How to launch a Real Estate Portal: Business Model and Revenue Model of a Property Listing
The Real estate market is gaining immense popularity all over the world. Online related solutions have turned into an important part of the buying and selling properties on the basis of rent, residential, and commercial. Furthermore, it leads to the increase of the demand of the brokers and agents, as well as the advent of technologies that have forced them to provide next-generation and hassle-free services to their customers.
According to Industry Forecast, the global real estate market was estimated at $6.8 trillion in 2018 and predicted to touch $8.6 trillion by 2026, with a growing CAGR of 2.8% between 2019 to 2026.
The world has turned into advanced and modern, where people prefer to opt for innovative and user-friendly based solutions. In order to meet the customer’s requirements and turn the process easier, real estate dealers are offering advanced services by providing easy to search and virtual tours of the properties. It helps to save time and also ensures to take quick decisions. Apart from agents can also generate leads as ever before, and attract buyers and tenants to make the services easily.
If you are also planning to launch your real estate portal and want to meet the modern demands as well as increase revenue, partner with a website development company.
In this blog, let’s discuss how does a real estate website works and it’s business and revenue model as well-
Before indulging in the development process, real estate dealers need to ask a certain question to themselves -
1. Will you allow the non-registered user to post properties on your website? If yes, so what will be the limitations?
2. Will you want to change something, i.e. subscription fees to registered users?
3. Do you want to develop a whole new MLS system that delivers full access to data feed to the IDX website for a fee?
4. Will you provide website generation and property sharing features to brokerages?
All the above-mentioned questions and proper preparation for the project will take you on the road to success.
The Business Model for Property Listing Portal
The business model for a real estate website includes connecting property buyers and sellers. For both of the parties, it saves time and money as well as bridge the gap between them. The portals allow buyers/ sellers to list a property on the site which people can see if they are interested to purchase/ lease.
Following are the basic features that must include in real estate website -
When the buyer/ seller understands, need to go through with this process -
Process of buyers -
- Select the land as per your requirements over the list.
- If you are a non-register member, then register yourself with your phone number and mail id.
- When the registration is done, a message will be sent to the seller to make further communication.
- If it doesn’t, you will get the contact number of the seller.
- Contact the seller and fix an appointment.
Process of sellers -
- Register on the portal
- List out your property deals by including all the details like — address, locality, sq. ft. and so on.
- Next, it will ask you to fill in all the property details, i.e. number of rooms, number of floors, property size, etc.
- Mention your contact details, so buyers can contact you easily. Your property will be listed on the website.
The Revenue Model for Property Listing Website
- Subscription Model — In real estate websites, the revenue model is channeled by brokers. Nowadays, many portals offer a subscription model to brokers to list their property over it. With the help of this revenue model, brokers can list numerous properties as they want under a certain package. Alongside this, the model is also beneficial for you as a website owner in terms of getting a comprehensive list of properties. You need to ask your website development company to include this feature in your property listing website.
- Elite Listing — With this, planners can buy credits to have a selective listing in order to improve performance and positioning.
- CRM providers — There are several customer relationship managers who offer their assistance to buyers and sellers. It means these CRM suppliers also take charge as per their capacity against information exchange through the website’s XML system.
- Featured Listing — Real estate business owners can also make an additional income by providing a feature listing facility to brokers and individuals. It implies that sellers who’d like to sell their land on a quick basis can easily promote their property on the website’s homepage.
Must-Have Features in Real Estate Website
- It is important to have high-quality images on your real estate website. Often a customer likes or dislikes properties through pictures, in this sense, website owners should be very careful about the screening of pictures.
- Apart from 3D images, you also need to highlight the USP of every property. It implies details regarding flooring, equipment, appliances, etc. Write a paragraph about the locality and nearby areas that cannot be depicted in the image of the property. It will assist buyers to make final decisions whether to buy it or not when they are sure about all details.
- No marketing tactics can replace users’ reviews and testimonials as it will support to generate potential buyers’ confidence. Many websites add testimonials on their homepages to seek users’ interest, i.e. uploading users’ videos can yield far better outcomes in comparison to writer testimonials.
- Another most important feature is the property value calculation. It allows individual sellers’ to get guidance about the actual worth of their property in the current market. Thus, to sell it accordingly and get relatable profit.
While Summing Up!!!
In the era of digitalization, customers prefer to acquire easy and handy processes, and so they go for online solutions to find properties for commercial and residential purposes. It saves their time and later provides them the best property dealing with fewer efforts. Real estate websites are a new and unique idea, but many entrepreneurs are investing in this as there is a huge scope. When you hire a website development company, keep in mind that the latest technology and tactics are used in the entire process. The business and revenue model will support you to develop an effective property listing website.
Originally published at http://synarionit.wordpress.com on January 22, 2021.