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The US real estate brokerage software market size is forecast to increase by USD 989.1 million at a CAGR of 9.33% between 2023 and 2028. The market is experiencing significant growth due to several key trends. Residential real estate brokers are increasingly focusing on enhancing operational efficiency and client services, leading to a increase in demand for advanced real estate software solutions. companies in this market are responding by launching new products to cater to this demand. Additionally, the availability of open-source real estate brokerage software solutions is providing more affordable options for small and mid-sized brokerages. These trends are driving market growth and creating opportunities for companies to innovate and expand their offerings. The market is expected to continue its upward trajectory, as technology continues to transform the real estate industry.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The customer relationship management software segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to the integration of advanced digital technologies such as ROI-focused solutions like Blockchain technology and Smart contracts. Contract management software, deployed in the cloud, is revolutionizing the industry by streamlining processes for architects and engineers, real estate agents, and property managers.
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The customer relationship management software segment was the largest segment and valued at USD 401.70 million in 2018. Digital transformation is driving the adoption of these systems, enabling remote property viewing, sales process management, automation features, and data management strategies. Sensitive data protection, e-signatures, security, and lease management are key concerns addressed by these solutions. Construction activities are also benefiting from interactive virtual tours, asset performance tracking, and cybersecurity measures. Hence, such factors are fuelling the growth of this segment during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altus Group Ltd: The company offers ARGUS Developer, a real estate development software and Forbury, a real estate valuation, appraisal and investment analysis software solution.
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Market structure |
Fragmented |
YoY growth 2023-2024 |
9.04 |
The real estate brokerage industry is experiencing a digital transformation, with an increasing adoption of digital solutions to streamline operations and enhance customer experience. Digital technologies such as CRM, transaction management, marketing automation, property listing management, and lead generation are becoming essential tools for real estate brokerages. The complexity of transactions in the industry necessitates smart solutions that offer centralized data management, automation, and security. Brokerage software is a key investment for real estate firms, offering ROI through efficient workflows, improved customer relationship management, and increased productivity. Cloud-based solutions are popular due to their accessibility and scalability, allowing brokers to manage their business from anywhere, at any time. Internet usage and smartphone penetration are driving the demand for digital solutions in real estate. Advanced software technologies like blockchain and smart contracts are also gaining traction for contract management. Security is a top priority for brokerages, with cloud-based solutions offering strong security features to protect customer data. Property management systems are another area where digital transformation is making a significant impact, with automation and smart solutions improving operational efficiency and reducing costs. The future of real estate software lies in integrating these advanced technologies to provide comprehensive, end-to-end solutions for brokerages. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing focus of real estate brokers on enhancing operational efficiency and client services is notably driving market growth. Real estate brokerage software solutions in the US market are witnessing significant demand due to their ability to boost operational efficiency and enhance client service across the real estate industry.
Moreover, these software solutions offer a multitude of features tailored to the unique requirements of real estate professionals. For instance, Zillow Premier Agent delivers strong CRM capabilities, allowing brokers to effectively manage leads, monitor communications, and automate follow-ups, thereby strengthening client relationships and streamlining workflows. Hence, such factors are driving the market during the forecast period.
Increasing focus of companies on new product launches is the key trend in the market. The market is witnessing an increase in innovation as companies aim to cater to the intricate requirements of real estate professionals. To maintain a competitive edge, software providers are investing substantially in advanced technologies and features.
For instance, Inside Real Estate, a renowned tech partner for over 400,000 agents, teams, brokerages, and franchise brands, announced product innovations on February 15, 2024. These enhancements include predictive analytics for improved productivity, AI-driven CRM with customizable communication features, and a cloud-based deployment model for seamless access to digital tools. Thus, such trends will shape the growth of the market during the forecast period.
The availability of open-source real estate brokerage software solutions is the major challenge that affects the growth of the market. The market is experiencing significant competition from open-source solutions, which offer customized and cost-effective alternatives to proprietary software. Cloud-based deployment and predictive analytics are key features of these open-source platforms, enabling real estate professionals to manage projects, facilities, and transactions more efficiently.
Moreover, Building Information Modelling (BIM) and document sharing are also integral components, ensuring remote monitoring and collaboration. Multilingual solutions cater to a diverse clientele, expanding market reach. While open-source platforms provide flexibility and affordability, they may hinder market growth as smaller firms and independent brokers opt for these solutions over feature-rich commercial software. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
The real estate brokerage industry is embracing digital solutions to streamline operations and enhance customer experience. Digital technologies such as CRM, transaction management, marketing automation, property listing management, and lead generation are transforming the way real estate brokerages operate. Brokerage software solutions enable remote work and offer cloud-based access to customer data, making it easier for agents to manage listings, interact with clients, and close deals. Virtual tours, augmented reality (AR), and virtual reality (VR) are revolutionizing property showings, providing enriching experiences for potential buyers and tenants. Business intelligence and data analytics offer valuable insights into market trends and customer behavior, helping brokerages make informed decisions. Machine learning and artificial intelligence (AI) are being integrated into brokerage software for performance tracking, compliance tracking, document preparation, and electronic signatures. These smart solutions improve efficiency, reduce errors, and ensure regulatory compliance. Cloud-based brokerage software offers secure access to financial management tools, enabling real estate investment and rental and leasing management. Data security is a top priority, with encryption, multi-factor authentication, and role-based access ensuring the protection of sensitive information. In conclusion, the real estate software market is evolving rapidly, with innovative solutions offering advanced features for property management, financial management, lead generation, and customer relationship management. These technologies are transforming the way real estate brokerages operate, providing competitive advantages and enhancing the overall customer experience.
Market Scope |
|
Report Coverage |
Details |
Page number |
183 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.33% |
Market growth 2024-2028 |
USD 989.1 million |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and IndUStry Risks |
Key companies profiled |
AltUS Group Ltd., BoomTown ROI, LLC, Brokerage Management Solutions Inc, COMPASS, INC., CoreLogic Inc., CoStar Group Inc., Enchant LLC, eXp World Holdings Inc., Inside Real Estate, Keller Williams Realty Inc., Lone Wolf Technologies Inc., Placester Inc., RE MAX Holdings Inc., Real Geeks LLC, REALTYBACKOFFICE INC., Redfin Corp, Salesforce Inc., The Wise Agent LLC, Woolley Robertson Group Inc., Yardi Systems Inc., Zillow Group Inc., and Zurple Inc. |
Market dynamics |
Parent market analysis, market research and growth, market report, market forecast, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, AI impact on market trends, COVID -19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
CUStomization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments cUStomized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by Deployment
10 Market Segmentation by Application
11 Customer Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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