Most real estate businesses invest in high-end software and unique UI/UX for global exposure. However, that does not guarantee you are bringing in clients after all! Most viewers are stuck with complex real estate tools, and skip mid-way. Now, to avoid such losses, you need to prioritize investing in an MVP or MVP development process.
Yes, to get your business growing in this lucrative market, developing a PropTech mobile app MVP (Minimum Viable Product) is your first step. Wondering about what is so hype about it? Well, in simple words, MVP allows startups to validate their ideas with minimal resources. Moreover, it helps one to gauge user interest, save time, and reduce risks before a full-scale launch.
But how do you build an MVP to ensure your PropTech app’s success? Let us learn with this blog –
The first thing that is always important is gathering the basics. So, let us begin with understanding about an MVP –
A minimum viable product, or MVP, is a basic version of your application. Hence, it only has the essential features required to address the user’s issue. By releasing an MVP, you can obtain insightful input from early adopters and determine which features appeal to your target market.
Especially for PropTech, this is essential. The success of your app can be determined by understanding how your technology fits into the always-changing real estate market. Before making significant development investments, you can collect user feedback and reduce financial risks using an MVP.
For instance, an MVP for property management software might provide standard functions like maintenance requests, rent collecting, and tenant communication. This makes it possible to test the app’s demand and make improvements based on user feedback.
Now that you have pictured what an MVP can be, let us work on it –
Start by identifying the issue you wish to resolve. Numerous issues plague the real estate industry, including complicated property purchasing procedures, ineffective property management, and inadequate communication between tenants and property owners. Finding the main problem your app solves can help you concentrate on what really counts.
For instance, your app might be able to streamline tenant communications if you are aiming to reach property owners. Make sure the issue you are trying to solve is detailed enough for your MVP to handle while simultaneously being significant enough to justify a technology solution.
Conducting comprehensive market research is necessary prior to beginning development. Examine your rivals and note their advantages and disadvantages. Look for areas where your app can close a market gap. Additionally, pay attention to user evaluations to determine which features real estate agents most want.
Consider specializing in maintenance management or rent automation if there are already dozens of PropTech apps devoted to real estate listings. By collecting this information, you can improve your MVP and make it stand out from the competition.
Only the most important elements should be included in your MVP. Consider the bare minimum of features your app must have in order to address the identified issue. At this point, put functionality and simplicity ahead of looks.
Property search, map integration, and basic pricing information could be important components for a PropTech app targeted at real estate purchasers. Later, if you get user input, you can add features like sophisticated filtering or virtual tours.
Choosing the appropriate technology stack is essential to the seamless development of your application. You can use cross-platform frameworks like React Native or Flutter, or native development (iOS, Android), depending on the requirements and scope. This enables you to develop your MVP more quickly and more affordably.
Because PropTech involves enormous data sets (such as 3D tours or property listings), seamless app performance is essential. As your app expands, be sure the tech stack you have selected allows for scalability and ease of changes.
User experience is paramount, particularly in PropTech applications where rapid information access and ease of use are essential. Focus on how users will interact with your app while searching for properties or doing administration activities, and keep your interface simple and easy to use.
Design a dashboard that makes it simple for real estate agents to handle several properties if your software is aimed at them. As you add more features, users are more likely to remain loyal to your app if it is simple and easy to use.
It is important to begin development as soon as your technology stack and essential functionalities are established. Remember that testing is an important aspect of this stage. To find any bugs or UX problems, conduct internal testing as well as beta testing with a chosen user base.
Test the app’s ability to manage numerous listings, user navigation, and integration with third-party services (such as Google Maps) for a PropTech MVP. Prior to a full-scale launch, early testing will provide you with important ideas regarding how to improve your app.
Once your MVP is live, the hard job starts. Gather early adopters’ opinions and examine how they use the app. Make use of these suggestions to enhance your app’s current features and develop new ones for the following stage.
Was it challenging people to use the rent payment feature? Did they request more tools for property management? Consider these observations carefully and concentrate on providing updates that satisfy user requirements.
Investing in a proptech MVP is wise, but you must also not crowd the tool with too many ideas. This is one of the common issues most real estate investors end up doing. But it’s not late for you; hence, buckle up and circle this common blunders to avoid in future –
The last thing you need is complicating your MVP. You see, the purpose of an MVP is to build an outlook of what the actual tool will look like. Hence, you cannot overwhelm it with all your best ideas, features etc. All you need is to show the purpose and get it accepted by your circle.
Make sure you make the adjustments that your users desire. Even if you are not launching the MVP as an official tool globally, you still need feedback. Moreover, receiving the comments you must apply them; else, there will be no engagement later on.
To prevent issues during the launch, conduct comprehensive testing. You can never rely on a single run of testing, since bugs and glitches can occur anytime. Moreover, assuming that tool ran well the first time does not mean it will not crash. Hence, keep testing.
You might be proud of what your MVP looks like. However, what if someone already has built such an MVP? Moreover, investing on a top notch MVP will not bring you results, if it does meet the demands of your audience. Hence, always be aware of your audience and competitors.
The first step in breaking into the cutthroat real estate tech market is creating an MVP. It enables you to gather input, confirm your concept, and start from a strong foundation. You may produce an MVP that lays the groundwork for long-term success by concentrating on key features, carrying out appropriate research, and iterating in response to user feedback.
Today, take the first step by strategically planning, creating, and launching your MVP.
An MVP (Minimum Viable Product) is a simplified version of your app that includes only the essential features needed to solve a specific problem for users in the real estate market.
Starting with an MVP helps reduce development costs, gather user feedback, and validates your app idea before investing heavily in full development.
It depends on the problem you are solving, but common MVP features in PropTech apps might include property search, tenant communication, rent payment, or basic property management tools.
You can collect feedback through beta testing, user surveys, app analytics, and by monitoring user behavior.
Popular tech stacks for PropTech include React Native, Flutter, or native iOS and Android development depending on your app’s requirements and budget.
By Proptechbuzz
By Ravi Kumar
