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Impact of Mobile Applications on Real Estate Industry

Girish Kant Sood , 1.5 month ago | Real Estate Industry

Introduction

Technology has altered the way of almost every single industry in this modern age. Many industries have benefited & some even had a negative effect on them. And today is a time when major businesses & companies need to be au courant with changing trends & technologies & Real Estate is one of the industries that without a second thought have benefited from this technical aspect. Back in the day, there were no such things as e-registration, online advertisements which tell us how things have changed. But with the shift towards mobile, the internet, the focus has also shifted from competence to another measure. Nowadays everything has gone digital just like digital shopping, paperless transactions are the standards with this mobile technology which has transformed the entire outlook. One can access the information more swiftly than 5-7 years before but there are even more changes to come.

Albeit there is not much defiance to this technological change but it teaches us some important lessons too. The tech enthusiasts have said that it has two sides just like a coin. One of its concerns is that earlier realtors (10 years before) have to learn the concept of mobile technology which they don’t have any idea about. It can be very difficult to completely shift one’s business to an entirely new platform, it can be a very tough ask. Though mobile apps & the internet are a necessary way to increase business opportunities it is still not adopted by those who prefer traditional ways.

Why Real Estate Applications are needed?

A recent survey report states that over 90% of the buyers choose to buy homes through a real estate mobile app. Hence, it has become more essential than ever to have an app for buying, renting & selling of properties. Here are no of ways that make real estate more user-friendly with the use of mobile technology. There is no declining in the fact that mobile applications are the current wave of technology.

To get a stronghold on the market, you need to be a step ahead of your competitors, it is must to have an advantage in the form of a mobile application. As everyone knows that bursting into the market early on definitely provides an advantage which later on the competitors try to replicate. Its best example is of UBER, whose business model is the foundation of almost all the companies that want to offer services through mobile apps. Let us take a look at some of the necessary benefits that app development offers:

Wider Reach among people - real estate app enables customers to search for properties using your app. On a successful search of their customer, can contact you. In addition to property buyers, sellers can also list their property in return for a commission. Applications like OLX, 99Acres, etc help us to widen the range of increase of potential buyers.

Create a unique brand value - you can create a name & value for your enterprise through the app & make your business popular with an increase of revenues & overall growth.

Own Customer Base - the app provides a regular reminder to your clients & customers who have the app installed on their devices. Most app users tend not to delete apps, in case they might need it in the future. You can offer a referral scheme with which both the customers & new customers will earn a reward.

Local information - A real estate app helps the users in knowing a certain location through maps while also providing required info related to surroundings & conveniences. All this info helps the customer in making better decisions in regard to property.

Ease of Connectivity - many mobile apps are specifically designed for buying, selling or renting a property. It also provides a safe & convenient way to promote or advertise the property. This effectively cuts out the newspapers or 3rd party agency that earlier carried this out.

Cashless transactions & paperless documentation - Just like digital payments, carrying digital documents allows you greater flexibility with the renowned app such as cam scanner that helps you to scan & store or convert if required, the documents. It also helps to sign the documents online at that instant which can be beneficial in closing an important deal in time.

Concept of AR & VR in Real Estate

Technology is an impulse for the change in every area of industry from business to real estate, meaning it has become easy to operate a business from anywhere with the help of mobile devices. As Augmented Reality (AR) & Virtual Reality (VR) are the most advanced technology of this century, this means integration of AR & VR will bring real estate to a whole different level. Let us take an example to view this scenario.

Just assume that what if a home or office buyer can get to experience what his house or workspace will look like after completion. Won’t it be great !! Yes, all of this possible with the help of virtual reality, which is needed so that the buyers can experience a virtual model of their dream home or workspace without even being physically present at the site. VR will also help the clients to eliminate any last minute surprises. Here are some key points of VR & AR of how they improve the real estate business:

3D Viewing - a major aspect of VR is that it gives the opportunity to view the designs, buildings & interior in 3D without even physically present at the site.

Time Efficient - VR saves time for the agents & buyers. The virtual experience allows to change the time as per the customer’s wish. Eg: customer can view the property during the day or at night in a go. This helps to decide the requirements for lighting purposes ahead of time.

Edge in competition - one of the benefits of VR is that it offers an edge over competitors who have not yet adopted these technologies.

Help for Contractors - VR also helps the contractors for planning in advance. It determines construction or renovation plans precisely which in turn helps to figure out budget & other resources required.

Realistic environment - both AR & VR allow customers to engage with the property & have a smooth & endless experience during observation of any property.

Eliminates the 3rd party agents - AR breaks the differences between the buyers & the dealers. The dealers approach the buyers without any middlemen because of which no hidden charges are levied on customers & dealers get more direct sales, which increases their overall revenues.

Live 3D models -Nowadays AR & VR are being integrated along with device camera in the app. Now, this is a game changer, as the camera can now project a 3D model of a blueprint for a house or commercial building just like a hologram. But with AR & VR it has a 360-degree rotation for an enhanced rendition of the model which earlier was very difficult to portray in 2D design.

One more fine example of this is the interface that Amazon provides with AR view in the iOS app that helps the customers to experience how the furniture fits in their room, which is relevant as well as a time saver. Hence both AR & VR have excellent & endless possibilities to transform the real estate market by presenting opportunities for virtual & interactive outlook.

Hence both AR & VR have excellent & endless possibilities to transform the real estate market by presenting opportunities for virtual & interactive outlook.

What type of Real Estate Mobile App is required?

Real estate mobile apps may be new but even the most basic version of an app will suit your business preferences. But here at EMILENCE Pvt. Ltd. it is our recommendation to invest in a simple, easy yet efficient app which will even help your customers in the future. We all know, that features can make or break an app. So, let us take a look at some of the indispensable features for a real estate app:

Easily Understood - The application must be developed keeping in mind all the age groups. If an app is easy to use, it can get a very positive response from its users.

UI & UX rich app - application with a creative & appealing design are often the secret to provide an enhanced & crisp UX.

Push alerts - It is a basic yet most important feature of an app. Your app must notify people especially about discounts & promotional offers that attract potential buyers. Though the user can opt for the type of alerts they want to receive.

Bilateral & an Interactive app - The app must propel the customer to rate & provide various suggestions which can be important in improving the app a bit more.

Final Thoughts

Real Estate industry has been through a complete overhaul & none other then mobile applications & technology has a major hand in this. Although mobile applications are easy to use & implement in accordance with property business for some old school realtors it can be a difficult task who has always depended on traditional ways in real estate but on the other hand, they can miss out on a very big opportunity that could make or break this whole business. Real Estate apps are created with an idea aimed at enhancing the brand’s commercial as well as social value to serve the respective clients in an efficient manner.

The mobile apps & websites have become an integral part for buyers to search for homes, shops for rent. The application provides a plethora of opportunities to shift one’s enterprise to a whole new level & this is the harsh reality of today. Hence, realtors must cross the limitations of this business by investing in mobile application development that will give access of all the required information to their clients & help them to achieve new levels of success by overcoming the current patterns.

For the ones looking to transform their ideas into a working reality, understand what the potential application.

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