How To Build A Real Estate Marketplace Like Zillow

The world is shifting towards digitization, and the real estate market is no exception. It's no longer just about physical buyers and sellers. In fact, it's one of the fastest-growing online markets, which means it needs specialized software and websites to meet customer needs. 

In this article, we will be covering the process of building a no-code approach to develop a real estate platform with Shipturtle, drawing inspiration from marketplaces like Zillow, Trulia, and Redfin.

Here, you will be getting a complete guide on how to build a successful real estate website. You'll learn how to create your own online marketplace unique presence by focusing on the core functionalities of your marketplace:

• Build a property marketplace platform where users can listing their properties.

• Discover key features of popular real estate marketplaces from buyer and seller perspectives.
  

• Detailed steps to build a real estate marketplace website along with marketplace strategies.

So, why not go for your own real estate app development?  

1. Why Build a Marketplace for Real Estate?

The real estate marketplace is undergoing a significant transformation, driven by customer demand for convenience and the ability to buy property from the comfort of their own space and time. Though there are regional real estate websites like Zoopla, Rightmove, or 99acres.com have attracted huge success, there's still plenty of room for new innovations and tech-driven improvements.

If we talk about the future of the real estate marketplace, by 2032, the global real estate market is projected to reach USD 7.28 trillion. Creating an online real estate marketplace not only simplifies the process for buyers and sellers but also offers unmatched value to both parties.

Features like virtual property tours, greater accessibility for businesses, and data-driven insights make online platforms indispensable for modern real estate transactions. Coupled with the convenience and efficiency an online platform provides, these benefits highlight the growing importance of building a real estate website that caters to today's digitally savvy consumers.

By doing so, you'll tap into broader markets, enhance user experience, and stay competitive in an evolving industry.

2. Recommended Types of Marketplaces for the Real Estate

The real estate industry is ripe for innovation, and marketplaces offer a powerful platform to connect buyers and sellers, landlords and tenants, and property owners and service providers. Here are some recommended types of marketplaces that can revolutionize the real estate sector:

I. Auction marketplace

An auction-based marketplace allows properties to be sold to the highest bidder. This setup is ideal for unique or distressed assets that may benefit from a competitive bidding process.

• Key Features:
  • Detailed Property Listings: Comprehensive information, images, and specifications of the property up for auction.
  • Bidding System: Enables potential buyers to place bids and compete for the property.
  • Real-Time Bidding Updates: Displays the highest bid and prompts immediate responses from participants.
  • Secure Payment Processing: Guarantees safe financial transactions, reducing risk for both buyers and sellers.

II. P2P Rental marketplace

A P2P rental marketplace focuses on connecting property owners with tenants, offering short-term or long-term rental options. This is beneficial for individuals seeking flexible living arrangements or vacation rentals.

• Key Features:
  • Comprehensive Property Listings: Includes amenities, lease terms, and pricing.
  • Booking and Scheduling: Allows users to book properties for specific dates and schedule tours.
  • Tenant Screening: Facilitates background and credit checks to ensure tenant quality.
  • Integrated Payment Processing: Offers secure payment options for deposits and rent, streamlining the process.

III. Service marketplace

A service marketplace caters to real estate service providers—agents, appraisers, inspectors, and more. This type of marketplace enables users to hire professionals for tasks related to buying, selling, or maintaining properties.

• Key Features:
  • Professional Listings: Showcases service providers with their qualifications, experience, and customer reviews.
  • Appointment Scheduling: Allows clients to book services at their convenience.
  • Review and Rating System: Encourages transparency by displaying client feedback.
  • Secure Payment and Invoicing: Ensures reliable payments for service providers, building trust and accountability.

IV. Hyperlocal marketplace

A hyperlocal marketplace serves specific geographic areas, allowing users to find properties, services, and rentals within a narrowly defined region. It’s ideal for users who want a more localized experience.

• Key Features:
  • Location-Based Listings: Filters properties and services based on a specific location, neighborhood, or radius.
  • Community Insights: Provides details on neighborhood amenities, schools, and nearby businesses.
  • Real-Time Availability Updates: Shows which properties or services are currently available within the locality.
  • User Reviews and Ratings: Helps foster trust in the local community by allowing users to rate properties and services.

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By building any of these real estate marketplaces, you can create platforms that enable real estate professionals, service providers, and clients to connect and transact easily. This enhances efficiency, trust, and accessibility within the industry, allowing each participant to leverage a marketplace that meets their unique needs.

3. Inspirations from Leading Real Estate Marketplace Like Zillow

While researching ways to build a real estate marketplace, you've likely crossed paths with Zillow many a time. So, what makes Zillow stand out in a competitive and crowded real estate market?

While developing Zillow, the founders Rich Barton and Lloyd Frink found the need for transparency and accessibility of real estate information. Zillow from day one of its launch focused on personalized experience for each user -

• Home buyers and renters: For users who seek homes and apartments, Zillow allows them to save their preferred properties and receive notifications once listings match their search criteria. 
• Homeowners: For users who have property to claim, Zillow helps them keep their information up to date, respond to reviews, and see how their estimated value changes over time.
• Real Estate Professionals: For users who are an admin or manager of the property, Zillow provides them with tools for managing listings, promoting services, and generating leads.

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4. Key Features of a Successful Real Estate Marketplace Website like Zillow

Next, let's talk about the efficient and essential features that make a successful and proficient real estate website like Zillow -

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For Buyers

i. Advanced Property Search and Filters:

Find properties by location, budget, type, and specific features (e.g., number of bedrooms, amenities, etc.).

ii. Interactive Map Integration:

Locate properties on a map with details on nearby schools, transportation, and community amenities.

iii. Detailed Property Listings:

Access high-quality photos, videos, 3D tours, and comprehensive property information, including pricing history and property taxes.

iv. Property Valuation and Market Analytics:

Tools like estimated property value, local price comparisons, and market trends provide crucial insights.

v. Mortgage Calculator and Financing Options:

Help users estimate monthly payments, loan options, and affordability based on current interest rates.

vi. User Accounts and Saved Searches: 

Save favorite properties, set up alerts, and receive updates on price changes or new listings.

vii. Virtual Tours and Augmented Reality (AR) Features:

Explore properties remotely with virtual tours, and visualize changes or furnishings with AR tools.

viii. Neighborhood Insights and Community Information:

Information on neighborhood demographics, local amenities, crime rates, and events helps buyers make informed decisions.

ix. Seamless Communication Channels:

In-app messaging allows secure, direct communication with agents and sellers, making it easy to ask questions or schedule visits.

x. Responsive Design and Mobile App:

Easily browse listings, receive notifications, and manage saved properties on the go.

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For Sellers

i. Agent and Seller Profiles

Display profiles with credentials, reviews, and transaction histories to build credibility with potential buyers.

ii. Detailed Property Listings Management

Customize listings with high-quality media (photos, videos, 3D tours) and detailed descriptions to attract buyers.

iii. Review and Rating System

Positive reviews and high ratings for properties or agents build trust and help attract buyers.

iv. Market Analytics and Valuation Tools

Use valuation tools and market insights to set competitive pricing and analyze buyer interest.

v. Seamless Communication Channels

In-app messaging with buyers and agents keeps interactions organized and secure.

vi. Property Management Dashboard

A centralized dashboard to manage listings, monitor views and inquiries, track offers, and get data on listing performance.

vii. Lead Management and Follow-up Tools

Track interested buyers, schedule follow-ups, and manage leads efficiently to streamline the sales process.

viii. Advertising and Listing Promotion Options

Promote listings with premium placements or highlighted features to reach a wider audience and attract more potential buyers.

ix. Data Security and Privacy Measures

Secure login, encrypted communication, and data privacy policies protect sensitive information shared during transactions.

x. Responsive Design and Mobile App

Manage listings, respond to inquiries, and track performance via mobile, giving flexibility to adjust on the go.

‍Step 2: Vendor onboarding: 

• Attract vendors: Now that you have built a website, it is time to get vendors on board.  Compete by offering good commissions, a simple platform, and great marketing benefits. Use social networks, industry events, and newsletters to advertise your online presence. 

• Vetting process: Do thorough background checks, check vendor credentials, and look at customer reviews. Make a simple but strict application process to ensure high quality. 

• Retain vendors: Build strong relationships with vendors by offering regular feedback, support, and chances to grow. Offer incentives like exclusive leads or premium features. It helps keep them engaged and committed to your platform.

Step 3: Designing UX: 

To design a great and easy-to-use experience, here's what you need to ensure: 

• Intuitive navigation: Ensure users can easily browse properties.
• High-quality visuals: Use high-quality and near-real images and virtual tours.
• Search filters: Include location, price, and features.
• Mobile responsiveness: Optimize for smartphones and tablets with easy-to-use mobile apps.
• Personalization: Recommend properties based on user preferences.
• Easy contact options: Simplify reaching agents or scheduling visits.
• C2C option: Add a functionality where users can register as both seller and buyer.
• Reverse bidding: Enable a feature where buyer can bid for a price. Contact Shipturtle to enable it.

Example: Check out 99acres.com, a shining example of how to effectively provide property listings, a user-centric interface, and trusted services that have earned it a high demand among users.

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6. Marketing Strategies for Real Estate Marketplaces

In the coming times, the demand for platforms that connect brokers, property managers, and sellers with their potential buyers is going to shoot. With the increasing demand, the real estate market is going to be competitive.

An effective marketing strategy will give your platform a run ahead of your competitors. Following are some tried and tested marking strategies that work effectively for the real taste marketplace. 

SEO for niche marketplace discovery

• Keyword research: Identify and target long-tail keywords for example "2 BHK flats in [your city] for sale" or "Top-rated real estate agents for luxury properties in [your city]" specific to real estate.

• Local SEO: Optimize for local search terms such as “homes for sale in [your city]” or “real estate agents near me”. It helps you attract nearby buyers and sellers.

Social media marketing

• Platform selection: Different platforms have different marketing algorithms and cater to different communities of people. Know where your potential customers lie. The National Association of Realtors found that 89% of real estate agents use Facebook for business, while 59% use Instagram and 53% use LinkedIn, making them the top three social apps in the industry.

• Content Sharing: Take the help of most virtual tours, testimonials, and market trends to engage users.

• Influencer Partnerships, Email Marketing, Community Engagement Tips: 
  • Partner with real estate influencers to increase your reach and build credibility. For instance, teaming up with a local real estate agent on Instagram can boost your visibility. 
  • Send regular updates and market insights to keep vendors engaged.
  • Organize open houses or community workshops.

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7. Future Trends and Growth Opportunities in the Real Estate Marketplace

The real estate marketplace is growing and evolving step by step with the advancing technology. Here's how you can seize the future trends and growth opportunities in this market:

i. Adoption of New Technologies: AI, Machine Learning, and Automation

• Artificial intelligence and machine learning technologies could help predict property rates, optimize marketing strategies, and personalise the platform on user behavior. 

• Automatic property management such as smart contracts using blockchain, enables seamless transactions and legal processes.

ii. Sustainability and Eco-Friendly Practices

• Sustainability is a key concern in the real estate marketplace as environmental concerns continue to grow. Before you give a property business access to your website listing, make sure they follow real estate industry practices, including eco-friendly construction, energy-efficient buildings, and green certifications.

• Features like solar panels, smart home technology, and sustainable building materials are likely to enhance property value and attract environmentally-conscious consumers.

iii. Global Expansion and Diversification

• The digitization of the real estate platform has transformed it into a global marketplace. This global demand presents an opportunity to diversify into related niches such as vacation rentals, luxury properties, or commercial real estate in emerging markets.
  • ‍Example: Airbnb offers a wide range of vacation rentals and is famous for its vast array of listings accessible from all over the globe.

• Tapping into the international market and diversifying niches like commercial or luxury properties will open new revenue streams.

Changing Consumer Preferences: Remote Work and Flexibility

The COVID-19 pandemic has shifted work and living preferences, resulting in increased demand for office spaces, suburban properties, and flexible living arrangements, reshaping the housing market.