Cost to Develop an App like Redfin: Quick Breakdown

The real estate sector is constantly in a state of evolution; all thanks to apps like Redfin.

It has changed the way people buy, sell, and even rent entirely.

Or, should we say, Redfin is one of the best examples of how technology can provide an evolved experience for its users.

If you want to create an app like Redfin, understanding the cost and revenue model is important.  

A ballpark figure for Redfin-like app development can range from $10,000 to $40,000 or more.

However, the cost of developing a real estate app should be broken down to determine what factors impact it.

By the end of this article, you will get a better sense of Redfin like app development cost, and whether it is the right investment for you or not.

What is Redfin?

Have you heard of Redfin?

Redfin is a genuine app for online real estate, where they serve the buyer and the seller with the best real estate deals.

This online buy-sell home app assists buyers and sellers in completing the lengthy process of property transactions quickly.

Not just a listings app, Redfin has traditional property listings with features like home value estimates, interactive maps, virtual home tours, and real-time updates on properties.

The app leverages the features of artificial intelligence and machine learning, so it can suggest more tailored property recommendations and offers more exact pricing estimates.

Fundamentally, the benefit that Redfin offers is the ease of simplifying the buying and selling process.

The properties can be easily searched based on location, price range, and other criteria.

In addition, Redfin would give buyers specific amounts of information on each house, including historical pricing trends as well as comparable sales information, to enable buyers to make better decisions.

This shows with a great idea and a perfect real estate app, you can be a user favorite in no time.

The popularity of Redfin has made investors look for How much does it cost to create a real estate app like Redfin.

This is what our next section will talk about.

Average Cost to Develop an App Like Redfin

To develop an app like Redfin, you don’t need a huge investment instead a proper estimate and budget plan.

So, if you ask us how much does it cost to create an app like Redfin?

Cost ranges for an app differ a lot, based on the platform selection, the features you incorporate in your app, and the development location of the team.

However, you can set aside $10,000 to $40,000 as a cost to develop an app like Redfin.

To give you an idea, here is a quick breakdown of your Real Estate App Development Cost:

You can notice that several factors might influence the general cost of your project.

So, want to learn about those factors?

Take a look at the next section:

Factors Affecting the Cost to Make an App Like Redfin

Several factors contribute to the overall cost of developing an app like Redfin.

Each one can add to, or subtract from, the cost based on your specific project needs.

Let's dive a bit deeper into the most important factors:

1. Platform Choice

One of the first decisions you will have to make is whether your app is going to be native i.e. iOS, Android, or on both iOS and Android platforms.

Of course, developing two platforms at once will be more cost-effective than developing a single platform on each.

Meaning, you need to choose whether you want a native app, or you'll go for the cross-platform approach, as development costs for both approaches are quite different.

• • iOS App Development: Generally costlier since Apple maintains very strict guidelines of development and this may usually require special development expertise. ($20,000-$30,000)

  • Android App Development: It is not as expensive as Apple. Since there are so many options, it will need to work on different devices and is pretty complex, so it will cost you. ($15,000 to $30,000)

  • Cross-Platform Development: Economical in the long term since you develop one code base for both platforms but performance might be the compromise. ($10,000-$20,000)

2. Features and Functionalities

The more features you include, the higher the development costs. For a real estate app like Redfin, you may want to include a range of functionalities, such as:

• • Property Search: Users should be able to search properties by various criteria (location, price, amenities, etc.).

  • Interactive Maps: Geolocation-based maps that display available properties.

  • Agent Tools: Features that allow real estate agents to list properties, communicate with potential buyers, and manage leads.

  • AI-Driven Recommendations: Personalization features that suggest properties based on user behavior and preferences.

  • Virtual Tours: Integration of virtual tours to help users explore properties remotely.

  • Price Estimation: Dynamic algorithms that provide property price estimates based on historical data.

Each feature adds complexity to the project and will require additional development time and resources.

Here’s a detailed table breaking down different Real estate features that affect the cost to develop an app like Redfin:

Now, moving to the next factor:

3. Design and User Experience (UI/UX)

The design of your app is crucial in ensuring a positive user experience.

After all, a well-designed app will attract users, keep them engaged, and make it easy for them to find what they’re looking for.

Design is often an area that requires significant investment, especially for complex apps like real estate platforms.

A clean, intuitive UI with simple navigation is essential and will be less costly.

Whereas, going for a customized and animated design can increase the overall cost to develop an app like Redfin.

We suggest consider getting a minimalistic design that stays within your budget and works flawlessly on different screens.

4. Third-Party Integrations

Third-party Integration can enhance the usability of the app, but we should say it might affect your Redfin clone app development cost.

How?

Well, to create a real estate app, you’ll need to integrate third-party services like Multiple Listing Service (MLS) databases, payment gateways, cloud storage, geolocation APIs, and more.

These integrations ensure that your app pulls in real-time data, supports transactions, and provides other essential functionalities.

But they also bring costs and complexity into the development process.

Each third-party integration will need setup, testing, and ongoing resource time.

There may be setup fees or subscription costs for each service, and customized requirements to make sure they work smoothly with data flow and your application.

To choose better, you need to know about all the costs related to your third-party integration and then decide accordingly.

5. Geographic Location of Development Team

The location of your development team plays a huge role in determining the cost to build an app like Redfin.

If you hire app developers in the U.S., Western Europe, and Australia typically charge higher rates than developers in countries like India, Eastern Europe, or Southeast Asia.

Here is a table explaining how different regions have different hourly rates:

6. Maintenance and Updates

After the app is developed and launched, you’ll need to account for ongoing maintenance and updates.

This includes bug fixes, adding new features, improving security, and keeping the app up-to-date with OS updates and device compatibility.

On average, annual maintenance costs for an app like Redfin can be 15% to 20% of the budget. It can exceed if you don’t pay attention to regular maintenance.

Rest assured, keeping an eye on different factors and working accordingly will help you make better decisions and keep the cost in your budget.

Now, that we have an idea of how much it does it cost to create an app like Redfin. It’s time to explore the development time.

How Long Does It Take to Make an App Like Redfin?

Building an app like Redfin is not an overnight task.

Then, how long does it take to build an app like Redfin?

Depending on the complexity of the project, the development process can take anywhere from 2 to 6+ months.

 Here's a breakdown of the different stages:

Monetization Strategies for Redfin-like App

Once your real estate app is live, you’ll need a solid monetization strategy to make it profitable. Redfin has successfully built multiple revenue streams, and you can adopt similar models:

♦ Commission on Real Estate Transactions

Charge a commission for every property transaction that takes place through your application.

The commission can be either a percentage of the sales price or a fixed fee. This way, by allowing sales to take place directly within the app, you provide a predictable source of revenue by making it easier for buyers and sellers to close deals.

♦ Subscription Fees

Premium services such as exclusive property listings, virtual tours, or detailed market insights could be offered at a subscription fee.A similar model can be seen in Zillow like app development as well. So, we can say it is a tried and tested method.

This model will attract serious buyers and sellers of real estate who are willing to pay for the additional tools to help make informed decisions and thus can provide a recurring income for your app.

♦ Advertisement Revenue

Partner with third-party advertisers like mortgage brokers, insurance companies, or home improvement businesses.

You can show targeted ads for the users based on their activity or location in the app.

This also generates another income by putting ads to the users while searching for properties and will not interrupt users' experiences.

♦ Lead Generation for Real Estate Agents

You can generate leads for real estate agents by establishing a connection with interested customers looking to buy or sell properties.

Charge agents a fee for every lead they receive.

This model, aside from giving value to property agents makes them get paid continuously by your portal, therefore making the agents never wish to sleep because they are assured of making money.

♦ Featured Listings for Sellers

Allow homeowners to charge a specific fee to feature their listings on your portal.

This might give some other properties more views and attract more prospects.

You can offer Extra Photos, Video Tours, and Thorough Property Analytics as an Add-on Service to Boost Engagement.

As we talk about these monetization strategies, in order to maximize the potential of your app for growth and profitability, having experts by your side makes all the difference.

So, let's get into detail on how a mobile app development company can make your vision a reality.

How JPLoft Can Help You Build a Real Estate App Like Redfin?

Do you want to build an app like Redfin? Worry not. We are here for you.

JPLoft is an experienced real estate app development company that specializes in custom app development tailored to fit specific needs.

From simple property listing apps to highly functional marketplaces like Redfin, our developers, designers, and project managers will work closely with you to bring your vision to life.

We recognize that every real estate app is unique, and we're here to guide you. Let's Connect!

Conclusion

Designing an app as complex as Redfin is nothing short of significant, yet with the right team, features, and monetization strategy, it is utterly rewarding.

Know what affects your costs, timelines, and different revenue models through this blog.

At JPLoft, we have committed ourselves to providing you with the expertise needed to build a successful real estate app that meets market demands and delights your users.

So, if you are ready to move ahead, our experts are here.