Software Development Services for Proptech
How is it possible to see a new home without leaving your current one, manage your hotel booking from your phone, invest in property via a web platform or create a construction company website to sell brand new apartments? With the advent of hi-tech, the real estate industry has significantly changed within the last few years. Technology added value and increased competitiveness to the property market and created a relatively new niche in IT — retail software development.
Virtual house visits, online property management, instant renting, smart cities, hotel booking, and much more in real estate are made mainly with one click thanks to the real estate development software. The relevance for the supporting software, such as real estate accounting software, rent and sale platforms, real estate development model improvement, etc., is growing exponentially and thus makes proptech development services in high demand.
No wonder property technology SaaS is on the move with a CAGR (compound annual growth rate) of 48% over the past five years and continues to grow with the estimated cost of $35.8bn in 2025, compared to $3.8bn in 2019. According to Crunchbase, as of May 2020, 1,813 proptech companies have collectively raised over $50 bn in venture capital.
What Is Real Estate Development: An Overview
When it comes to proptech definition, it refers to a technology in property development, a.k.a. proptech software to improve the way people rent, buy or sell, design, construct, and manage the commercial and residential property. In other words, proptech engineering is called to modernize real estate which is the largest asset class globally, but one of the last to adopt the technology.
- Real estate firms are going digital to enhance their engagement and operations with real estate agency software.
- Brokers and real estate development consultants utilize technological revolution to automate and digitalize their day-to-day operations, making them more robust and efficient.
- Property companies are putting more emphasis on data for collection, analysis, and further utilization.
Today, the real estate startup market is on the rise with such companies as Matterport, Think Zillow, Trulia, Redfin entering the scene and revolutionizing the old-school property environment with real estate development technology.
Proptech Software Development for Business: Why Is It Important?
Real estate faces new challenges that proptech technology can fully address.
Rent generation. It is one of the fastest-growing proptech trends in the housing industry. It is about the shift in preference from owning to renting real estate, putting the demand for rental units ahead of buying. The trend fosters the fast development of vertical rental properties and, consequently, the increase of the real estate development companies.
The rising customer demand for technology. Modern consumers want a user experience they can control from the accommodation perspective. They need to control access, temperature, lights, and more via convenient digital channels, such as mobile phones. Proptech can deliver such a digital experience. Moreover, due to AI and virtual reality, it can drastically improve the customer experience while managing, choosing, using any property for lease renewal, transactions, building management, and more.
Benefits of the Proptech Approach to Real Estate vs. the Traditional Processes
Compared with the classic real estate methods, property technology allows for better service, property management, sufficient data utilization, and cost reduction.
|Traditional process||Proptech approach||Benefits|
|Collect rent payments via physical checks in the leasing office||Online payments with property management software (e.g., Cozy, Appfolio)||No need to write a check or go to landlord office; better tracking and payments history; enhanced security|
|Agents creating personal databases of properties to show potential buyers/renters||Online property search engine (e.g., Zillow)||Time-effectiveness; quick search for properties independently without an agent|
|Physical mailroom with building staff sorting and inventorying new incoming mail||Mailroom management software (e.g., Notifii, PackageX)||Automated scanning of mail and process; resident notifications; better tracking|
|Scheduling for maintenance or facility issues via personal visit to a leasing office or calls||Online scheduling with facility management software (e.g., TOPDesk, UpKeep)||More organized, resident notifications; no need to wait on hold or visit an office|
Proptech Software Development Solutions
The current market offers several real estate software solutions that can enhance property management both for real estate companies and their clients.
- Managing construction sites. Property technology software is used to automate, consolidate data, and promote a robust organization and project efficiency. Autodesk’s BIM software enables the union of construction teams in one platform. Using real-time data from all your projects, this software ensures better decision-making processes and increases your operations’ profitability.
- Selling, buying, and renting a property. One of the largest property-for-rent providers, Airbnb, offers over 5.6 mln active listings of accommodations worldwide.
- Investing in a property. LoopNet platform enables convenient search and comparisons of commercial real estate for lease and sale in a targeted area. Besides, the platform offers an extensive inventory for property investors.
- Coworking spaces. Nexudus is a complete coworking space management system enabling users to manage memberships, payments, events, newsletters, customer tracking, marketing, community management, and much more. The system is backed with CRM (which it calls an MRM = member relationships management). Besides, due to many integration possibilities, coworking administration processes have become much more comfortable.
- Smart buildings and property management. All-in-one cloud-based property management software apps enable you to manage large numbers of properties with a live system tracking your team, progress, and resident satisfaction. Thus they allow you to save money, time, space, and supplies.
- Smart home devices app management. Samsung SmartThings enables control of every connected device in one app. Such apps help reduce household chores, take better control of all devices, and significantly save time.
- Real estate website development. More and more real estate companies are utilizing proptech development. User-friendly design, enhanced property search, desktop, and app usability enables higher customer satisfaction, convenience of use, and engagement.
What Challenges May Companies Face While Implementing Proptech Software Solutions?
Real estate software companies need to specifically take into account the following barriers.
Attracting and retaining talent was widely identified by PropTech respondents as a problem for real estate companies. Given the cross-industry competition for digital, technology, and data skills – real estate firms need to attract the necessary capabilities. They can do this by looking far beyond the local labour market.
Reasons to Find Tech Partners in Ukraine
Most companies decide that it’s reasonable for large corporations, medium-sized enterprises, and startups to find tech vendors in Ukraine to get Proptech software development services.
You must have heard about the trend to hire developers in Ukraine. But why do western companies choose to cooperate with the Ukraine-based proptech firms?
There are two simple reasons for that:
- Second, affordability. Budgeting is one of the essential decision-making factors when it comes to hiring a proptech development team. Real estate developer salary is often one of the turning points, forming the budget for a proptech project.
The cost of a software engineer in real estate in Ukraine is significantly lower than that of any western company.
What Technologies Are Most Required for the Engineer to Work on a Proptech Software Project?
When comparing knowledge requirements of real estate vs software developer, proptech software engineers need to have a more focused experience.
Here is a sample of a real estate development resume.
Eight Steps to Choose the Right Tech Partner Company
- Define the scope of the project you are planning to implement. Create a tech stack list required for its fulfillment and team members that you need to work for it.
- Consider whether you want an in-house team or offshore developers for remote cooperation and decide which fits your budget best.
- Make all the necessary budgeting: how much you can invest in the proptech project.
- If you’ve decided to go remote, choose a tech vendor cooperation model.You may hire a dedicated team, managed team, or augment your in-house development team with remote experts.
- Create a list of possible tech providers.
- Check the technical skills and expertise of the team you are considering.
- Ask for a consultation or proposal from the service provider.
- Schedule an interview and sign a contract.
How to Hire Real Estate Developers for Your Proptech Project
Mobilunity is one of the most trusted and efficient dedicated team providers to assist you with hiring developers in Ukraine. Mobilunity’s experienced recruiters may find well-qualified coders so you can reach your business goals and get the most out of software services.
As an example of our expertise in the real estate industry we can mention our cooperation with a local rental service Landlord for which we developed the backend side of a website.
As a dedicated team provider, Mobilunity will assist you in:
- Finding and recruiting the talent you need, whether real estate java software engineer, project managers, designers or a team of skilled real estate software engineers.
- Fast and effective onboarding of your proptech team. Mobilunity will also establish and cultivate relationships between your management board and the new real estate developers you hire.
- Ensuring the retention of your team by keeping them motivated to work.