A Property Management App: Its Costs, Features, Tech-Stack, And Business Model
In the earliest times, the property was never searched online, homebuyers or tenants were always in search of a real estate agent or property broker. Managing property was always a big concern for the landowner. Especially during the Pandemic, The real estate industry has been severely slowed down by Covid-19, which has also pushed many into distress over how to manage their property and profit from it.
But according to recent research, 96% of customers used online resources during the search process. On asking about how they normally did their online browsing, respondents said that 34% of them were done on a desktop or laptop and 60% were done on a mobile device. In recent years, when technology has virtually taken over every industrial sector, the real estate market has not been spared from its impact.
The above statistics prove that It is worthwhile to design a property management app because it enables you to comprehend the constantly changing demands of the real estate market and aids in providing the most fulfilling solution to consumers.
You can hire an India mobile app developer for creating a market-blooming property management app to fulfill the recent requirements of the real estate investors and property managers who are vigorously seeking an all-encompassing platform based on technology that provides a complete package because technology has completely revolutionized how things were managed in the real estate market.
Why is it useful to create a Property Management App?
Property management is the day-to-day control by an outside contractor of property that is residential, commercial, or corporate real estate. The daily upkeep, protection, and maintenance of properties are typically the duty of property managers. In the modern tech-driven world, property management in this traditional way has now come to an end with emerging technologies.
The property management software (PMS) offers a unified platform to monitor all the real estate and also makes it possible to supervise other property-related activities, such as taking care of tenant needs and maintenance operations. It enables an automated property management system by providing storage and sharing of online documents, digital rent agreements, finance reports, requests & tracking of online services, accounting, scalability, rent collection, interactions as well as incorporation with banks & other applications.
It also reduces the time consumed to respond to tenants’ or owners’ problems and complaints. In order to avoid human error and automate the process, a property management application is created. Its easy accessibility has facilitated and streamlined the work of property managers and owners.
Features of a Property Management App:
- Sign/log-in process:
Users should be provided with an easy and smooth registration process. Allow them to login in using an app account or enter their mobile number or email.
- Profile registration:
Whether it is a broker or a tenant, make sure you provide profile verification with an OTP process for secure registration. Also ask for some mandatory information like ID proofs, property type, cost and budget, contact details, etc for a personalized app experience.
- Navigation and colonial view:
Along with the written address providing navigation to the user, this will help users in understanding the area view and environment of the street or colony. Google Map API will display the whole locality eliminating the need to travel there.
- Advanced search property:
The search option should be on the homepage so that it could be easily accessible to the users. To make the search quick and easy add filters like location, property type, budget, price range, etc. Also, you can add plot size, year of construction, and amenities optionally.
- Photo Gallery:
Add photo gallery features where sellers can upload property pictures which will help buyers to make informative decisions. Most people decide whether to buy or not on the basis of the images uploaded. You can also add a 3D virtual tour feature to your property management app. It attracts users and provides an on-site visiting experience on the phone helps in clear perception and understanding.
- Catalog listing:
The property management app here will look like an e-commerce app. Just like the products, the parties should be displayed on the homepage with a little description, and after clicking on it the page with complete details opens up.
- Save search and add favorite:
You can also add a saved search and add your favorite option to it. This feature is very common in property management apps and eCommerce apps. It will also be useful in suggesting similar options to their users according to their interests.
- GPS location and maps:
This is the most crucial feature which is mandatory to add to the application. With the help of GPS, users will easily find their property location. People who are new to the city will get help from this feature to find out the property or home in the required area or location. You can also add the property near me option to this.
- Property costs and mortgage calculators:
They can obtain estimated property costs automatically with the help of in-built calculators. To make your cost estimation process easier it also helps in determining costs with down payments, taxes as well as interests, and mortgages involving monthly payments, and insurance.
- Communication and notifications:
Your app property platform should provide real-time communication means to both parties. Messaging, phone calls as well as video calls without exchanging numbers to maintain privacy. Also, notifications also make your app stay for a long time on the user’s mobile as they get updates regarding the latest offers, discounts, and news regarding properties.
- Feedback system:
Home purchasers may develop loyalty and trust as a result of ratings. An app becomes more trustworthy and open if users can rate neighborhoods and agents or landlords may receive feedback from previous tenants. Another useful element that is incorporated into the creation of real estate agent mobile apps is this one.
- Track records of payments & property deals management:
Every payment transaction that occurs through this app is liable for careful analysis, tracking, and record-keeping on the part of the admin. The administrator may start a property deal, discounts, or special offers on the property depending on market changes and changing user needs.
- Administrative panel:
Brokers, property managers, and landowners may find this feature to be of great use. All parties would be able to add or remove items and keep an eye on their income. A rental agency may also be able to use this panel to view the rental history of their renters and obtain credit reports from potential tenants.
- Additional features:
Along with all the above features, you need some unique features for your app that make your app stand out in the market of modern technologies. You must think hard to add-on some special features to your app like AR VR, chatbot, analytics, virtual reality tours, online document signing, etc.
The Business model used in the Property Management App
Real estate apps play the role of bridge between property owners and tenants or buyers. It also integrates both by saving their efforts and time with the help of a single platform. The property management app’s features are directly connected to its business model.
There are many business models available in the market but you will have to analyze the market as well as your users to understand the demand of them and then choose the right model to build your property management app.
For example, you can choose a subscription fee model to offer access to the app’s premium features, such as exclusive discounts, early bird pricing on property listings, and more. All that is required of them is a monthly, quarterly, or annual membership fee. Also, you can go for a convenience fee on transactions or allow third-party to run advertisements on your platform to earn revenue from them.
But you should always provide a freemium app version may be a limited version but there should be free accessibility in your app. You should take assistance from an experienced mobile app development company about which is the most suitable business model for your real estate application.
Other business models include the addictive model, affiliate Marketing, Saas (software as a service), promotion service, email, or SMS, etc.
The technology stack used to develop a property management app
Your ability to efficiently interact, plan upkeep, and provide your tenants with a wonderful experience can all be greatly improved by technology. You must create a tech stack that provides you with all the advantages of contemporary advancements considering this fact.
You require a strong backend to construct your real estate application. Tools that help create real estate applications are listed below:
Technology >>> Its use
CoreData or Realm frameworks >> saved property list management.
Java or Kotlin >> Programming language for Android app development
Swift or Objective C >> Programming language for iOs app development
Google Places API >> is Used to gain information about local areas and neighborhoods.
Zillow API >> gives users access to Zillow’s neighborhood listings and information.
SimpleRets, iHomeFinder, Spark APIs >> MLS data flow standardization.
Facebook SDK >> Enables Facebook sign-in integration.
The Onboard Informatics Community, Spatial Neighborhood APIs
>> provides statistics and details on specific districts.
Mapbox or Google Maps API >> Create Google Maps.
Amazon S3 >> cloud storage for listings.
Firebase SDK or Apple Push Notifications Service >> Integrate push notifications.
Typically, the real estate app development business assumes full control of the app’s technology. The appropriate property technology (prop-tech) combines to simplify your life, improve the interaction between landowners and tenants, and increase your return on investment.
Cost of Creating a Property Management App
The average estimation of cost for creating a property management software is somewhere around $10,000 to $15000 approximately. But there are many aspects that might cause an increase in the costs. The main aspect is the features, the more you add the more complex your app will be.
Firstly, decide whether you want to create a simple and basic app for property management or a complex app with high-tech features. The cost varies according to the choice of your app. Not only the features but the technologies, frameworks, UI/UX design, development tools & team, and programming languages also affect the cost ratio.
When you plan to create a simple app with MVP business model it might cost approximately $10,000 and will be ready to launch in around 3 months only.
But if you choose to create a complex app with contemporary features and advanced technologies, it will cost between $15,000 to $20,000 and might cost more based on how complicated the software is.
To get the exact anticipation of your property management app, you must contact mobile app development service providers who can develop your kind of unique application in a cost-effective range.
Conclusion
In the modern decades, every industry and every sector has applications and websites for their clients. Property businesses are also taking a step into this technology-paved world by creating property management apps that provide a prospective platform for both the landowners and the buyers or tenants.
In the tech-savvy market, applications with excellent experience and innovative technologies feed the demand of the market, and the user equally is launched regularly. To meet the demand of the competitive market, you will need to hire the best mobile app development company that will create the software system you want with all the features like virtual data, and interaction in real-time with landowners, enabling easy and hassle-free user experience, and property management solutions to tenants problems.
FAQs
Why is property management software necessary?
They simplify the processes involved in accounting, monitoring, and communication. All the information about the properties is available under the admin panel of the owner. Property management software quickens company procedures while using fewer outside resources, enabling you to achieve more management uniformity and enhance performance.
What are the drawbacks of property management applications?
- It might be time-consuming when you choose the wrong platform or services. Before moving towards development make sure you analyze your app’s features and research what is most suitable for your project and then move towards development.
- It might be costly for a small-scale enterprise to create a complex and feature-rich application.
- If your users are not trained, it might take a few weeks to learn how to run the app in case of complex app development. Simple and user-friendly apps are easily accessible.
