As an entrepreneur, it is the best time to be present in a world where the policies are more start-up friendly, and for a specific or major requirement, there is an off-the-shelf product (ready-made) present in the market.

All you need is to buy the software, learn how to use it, and voila!

So easy, right?

It is believed that dreams come true with just a bit of smart work and utilizing technology to achieve short-term and long-term goals.

But if this is true, then why do we often hear real estate experts discussing the issues that still remain unsolved with these pre-built softwares?

It is because there is no such software solution or real estate technology solutions that can fulfill all the requirements that a business might have in a significant industry. 

Every industry is unique, and so is the business operating in it!

What happens is that when you have a requirement, internal or external businesses try to look for software solutions that are already there and can help them sort out the issue and let them do the business without any hindrance.

But as the market is huge and the requirements of a business keep evolving, it becomes hard for a software product to fulfill and provide the assistance it is now supposed to.

We cannot blame the SaaS companies for it because they design and develop the software keeping in mind either the specific requirements or the major requirements that a business might have based on the nature of the industry!

That is why, in 2023, the demand of bespoke solutions became larger than life —so that they could provide the broken link or the missing piece that the business was looking for!

There is no such formula or technological all-in-one solution that can be made and help you in the long term, because even then, something unique might pop up that the product is not meant for!

And that is what is happening with the real estate industry!

No matter how many software products are made, the real estate industry and the businesses operating in it find it difficult to navigate the challenges, leading them to custom real estate software development.

Let’s look at the Major challenges that have created roadblocks for the industry!

Real Estate Industry Challenges with Off-the-Shelf Software

While industry-specific products do exist and are extensively used by businesses, the real estate industry still grapples with technical challenges for several reasons-

1) Adoption Challenges 

• Legacy software dependence – Many companies continue to rely on outdated systems, hesitant to migrate due to the perceived cost and disruption. Embracing modern solutions requires overcoming the inertia of existing technologies.
• Resistance to change – Established workflows and habits are hard to break, leading to a reluctance towards adopting new technologies. Overcoming this resistance necessitates a cultural shift towards embracing innovation.
• Lack of tech awareness – Some companies, particularly smaller ones, might lack awareness of available solutions or the resources to implement them. Addressing this challenge involves increasing awareness and providing support for tech adoption.

2) Integration Hurdles

• Data silos – Information often remains isolated in different systems, hindering data flow and comprehensive analysis. Breaking down these data silos is essential for a unified and insightful approach to information.
• Integration complexities – Integrating new solutions with legacy systems can be technically challenging and expensive. Streamlining integration processes is crucial to unleashing the full potential of modern technologies.
• Standardization issues – Lack of industry-wide data standards further complicate data exchange and integration. Establishing standardized practices can enhance interoperability and streamline data management.

3) Cost and Resource Constraints

• High software costs – Bespoke solutions and advanced technologies can be expensive, particularly for smaller businesses. Balancing cost-effectiveness with technological advancement requires strategic financial planning.
• Limited IT resources – Many companies lack the internal tech expertise to implement and maintain complex solutions. Collaborating with external experts and investing in employee upskilling can bridge this resource gap.
• Inability to scale – Some solutions might not be readily scalable, hindering growth and future adaptability. Choosing scalable technologies is essential for aligning with long-term business objectives.

4) Talent Gap

• Lack of tech talent – The industry faces a shortage of skilled tech professionals who understand both real estate and technical aspects. Attracting and retaining talent with dual expertise is vital for driving technological innovation.
• Training and upskilling challenges – Training existing employees on new technologies can be time-consuming and resource-intensive. Establishing effective training programs ensures a knowledgeable and adaptable workforce

5) Security and Privacy Concerns

• Data security risks – Integrating new technologies and moving data online raises concerns about data breaches and privacy. Implementing robust cybersecurity measures is imperative to safeguard sensitive information.
• Compliance burdens – Navigating data privacy regulations like GDPR and CCPA can be complex and costly. Ensuring compliance is an ongoing commitment that demands a comprehensive understanding of evolving regulatory landscapes is challenging task.

These are just a handful of problems, but the list is long and cannot be covered in one article!

But rather than just pressing on the issues, we should also discuss the potential solutions that can help the industry overcome these issues.

At Covrize, we have experts who have closely observed the industry for a long time and have understood the general and growing technical requirements. This knowledge and experience enable us to provide custom solutions for the real estate industry along with some tips from the experts.

According to them, in 2024 businesses must consider these options/solutions to navigate seamlessly in the industry!

1) Invest in Customized Solutions and get them tailored to your needs!

In this way, you address your unique challenges and make sure that you get a software solution that fits seamlessly into your existing software and workflows.

2) Ever thought about change management programs?

Well now is the time that you should!

They help break down the resistance to new technologies by involving your team in the process.

Educate them, make them a part of the change, and watch how they embrace innovation while helping them whenever they get stuck.

3) Tech Awareness and Support are key and can be achieved with the – Knowledge Boost!

Organize training sessions, workshops, or webinars to boost tech awareness among your team.

Provide them with resources and the support they need to bridge the tech knowledge gap, especially if you’re a smaller business.

4) Adopt Integrated Solutions if the data is essential to you!

Invest in a unified data platform!

This helps break down information silos, letting your data flow seamlessly and giving you a comprehensive analysis.

Look for modern integration solutions that play nicely with both your current and future tech.

5) Make a shift towards Cost-Effective Approaches like Cloud Solutions!

Cloud-based technologies are a must in the present and for the future.

They are scalable, cost-effective, and can save you from hefty infrastructure costs.

Explore cloud solutions to keep up with your growing needs without breaking the bank.

6) Enhance your IT Resources by Outsourcing Talent!

It is possible that finding the right resources in the same region can be tricky due to a lack of niche resources!

And, if you’re short on in-house tech talent, think about outsourcing IT services or hire real estate software developers.

Remote experts and real estate software development service providers can give you the tech expertise without the need for a massive in-house team.

7) Go for Scalable Technologies if you are willing to thrive in the longer run!

When picking software, make sure it’s scalable!

You should opt for a solution or product that can grow with your business.

Ensure your tech investments align with where you see your business heading in the long run.

8) Robust Security Measures should be there – no matter what!

Put in place robust cybersecurity measures to keep your data safe.

Regular audits, encryption checks, and meeting industry standards are mandatory as they help you sleep soundly without worrying about data breaches.

9) Regulatory Compliance should not be ignored!

Set up teams or get experts to help you navigate and stay compliant with data privacy regulations.

Keeping an eye on the ever-changing regulatory landscape is crucial to avoiding unnecessary headaches.

These are just a handful of potential solutions but a business owner, if you understand the pace at which the world is moving forward, you will realize that these actions aren’t just about overcoming challenges – they’re about setting your business up for continuous growth in a tech-driven world.

As We Come To An End

It is clear that the real estate faces difficulties, but they are not insurmountable.

It all comes down to taking a measured approach and getting help from a real-estate software development company who have a thorough awareness of both the technical and business nuances.

At Covrize, we have a team of professionals who are linkages, bridging the gaps between technological advancements and industrial demands.

We understand that the difficulty in modern times is not in solving problems, but rather in identifying individuals or organizations who can lead us through the process.

The current state of the industry compels businesses to aggressively search for professionals who can understand technical complexities and customize solutions to meet the needs of the different industries.

You can explore different Industries we serve or have developed solutions.

As now, more than ever, businesses must identify and collaborate with experts who possess the right blend of industry insight and technological acumen to get the solutions they are looking for!