14+ Must-Have Features Of PropTech Software

For software businesses aiming to enter the real estate market or for real estate organizations looking to use technology to enhance their operations, proptech software development can be a game-changer.

Nonetheless, a number of important variables will determine how well your proptech software development project turns out. Take into consideration the following advice provided in this article to make sure you get the outcomes you want.

• Understand What is Proptech
• Must-Have Features In A PropTech Solution
• Hire a PropTech software development company
• Find a Chief Technical Officer or Partner
• Partner with freelance development teams
• Build proptech software yourself
• Our PropTech Software Expertise

Understand What is Proptech

The phrase “property technology,” or “proptech,” refers to the use of technology to advance and modernize the real estate sector. Its scope is wide, covering a range of digital platforms and solutions designed to improve several facets of the real estate market. These consist of building, financing, property management, and listing

Among the proptech examples are:

• Online property marketplaces: Zillow, Redfin, and Trulia are a few examples of websites and applications that let consumers look for and compare properties. With the help of our knowledgeable guide, discover how to develop a polished and useful website for your rental property.
• Virtual property tours: Matterport and Realync are two examples of software and systems that let people take virtual tours of properties from a distance.
• Smart home technologies: Internet-connected devices that let you access and operate your house’s systems remotely. Examples of these devices are Nest and Ring.
• Software for property management — platforms like AppFolio and Buildium that make property management chores like rent collection, maintenance requests, and tenant communication easier.
• Construction technology includes devices like robotics, drones, and 3D printing that simplify and improve the construction process.

Proptech firms such as VergeSense, OnSiteIQ, Knotel, Homeday, HomeViews, Acaboom, and OhMyHome are examples of successful ventures.

The range of proptech solutions is far wider than what is seen above. Visit the article on Proptech Definition if you’d like a more thorough explanation of the definition and application of proptech.

Must-Have Features In A PropTech Solution

• Blockchain Integration: Implementing blockchain technology for property transactions, smart contracts, and secure data storage can enhance transparency, reduce fraud, and streamline the transaction process.
• Artificial Intelligence (AI) and Machine Learning (ML): AI and ML algorithms can be used for predictive analytics, property valuation, personalized property recommendations, and to automate various tasks like customer interactions, maintenance scheduling, and more.
• Virtual and Augmented Reality (VR/AR): VR and AR technologies enable immersive property viewings, walkthroughs, and interior design simulations, allowing potential buyers or tenants to experience properties remotely and visualize modifications.
• Internet of Things (IoT): IoT devices can be integrated into properties for smart home features such as remote property management, energy efficiency, security systems, and predictive maintenance.
• Big Data and Analytics: Analyzing vast amounts of real estate data can provide insights into market trends, pricing strategies, demand forecasts, and investment opportunities, aiding stakeholders in making informed decisions.
• Mobile Applications: User-friendly mobile apps facilitate property searches, document management, scheduling viewings, making payments, and communication between agents, landlords, tenants, and buyers.
• Property Management Platforms: Comprehensive platforms that centralize property management tasks including rent collection, maintenance requests, lease agreements, accounting, and reporting simplify the workflow for landlords and property managers.
• Predictive Maintenance: Utilizing sensors and data analytics to predict equipment or property maintenance needs before issues arise, reducing downtime and improving property performance
• Energy Efficiency Solutions: Implementing technologies to monitor and optimize energy usage in buildings, reducing costs and environmental impact
• Crowdfunding and Investment Platforms: Platforms that enable fractional ownership, crowdfunding, or investment in real estate properties, allowing smaller investors to participate in real estate ventures
• Regulatory Compliance Tools: Solutions that assist in ensuring compliance with local real estate laws, regulations, and documentation requirements, reducing the risk of legal issues.
• Customer Relationship Management (CRM): Advanced CRM systems tailored to real estate industry need help in managing client interactions, leads, and communications effectively.
• E-signature and Digital Documentation: Streamlining the process of signing contracts and managing paperwork through secure, legally compliant digital platforms
• Environmental Sustainability Tools: Solutions that assess and enhance the sustainability of properties, providing data-driven insights to improve eco-friendly practices.
• Rent Predictive Analysis: Using historical data, market trends, and machine learning algorithms, rent predictive analysis forecasts future rental prices. It helps landlords set competitive prices, anticipate fluctuations in the rental market, and make informed decisions about adjusting rents. For tenants, it offers insights into future rental costs, aiding in budget planning and decision-making when considering different properties.
• Rent Heatmaps: Rent heatmaps provide visual representations of rent variations across different neighborhoods or regions. They display rental prices in a color-coded map format, allowing users to quickly grasp the relative cost of renting in various areas. These heatmaps assist tenants in finding affordable neighborhoods and help landlords understand pricing patterns and identify potential investment opportunities in lucrative areas.

#1 Hire a PropTech software development company

You can be sure that the software developed for your proptech solution will be of the highest caliber and adhere to the most recent standards and trends if you partner with a technology partner who has a strong background in the proptech industry.

This becomes feasible as a software development company with case studies in creating solutions for the proptech sector is fully aware of the requirements in terms of tech stack, functionality, and scalability.

For instance, Appic Softwares development teams have assisted numerous real estate businesses, including Stiles, Transwestern, Jones Lang LaSalle (JLL), Colliers International, and others, in implementing specialized state-of-the-art solutions aimed at resolving their business needs through proptech software.

The following are the main advantages of working with a proptech software development business:

• dependable, excellent product quality
• Proptech consultancy with a focus on results: the firm evaluates your business objectives and recommends the best technical solutions
• Greater adaptability and expandability of your proptech program
• Time savings by skipping the hiring and onboarding processes
• Easy access to a vast network of technical experts
• long-term financial savings.

#2 Find a Chief Technical Officer or Partner

Selecting this option indicates that you are looking for a business-savvy, tech-savvy partner with a strong background in the proptech industry. Technical project concerns will be totally handled by this specialist, freeing you up to concentrate on more strategic duties like fundraising, marketing, sales, etc.

The best places to look for a CTO are online resources such as ProductHunt, Reddit, LinkedIn, Founders Network, and others, as well as offline conferences, meetups, and tech-related events.

Finding a technical partner for your proptech business has the following main advantages:

• distinct thinking and abilities
• a sharp grasp of technologies
• The same drive to produce amazing proptech software
• Technical project issues are delegated.

#3 Partner with freelance development teams

Employing a freelance development team entails searching online marketplaces such as UpWork, Credo, Fiverr, Outsourcely, Freeeup, and others for technical experts who fit your project specifications, offer the development rates you want, and have a track record of developing tech solutions for proptech companies.

This method’s key benefits are its broad talent pool, affordable prices, and quicker project completion. On the other hand, poor communication, subpar products, project security threats, and missed deadlines are all possible.

#4 Build proptech software yourself

This option is predicated on your possessing strong technical abilities that enable you to develop your proptech program, at the very least, to its basic framework and convert company needs into functionalities that are beneficial.

Additional experts, such as DevOps engineers, QA specialists, and others who will handle significant project development activities, may be needed to assist in the local development of proptech solutions.

In conclusion, this approach can end up being the most economical, but it will take a while because you have to invest a lot of effort in developing the proptech software yourself.

Our PropTech Software Expertise

At Appic Softwares, we have over ten years of experience providing technological solutions for real estate organizations, twenty-five years of CRM consulting experience, and ten years of experience developing custom software.

This tried-and-true mix allows us to service thousands of clients globally, develop our own proptech software products, and assist dozens of major market participants in achieving their business objectives through excellent technical implementation.

In order to demonstrate our technical proficiency in providing state-of-the-art solutions for proptech businesses, we now wish to present a number of proptech software case studies.

Software Development Colliers PropTech Real Estate Lisings

It goes without saying that Colliers International, which employed over 18,000 people and brought in $2,8 billion in revenue in 2018, is one of the largest providers of real estate services.

More than 13 years ago, the business reached out to Appic Softwares and employed them to assist with the implementation and customization of Dynamics 365 in order to increase internal team performance and productivity.

Colliers International requested that we develop a platform for property listings in 2020 and assist their brokers in advertising available properties for purchase and rental.

In addition to this platform, they also intended to use sophisticated collaboration and deal rooms to better communication and security issues. With the help of Appic Softwares real estate software development services, ColliersView was able to appear.

So, these are the main difficulties we encountered:

• Provide an Easy Approach to Advertising Listings
• Produce PDFs Automatically
• Connect Dynamics 365 CRM to the Property Listing Platform
• Improve Broker-Investor Communication.

The technology solutions we have provided are displayed below:

• developed a multi-channel real estate listing tool to assist brokers in effectively promoting buildings
• established secure and reliable deal rooms for tenant and investor collaboration, allowing for the exchange of private information, the signing of non-disclosure agreements, and client feedback without the need for several email exchanges
• Created collaborative spaces to engage with potential clients, increasing the lead-to-deal conversion rates
• enhanced and personalized search and filtering capabilities
• modified the CRM’s automatic and recurring synchronization
• integrated, robust tool for generating availability reports
• successfully put in place picture management so that images could be uploaded from a platform and a CRM.

In this approach, we have facilitated the lead-to-deal process, improved real-time data accuracy, enabled Colliers International with advanced promotion opportunities, and assisted them in further automating their daily business operations.

Bottom Line

A relatively new but very promising avenue for real estate companies and their clients is proptech software development, which can transform their interactions and propel the real estate services industry to new heights.

Building proptech software involves combining the newest technologies with a complex skill set to solve real-world issues for those involved. With our strong background in proptech software development, we at Appic Softwares would be happy to work with you to transform your company’s obstacles into custom technological opportunities that will support your expansion and growth.

Please look through our case studies and get in touch with us if you would like to talk about your project concept. We would be happy to have a conversation with you in order to learn more about your aims and objectives and, if necessary, provide you a free estimate for the creation of your proptech software.