Real Estate App Development Cost: Drive Growth in Real Estate

By RisingMax

July 10, 2023

Real Estate App Development Cost: Drive Growth in Real Estate

The ability of people to buy or sell their property used to be dependent on the availability of real estate agents' time to visit potential rental or purchase properties and their ability to attract prospective buyers and sellers to their properties.

This shift from face-to-face open houses to virtual tours on mobile devices has not gone unnoticed by the many stakeholders in the real estate industry, who, like millennials, are calling for the industry to move to mobile platforms.

As a result of this increased demand, there has been an increase in the number of property market enthusiasts working to close the gap between demand and supply.
Are you looking for a reliable and high-end real estate application to make a global impact with a flexible business? RisingMax Inc. provides an advanced real estate mobile application with high-end features and secured coding.

Why Should You Invest In Real Estate App Development?

  • In 2022, the US market for commercial property remodelling was valued at 51 billion dollars. Beginning in 2012 and reaching its peak in 2020, the market growth pattern was followed by two years of decrease. In 2023, the market is predicted to expand by around 2%, based on the forecast. (Statista)

  • With a compound annual growth rate (CAGR) of 7.6%, the global real estate market increased from $3694.47 billion in 2022 to $3976.18 billion in 2023. At a CAGR of 7.0%, the real estate industry is projected to reach $5209.84 billion in 2027. (Global Real Estate Market Report)
  • The value of the commercial real estate sector in the United Kingdom (UK) was close to 1.7 trillion dollars as of the last month of 2022, an increase of roughly 50 million dollars from 2021. The UK was Europe's second-largest commercial real estate market behind Germany. (Statista)
  • It is estimated that there are 130.4 thousand real estate businesses in the United Kingdom.
And it all starts with a single question: what is the cost of Real estate app development or real estate auction software?
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Must-Have Features Of Real Estate App

Let’s see what features will help you to get a reliable and high-end real-estate application.  

Real Estate Valuation Engines

Real estate development software best analyses and evaluates a wide range of properties. This makes the analysis feature easy to go. Real estate software makes sure everything is bug-free. 

The easy and intuitive user interface, detailed projections, presentation-quality reports & real-time analysis make the software work easy in one go.

IDX/MLS

This is another feature that is a must to look at when estimating real estate app development costs. This feature of the software ensures that MLS listings are easy to integrate within the CRM or not. Undoubtedly, software integration to email marketing, corporate websites, mobile apps, and more are essential. 

And we, as a leading real estate software provider who is out to estimate real estate app development costs consider this feature. This feature boosts content automation, engagement, and leads quickly.

AR/VR Solutions

The growing world needs modern solutions, and AR and VR, in that case, got it covered. With this technology within the real estate development software, it has become easy for agents to show their customers' property virtually. 

They can have 3D tours quickly, providing customers with the ease of not letting buyers move from their homes for a site visit. 

Auction Feature

The auction feature in real estate software development is developed to bring buyers and sellers together in one place. This feature provides clear transparency to the agents, brokers, and real estate companies who use it.

With an auction, all the properties get listed in one place, making searching for buyers easy. Just one needs to simply browse available properties, bid on desired properties, and close the deal.

HOA Management

This feature includes easy management of HOA tasks like appointing board members, monthly and annual fee management, setting property prices, and so on. Such features contribute mainly to the Real estate app development cost and have a major impact on it.

Lead Management

Another feature of the real estate development software is the lead management feature. All the leads that are overcome within the real estate market are managed and viewed. 

Managing leads at times becomes difficult, but the lead management feature covers everything, making it easy for companies to view and manage their leads.

CRM/ERP Integration

We have come a long way in integrating the CRM and ERP features within the real estate development software. This integration in the software enhances the real estate company and its customer relationships. Also, CRM strategies help companies to stay ahead of competitors.

Broker Management

Another thing that makes real estate development software ideal is that it allows easy management of brokers. Since the real estate market is large and there are more. 

Therefore, viewing and managing every broker seems challenging. But software lets you store all their information for future investigations.

Builder Management

Builder management in software is all about managing the builder who wants to sell their properties. It lets them showcase their properties, set prices, find potential customers, and generate sales effectively.

Agent Management

Agents are the people between buyers and sellers. In that case, the platform helps them streamline both buyers and sellers so that they can earn profits by doing a deal. Thus, things do not get messed up due to ample agents, so software lets real estate business owners view and manage every agent's information.

Search And Filter

Real estate app design must include identifying and filtering properties, which is another essential feature to consider. You should include as many shortlisting features as possible in your platform, which will ultimately put your end-users in a much more secure position in terms of the platform's dependability.

Map

In any mobile property search application, proper map integration is critical to its success. It is the only way to ensure that the property seekers arrive at the correct location at the appropriate time for their needs. The only way to become the best property app is to work hard.

In fact, you should incorporate a smart map feature into the application, which would aid in identifying all of the locations in the surrounding area, such as schools, banks, hospitals, and other facilities.

Calendars

The feature is particularly useful for the real estate agent side of the stakeholders, who rely heavily on it. Keeping track of the open houses and property buyer/seller meetings is simple for them to do.

Push Notifications

The advantages of properly implemented push notifications are simply too numerous and significant to ignore. And what is true in the case of mCommerce is also true in the case of real estate search applications, if not more so.

Keep users informed about new messages they receive, price fluctuations, and even calendar appointments by incorporating a push notification feature into your application.

Currency Converter

The fact that everything is now operating on a one-world basis has resulted in the need for cross-border movement of people, resulting in cross-border real estate purchases.

Because of this, any real estate mobile app development team would advise that, in a situation where more and more people are becoming open to the idea of owning or renting property, regardless of where they live, including a currency conversion feature in the application becomes essential.

Forum And Messenger

Including a forum feature in your application will allow your users to discuss the property, its condition, potential for profit, and other relevant topics in public. Something that would directly increase the number of people who use your app.

Messenger functionality, on the other hand, will assist you in providing your stakeholders with a platform to communicate with one another and expedite the entire real estate transaction process.

Virtual Tours

Although it is still uncommon, providing end-users with the ability to virtually tour a property before making a purchase can significantly impact your company's overall turnover.

Virtual tours can be an excellent tool for converting visitors on the fence about investing in a property into people ready to make the call and purchase the property.

So, even though they are not currently required, virtual tours can impact the level of engagement and revenue generated by your app.

Types Of Real Estate Apps

All real estate companies have spent a lot of time and money to find the best app or real estate software development company for their specific needs and requirements. Check out some of the different types of apps that fall under the category of real estate:

Property Buy Sell Rent Mobile App (Aggregator)

This type of real estate mobile app is more similar to an online marketplace in that it allows sellers and buyers to register and communicate with one another.

People who want to sell their properties can list their homes on the website, with photographs of their properties and information about their asking price.

Meanwhile, buyers can browse the properties listed on the app to find the right one. They can access critical information and the location of all properties currently for sale and listed in the application.

Real Estate Company App (Dedicated)

This is intended specifically for real estate brokers and agents. They can sell their properties in different categories based on various criteria. The multiple aspects of a property that one can research include its size, price, location, and so on.

Indoor Navigation Real Estate Mobile App

Who wouldn't be intrigued by a mobile application that allows you to navigate through a house or a property virtually?
These types of apps use the sensors and features built into mobile devices to give users a virtual tour of the house's interior through their mobile app.

Smart Home (IoT) Mobile Apps

With the help of their mobile devices, users can take complete control of their homes. These apps allow them to manage everything in their homes from the convenience of their mobile phones.

AR VR Real Estate Mobile Applications

Such apps enable realtors to provide a 3D tour to their viewers, allowing them to save valuable time by not having to take them on a real tour of the currently available properties.

Cost Of Real Estate Application Development

You might wonder how much it costs to develop a real estate application. There is no definitive answer due to various factors. For example, all factors to consider are how complex your real estate listing management software is and whether you are developing it internally or outsourcing the work. There are also general features to consider.

Web Design And Development

This stage entails the creation of a customized administration panel for administrators. This can provide beneficial features such as advanced analytics, automated marketing, membership management, and similar functions. 

The development team, such as our dedicated team at RisingMax Inc., will review your objectives and produce wireframes for you to review and follow.  

Native Development

Reactive native development entails creating an iOS or Android application or both. However, smaller stages will be before the main one, such as prospecting marketing insights and developing realtor mobile app designs.

In addition, the apps will be required to adhere to strict rules and guidelines enforced by the Apple Store, Amazon Appstore, and Google Play, among other places.

UX/UI Design

A unique UI/UX design will be created based on research into your target audience, resulting in responsive user interfaces and positive user experiences. 
Furthermore, an adaptive real estate mobile app design when charging Real estate app development costs will ensure that the app runs smoothly on any device, especially if it is a cross-platform app, regardless of the operating system. 
This stage can take up to 200 hours and can cost up to $6000 to complete.

Testing And Quality Assurance

It is critical to thoroughly test your product before releasing it to the general public. During the development process at RisingMax, both manual and automated testing will be carried out to ensure that performance is not compromised and that all bugs are eliminated.

Furthermore, it will provide insights into how the application is being used, which can improve its features and interfaces in the future. In this way, the Real estate app development cost estimation becomes easy for the users. QA can take up to 450 hours, which equates to $13,500 in total.
Real Estate App Development Cost

Project Management

A project manager will ensure that all milestones are met and that the project's scope remains as you have defined it in the beginning. They will also conduct risk analyses to identify potential security flaws, and they will keep you informed throughout the development process.

There is no set fee for a project manager, but they typically charge 10% and 15% of the total project budget. Our current estimate, however, indicates that Real estate app development costs will be approximately $5,500.

In SumUp, the following table summarizes each stage of real estate app development, as well as the hours and costs associated with each stage:
Stages

Stages

Hours

Cost

Web Development

300

$9,000

Native Development

900

$27,000

UX/UI Design

200

$6,000

Testing and QA

450

$13,500

Project Management

N/A

$5,500

Total Cost


$61,050


These are the estimates, and they may differ as per the requirement of the application and technology used in it. An abundantly feature-rich real estate mobile application will cost you approximately $20000- $30000.

Another factor that decides the real estate development cost is the size of the company complexity of the platform. 

Real Estate App Development Cost As Per Company Size

Company Size 

Cost 

Manpower

Small Size Company

$5,000 - $ 15,000

50-200

Mid Size Company

$20,000 - $30,000

200-1000

Large Size Company

$30,000 - $50,000

1000-10,000

Real Estate App Development Cost As Per Complexity

Level Of Complexity

Development Cost

Basic Level Application

$10K to $20K

Average Level Application 

$20K to $35K

High-End Application

$35K to $50K

Conclusion

Get a high-end real estate application at cost-effective rates and generate a high amount of revenue from the platform. For a typo-notch and reliable application, we provide free consultation from our real estate app development experts. 

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