Tag: Custom Real Estate Software

Close more deals—that’s the goal of real estate marketing and sales. It’s no secret that the real estate industry is highly competitive. How do you survive and thrive? Survival of the fastest seems to be the norm—the fastest to identify potential customers and the quickest to close deals. Can custom real estate software development help master these goals?

This blog is about marrying the two worlds to catapult your real estate business toward success. Stay with us to see how digital technology can help you engage with customers and accelerate the sales process. We will also see the magic of customizing this technology to make your real estate business stay miles ahead of the competition.

How is Technology Changing the Real Estate Market?

The real estate market has seen its share of peaks and falls. The pandemic, in particular, affected real estate sales in an unprecedented way. This called for the adoption of new methods to keep the market afloat. The real estate industry answered the call. It quickly adopted digital tools that have reshaped the real estate business landscape.

Did it make a difference? Yes, it did! A recent report from Coherent Market Insights suggests that the worldwide real estate software market will be worth around US$ 12.44 Billion in 2024, with projections indicating it could rise to US$ 28.63 Billion by 2031, showing a 12.6% CAGR during that period.

Here are some areas where technology has made a major difference to the real estate industry:

1. Automation

Automation has significantly impacted real estate businesses. Scheduling property viewings, mortgage approvals, and digital transaction management are some notable tasks that have been enhanced as a result of automation in the real estate industry.

2. Predictive Analytics

Data generated from property searches across the internet is gold to the real estate industry. It gives insight into buyer patterns and market trends. Deep analysis of this data helps real estate businesses calculate property value, set rental prices, predict where to focus their advertising and so much more.

3. Real Estate Management Software

Real Estate Management software has revolutionized the way properties are managed and maintained. This, combined with the Internet of Things and its arsenal of connected devices has been a boon for property owners.

• Augmented and Virtual Realities have transformed the way properties are viewed and imagined. With features like 3D property viewings and customized layering of interiors and designs, buyers have access to exactly what they want and how they want it.
• Digital Marketing Tools have long replaced flashy signboards. Analyzing customer personas on social media and other platforms has helped create targeted advertising that produces better results.

Clearly, a shift to a tech-savvy approach is helping companies. It optimizes property listings, nurtures leads, and speeds up buyers’ decisions.

Why Do Real Estate Companies Need Custom Software Instead of Commercial Software?

In a sea of real estate businesses vying to stand out from the crowd, the last thing you need is generic commercial software.

Many real estate companies do use commercial software. However, these tools offer standard features that may not cater to the specific requirements of each business. This can lead to inefficiency and missed opportunities. Custom real estate software, however, is built around a company’s workflows, goals, and clients. Here are some key reasons why you should opt for custom real estate software development:

1) Scalability

Commercial options may need costly upgrades and replacements that put an extra load on an already tight budget. But custom real estate software grows with your business, increasing clients and properties at a low cost.

2) Integration

Real estate firms rely on a variety of tools, from CRMs to finance management systems. Custom real estate software development can tailor your solution to integrate with existing tools effortlessly. This ensures smooth operations across departments.

3) Customization

Every real estate business has different modes of operation. Custom real estate software lets you change features to fit in with your marketing and sales strategies.

4) Competitive Edge

A custom platform drives innovation. It gives your business unique features and a distinct advantage that sets it apart from competitors.

How Custom Software Development Can Benefit Your Business?

Custom real estate software development brings several tangible benefits to real estate marketing and sales:

Personalized Client Experience

Research by McKinsey shows that 71% of consumers anticipate personalized interactions from companies. Custom software development helps improve customer experience. Enhanced CRM systems can customize market campaigns to customer preferences. This boosts engagement and leads conversions.

Streamlined Operations

Automating tasks such as managing documents, scheduling appointments and communication saves time and reduces error. This lets sales teams focus on closing deals.

Real-time Data and Insights

Custom software offers instant access to market trends, customer behavior, and property performance. A business can use this data to make better marketing and sales decisions.

Improved Lead Management

Businesses that use effective lead management strategies are known to experience an increase in lead conversion rates. Custom Software speeds up the process. It can track lead sources, buyer interests, and interactions. This lets sales trans-prioritize and nurture the best leads.

Enhanced Security

Information handled by real estate businesses are sensitive in nature. They include personal details, financial documents, and confidential transaction information. This makes security vital.

IBM’s data breach statistical report stated that the average global cost of a data breach in 2024 was USD 4.88 million, marking a 10% increase from the previous year! Custom platforms help combat this issue. They are more secure than many commercial products and can be tailored to provide certain security features. In this way, they protect sensitive client and business data.

Read more: How to Select the Right Software for Property Management?

Common FAQs on Custom Real Estate Software Development for Marketing and Sales

1) How long does it take to develop custom real estate software?

The timeline depends on the complexity of the software, but it can typically range from a few months to a year. Regular consultations ensure that the product aligns with your business goals.

2) Is custom software more expensive than commercial solutions?

Not in the long run. Even though the upfront expenses may be greater, the long-term return on investment is worth it. Tailored solutions are designed with the ability to grow, adapt, and operate more effectively. This makes the custom software more reliable and secure. This in turn translates to greater efficiencies and savings in the long run.

3) What kind of support is required after development?

Support is vital. It manages updates, troubleshoots issues, and adds new features as your business evolves. With a trusted technology partner like Fingent, you can be sure ongoing support is always available.

4) Can custom software integrate with third-party tools like CRMs or marketing platforms?

Yes, custom software can be built to integrate seamlessly with existing platforms, ensuring smooth operations across your tech stack.

Case Study for Custom Real Estate Software Development

Custom real estate software brings tangible benefits to real estate businesses. To demonstrate, here is a look at a custom solution developed by Fingent for a client.

The Challenge

The property management industry is often fragmented. Different operators handle tasks like tenant screening, rent collection, and maintenance as distinct responsibilities. This lack of connection and poor communication caused delays. It made work inefficient and lowered property owners’ returns. The client Colin Brechbill wanted to create a platform that would streamline and centralize all property management functions for better efficiency.

The Solution

Colin teamed up with Fingent to build Rentmoji. It is a cloud-based platform that combines all property management tasks in one place. The system handles leasing, rent collection, maintenance, accounting, and tenant relations. It uses one easy-to-use interface for all of this.
It also offers custom portals for tenants, owners, and vendors. This makes communication more efficient and transparent for all.
Rentmoji goes beyond centralization. It integrates with third-party services, like payment processing, credit checks, and property listings. It also provides mobile apps for field service. They allow real-time tracking of maintenance work.
SSL encryption protects sensitive information. It builds trust among all users of the platform.

The Benefits

Rentmoji helped Colin’s firm work more efficiently. It automated tasks and improved property management. It helped the business grow, adapt, and serve owners and tenants better.

Transform Your Business With Custom Real Estate Software Development by Fingent

Custom software development for the real estate industry is a specialization that we at Fingent are proud of. As in the creation of Rentmoji, our focus is on delivering exactly what our client needs. Our experts call on their technological know-how and their experience to create solutions that are efficient, scalable, and future-proofed.

Our offices are abuzz with technologies like Artificial Intelligence, Machine Learning, Augmented Reality and Virtual Reality, IoT and more. PropTech or property technology, is our forte and we can help you make use of these amazing technologies.

Ready to transform your real estate business with custom software? Let’s talk about how we can help.

While most sectors have battled their respective digital disruption by enhancing their own digital capabilities, the real estate sector has been considerably slow to react. This is rather astonishing when you look at the size of the real estate business globally where it surpasses all other sectors to form the most valuable commodity valued at over $217 trillion.  In the digital era, no industry is safe from disruptions and this includes the real estate sector as well.

How will custom software transform the real estate business?

With the overwhelming majority of today’s buyers belonging to the millennial group, the sector is witnessing an increased demand for digital innovation. From finance to aesthetics, there is a wide range of applications for technology in the real estate sector and this includes both commercial and residential assets.

What drives the need for digital in the real estate sector?

The three main driving forces behind digital adoption in the real estate sector are

• Buyer Experience
• Transparency
• Compliance

The buyer experience is the ultimate selling point for any property today be it commercial or residential. From the discovery of the property to guaranteed maintenance operations after a sale, today’s buyers need seamless services on all fronts. This could be made possible through a highly connected digital ecosystem that is spread across the entire buyer journey. There is a need for bringing a mature and trustworthy operational model for real estate dealings. Custom digital software can help bridge the gap between realtors, property managers, landlords and tenants in a multitude of ways and bring about transparency and accountability in matters where large financial transactions are involved. Besides the real estate sector draws quite a big eye from the authorities and compliance standards for safety which are amongst the toughest of all sectors. With a digital backbone, it becomes easier for compliance requirements to be validated and audited by government agencies. For buyers, this provides peace of mind and a hassle-free tenure with all risk aspects sorted, at both individual and government level.

What can digital transformation do for the real estate sector?

Now that you are well aware of the need to drive digital innovations, it is time to have a look at ways in which digital transformation can reshape the real estate sector. A gamut of technology innovations exists today that can deep dive into the various nuances in the sector and create lasting experiences for buyers and tenants and transform properties into global commodities. Let us examine the top 5 ways in which the real estate sector can transform with custom software.

Discovery of properties

In the 1980s, close to 22% of home buyers relied on newspaper ads and 8% relied on their friends to discover new properties to buy. In 2017, more than 51% relied on the internet to make a property or a home purchase decision. The internet has become the hotbed for real estate marketing and if you are not out online with full guns blazing, chances are that your listed property or home may not attract any potential interest from the buyers of today. Real estate developers and sellers need to have an attractive website for their property in addition to maintaining a sizable listing on the most popular property portals amongst buyers. Doing your homework on SEO and taking steps to include feedback from powerful search analytical tools provided by search engines like Google themselves, you can improve the online presence of your property considerably.

Related Reading: A Property Management Software can be a boon for real estate managers if adopted the right one. Find the secrets of finding the right property management software here.

Changing the role of real estate agents

Most digital disruptions have focused on massively reshaping the roles of personnel involved and here too, the picture is not different. With the rise of digital portals and custom software, buyers and sellers can connect more directly without losing a hefty price in terms of commissions. But agents are not completely left out as well. They, on the other hand, have a plethora of marketing and customer service tools to offer more privileged and customized services for buyers. The transformation can, however, be a bit painful for real estate agents dealing with residential properties as they can be choked out by a large number of digital listing portals wherein sellers can directly provide information, arrange site visits and even proceed with legal documentation without the agent’s help.

Transforming site visits

By the year 2025, nearly 20 million households in the US would be owned exclusively by folks in the millennial generation. If you expect them to drop by after work or on a Sunday for a property visit, then chances are you will never hear from them after the first inquiry. In the digital age, you can use custom software to schedule and arrange for a suitable site visit time slot that is favorable for both the potential buyer and the agent. It can even facilitate pre-visit conditions such as a deposit, online application, valid document proof, etc. Going a step further, virtual and augmented reality embedded apps can provide a 360-degree walk-through of the property on the buyer’s mobile phone anytime and anywhere. With such digital innovations, the target market would not hesitate in spending an extra premium thanks to the splendid buying experience.

Related Reading: Self Showing App, an IoT application built by Fingent streamlines the complete inspection and leasing procedures of real estate firms. Find more in the case study here.

Setting the terms of leasing or buying

Gone are the days, when you needed hours of documentation to create a transparent lease or buying agreement that aligns with regional laws and complies with all relevant risk management standards. Today custom real estate software can provide digital lease or buying agreements that can be validated by local, regional or national government authorities directly without middlemen leading to significant cost reduction in the entire process. A digital portal could record every transaction from the first site visit pre-requisites to valid document audits, payment information, terms and conditions of the agreement including periodic rental revision agreements, automated payment schedules, etc. Such a massive transformation can bring about significant changes to both residential and commercial real estate properties.

Preventing fraudulent transactions

Having a digital backbone brings with it guaranteed transparency and accountability for every transaction or commitment made between a buyer and a seller. Besides, digital portals having direct validation credentials with government authorities can provide digital verification of documents, identity proofs and other associated legal requirements for every transaction. This can aid in transparent pricing schemes, elimination of bribes and middlemen fees, provide streamlined tax revenue to governments for every deal in the real estate sector thereby eliminating fraudulent transactions.

Related Reading: Read through the case study to know how Fingent developed a customized all-in-one property management solution for one of their leading real estate client here.

Summing up

Though much of the transformation mentioned above is in various initial stages, the real estate sector holds immense potential for future digital innovation. Custom software for the real estate sector can challenge traditional buyer-seller relationships and even wipe out middlemen in the long run as we mentioned in one of the possibilities above. However, staying ahead and relevant at the same time in the digital era is what key players in the sector need to focus their attention on. Write to us to know how our digital transformation specialists can enable the best of real estate innovations for you.