Real estate business never goes out of trend. Amid the Covid-19 crisis, many businesses went down, however the real estate industry has not witnessed a tremendous loss. It withheld its market position despite the hard situation. Well, real estate businesses took a plunge with mobile apps. One such promising app is Realtor, which bridges the gap between sellers and buyers, making the process of selling and buying properties easy.
The real estate mobile app market’s net value increased from $8.9 trillion in 2018 to $9.6 trillion in 2019. It is estimated that this market’s worth will be $15 trillion by 2025. The inspiring figure implies the demand for real estate apps among people. It will never fade away and keep glowing in the forthcoming years. If you want to plunge into the real estate market with a Realtor Clone app, this blog will guide you through the simple step-by-step instructions of development.
Simple Instructions To Develop A Realtor Clone App That Stands Out From Your Rivals
Step 1 – Market Research And Competitor Analysis
First, you have to check the feasibility of your app idea irrespective of which business you start. You have to conduct a detailed study of the real estate market and understand your target audiences’ expectations.
Analyzing the competitors is the most crucial aspect to consider before establishing a business. In existence, there are plenty of real estate apps in Google Play Store and App Store. Thus, what is the point in deploying a similar app in the market? It is indispensable to perform competitor study that helps to outperform them.
Step 2 – Formulate A Real Estate Database
The database is fundamental while establishing a real estate business. If you do not have your database, you can obtain it in many other ways. However, you can opt for Multiple Listing Services (MLS), which is drafted to regulate the process of selling and sharing properties. Or else, link with syndication platforms or gather databases from your competitors’ apps & FSBO listings. Most importantly, allow the app users to post information about the property. This way, you will have an updated real estate database.
Step 3 – Decide On Implementing A User-Friendly Interface
The interface is the first impression that the users will get. Never make the app complex and let them navigate through various options. Ensure that they find the required information/content with just a few clicks, almost three clicks away.
Step 4 – Choose The Business Model
A real estate app will act as a marketing tool for your business to thrive. Therefore, it is requisite to choose a suitable model. Two different business models as discussed below.
Agency Business Model
The agency-based business model is suitable for the dedicated or individual real estate agency. That is, it suits you if you own a real estate agency and want to grow your business by launching a real estate app like Realtor. Through this app, you can track the business progress with ease.
Aggregator or Third-Party Business Model
This type is like an online marketplace that acts as a middleman between the sellers and buyers. This platform will list the numerous real estate agencies giving varied options for the buyers. The commission revenue model is most suitable for the aggregator business model as you will charge the partnered agencies when payment transactions are made. This is a steady revenue stream to gain profits.
Step 5 – Prefer The Right Set Of Features For Your Real Estate App
Undoubtedly, features are the building block to frame the app’s functionality. Integrating advanced features is as important as including the advanced features. This is because additional features will make your app stand out from its rivals. While choosing the feature-set, make sure those features fulfill the customers’ demands. That is, your app should be customer-centric. Elaborately, some eminent features are mentioned below.
As the property will be listed on the app, it enables the users to find and sort them based on location, price, and many other factors. This advanced search makes it easier to get findings with a few taps hassle-free.
This will facilitate the users to find nearby properties, ensuring location access given in the app. For instance, they have to provide their current location and search for nearby properties. The app will display relevant details accurately.
This feature will enable you to connect and interact with the app users (sellers and buyers) via email, text, and phone. Most of all, sending customized and personalized notifications regarding any updates via push notifications will improve user engagement.
Content Management System
This feature is available in the admin panel, allowing you to manage data (profiles) of both sellers and buyers seamlessly. Whereas, customer relationship management will let you resolve the queries of the customers.
It is quite an indispensable feature for a real estate app like Realtor. Through this feature, you will get insights into the business performance. Thereby, you can focus on improvising it.
Step 6 – Monetization Approaches To Earn Revenue From A Real Estate App
A real-estate app proffers various opportunities to earn revenue out of it. Are you looking for effective ways to monetize your app? Below are some noteworthy monetization strategies that you could consider during real estate app development.
Advertising Revenue Stream
One of the efficacious ways to generate revenue from real-estate apps is in-app advertising. You can allow the relevant advertisers to promote their brands on your platform. Advertisements might be based on mortgage ads, loan insurance ads, home decor ads, and many more. Charge a fair amount of money from them. It would be based on the number of leads produced.
Subscription Revenue Stream
You can offer a subscription package to the users in which they can get various benefits like a low rate of interest or unlimited browsing. Let the subscribers pay a subscription fee on a monthly or yearly basis.
Commission Revenue Stream
You can earn a considerable penny through commission whenever a payment is transacted between buyers and sellers.
Promotions Revenue Stream
You can provide a space for real estate agencies or companies to promote their service. It will be featured on the main page, displaying at the top of the real estate agency lists. This way, those real estate agencies can increase brand visibility. In return, charge them a considerable promotional fee.
Step 7 – Choose The Suitable Technology Partner
Once you are clear about the above-mentioned steps, it is time to implement it. The most important parameter to consider is choosing a suitable technology partner for Realtor Clone app development.
There are two approaches that you could use, one among them. One conventional approach is preferring to develop the app right from the beginning. The modern and simplest approach is to choose the Realtor Clone Script, a tailor-made real estate app solution.
Among these two approaches, the second one is budget-friendly and does not require much time for real estate app development. This is why entrepreneurs choose this approach as they can launch their app in the short term.
Establishing a real estate business with an app like Realtor is a profitable venture to consider in any circumstances. With an app, you can gain visibility, cater to a large user base, boost sales, and gain profits. Make use of the Realtor Clone Script and plunge into the market quickly.