NEW YORK (MainStreet) A month before Jeff Meyers launched his company's real estate app Zonda, the company that designed it was acquired by Facebook.
"It was a talent acquisition said Meyers of Hot Studio. "We had spent two years building Zonda."
A mobile device user interface company, Hot Studio reportedly divested itself of commitments to other clients before joining Facebook on a full-time basis when it was acquired a little more than a year ago.
"We were already finished designing our app by the time Facebook came along," said Meyers, CEO of Meyers Research.
Some 80% of time on a mobile is spent inside apps, according to mobile growth statistics compiled by Infographic, and searching for a home or apartment does not buck this trend.
"Real estate has been improving and the mobile explosion is similar to the dot com explosion in the late '90s, but now it's a mobile device explosion," Meyers told MainStreet.
While Zonda was designed for institutional investors as well as privately and publicly traded home builders, most real estate apps target home buyers or renters seeking an apartment.
"The consumer facing apps are overdone," Meyers said. "For apartments alone, there's more than a thousand apps for locating an apartment for renters. Business to business real estate has been late to adapt these apps."
The national occupancy rate is 95% and new rental construction is on the rise, according to Yieldstar data. As a result, there are more properties to sift through and compare.