials as homebuyers and tenants have compelled real estate executives realign their technology strategies. Traditional reliance on listing photos and in-person showings have taken a back seat, it is the time for live virtual tours and pre-recorded video. Demographic shifts, combined with technological advances, also affect real estate.
Real Estate Mobile App Development Services & Opportunities
Location-based Applications: Provide users turn-by-turn directions to open houses and home showings. Real estate apps can gather data and suggest listing. The phone’s GPS knows exact location of client and provides access to the square footage or testimonials.
Property Management: Technology solutions that helps property owners and management companies oversee and easily track commercial real estate assets.
Online Property Search and Listing Services: Tech-enabled commercial listing services to change the less efficient relationship-driven model. Search is main criteria for real estate business to help efficiently manage properties, allowing users to search, view & choose online to get desired output.
Cloud: Store data in cloud-based apps is helping agents keep track of clients, notes and files, like contracts and disclosures.
Collaboration Tools: Platforms to help seamless communication between buyers, vendors, sellers, agents to manage end-to-end real estate transactions
Property Appraisal: Technology solutions to manage valuation of property Design and implementation of a property listing aggregation and distribution framework
CRM: Solutions to oversee the process of client acquisition and retention
Booking: App with built in booking form within your app with the option to set up calendar to show availability to clients.
The real estate industry is growing at a fast pace and we’ve only just begun to scratch the surface for technology-empowered innovation. The commercial adoption of mobility in the real estate could help discover new possibilities to gain business.
As the world continues to evolve — mobility is the now the new norm — business as usual is just no longer possible without going mobile.
If you are looking to modernize your real estate business, it is important to partner with a trusted mobile app development company delivering a wide range of design and development services across a functional areas such as brokerage, franchising, research, valuation, mortgage, facility management and more. Before you partner with a mobile app development company, it is important to check portfolios and methodologies. After all, your development partner is the key to transforming your real estate business.