The article was originally pubslihed on Ascendix Tech's Blog
PropTech is becoming one of the leading technology innovations which motivates dozens of startups and entrepreneurs to create their own product. But here comes the question ‘how to build proptech software’.
In this post, we want to answer this question and cover the following topics:
- PropTech definition
- 4 Must-Have PropTech software features
- PropTech software development guide.
Let’s start right now with defining what is proptech industry.
PropTech is a complex term which means a large list of technologies and tools used by real estate companies to automate their business operations and empower employees with advanced proptech solutions.
Specifically, proptech software serves lots of spheres of a real estate business:
- Contract Management, etc.
Except for mobile or desktop software, the proptech solutions can be represented in a hardware device like sensors, VR headsets, cameras, trackers, etc.
Simply put, proptech sector is a technological real estate industry where innovative digital solutions meet business needs and end-users’ demands to automate, simplify, accelerate, and bring business operations to the next level.
Now we want to list the leading proptech industry players within different market segments so that you better realize what products can be called proptech software.
- Automation: Amazon Go
- Mortgage and Lending: Blend
- Real Estate Brokerage: Opendoor
- Rental and Hotel: Airbnb, Lyric
- Facilities and Property Management: Enertiv, Wiredscore, Eden
- Construction: Honest Buildings
- CRM: Salesforce, Monday.com, Zoho
- CRE Management: AscendixRE, Apto, Rethink
- Legal: Notarize.
Despite the fact that proptech industry is about covering the needs of multiple market niches and sub-niches, we still want to share the key functionality each proptech digital solution should have in 2021 to compete in the modern market.
#1 Easy Registration, Social Log-In, Single Sign-On
PropTech software is primarily about high convenience and ease of use for brokers that begin with the first contact – the registration process.
Make it as easy as possible so that you offer several important fields like full name, email, and password to boost sign ups ratio and accelerate the registration process.
Besides, add the social login functionality which allows end-users to create an account using their authorized social profiles like Facebook, Google, Twitter, etc.
Moreover, we recommend implementing a Single Sign-On feature which is becoming more and more popular nowadays and is predicted to reach the level of $1.6 bln in 2021 at a CAGR of 13.6% during the 2016-2021 period.
Kevin White, Marketing Manager at Gigya, stated that enterprises see 25-35% boost in the number of registrations by using SSO functionality on their platforms.
Put it simply, a Single Sign-On feature enables users to use the similar unique credentials to access multiple applications and websites.
Here are some of the core benefits of implementing a SSO for your PropTech software.
Considering great sign-up examples, we suggest looking at the Airbnb’s registration stage with social log-in options.
#2 Filters and search
Proptech software is also about finding, analyzing, and processing large volumes of data daily.
This means users brokers and agents can spend much time on routine tasks like data search, analysis, sharing, and so on.
For this reason, filters and search functionality is a must-have feature of your proptech software platform in 2021.
First, advanced search and filters allow employees to simplify their daily workflow and greatly reduce time allocated for low-level business operations.
For example, enhanced filtering features help brokers sort listings, availabilities, property data, and other records in a matter of several clicks and narrow down the search to speed up their search experience.
Second, smart autosuggestion functionality enables property managers to search for the required data even more efficiently as the algorithms collects the names and types of records searched to provide the most relevant options while looking for specific data.
This way, proptech software provides great automation opportunities to avoid focusing on daily routine workflow and concentrate more on such major tasks as deal conversations, lead-to-deal processes, and client support.
Right here you can see multiple search and filtering tools we have improved for our MarketSpace app users complementing this functionality with a powerful map search feature to view listings on a map and draw custom shapes of locations to see specific availabilities.
#3 Property Listing
One of the proptech software key missions is to simplify the landlord-tenant interactions in the most efficient way possible. And property listing functionality is also a must-have feature that helps your company achieve workflow streamlining.
Primarily, it helps both landowners and tenants upload and get the required information remotely and quickly so that it eliminates lots of extra operations that saves much time.
Then, property managers and brokers get an opportunity to build listing links and mass email them to leads easily. This way, it helps boost promotion and sales activities.
Third, you can even upgrade property listing functionality by adding a brochure generation tool which helps managers to create visually-appealing PDFs with the required property information thus interacting with prospects and promoting availabilities effectively.
Below you can see a feature-rich property listing portal we have built for our MarketSpace app.
#4 Advanced Analytics with Dashboards
Powerful analytics with insightful dashboards and charts are a must-have feature for top proptech software in 2021.
Large volumes of property data means nothing without accurate analysis and visualization so analytics and dashboards help transform raw numbers into data-driven decision-making processes.
Make this functionality as customizable as possible so that employees can set different parameters while analyzing statistics and other KPIs. This will help them be more flexible with data analytics thus giving you more opportunities to improve your business decisions.
Here is an example of advanced PropTech software analytics tools we have improved converting default Salesforce functionality into customized tools within our MarketSpace app.
Set Your Business Goals
PropTech software is fully about solving specific business and customers’ needs. This way, you should initially decide what problems you want to help businesses solve.
For instance, operational costs reduction, high automation, revenue increase, market share growth may be among the challenges you want to solve.
If you desire to achieve cost reduction, we recommend taking into account energy-saving PropTech solutions like smart HVAC or advanced lights systems as your top priority.
Also, choose the exact lifecycle stage you want to improve by building proptech software. Planning, construction, investment, property or facilities management, and tenant experience are among the most used stages to improve by implementing PropTech software.
Choose the Right PropTech Software Type
Apart from defining the business challenges, proptech software differs by the type as each one is designed specifically for a particular business segment.
Let’s now shortly discuss the most wide-spread options.
- Search PropTech Solutions
The software is designed to improve the search experience for both brokers, landowners and tenants.
The key solutions search PropTech software includes are data brokerage and analytics, marketplace solutions, virtual viewing, etc.
- Property Management PropTech Software
This software type concentrates on improving property management efficiency for facilities, property managers, and landowners.
Communications. smart building solutions, portfolio management apps, task management tools, BIM, and building warranty are among the top property management proptech software segments.
- Sales PropTech Software
Sales solutions are designed to help brokers and managers vend properties efficiently thus boosting marketing opportunities and final sales results. Here are the key solutions:
- Property listings management
- Contract management
- Collaboration and deal rooms
- Email marketing tools
- Financing solutions.
Choose the Development Approach
When it comes to proptech software development itself, there are 4 key options to consider which differ by final costs, duration, product quality, and other parameters.
Here are the core options you can consider:
- Hire a PropTech software development company
- Find a Chief Technical Officer/Partner
- Partner with freelance development teams
- Build proptech software yourself
Proptech software development is a relatively new, but extremely promising direction for real estate businesses and clients helping both parties revolutionize their interaction and take real estate services market to a new level.
If you want to learn more details on proptech software development, check the full blog article How to Build Proptech Software: Definition, Key Features, and Development Guide.