As a Ruby on Rails expert I collaborate with development teams to craft state-of-the-art functional software solutions. With a deep business focus and strive to constantly expand my skills I work in mixed technology environments. I specialize in code refactoring while implementing best pracctices of web development and compliance processes in project management.

Krzysztof Greń

Bringing a new idea into existence is a considerable risk. You may have a great idea, and it seems like it would work well, but do you know if you can successfully implement it or not? Here comes Minimum-Viable-Product (MVP) to the rescue.

At Selleo, we regarded MVP as the best way for risk reduction, the highest investment returns, and in general, faster time-to-market. Inspired by the success stories of giants like Airbnb, Uber, Twitter, and Netflix, MVP has become the talk of the town. Today we will discuss MVP, from definition to best practices - everything that you need to know.

\[TOC\]

## What is MVP (Minimum Viable Product) App Development?

Minimum Viable Product is a version of a product with limited features. It allows us to get a general understanding of the final product and learn how to use it as well as to test the product and make amendments later based on customers' feedback.

## Why Should You Create MVP in the First Place?

![Img](https://a.storyblok.com/f/86602/720x384/a9d94584b7/why-should-you-create-mvp-app-development-in-the-first-place.jpg)  
There are quite a few benefits coming from building an MVP including a decreased delivery time and a more flexible approach to development. Here are some of the other advantages of using MVP:

### Focus on the Core Value Proposition

An MVP app concentrates on a single concept and does not include any other features. Having some of the most important but least expensive features might help you save money on development. Building an MVP enables the application to be tested with the least amount of risk.

### Lower Costs

When creating an MVP, you concentrate on a small number of features, a minimal app design, and addressing problems for your target audience. This strategy allows businesses to launch with less money, time, and effort and swiftly discover their first clients. You can also save money and outsource to the best [MVP App development company](https://selleo.com/blog/why-mvp-development-should-be-outsourced) instead of building an in-house team.

### Identifying Drawbacks

An MVP allows you to learn what your potential consumers think about your ultimate product and how they want to view it. You can rapidly pinpoint the major issues and resolve them in the upcoming release due to the feedback from users.

### Building a Relationship with Customers

Because you rely on their early comments to integrate more features into the service, an MVP helps you develop a closer connection with customers. This demonstrates that you appreciate their feedback. It can also assist you in figuring out if your app is suitable for your target market.

### Reduce Remakes

Because the product's core is evaluated with an MVP, it is less likely that the complete product will need to be redesigned and rebuilt.

### Attract Investors

For enticing investors, starting a firm with a well-performing minimum valued product might be vital. If your MVP is well-received, it will demonstrate that your business concept is viable. As a result, finding funding for future development will be considerably easier for you.

<Baner name={frontend-developers} />

## Can I skip MVP?

Businesses that don’t assess the viability of business ideas fail to withstand the fierce market competition. An MVP is the most convenient and effective way to collect the initial feedback from users and improve the product accordingly.

According to the [US Bureau of Labor Statistics](https://www.bls.gov/bdm/us_age_naics_00_table7.txt):

* 20% of new startups fail in the first year.
* 34% of startups close within the first 2 years.
* More than 50% of startups remaining after the second year close by the fifth year.
* Only 30% of startups reached a milestone of 10 years.

According to [CBInsights](https://www.cbinsights.com/research/startup-failure-reasons-top/), back in 2019, 42% of startups didn’t offer any worthy solution for market needs and failed to sustain their existence.

**Did you know?**

* Buffer, a platform whose foundation is based on MVP, had attracted [one million users worldwide](https://buffer.com/resources/from-0-to-1000000-users-the-journey-and-statistics-of-buffer/) within 3 years of its launch.
* Shopify, another MVP-based platform, had about [286 million monthly active users](https://www.businessofapps.com/data/spotify-statistics/) by the end of Q1 of 2020.
* Uber, a ride-hailing service has[ expanded into 83 countries](https://techstory.in/the-uber-story/#:\~:text=Uber's%20story%20originated%20in%20Paris,had%20co%2Dfounded%20for%20millions.&text=March%202009%2C%20Uber%20was%20founded%20as%20UberCab%2C%20a%20taxi%20service.) in 2018, resulting in $2.5 billion in revenue.

Now, the choice is yours. Would you like to be among businesses that make millions, or would you like to skip MVP and fail in the first year of your business?

## 6 Steps of MVP App Development

Now that we have established the understanding of a Minimum Viable Product and its advantages, let's figure out how to build an MVP in 6 steps.

![Img](https://a.storyblok.com/f/86602/720x422/41b279c6de/6-steps-of-mvp.jpg)

### Step # 1: Define Your Business & Customers

To characterize your company, you'll have to go deep into who your customers are, what behaviors they have, what issues they face in their lives, and how you can assist them in overcoming those issues. Many websites, such as [Swagbucks](https://www.swagbucks.com/), [OnePoll](https://www.onepoll.com/), and [Toluna](https://tolunacorporate.com/), may assist you in constructing a complete picture of your target customer.

The first recommendation is to double-check the answers to these questions.

* How will my product address user issues?
* What is the size of the market I'd want to enter?
* Will my application be just another tool on the market, or will it launch a new category?

You may express your business concept using a [business model canvas](https://themindstudios.com/blog/business-model-canvas-for-mobile-app/) to accomplish the task. A business model canvas will show you exactly what difficulties your target customer is experiencing and how your solution will address them. You should only go to the next step after validating the viability of your business idea.

<ReadMore> Read also: [Outsourcing Software Development: MVP, Proof of Concept, Prototyping](https://selleo.com/blog/mvp-proof-of-concept-prototyping) </ReadMore>

### Step # 2: Validate your Idea

After you've figured out your market and identified the gap between existing companies and users, the following stage is to look for ways to close it.

Keeping tabs on your competition will provide you with a wealth of knowledge about your potential customers. Begin by looking at your competitors' websites to see what features they have and how they connect with their customers. Then, by visiting product review sites like G2, Capterra, or even social media accounts, compare the companies' statements with what customers say about the application. Validate your concept to see whether it's worth your time and money.

### Step # 3: Define the Process

We must first identify process phases before we can create the primary user flow. This is fairly simple since all you have to do is outline the actions necessary to achieve the key aim of your product. At this stage, you should focus less on specific features and more on fundamental activities like "find shirts," "buy joggers," "manage customer orders," and "receive orders." These are the kinds of objectives that your customers will pursue when they utilize your product. We may then specify features for each stage once all of these process phases have been specified.

### Step # 4: Prioritize your Features

![Img](https://a.storyblok.com/f/86602/720x422/8d5ac92c72/prioritize-your-features.jpg)

Distinguish between must-have and nice-to-have features. Creating a prioritization matrix is one way to arrange your thoughts. Remember to emphasize the qualities that will help you stand out from your underperforming competition. It is an important milestone in the development of your MVP app. All of your teams must be on board.

Follow these steps to prioritize features:

**Ask as a business:** What is the most important action that you want your users to accomplish? What will be the main feature?

**Ask as a business:** What other features do you need to include in the app? How many of these features are not a priority and can be excluded in the beta version.

Now sort the remaining characteristics into three groups: "must-have," "nice-to-have," and "don't care." This approach might be aided by using the Story Mapping methodology. You may create a matrix with a horizontal row representing important process stages (our user flow) and several features allocated to each step under each phase.

### Step # 5: Development

You will need roughly three months to complete the MVP design and development stage once you've validated the core concept of your app and established the basic usability and user flow. Start by wireframing the primary screens and navigation techniques for the web, iOS, and Android platforms. You may attempt one platform for your MVP to save time and money and add more platforms afterward. Cross-platform development is another option for making your MVP less expensive and faster.

Users should not be overburdened by complicated, time-consuming, and costly UI components and animations when viewing your MVP displays. You may also engage with an outsourcing firm with a team of experts that can assist you in developing the best design and development process.

<ReadMore> Read also: [Outsourcing ReactJS Development Services | Learn How To Do It Right](https://selleo.com/blog/outsourcing-reactjs-development-services) </ReadMore>

### Step # 6: Build, Launch and Learn

When a product's development is nearly complete, it must be tested. In most instances, friends and family, alpha testing is also known as a Friends & Family release. When we talk about beta testing, we're referring to the process of releasing a product into the wild to be tested by actual people. The duration of beta testing varies, but it usually takes 1–2 weeks to receive enough input. You may decide to make adjustments in subsequent versions of your product based on feedback from beta testing. Keep in mind that only the most critical adjustments should be implemented right away.

## Must Remember Tips for Creating MVP App

As you can see, creating a well-balanced MVP is a skillful art. In this section of our article, we have compiled a list of some of the greatest strategies to assist the MVP development team in turning their amazing company ideas into long-term, successful apps.

![Img](https://a.storyblok.com/f/86602/720x553/ed4056ac5a/how-not-to-build-2.jpg)

### Keep the Big Picture of your Business

When creating an MVP, a company should retain an open mind and consider the broad picture. Prioritize the steps and procedures, and keep the final objective in mind at all times.

### Target Audience

You are making an app for your target audience. Thus it needs to be appealing to them. Otherwise, it's pointless. Before beginning the development process, a company might conduct surveys to learn about the demands of their target market.

### Right People and Futuristic Deadlines

To be successful, you must have the proper team, the necessary talents, and tight collaboration. To enhance your products, seek out specialists that can provide you with feedback in both development and business sectors.

### Find your Actual Minimum

If you watched [Eric Ries' video](https://www.youtube.com/watch?v=1FoCbbbcYT8), you'll see that he presents a formula for establishing your MVP's basic requirements. This is how it goes:

> ## No. of minimum features you think you need / 8 = The True Minimum

Well, maybe what features we think are best for the audience, they might find them useless.

There can be three possibilities:

* Your target audience hates your app
* Your target audience is okay with it but doesn’t love it
* Your target audience loves the app as it is.

In short, the app should be salable and as per the need of your target audience.

<Baner name={software-development} />

### The App Monetization Strategies

Set your business app monetization strategy. Decide whether your app will be:

* Freemium app that earns revenue from advertisements
* Subscription-based app that earns by selling subscriptions
* An e-commerce Merchandising selling app which earns profit by selling products of different producers
* In-App Purchases that earns revenue by selling commodities from within the app
* Transaction based that charges Fee over each transaction

## Measuring & Setting KPI's for MVP

As an entrepreneur, you should use actionable analytics to make decisions. They're what you'll need to get your concept off the ground. You need techniques to quantify a product's success or failure to be viable, and the metrics must be integrated into the product definition from the beginning.

### What are the Key MVP Metrics for most Startups?

Standard MVP metrics for most startups include:

* **Churn Rate**: the percentage of customers who have discontinued their subscription in a given period
* **Customer Acquisition Cost (CAC)**: the average cost of acquiring a customer
* **Monthly Recurring Revenue (MRR)**: the monthly projected revenue a company can expect to earn
* **The Lifetime Value of a Customer (LTVC)**: the expected profit from a customer over the whole of their time using the product
* **The Average Revenue per User (ARPU)**: the average income received from each customer

## 5 Most Common Mistakes to Avoid when Developing MVP

![Img](https://a.storyblok.com/f/86602/720x422/4fd9062b85/5-most-common-mistakes.jpg)

### Mistake 1 — Wrong Product Strategy

The soul of your company is your product strategy. Here are some signs that your product strategy isn't working:

* The issue you're trying to solve is entirely unimportant. When an MVP is nearly finished, the owner may be surprised to discover that the product is unnecessary.
* Your marketing and sales strategies are in a state of flux. What are the demographics of the people you want to reach? What will it cost to get the first 100 people to sign up? What are the sources of users? You've got a lousy product strategy if you have no answers.
* You won't be able to pinpoint your primary distinction. How fierce is the competition? Are you entering a market that has yet to be mastered? Or are you jumping into a business shark-infested pool? Whatever it is, you must understand what will propel your web product to the top.

**What can Help?**

* Communicating with consumers who confront challenges regularly might spark a brilliant idea for your product that will give a dependable solution for your users.
* You can engage a remote specialist or outsource your marketing to a third-party firm if you don't have a skilled in-house marketer.
* Define your vision clearly.

### Mistake 2 — Ineffective Development Process

Having the right team, process and skills are as important for your app's success as water to live and air to breath.

How do you know that the MVP isn't overloaded or at the minimal side?

* If it takes you more than three months to create your MVP, then there is a problem.
* Many brilliant concept creators expect to see a fully functional app at the MVP stage. Adding more features, on the other hand, is a waste of time and money because new features are unlikely to be useful to target users but will cause the MVP release to be delayed.
* If you postponed bug fixes after building your MVP.

**What can Help?**

* Commit to an agile methodology. Complicated needs should be broken down into multiple basic features. Then establish timelines for each feature and stick to them.
* Begin with an MVP prototype. A prototype aids in the definition and visualization of critical aspects of a high-fidelity MVP so that the user experience may be built.
* Goldilocks quality is the best approach, introduced by Daniel Burka - a Google Ventures design partner.

### Mistake 3 — Underperforming Team

If your startup's product strategy is its engine, then your development staff is its fuel. Let's look at how the amount of expertise of your web developers affects the implementation of your business project:

* Members of your web development team with low skill levels work slowly, make mistakes, and neglect the backlog.
* If your development staff is overloaded, you may need to employ more web developers, UI/UX designers, QA testers, or project managers. However, you'll most likely go over your budget in the process.
* When you receive your first user feedback, they may bring out certain flaws in your MVP. Since an inexperienced development team is unlikely to deal with these flaws, improving your MVP will be impossible.

![Img](https://a.storyblok.com/f/86602/720x422/c4c8be0e35/underperforming-team.jpg)

**What you can do to avoid this:**

* If you're constantly experiencing delays with critical jobs, appoint someone to be in charge of ensuring that developers stay on track.
* Hold seminars for product discovery.
* You may hire trained professionals for your in-house team, hire individual freelancers, or outsource your development to a web development firm with expertise in developing apps in your sector.

### Mistake 4 — Feedback Errors

The purpose of creating an MVP is to get feedback. Despite the importance of feedback, it can occasionally lead you to the incorrect path in terms of progress.

Feedback may be misleading when:

* If your family and friends aren't in your target demographic, they aren't likely to utilize your web product and can't provide you with useful feedback.
* Many people believe that receiving a lot of feedback is a good thing. However, too much feedback might cause you to pivot when developing your MVP quickly.
* Quantitative feedback tells you how many and how much there are, but qualitative feedback tells you why. The image of how users feel about your web application will be inadequate if you exclude either of these perspectives.

**Possible Solutions:**

* Not everyone is a potential user - Accept it.
* Take a look at the most crucial feedback from which you wish to learn. You can categorize client feedback by its value, source, or bug kind, for example.
* When determining what's missing and what's unnecessary, consider both quantitative and qualitative feedback.

### Mistake 5 - Missing the Prototyping Phase

Even the MVP requires prototyping because it is a functioning product. Many companies have been known to jump right into MVP development, with simply a list of essential features and a hazy sense of how it should appear.

Collaborate with the design team to produce a project wireframe collaboratively. Outline the different user paths and visualize how the product should appear. You don't want to begin developing and then change your mind halfway through. This is why prototyping is so important before creating an MVP. It will assist you in avoiding significant future hassles.

## Final Thoughts

Whenever you are going for web or app development, there is always a goal behind it. Keep the mind focused on your goal and plan everything accordingly. If you don't have in-house skilled professionals for MVP development, consider outsourcing the project to a trusted development company.

Double-check the arrangement of communication and the correlation of their portfolio to your desired tech stack before picking a development agency to collaborate with.

**If you are currently looking for an experienced partner to help you develop an MVP, check out [Selleo teams](https://selleo.com/custom-software-development-company). Our skilled developers will be more than happy to discuss your product.**

Learn how MVP can help you lay the foundation for your business success. How to create an MVP product that will sell itself? Learn the art of MVP that brings your business a step closer to achieving your business goals.

MVP App Development | The Art Of Building A Product That Will Sell

If you are a new startup in real estate or struggling your way for sustainability, this article will guide you through the process of creating a real estate website like Zillow.

How to Build Your Own Real Estate Application like Zillow and Make it Thrive?

Like any other business, real estate has also adopted the latest technologies to reduce cost and improve productivity. Instead of cold-calling clients, going door-to-door, and working diligently to have face-to-face interactions. Companies can streamline the lead process – from acquisition to closing – thanks to dedicated software. No matter if you are a broker or an agent, the secret to your success lies in choosing the right **Real Estate Software**.

With the increasing demand for technology in property, businesses can harness expanding opportunities by using the right software. Due to the advancement of technology and accessibility, around [41% of buyers and 54% of sellers](https://www.ibisworld.com/global/market-research-reports/global-commercial-real-estate-industry/) have bought or rent a property without visiting the physical place. Moreover, 56-58% of them prefer to close a deal virtually when there’s a great distance involved. The revenue of the global real estate market is expected to grow by 4,263.7 trillion dollars by 2025.

But, how to choose the custom software, and what features should businesses search for? Here you will find everything you need to know about Real Estate Software.

## What is Real Estate Software?

![Img](https://a.storyblok.com/f/86602/720x367/3075c8bc0e/what-is-real-estate-software.jpg)

Real Estate Software is a tool designed to **help professionals manage leads, customer contacts, client inquiries, marketing campaigns, hunting and listing new properties, and after-sales services**. It provides an entirely streamlined process for sales activities, opportunity hunting, and inventory management. From acquisition to selling a property, all of the activities involved are managed through a single and centralized platform.

Now, let’s discuss the types of Real Estate Software:

### Types of Real Estate Software

There are four general types of Real Estate Software:

### Real Estate CRM Software

This type of software helps to manage **communication** with clients. With an online CRM tool, brokers can collect clients' information such as their contact details, requirements for the property, budget, etc.

This centralized platform will let you:

* **Manage Data** \- You can add new information about the client and delete the unnecessary one. You can update the information anytime regarding their changing needs.
* **Lead Nurturing Automation** \- With a real estate CRM solution, you can tag clients with categories. The system will send them automatic emails and notifications whenever there is an opportunity they might be interested in. The tool also manages auto-responding to incoming texts.
* **Contract Management System** \- Helps to manage all your contracts with buyers and sellers. It also provides an option to set deadlines to set reminders for future transactions.

![Img](https://a.storyblok.com/f/86602/720x632/13614ebf11/real-estate-crm-software-features_obszar-roboczy-1.jpg)

Without CRM software, keeping track of clients' needs and the transaction is slow. A CRM package should arguably be the first thing you get to be as responsive as possible to clients.

<Baner name={real-estate-team} />

### Real Estate ERP Software

An ERP stands for Enterprise Resource Planning System. This type of tool is mainly designed to **manage day-to-day business activities**. It allows professionals to keep track of accounting activities, manage projects and risks. Brokerage houses need it to help them analyze their business's overall progress, commission ROI, and insights into how each office performs.

The Real Estate ERP software handles the most crucial tasks for brokers and agents. It lets people visualize how well their brokerage is doing and get valuable insights to help the business stay one step ahead of its competition.

### Real Estate Management Software

All businesses need management software to stop the waste of time and enhance productivity. Real estate management software is designed to help manage properties.

![Img](https://a.storyblok.com/f/86602/720x632/957d9d0b1d/real-estate-crm-software-features_obszar-roboczy-1-kopia.jpg)

* **Accounting** \- Wouldn't you want to keep a record of the company's money is at all times? Yes, you would, and it can be done more actively with management software.
* **Rent Properties Management** \- If you are handling the property on behalf of owners to manage rent, you need management software to keep every penny in the pocket. Rent can be deposited by any means such as cash, check, or even credit card.
* **Manage Tenants Agreements** \- With management software, you can create a database for all tenants. You can store all information such as agreements, correspondence, decisions, renewals, and rent information in the database. This functionality is vital to ensure legal compliance with all local ordinances.

### Virtual Tour Tools

Why spend money and waste time going back and forth to show the property to a potential client when you can do it virtually. The virtual real estate tool helps you speed up the selling process by assisting customers in narrowing down their choices without you driving them all over the town.

The tool is handy to show properties to out-of-town buyers.

<ReadMore> Read also: [How To Build Property Management Software From Scratch](https://selleo.com/blog/how-to-build-property-management-software-from-scratch) </ReadMore>

## Top 5 Benefits of Real Estate Software

But how will a custom real estate solution **maximize the value** of your commercial property business? Reducing the cost of transactions, providing deep analysis, keeping information at one centralized point are some of the benefits we have already discussed. Here are some other advantages of using Real Estate Software.

### Integration throughout the Process

Most property businesses operate in many formats, and all of them are integrated effectively into the software. There are various fields to be worked on, including websites, direct contacts, social media, internet publicity, farming, etc. Creating and managing separate accounts for each of them is inefficient and time-consuming in the long run, as the data ultimately needed should be in compiled form.

Consolidated data from these various sources is a great advantage. It is achievable even when the company is running on limited resources. However, when the number of clients and their requirements grows, it becomes impossible to address them manually.

**![Img](https://a.storyblok.com/f/86602/720x367/e6c731cae5/integration-throughout-the-process.jpg)**

Managing the company's web page, navigating on various platforms and any improvements that can be made with a single command becomes easy only with the help of Real Estate software.

### Managing Clients’ Contacts

Another advantage of using Real Estate Software is that it allows you to keep track of your clients' contact details. For direct entry, groups can be formed. There are areas and designs available for building a comprehensive customer knowledge portfolio.

Real Estate Software helps you set up systematic instructions for sending out birthday, anniversary, or other special day greetings, dated and included with the client's records. As a result, there is never a chance to overlook an important event. Along with generating new customers, it also helps you remain in touch with former clients, helping you retain long-term relationships, which is beneficial for the company.

### Managing Employees’ Records

![Img](https://a.storyblok.com/f/86602/720x367/048530b753/managing-employees-records.jpg)

Real Estate software offers **multiple logins**, as well as the ability to use a single account for multiple users. Organizational structure is essential, and a well-groomed hierarchy can be built with the aid of software. This helps in the successful monitoring and production of regular reports. Employees can also take advantage of it by preventing duplication of efforts, arranging sessions and inspections, and generating task alerts, among other items.

### Reports and Analysis

Real Estate Software generates detailed reports on a regular, monthly, or annual basis. Every responsible company should actively analyze their performance and ROI to determine what has gone well and what should be done in the future.

These reports also show pending activities and map assets to every open investigation, which is helpful if you have goals to meet. They also offer insight into the methods used, indicating how successful the advertising or marketing channel was. This allows the company to be more careful about future campaigns, such as modifying an email topic, making it more action-oriented, and excluding the stuff that did not perform well.

### Payment Management

The software allows the company to **set, manage, and carry out payment plans**. Any data relating to the properties can be stored and measured. The details about the contract extension, lease termination, and associated documents should be kept updated.

![Img](https://a.storyblok.com/f/86602/720x367/752adcf83c/payment-management.jpg)

When you use Real Estate Software, you will never miss out on anything significant. There may also be software-based alerts that allow for prompt behaviour. Any charges that must be collected and any costs associated with the estate should be coordinated so that no fines are imposed. Furthermore, the software helps you send out prompt alerts to those who owe you money, resulting in a positive business relationship.

<ReadMore> Our [Real Estate custom software](https://selleo.com/portfolio#real-estate) solutions </ReadMore>

## Key Features of Custom Real Estate Software

Key features are the ones that every Real Estate Software must have. If any solution lacks any given feature, it means the functionality of that software will be doubtful.

![Img](https://a.storyblok.com/f/86602/720x530/4538799486/key-features-of-custom-real-estate-software.jpg)

### 3D Walkthrough of the Property

Your potential buyers will virtually visit the property of their interest without ever leaving their home. Provide a **3D view** of the property so your clients can choose the one that fulfils their requirements.

### Advanced Location Search

The corresponding property is shown right on the map, making it easy for clients to search. The number of bedrooms, price, region and city can all be used to narrow down property hunting.

### Property listing

Clients may display available properties in a list format, making the house hunting process much more effective. The app's user-friendly interface acts as a helpful tool.

### Short-Term Rental Properties

This feature would appeal to visitors to the area for special occasions or businesses that need short-term accommodations.

### E-Signature Feature

Both records related to purchasing, selling, or refinancing should be kept in one place. It expedites contract completion by obtaining electronic signatures and streamlines transactions from beginning to end.

### Data-driven Insights

As a result, customers get an optimized view of the house. Real estate companies can shape the financial future. Client preferences are captured in a formal database. Buyers and sellers alike profit from the trustworthiness of the appraisals.

### Artificial Intelligence

Clients can get details immediately, and agents can have a personal assistant working with them 24 hours a day, seven days a week.

### Valuation Models Automation

Allowing users to generate sales and cost information to assess a transaction quickly would maximize both reliability and objectivity.

### Advertising & Marketing

Allows you to target the properties using a snapshot, Google, Facebook, and Instagram's geofencing adoptions.

### GPS integration

Provides simple property hunting and serves as a boon for professional individuals. It offers location-based routing and navigational solutions.

### Calculators for Interest Rates

Provides statistics on total future revenues, gross and net revenues, gross rent multipliers, capitalization levels, pre/post-tax cash flow, break-even ratios, and return on equity.

<Baner name={real-estate} />

## 2021 Digital Transformation and Trends in Real Estate

Digital transformation in real estate didn’t happen as quickly as in other industries, because the industry is based on hospitality and construction. However, dedicated software solutions and technology integration into practices are already making their way into the sphere.

Here’re some of the most talked-about transformation and trends in the industry brought by software development.

### The trend of BIG DATA and Implementation of CRM

**Big data** is prominent in the real estate industry. Data analytics is important for effective business growth and revenue generation since it involves real property artefacts, their attributes, owners, businesses, landlords, and agents.

CRM software can assist you in a variety of areas in this situation. On the one hand, it will show you prospective clients, their habits, and their desires. On the other, it may be used to forecast business trends, property purchase or investment prospects, and cost. You can no longer run a real estate company without customized software solutions and CRM tools for better personnel, resource, and client management, as well as better record management and control from anywhere at any time.

### AI, Machine Learning and Analytics

**Artificial Intelligence** and predictive modelling are now the real estate market's valuable concepts. [Those that do not engage in analytics by 2021](https://www.forbes.com/sites/danielnewman/2019/07/14/top-10-digital-transformation-trends-for-2020/#3e9d1d2e76be) are unable to succeed.

![Img](https://a.storyblok.com/f/86602/720x367/76ac3cec49/ai-machine-learning-and-analytics.jpg)

Artificial Intelligence can expose future cash flow, assist agents in matching assets to buyers, and offer insightful insights into markets, property objects, and even ROI from the rent. AI and deep learning have taken the sphere's technologies to the next level, excelling at data processing through real estate analytics applications that are intuitive, simple to use, and consistent. Their pace and precision are predicted to increase significantly by 2020, which is why these are the developments worth investing in right now.

### Shifting to Cloud Storage

Among the emerging digital real estate developments, **cloud property management** applications are becoming increasingly prominent. Such functionality provides fast and efficient access to property information and financial details at any time and from any place.

Property owners and renters will simply log into the system and do whatever searches they choose. It is no longer necessary to send emails or make phone calls. It also has the added advantage of reducing the volume of contact.

### Blockchain Technology

It's useless to address new digital developments without discussing **Blockchain**, and real estate is no exception. We can foresee further properties being marketed using blockchain technologies in 2020. The transfers are then done without the need for any middlemen or bank authentication.

Even though the system was overhyped in 2019, it now has practical examples outside payments and digital currencies. Blockchain can be commonly used in real estate and asset management, giving it a new perspective on life. It can now be considered a live web-based real estate market with an active business that benefits from increased transparency. With this cutting-edge technology, financial fraud and cyber-attacks have a tiny chance. It's because there's no single authority in charge of keeping track of all transactions.

### Smartphone Apps

In the rapidly evolving and challenging world, mobility is the secret to success and a major advantage. Most development processes for CRM and Real Estate Software products already include **mobile applications**, but the next few years will be more popular and practical.

![Img](https://a.storyblok.com/f/86602/720x367/6b3baceeb8/smartphone-apps.jpg)

Agents can access property information, the necessary documents, and tools, even on the go, at any time, and obtain any necessary information at the palm.

## How to Choose the Right Real Estate Software Development Company?

If you have decided to go with a custom build real estate solution for your business, then selecting the right software development company will be the first step towards success.

There are a lot of factors that a business should consider during the process. Many companies prioritize the lowest cost instead of prioritizing the quality and sustainability of the software development company. Read our detailed article on “[How to choose a Custom Software Development Company](https://selleo.com/blog/how-to-choose-a-software-development-company)” before heading into the market for making your selection.

## Conclusion

Real Estate Software empowers builders, brokers, and agents with an end-to-end sales automation and customer engagement process. The software can find the perfect match for user’s property needs, allowing users to customize the system and many features that will grow your business.

If you need a **custom software development company** to lead your way and guide you at every step while building a real estate solution, then contact us. At [Selleo](https://selleo.com/contact), we work to fulfil all your requirements and deliver out-of-the-box final products that improve your business productivity and provide long-live sustainability.

How to choose the right Real Estate software, and what features should businesses search for? Here you will find everything you need to know about Real Estate software.


Krzysztof Greń

Blog posts that I worked on

MVP App Development | The Art Of Building A Product That Will Sell

How to Build Your Own Real Estate Application like Zillow and Make it Thrive?

How to Build Custom Real Estate Software Solution?

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