
Today, custom software development for the real estate industry plays an essential role in how properties are sold, rented, and managed. With numerous off-the-shelf solutions available, real estate businesses that want to succeed in this competitive market and gain competitive advantage still invest in custom real estate software.
So, let's find out what the main differences are between tailored and off-the-shelf solutions, what benefits custom software development brings real estate agents and property managers, and why you should choose to build your own app over pre-built products.
Understanding custom real estate software development
The modern real estate industry is dominated by digital solutions and tools that help companies streamline workflows, enhance customer experience, and improve the decision-making process. Real estate software solutions help industry professionals manage multiple property listings at once, provide customers with virtual tours, track payments, manage documents, schedule maintenance, improve communication, and more.
Custom real estate development solutions are designed and developed with the specific needs and requirements of a particular business in mind. Unlike off-the-shelf solutions, custom software is built from scratch, so the development team can ensure that every feature and functionality serves the organization's business goals and aligns with other systems and tools.
But what are the key differences between tailored software and pre-built real estate software solutions? Let's find out.
Custom real estate solutions vs off-the-shelf software
Off-the-shelf software are pre-built applications that are available for purchase and immediate use. Most of them are distributed using the Software-as-a-Service model. These solutions usually offer a rather generic set of features that can apply to users with different needs. But what are the main differences between off-the-shelf and custom apps, and can we determine the best real estate development software? Let's find out.
- Customization and flexibility. Custom real estate apps are tailored according to unique workflows and needs of specific businesses in collaboration with an in-house tech team or software development services for real estate providers. Off-the-shelf software usually has the most in-demand features, which are not always enough for improving business processes. Tailored applications can be customized even after launch, while pre-built products offer limited customization capabilities.
- Cost-effectiveness. Custom solutions require more investments at first, you will need to assemble an in-house tech team or hire a real estate software development company. Off-the-shelf softwareis usually available via monthly or annual subscription. However, in the long run, custom applications can become more cost-effective. Pre-built software often comes with paid upgrades and maintenance, and custom solutions prove to be more reliable, so operational disruptions won't affect your business.
- Integration capabilities. Real estate companies usually have existing systems, tools, and databases, such as multiple listing services, customer relationship management (CRM) software, or real estate development accounting software. New software needs to integrate with these solutions seamlessly, creating one efficient ecosystem. Custom software development allows building applications with these integrations in mind, while off-the-shelf products often face compatibility issues, especially with outdated systems, and may require additional tools and resources for successful integration.
- Scalability. As your business grows and evolves, software needs to adapt to changing numbers of users and tech requirements. Custom real estate software can be developed with a focus on future scalability and architecture that will be able to keep up with changing demands. Pre-built solutions may require additional upgrades or even replacement to ensure stable performance at all times.
- Deployment. Off-the-shelf software is quick to deploy. You just need to pay, and your real estate ERP software or property management software will be ready to go, maybe with some additional tweaks and configurations. Custom software will need to be closely monitored, tested, and updated even after launch. As a result, you will end up with a fine-tuned tailored app, but for some businesses that prioritize speed, off-the-shelf solutions, even with limited functionalities, are preferable.
- Data security. Real estate operations always involve a lot of personal customers' data, and ensuring its security is crucial for long-term business success. When you use off-the-shelf solutions, you need to rely on the tech team behind them to ensure data security. Security updates and bug fixes may arrive after weak points are already exploited by cyber criminals, and conducting security audits or penetration testing is impossible. With a custom app, you can find real estate software development services providers with expertise in cyber security and take proactive measures to strengthen cyber defense after launch.
- User experience. With off-the-shelf solutions, providing exceptional user experience may be difficult. Capabilities for UI customization are limited, and you can only offer certain features. Today, customers expect personalized experiences and advanced functionalities, and custom software can help you to meet this demand. You can add AI-powered chatbots to improve customer support, implement virtual tours using virtual and augmented reality, introduce tailored property recommendations, and invest in mobile app development, among other things. This leads to increased client satisfaction and retention rates.
- Efficiency. With custom software developed with a clear understanding of your business needs and requirements, you can automate tasks and streamline workflows more efficiently. For example, custom real estate CRM software development can help you to better automate client follow-ups, track interactions, and manage leads compared to an off-the-shelf solution with generic features. And custom software for property developers with VR and IoT integrations will help to attract clients and satisfy investors.
Now that we have established the key benefits of custom real estate software development let's talk about key challenges that may arise during the software development process. Learning about these potential setbacks will allow you to overcome them and build an efficient digital solution that will help you in improving business operations and elevate the customer experience.
Challenges in custom real estate software development
To successfully build custom real estate software, you need to be aware of challenges that may await you and be ready to deal with them. Here are some of the key considerations you need to keep in mind.
- Initial investment. Building custom solutions from scratch requires a significant initial investment. This includes costs for hiring developers of real estate software, paying for necessary tools and technologies, and allocating resources for additional research and development. Also, you may need to hire QA specialists, project managers, cyber security experts, and more tech professionals in addition to the core tech team. This spending can become a real problem for small and medium companies with limited budgets. With a thorough planning stage, business plan, and clear understanding of core features, you can build custom real estate development solutions without spending too much.
- Development timeframe. Creating a simple web app may take a couple of months, but building complex solutions, like real estate CRM software or real estate project management software, can take up to a year, depending on the number and complexity of features. Plus, delays may arise along the way due to various factors, such as unforeseen technical challenges, the need for additional testing and debugging, and changes in project scope and requirements. You can deal with this challenge by setting realistic timelines, investing in project managers, developing MVP first, and choosing a suitable development approach that will allow a tech team to reach their full potential.
- Finding the right development partner. Finding top software development services for real estate is one of the biggest challenges in building custom applications. The right tech partner should have previous experience in your niche, necessary expertise, and a proven track record of delivering successful solutions for real estate. For example, if you need to create a multiple listing service, you should look for an MLS software development services provider with a great track record, and for developing property management software, property management companies should look for tech partners with such systems in their portfolio. Conducting thorough research, reviewing recommendations and past projects, and discussing project timelines and budgets beforehand will help you to make an informed decision.
- Ensuring data security and compliance. As we already mentioned, real estate companies deal with sensitive data all the time, and ensuring its security is extremely important. You need to find a tech partner with great expertise in cyber security and make sure that they will implement the most effective measures to protect your app. Also, remember that the real estate industry is heavily regulated. Product development companies or your in-house team need to stay up to date with changing frameworks and regulations. Remember, commercial property management has different compliance than residential property management, and your solution's developers need to be informed to avoid legal issues and reputational damage.
- Ongoing maintenance and support. Once your custom software is developed and launched, it is crucial to invest in ongoing maintenance and support to ensure smooth operations and avoid operational disruptions. This includes fixing bugs, implementing updates, and adapting to changing market trends. Running maintenance on real estate project management software is sometimes not the same as running maintenance on real estate development analysis software. You need to find a tech partner that will provide ongoing maintenance and support or hire additional professionals for these purposes. Also, you need to have an additional budget dedicated to this process and a clear plan for quickly fixing tech issues.
Conclusion
The custom software development process is not an easy task, but in the competitive real estate market, off-the-shelf solutions are often not enough. Of course, building applications from scratch comes with additional challenges and setbacks, but with a reliable tech team or software development partner, you will create a digital solution that will fulfill all your needs, help you to optimize business processes, and enhance customer experience, giving you a competitive advantage.