How to Build Real Estate Marketplace

The digital solution that an individual or a company with a focus on any type of property sale can benefit from is a real estate marketplace platform.

6 min read, Jan 8
how-to-build-real-estate-marketplace

The digital solution that an individual or a company with a focus on any type of property sale can benefit from is a real estate marketplace platform.

Despite the fact that there are a lot of ready options for real estate automation to apply to your business if you want to provide a truly custom experience that will define your identity among other agents, brokers and agencies it’s better to consider from-scratch implementation.

Custom development is usually not taken into account due to stereotypical assumptions concerning its cost and complexity. However, if you find the right tech partner and take steps of a consistent approach like a discovery phase and MVP all the difficulties can be minimized by them and overweighed by results.

Building a real estate platform: where to start

To create the initial description of the desired real estate marketplace website you require the concept that will distinguish it among others as well as must-have and desired features. You can use the experience of others to base your ideas on. But obligatory functionality is clearly common and consists of the following modules.

Registration

Depending on the business model your platform will require different types of access or even a separate admin panel for maintenance. In any way, the one or multi-level authorization process should be implemented on an email-password basis including login recovery and other security options.

IDX

Internet Data Exchange system uploads or downloads from Multiple Listing Service (MLS) available listings shared through this or any other real estate digital marketplace. It allows presenting the diversity of the local or global markets for your customers making the platform a subsidiary for the potential deals.

The larger the database the more necessary a more advanced filtering functionality to simplify the quest for customers. Payment types (for rent/for sale, rates (ranges) existing bids, property kinds (apartment, condos, houses/duplex) and content (floor space, rooms diversity and number, furnishing), listed, availability date and period, nearby services, etc.

Recommendations

Another way to upgrade the search is to provide each customer with personalized suggestions for property options based on previous requests. It will show a custom approach to every real estate marketplace online visitor and speed up and raise the odds of the deal within your platform. Using data science and ML solutions, it can be implemented according to your needs (for instance, suggesting houses for urgent sale first).

Content

User profiles, listings, blog, and other web page content like text and visual data that should not only be created but properly and clearly presented. Property can have few types of view: map, profile, 3D or AR tour, etc. The important thing to ensure its fast loading and deployment on any screen. Some of the possible ways to ensure that are responsive design and PWA.

Maps

Maps can be as a search alternative to outline the suitable seeking area initially and adhere to it without a necessity to constantly input location names. You can integrate, for example, Google solutions via API to your real estate marketplace software that can be customized with your brand theme. Additionally, you get a highly appreciated Street View feature prolonging the session on your platform.

Favorites

People hardly ever sort their bookmarks that’s why the return odd are diminished initially. That’s why the ability to save search results directly on the platform is necessary as well as a comparison feature to give required time and info for a decision. It can be also an insight source for agents to analyze current trends in property acquisition.

Payments

There are various solutions to implement a payment gateway via API for a marketplace for real estate, retail or other scopes/: PayPal, Strapi, Payfort, etc. They vary in subscription plans and countries of operations. The feature is optional if you aren’t gonna provide subscription plans and can be substituted/added to room reservations or booking of house visits to allow property owners to process payments the other way.

Messaging

Any deal is impossible without communication. The earlier both interested parties start exchanging thoughts and details the sooner they can come to an agreement. That’s why it’s better not just allow sharing contact information but also provide personal chat rooms with the ability to attach to messages different types of files and the provided presence status info.

Calendar

To attract more visitors to open house days via your real estate agent marketplace it’s better to create a universal calendar where showed all upcoming dates. This way customers won’t have to browse tons of listings to find the houses they can see on short notice. Using popular solutions from Google or else they can easily add the chosen events to their own calendars.

Blog

Your platform shouldn’t be just focused on customers. For instance, you can run a blog that won’t only provide customers with helpful information about local services and events, real estate advice, home decor, etc. This way besides working for customer engagement you create a community around the platform and ensure better SEO rankings.

Tooling

Depending on the business model you can also integrate a CRM system to maintain the client network in the same space or marketing tools to allow owners to ensure more views for their listings. You can also equip your real estate marketplace startup with third-party tools like mortgage calculators so potential buyers can compare rates without leaving the platform

Best real estate marketplace criteria

Any web development project isn’t just a combination of features. It should provide seamless quality and unique experience for any user that initially has certain expectations concerning the following factors.

Performance.The lack of high-speed loading usually makes customers look the other way.

Design. The first impression can earn a visitor from the first clicks on your website.

Usability. The convenience and easy navigation will make every session more efficient.

Mobile. To give the ability to reach easily the platform from a portable device is a must-do.

That’s why it’s important to think carefully about UI/UX design, make a suitable (not trended) choice of the technology stack and ensure multi-platform operation via a website, a mobile or a progressive web app.

Since real estate deals start moving online there’s no way that reverse motion will appear. That’s why it’s important not only to find your place there as soon as possible but also try to make the step forward with the scope towards providing better experience, optimizing the workflow and ergo cost-efficiency.

Spring as a digital transformation agency that among others serves the property market. You can review the case study of an online local real estate marketplace.

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