Real Estate Marketplace Software Development – A Comprehensive Guide
The real-estate market never sleeps. The world is globalizing and people are traversing here for many reasons which only fuel the pace of the real estate industry. The global real estate software market is forecast to reach $15.8 billion by 2027, with a spike in the market growth of 8.9% CAGR. If you’re in the real estate business, then the thought of building a real estate platform must have crossed your mind many times. This idea, in no way, sounds bad. However, there are already many giants in this segment that are garnering all the attention of the customers. So, you would not want to develop a real estate platform without first understanding what it takes to build multi-functional software.
- The real estate marketplace software is an online platform where realtors, brokers, and property managers can manage their properties and sell them.
- Advanced search filters, analytics, maps, and messaging are some of the key features of real estate marketplace software.
- The global real estate software market is forecast to reach $15.8 billion by 2027, with a spike in the market growth of 8.9% CAGR.
In this guide, we’ll discuss all that you need to know about real estate marketplace software development, as well as discuss the best features you can apply in order to make your software extensive.
Table of Contents
What is Real Estate Marketplace Software?
The real estate marketplace software refers to an online platform that allows realtors, brokers, and property managers to manage their properties and present them before their customers. The software is more of a multichannel e-commerce platform that focuses on allowing seamless transactions and exchange of services. Using this software, customers can go through various properties, compare them, and buy or sell them without a fuss. Let’s dig deeper and read how realtors and managers may benefit from real estate marketplace software.
Benefits of Real Estate Marketplace Software
Simplified Data Management
Real estate marketplace software development is your destination to break free from all the fuss that comes with managing the data. The tool collects data from different sources including internal agency software, multiple listing services, and CRM. It uses thousands of types of data and generates various offers and recommendations based on the user’s preferences.
Whether you realize it or not, analyzing users’ data can double the efficiency of your business operations in the long run. It formulates a useful recommendation engine that can make you give an edge over your competitors in the market.
You can save a huge deal of time spent on manual research by bringing you the data from a unified real estate marketplace. Moreover, a marketplace owner can also have real-time reports on the trending offers and popular regions which will help you strategize your marketing plan more smartly.
It is evident how everything in the market is gradually shifting towards the online approach. A real estate marketplace is burgeoning across online platforms. Using real estate marketplace software, you can simply add new vendors and invite a large customer base. With real estate software development, you will also ensure the spike in your brand visibility.
Additionally, you can reach out to your target customer base in a more personalized way by adding features like multi-language support. Also, you will be able to go with your operations using a dashboard and register new customers from there. Sounds more cost-effective than spending on office rental and equipment, you follow a set of steps via your dashboard and register new users. Overall, a real estate marketplace software will bring not one ounce less of scalability. You can use the help of a real estate marketplace software development company to determine the topmost features to leverage this benefit.
According to a study, almost half of the customers worldwide used the Internet as the primary gateway to explore properties in 2019. The number has only boosted significantly after the entry of the pandemic in the picture. This is not it, companies that are not present online work under the risk of losing their potential customers.
It has become a necessity for agencies and service vendors to adopt real estate software solutions to pace up with the change in customer behavior. This paves the way for more opportunities to expand their brand visibility and manage various agents without a hassle. Users can simply navigate a galore of options from any device. Note that real estate marketplace solutions are more cost-efficient and save the money spent on renting office space, equipment, and offline services.
Essential Features of Real Estate Marketplace Software Solutions
Here are the most essential features of Real Estate Marketplace Software:
Sign Up/ Registration
It already says everything. You don’t want your users to make an exit before even entering your software. Complicated registration processes or asking users to put in too many details will agitate them and deter them from signing up. So, you must keep the signup process of your system short and simple.
Software is meant to streamline and simplify things for your business and not make you juggle even more. So, a user profile is a key feature to pay attention to. If you don’t segment all the buyers and sellers and real estate agents category-wise, then it is only going to invite clutter, confusion, and disaster. It is imperative to allow your users to create user profiles that project their role in the property management procedure.
The listing portal is one of the most important features of real estate marketplace software. This feature is where the available properties are listed by sellers. This feature makes it easy for sellers to show properties and prospects to browse anytime, from anywhere.
Analytics tool helps you determine how well you are marching towards a successful real estate business. Analytics offers valuable insights into customer interaction that takes place on your online real estate platform and enables you to understand what you need to do in order to enhance your conversion and retention rates.
By adding search filters to your real estate marketplace software, you will be able to make sure that your users don’t have trouble looking for the properties based on their preferences. Adding specific categories will make it easier for your potential buyers to find their desired property faster. These filters can help your users find properties based on locality, price, size, and more.
Your users should be able to shortlist or favorite the properties as it will make it easier for them to keep looking for other options and not lose track of the ones they’d like to consider. The option to mark favorites will give your customers rest assured that they can return the previously explored property at their own convenience.
Now, this is yet another most important feature to have in real estate marketplace software. When your customer is planning to buy a property, they found on your software, it is natural for them to want to find as much information about the ones they have shortlisted before. Scouring through details will help them weigh their options and get their hands on the best property available out there. You can add details in the form of pictures, videos, specifications, virtual tours, and more.
Financial calculators are one of the key features of real estate marketplace software. Providing a calculator on the same platform will save the time and effort of your customers that’s spent switching between different portals for payment calculations.
Visiting properties and sharing addresses is an everyday errand in the real estate marketplace. Gone are the days when you would need to guide your customers to the location of the properties they want to visit. By integrating the maps feature, you can simply share the location with your customers and make it really quick and effective.
Integrated messaging features in your real estate marketplace software will improve the communication between sellers, agents, and property buyers making it more convenient.
Key Steps to Build Real Estate Marketplace Software
Have you decided to develop a real estate marketplace software? Great! What’s next?
As you embark on a real estate software development journey to transform your business, there are certain things you need to keep in mind. Let’s discuss the eminent steps to develop real estate marketplace software solutions:
To begin with things, you need to have a vision – a roadmap. Diving into the market trends, discovering what’s hot and what’s not and most of all, understanding the problems that need to be worked on will help you decide what you’re in this for. It is important to realize the solution you’re bringing to the table for thousands of people and not to forget – who these people are. Answering these factors will show you the way to a roadmap and establish a route for the next steps.
Deciding the Key Features
It is super crucial to note that you do not need to stuff your real estate marketplace software with a bountiful of features to make it an extensive presentation of your services. This probably won’t serve the purpose but definitely drain out your efforts, money, and worse – it will confuse your customers and make them hit the exit from your platform. It is best to consult real estate software development and market experts and identify the features that are truly in sync with your business goal. Go with only those features that you find most useful for your users.
The development is the most elaborate of steps to develop real estate software. At this stage, your real estate marketplace software development team will be working on your solution and implementing the frontend and backend functionality as required.
Testing is the most vital post-development stage that makes a must before you move on to releasing your software. Since your real estate marketplace software is aimed to solve your customers’ problems, fulfilling their needs, and build a solid route to client satisfaction, it is imperative that the users don’t have to go through bugs and other operational issues. The testing process ensures the elimination of any issues lingering within the software and gives a green signal to its release.
Real estate platform development can unleash more benefits than you can imagine. We have to admit that carrying out the development is not a cakewalk given that there is a multitude of aspects to keep in mind such as functionality, third-party integrations, design, market trends, etc. which makes it crucial for you to make sure that you have a team of experienced professionals for real estate software development.
Matellio is trusted by business professionals as one of the best real estate marketing software development companies. Our team of engineers uses their expertise and experience in the real estate market to ensure the delivery of a futuristic solution that solves users’ problems and simplifies the way you do business.
To know how we will help you make your real estate business a success, contact us today!
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