Real estate industry software development - outsourcing company Boosty Labs

Real estate industry software development

We are an IT outsourcing company specializing in fintech, blockchain outsource software development, outstaff developers, and tech consulting. With much expertise in the outsource software development for the real estate industry and a lot of understanding of this field we can transform your business and propel it to the next level. For over five years we have been creating specialized software for the real estate owners, builders, banks, investors, developers, architects, and leasing companies.

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The reasons for software solutions’ application in the real estate industry

01.

Low speed of registration process.

02.

Time and resource intensiveness.

03.

Inconvenience of paper contracts.

04.

Forced necessity to carry out small repetitive processes.

01.

Low speed of registration process.

02.

Time and resource intensiveness.

03.

Inconvenience of paper contracts.

04.

Forced necessity to carry out small repetitive processes.

Application of blockchain technologies in real estate industry

In the context of the real estate sector, blockchain can be used in a number of areas at all stages of value creation. In the short term, blockchain can be used to transfer the purchase price of real estate transactions using established cryptocurrencies, as well as through ICO – the initial coin offering (tokenization).

In the medium term, the introduction of the practice of using smart contracts is expected. Smart contracts are electronic contracts based on a computer protocol that can track the fulfillment of conditions or rules laid down in a system and perform specified actions in accordance with an incentive event that has occurred. Thus, there is no need to conclude additional agreements in writing on paper.

In the long term, blockchain will help significantly increase market transparency and resolve issues related to the relationship between the principal and the agent.

Software development services for real estate industry

Property management software

Real estate management products (REO), software modules for automating interaction with tenants and tax authorities, aggregating real-time data on the state of real estate.

Real estate appraisal software

Customized solutions for real estate appraisal and value predictions using big data. Create separate models with built-in analytics or integrate your products with ready-made solutions.

Intellectual security

Enhanced security and easy access to real estate with an intelligent access rights distribution system.

Intelligent sensors

Timely maintenance of houses and apartments using smart sensors that monitor the state of real estate.

Mobile applications

Greatest customer satisfaction with available resources with resource booking apps.

Real estate software development benefits from Boosty Labs

Integration with marketing systems

Ample opportunities for increasing the base of potential customers through integration with Google, Bing and Yahoo marketing systems.

Modern communication with customers

Effective channels for communication with tenants through specialized messengers and web portals.

Built-in analytics

Track financial performance in real time with built-in analytics and data visualization.

Information management

Property management in real time with an easy-to-use CMS.

Cost optimization

Save time by automating routine processes – from mailing to generating reports.

Digitalization trends in the real estate market

Digitalization is consistently entering the real estate market – one of the most conservative in terms of the introduction of technological innovations. The real estate market operators today are faced with the urgent task of rethinking and giving new relevant meaning to all basic mechanisms. Qualitatively new real estate standards are being introduced, based on a modern information and telecommunications infrastructure that solves numerous problems. In the future, the types of use of real estate may also radically change. 
For example, in the hotel industry there is an urgent search for new forms of development. Among promising ideas, specialization in the conduct of hybrid, combining online and offline events, is considered. Undoubtedly, such initiatives require serious investments in real estate software development, as well as competent management of digital business transformation. In terms of operating activities, as in many other areas of business, in the real estate sector amid the pandemic, it was possible to quickly transfer a significant part of the work to a remote mode. In many ways, this is even a positive factor, since it makes the results of the work of employees and departments transparent. The digitalization of management systems will only develop, since it solves the problems of increasing the efficiency of employees and the business as a whole.
The digitalization of management systems will only develop, since it solves the problems of increasing the efficiency of employees and the business as a whole.
Over the past few years, the real estate software developers have begun to develop various digital services for the real estate market participants.
Globally, real estate technology is divided into two large sectors. The former help industry professionals improve service quality. For example, VR technology helps developers visualize their product to make it easier for the buyer to make a choice. Another example is smart systems that automate the management of utility networks in a house, manage and improve the quality of service of management companies.
The second pool of PropTech projects, in fact, replaces industry specialists. Property technology (or prop-tech, also called real estate technology) is the application of information technology and platform economics to real estate markets. The term “PropTech” itself originated from the term “FinTech”, which is used to describe how new technologies are used to improve and automate the provision and use of financial services. These technologies are primarily designed to increase profitability and manage costs wisely. But not only. PropTech also offers solutions to improve data transparency and standardization. And this ultimately allows you to reach a qualitatively new level of communication with customers and contractors. PropTech also offers solutions to improve data transparency and standardization. 
Today, the most popular areas in PropTech are sites that automate the process of real estate transactions (rent, sale, advertising, etc.), services based on big data (for example, estimating the value of objects), real estate management projects (smart home) and real estate assets.
PropTech will remain the most promising area in the application of high technology in the real estate industry, as it allows you to solve the diverse problems necessary for the development of the industry.
In recent years, peer-to-peer (“P2P”) lending opportunities have increased with the launch of crowdfunding platforms that allow investors and borrowers to bypass traditional funding sources. P2P technology does not preclude due diligence in real estate transactions.
Rather, it simplifies the lending process by collecting automated data from multiple sources to secure loans and access to broader sources of capital faster. In property lending, P2P primarily provides short-term loans, mortgages and commercial investment loans. However, loan portfolios for P2P lending in the real estate market are still very small compared to traditional funding sources.
P2P lending and crowdfunding in real estate are built on the foundations of FinTech, such as data analytics (increasing personalization in investment decisions), personal finance tools (providing a deeper understanding of the investor's financial situation) and investment property calculation tools (improving the accuracy of forecasting performance).
Another important trend in the real estate industry is tokenization of commercial real estate objects. Buy and sell transactions take time to complete and there are a number of established processes that must be followed in order to complete the transaction by various third parties and intermediaries with associated transaction costs. Asset-backed tokenization can reduce these liquidity constraints.
Cryptocurrencies and tokens issued on the basis of blockchain technology represent a new form of asset class that can simultaneously demonstrate certain characteristics of securities or commodities, but which does not fit into the established category.
Therefore, different regulators may have different views on how such cryptoassets should be classified and regulated.
In the future, the scope of technology applications in real estate will expand. Areas, the relevance of which is already clear now, and they are gradually developing, are BIM technologies and virtual reality in construction and blockchain.
Countries such as the UK and Dubai have made great strides in using blockchain technology to transform the land registration process and reduce real estate fraud.
The Dubai Land Department (DLD) is also in the process of creating a blockchain system for registering property rights and real estate contracts. By collecting all this information, an immutable database of current and historical property ownership and transactions will be created over time, providing greater transparency and trust in real estate transactions.
Smart contract development can also allow automatic and accurate updating of the ledger without the manual process of transferring ownership through a paper application form.
A smart contract  differs from a traditional one only in that it is drawn up in electronic form. It uses blockchain technology to automatically execute contracts between buyers and sellers. Rules are set in such a way that an action is automatically generated when a certain event occurs.
For example, a rule may be adopted that title to real estate is automatically transferred to the buyer when funds are deposited into the appropriate account. In this way, he can instantly and securely decide to transfer property without the need for intermediaries (eg escrow agents, brokers) in the transaction.
The move to smart contracts could also include lease registration, whereby a tenant can receive their lease digitally. The blockchain system can include databases containing information such as identity cards, visa validity, and allows tenants to make payments electronically. The immutable data stored in the blockchain system can also be transferred to various government and private organizations.
The most important issue that needs to be addressed with the help of such platforms is the protection of personal data. There will also be a need to introduce digital signatures and identity verification for digital processing and recognition of the legality of such transactions.
The use of blockchain in real estate is still in its infancy, but this technology has the potential to optimize all stages of a real estate transaction, while increasing transparency and trust in this activity.