Impact of Modern Communication on the Real Estate Industry
Chapter One
Research Objectives
Main Objective
The main objective of this study is to investigate the impact of Modern communication on the real estate industry.
Specific Objectives
- To establish the traditional role of real estate brokers and
- To establish the most important activities of real estate agents in the buying/ selling a
- To find out how the availability of real estate information online has affected the value attached to the real estate
- To find out how these real estate agents can stay effective with modern communication.
CHAPTER TWO
LITERATURE REVIEW
Introduction
In order to understand how the subject was approached, this chapter gives a critical evaluation of the prior literature that was completed by many academics in the fields of Contemporary communication and real estate.
Modern communication
Baryamureeba (2017) asserts that modern communication, broadly construed, promotes the generation, storage, administration, and transmission of information through electronic means. ICT is often described as a broad range of technological resources and instruments that are used to create, transmit, store, and manage information (Ibisola, Oni & Nkolika, 2015).
The aforementioned suggests that ICT is a technology made up of electrical human interaction materials that allow the user to use them for a variety of purposes. Computers, the internet, radio and television transmission, and telephone are some of these technologies (Ibisola et al, 2015).
The focus of this study is on modern communication as a tool for information processing as well as a medium of communication. Radio (analogue, digital, and high frequency two-way), television, telephone, fax, computers, and the Internet are some examples of communication tools. Newspapers are also featured because they frequently now have an online electronic version (Baryamureeba, 2017). ICT can be thought of as being based on the four C’s: computing, communications, content, and the frequently underappreciated human capacity. 2013’s Lanvin and Qiang.
ICTs, according to Daniels (2012), have quickly evolved into one of the fundamental pillars of contemporary civilization. Today, along with reading, writing, and arithmetic, many nations consider knowing the fundamentals of modern communication, as well as understanding it, to be an essential component of education. There seems to be a misunderstanding, nonetheless, that ICTs are primarily associated with computers and computing-related activities. Fortunately, this is not the case, as other technologies and/or systems also make up the phenomenon that is often considered as ICTs, despite the fact that computers and their applications play a key part in modern information management.
According to Pelgrum and Law (2013), the term “computers” was superseded by “IT” (information technology) by the end of the 1980s, signifying a shift in emphasis from computing technology to the ability to store and retrieve information. Following this, the term “ICT” (information and communication technology) was coined around 2012, when the general public first had access to e-mail (Pelgrum, W.J., Law, N., 2013).
According to a United Nations report (2019)5 ICTs cover Internet service provision, telecommunications equipment and services, information technology equipment and services, media and broadcasting, libraries and documentation centres, commercial information providers, network-based information services, other related information and communication activities. According to UNESCO (2012) modern technology may be regarded as the combination of ‘Informatics technology’ with other related technology, specifically communication technology.
Web-based ICT (Web-based Information System)
One of the newest and most sophisticated types of ICT, which also includes networked computers, satellite-based communication, wireless technology, and the Internet, is web-based ICT. Their ability to be networked and linked together to establish a “huge infrastructure of interconnected telephone services, standardized computing gear, the Internet, radio, and television, which stretch into every corner of the globe” is these technologies’ key characteristic (Lanvin and Qiang, 2013).
It’s important to note that these new and sophisticated kinds of ICT share four related traits. the ability to interact, which allows for efficient two-way communication between individuals or groups on a one-to-one or group basis; They are available 24 hours a day on real time; They reach over wider geographic distances which were not possible in the past, and; They are also continuously reducing the relative costs of communicating basing on the location (Curtain, 2014).
ICT6 on the web highlights a number of advantages of multimedia technology. Nowadays fast broadband connections make it easy to stream complex content to a computer, tablet, or phone from any location. For many people, this is advantageous because they can access the information whenever and whenever it is convenient for them, which might be important for a busy executive. The internet is being used to offer a sizable volume of interactive multimedia information.
An information system that uses Internet web technologies to deliver information and services to users or other information systems/applications is known as a web information system, sometimes known as a web-based information system7. It is a piece of software whose main function is to manage and publish data utilizing hypertext-based concepts. One or more web apps, specialized functionality-oriented components, information components, and other non-web components are typically included. In most cases, the front end is a web browser, while the back end is a database.
Real Estate
Real estate at its most basic is about matching a home seller with a home buyer. A home seller wants to negotiate the best possible price in the quickest possible time. Brokers reduce the transaction costs of matching buyers and sellers and also provide their clients with ancillary services related to the transaction (Cooper et al, 2017). There is no legal impediment to consumers buying and selling homes on their own, although majority of them choose to work with the real estate broker.
CHAPTER THREE
RESEARCH METHODOLOGY
Introduction
The research approach used to carry out the study is presented in this chapter. The study’s topic, research design, study population, sampling strategy, sample size, type of data and data sources, data collection tools, key variables, and data analysis are all included.
Research Design
Both qualitative and quantitative data collection techniques were employed. For the purpose of explaining, predicting, and controlling the phenomena, a quantitative approach was used to measure responses to questions about the relationship between variables, while a qualitative approach was used to respond to questions about the complexity of the phenomena in order to describe and understand the phenomena from the perspective of the respondents.
Study Population and Sample Size
The study population consisted of real estate agents (18) according to AREA-Nigeria (Association of Real Estate Agents- Nigeria) directory of individually registered members12, all these were selected giving a sample of 18 real estate agents. It also consisted of potential buyers and sellers of property in Lagos state particularly the Lagos Island, for these the researcher used the sample size determination of Yamane (1967: p 886) which was 100, for the population of 79,789. The total sample size was 118 which consisted of 18 real estate agents and 40 informants who were interviewed as potential sellers of property and 60 as potential buyers of property.
CHAPTER FOUR
ANALYSIS, PRESENTATION AND INTERPRETATION OF FINDINGS
Introduction
This chapter presents the findings, analysis and discussions of the study from both secondary and primary sources. Whether or not the objectives of the study are deemed to have been achieved, the answer to that question is in this chapter.
CHAPTER FIVE
CONCLUSIONS AND RECOMMENDATIONS
Introduction
This chapter presents the conclusions of the findings of the research study and also highlights on a number of recommendations resulting from the study.
Conclusions
The researcher wanted to study the impact of Modern communication on the Real Estate Industry. Based on the findings, it was observed that rea estate agents’ traditional role as a market intermediary is being contested by the availability of real estate information online.
The results of this research, generally indicate that the increased presence of online real estate information does not reduce the value attached to real estate agents and also does not reduce the likelihood of a customer using an agent in the real estate transaction. It actually indicates that the customer perceived value of real estate agents has just increased.
The increased value attached to the real estate agents based on the findings stems from the real estate agents’ increasing role in “process support.” That is, as the contractual complexity of the real estate process increases, real estate agents are valued for their ability to guide the buyer and seller through the transaction.
The potential buyers and sellers both believe that with the modern age today real estate information online is readily available but it’s the real estate agents who know the better properties and the relevant information about the property. They also claimed that the real estate agents’ activities are increasingly being professionalised thus the agents can be trusted more than in the past.
According to one of the respondent, “the degree of availability of information and the diversity or variety of property of types; that’s provided online makes the use of agents limited although one should not totally eliminate the use of agents because they are very pivotal in the real estate industry.”
Real estate agents have not been negatively impacted by the availability of real estate information online because they bring more to the table than simply the real estate information once coveted.
Recommendations
Real estate agets must put emphasis on the ‘value-added’ components that they provide to real estate customers: tasks which have a significant social capital component and are important to buyers and sellers, respectively. Emphasizing these tasks will inform, persuade and remind customers why they should use the services of agents.
The real estate agents should embrace new technology that is the internet and other ICT resources to have a competitive edge. This is because it is a new venue of exposure. The real estate agents who use the internet as a marketing tool are not only marketing their properties but also are marketing themselves.
The real estate agents should redefine value for their customers through utilisation of the MLS access and featured listings; build powerful e-business designs that outperform the competition such as websites with easy to follow layouts, frequently sought out information and automatic new property notifications; understand customer priorities and consistently raise customer expectations to new heights, this is through increased access to information, and increased efficiency. When this is done then what took the real estate agents hours to days will now take minutes.
According to Kalakota and Robinson14 “what sets the truly great organizations apart is their ability to use state-of-the-art e-commerce process to transform themselves.”
Areas for Further Research
- Research into the impact of non-web-based Modern communication on the real estate
- Research on outcomes of the adoption of ICT by the Real estate industry.
Summary of the Chapter
This chapter has presented a number of conclusions pertaining to and resulting from the study which was undertaken and has also presented a number of recommendable actions which could be taken to obtain satisfactory results respectively and also suggested areas for further research.
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