The Real Estate Industry in Dubai is a crucial part of its financial ecosystem. Its growth potential is tremendous and largely untapped in the digital world, meaning that real-estate businesses are currently missing out on a lot of opportunities to grow and scale their business through digital platforms — something that real-estate companies across the globe are already doing.
The developers in Dubai can expand their business by hiring an app development company to create real-estate apps that provide the kind of user-experience that expands their target market, improve their sales process, and provide a seamless and convenient funnel to increase their revenue in order to tap into the true potential of this industry.
This article discusses the presence of this growth potential within the industry, the role mobile app development companies in Dubai can help power in the next cycle of growth, and the specific benefits of these apps to real-estate businesses.
The Growth Potential of Dubai’s Real Estate Industry
The home values in Dubai have been continuously dropping in the last 5 years, with the trend staying continuous even as recently as December of 2019.
This drop in value is making the property much more affordable for families who are more inclined towards buying or renting properties which would previously be outside of their budget range. This drop in value also allows for an excellent opportunity for social mobility.
While the drop in value may seem like a downturn the industry is facing, but it has opened up a whole new set of possibilities the real estate sector can explore and conquer, but only if they are fast enough to capitalize on it in the right manner.
This trend is powering the next cycle of growth of the real estate industry, with augmented sales for both off-plan purchases and Secondary Market Transfers.
In terms of economics, this is resulting in a steady rise in the overall value of real-estate related transactions. From Apartments to Villas, the year 2020 seems to be on-track for a high-performance year for the real estate industry.
Since the announcement of the creation of the new Higher Committee of Real Estate in Dubai, the Dubai Land Department announced a 134% increase in real estate transactions. With Expo 2020 coming to Dubai, the market predicts a significant positive impact on Dubai’s FDI.
In terms of the global standing, the September report by UBS Global Real Estate Bubble Index, Dubai ranked #2 as fair-valued, across 24 major cities’ properties.
The data suggests that the Real Estate industry will be booming in 2020 for Dubai, but how businesses can leverage this trend for growth remains to be seen. If Dubai is to follow the global procedures, then mobile app development companies in Dubai can help empower businesses in the real-estate sector to conduct more business, generate more revenue, and expand their target audience.
Let’s take a look at how App development can help fuel the growth of the Real-Estate Industry in Dubai.
The Power Of Apps in Fueling the growth
Mobile Apps have been helping businesses expand and grow rapidly across various industries. With the advent of globalization, it is evident that the future is digital — even for businesses.
There are a few key benefits that mobile app development brings to the Real-Estate industry. Let’s discuss in detail how your real estate business can leverage mobile app development for higher profits.
Increasing Market Reach
The real estate industry on a global level is leveraging online platforms to increase their market reach. According to a report by realtor, in 2018, 44% of all buyers looked for properties for sale online, while only 17% of people contact a real estate agent.
The reason behind why online platforms are doing much better than conventional real estate strategies is because they are far more convenient. Through online platforms such as real-estate mobile apps, people can view available properties for sale or rent with updated information from the comfort of their homes.
These platforms are also time-flexible, which means that interested parties can look for options at any hour of the day. In contrast, real estate agents are not as time-flexible with dedicated working hours.
This trend doesn’t just apply to millennials who are generally more tech-savvy. 48% of Young Boomers also looked for properties for sale online, making mobile apps a great way to engage with a more demographically diverse target audience.
So if you’re in the real estate industry as a seller, broker, or agent — you can leverage mobile apps to increase your market reach. The digital potential of the real estate industry in 2020 is bound to far exceed these numbers.
As internet traffic grows on mobile devices, which in 2019 accounted for 51.51% of all internet traffic in Q3 of 2019, businesses have to move quickly to capture this market of possible clients.
Moreover, real-estate doesn’t just target local owners or buyers. Dubai is incredibly multicultural and foreign investment in properties in Dubai is a massive part of Dubai’s financial ecosystem, and for businesses, a mobile app can get them closer to expanding their horizons to cater to a bigger market of potential customers.
More Transparency, More Trust.
Put yourself in the shoes of a buyer or a seller who goes to a real estate agent. One of the biggest difficulties you face is trusting the agent’s words that the deal you’re getting is worth the money you’re spending.
To solve this problem, Mobile app development companies are creating real-estate apps that provide users the ability to browse through thousands of listing, view properties in 360 degrees, get property description, size, rent details, and other features that they’re interested in — without having to deal with a middleman that they don’t trust.
This process allows the process to be more transparent, giving developers in Dubai the ability to engage with their clients with more trust and accountability.
For Millennials, who are a significant part of the group who are buying their first properties, these factors matter in their decision-making process. Real-estate developers in Dubai can leverage mobile app development companies in Dubai.
Better Client Engagement Through Recommendations
Now let’s talk about long term prospects — For developers in Dubai, it is crucial to create a long-term relationship with their clients.
The cultivation of this relationship is derived from engaging with your target audience. But how do you cultivate that through a mobile app? There are two key steps to doing so.
First, real-estate developers can use the app to monitor the trends in Dubai with regard to consumer activity. This gives them a better knowledge of the consumer demand, its growth, and projections, and the consumer behavior pattern. By using these metrics, you can optimize your services to serve your clients in a better way. Moreover, this helps your brand create a unique brand identity which is useful for attracting more customers to engage with your business than your competitors — A more tailored service, a strong brand identity, and convenience is what you can access by hiring the mobile app development company in Dubai for a real-estate app for your business.
Second, for developers in Dubai, if you look towards real-estate investors rather than home-owners, then mobile apps provide unique functionality that drives revenue. Through market research and analysis, you can use mobile apps to send “Push notifications” and “recommendations” to users if there’s a new listing similar to their previously shown interest.
This creates a constant engagement with your users by allowing businesses to go to their clients with a proposition rather than the client looking for possible options manually. By creating this two-way street, you attract these investors to engage with your business by showcasing them real-estate listings that you know they’re likely to be interested in.
This can increase your revenue in comparison to a situation where these investors never find out about these listings in the first place. This is a great marketing strategy to keep your target audience updated about new listings, special offers that you are promoting, and new projects that you’re undertaking to spark their interest.
This is how, by working alongside top IT companies in Dubai, you can expand your business to perform better than your competitors.
Optimized Sales Process
One of the critical problems that real-estate developers in Dubai face is the complexity of their sales process. Calculating the EMI, loans, and payments can be an exhaustive process. But Mobile Apps for Real-Estate developers can help automate this process and make it possible with just a few taps on your device.
This helps users gain information much quicker, shorten the decision-making process, and making the user journey far more pleasant — increasing the chances for your business to make a sale.
Another such feature that comes within such apps is an integrated chatbot or chat support via customer service representatives. This allows your business to be available to interested clients 24/7 for any questions or problems that they might want to ask.
These concerns are time-sensitive, and mobile apps ensure that your business is always ready to engage with your audience — making it more likely for your business to retain customers in the long-run and drive up your sales revenue.
What Can Tekrevol Do?
As a mobile app development company in Dubai, Tekrevol aims to bring its expertise to real-estate developers to help augment their business through a complete digital transformation.
We’ve worked alongside numerous businesses to optimize them for the modern digital world — including real estate businesses. These businesses have been able to use their mobile app platforms to boost their revenue and optimize their services to best fit the age of the internet and e-commerce.
What are we promising? Our apps are created to provide the following benefits:
- A seamless User-experience and functional convenience to make your brand more accessible.
- Functionalities and features that help businesses perform better than their competitors.(ChatBots, Analytics, e.t.c)
- Increased user-retention rate for returning clients.
- A design that highlights your brand voice through the application.
- Improve your brand’s user engagement for long-term success.
At Tekrevol, our team of expert designers and developers ensure that our products help your business scale and grow exponentially by tapping the digital market — the future is digital, and our app development services in Dubai are tailored to ensure your real-estate business becomes an industry leader in that future.
Learn more about custom app development in Dubai.