The Influence of Online Marketing on Real Estate Business
Chapter One
OBJECTIVES OF THE STUDY
The following are the objectives of this study:
- To examine the influence of online marketing on real estate business.
- To determine the effectiveness of online marketing in real estate business.
- To identify the problems associated with online marketing in the real estate business.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Introduction
In Nigeria today, the performance of management and sales portfolio of a practising Estate Surveyor and Valuer (ESV) is determined by the ability of the firm to satisfactorily meet the expectation of clients either by way of selecting responsible tenant(s) or disposing of a real estate product within the time frame. These developments have induced pressure on ESV to device various promotional and advertising attributes, yet within the ethical stance of the profession in order to ensure a winning edge. Nowadays, real estate in Nigeria is becoming a more admirable business because of the rising need of space by consumers especially in the urban centres. One of the largest economic investments individuals and corporations make is the acquisition of lease of real estate. In an attempt to communicate with a diverse clientele, firms and companies are more and more approaching marketing like big accounting and auditing firms. Marketing and advertising are everywhere; the traits desired in a real estate consultancy differ based on one’s level and area(s) of sophistication. As stated by Kersnar (1996), real estate agency has always been among the most competitive professions, where the slightest advantage can make the difference between winning and losing. This is a true picture of real estate consultancy in Nigeria. An experienced landowner may only want an agent to identify prospective properties or tenants. A busy client may wish to “outsource” many of the responsibilities that he or she typically addresses due to time limitations. However, the vast majority of consumers have a small to moderate level of experience in commercial real estate and would benefit from an adviser who is equipped with a broad range of skills. The keystone to most real estate assignments is an in-depth knowledge of the market area of the project by the real estate agent involved (Seiler et al, 2001). This implies that a real estate adviser should have access to detailed information about properties that are currently available and the existing and previous owners and tenants of the properties under consideration. Knowledge of the benefits and liabilities of each community in a project’s sphere of influence, thereby augmenting the real estate information needed to make an informed decision. As a buyer or tenant, the client must be confident that the broker has provided information on all of the opportunities that fit the parameters outlined (Li and Wang, 2006).
CHAPTER THREE
RESEARCH METHODOLOGY
Research design
The researcher used descriptive research survey design in building up this project work the choice of this research design was considered appropriate because of its advantages of identifying attributes of a large population from a group of individuals. The design was suitable for the study as the study sought to examine the influence of online marketing on real estate business.
Sources of data collection
Data were collected from two main sources namely:
(i)Primary source and
(ii)Secondary source
Primary source:
These are materials of statistical investigation which were collected by the research for a particular purpose. They can be obtained through a survey, observation questionnaire or as experiment, the researcher has adopted the questionnaire method for this study.
Secondary source:
These are data from textbook Journal handset etc. they arise as byproducts of the same other purposes. Example administration, various other unpublished works and write ups were also used.
Population of the study
Population of a study is a group of persons or aggregate items, things the researcher is interested in getting information on the study the influence of online marketing on real estate business. 200 online marketer was random selected by the researcher as the population of the study.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of one hundred and thirty three (133) questionnaires were administered to respondents of which one hundred (100) were returned and validated. This was due to irregular, incomplete and inappropriate responses to some questionnaire. For this study a total of 100 was validated for the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain the influence of online marketing on real estate business.
In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenge of online marketing on real estate business.
Summary
This research is streamlined towards promoting the core competences of online marketing in the country towards activities of their products and how they should go about it. As long as innovation in the process of promotion and marketing is bound to happen, what confronts the agency business is the extent to which property professionals can retain briefs in their business transactions. Hence, education for marketing is essential. There is no magic formula to the art of marketing. It is simply a logical stage by stage approach that employs a range of technical disciplines, and it is the firm that uses all the appropriate techniques and skills that will create the synergy that sells. In order to enhance result-oriented agency effectively, planning and standardization must be put in place. Also, the professional association must ensure that all the practicing agents are duly registered and enforced to comply with the rules and regulations guiding the profession. More so, the directors and the principal partners of estate firms should ensure that they employ those that are capable and knowledgeable about the profession.
However the findings of this study revealed that online marking has essential influence on real estate business as it directs the potential customers to online platform; it expands the business name, products and image; Covers large audience promote the business/products across the globe and establishes proper and adequate flow of B-B and B-C communication.
It was also unveiled that online marketing has effectively influence real estate businesses in several aspects as expressed by the respondents.
The major problems encountered by online marketing of real estate businesses include; Social Media Management, Multi-Device Usage, Penetration to official accounts by hackers and Impersonation by unidentified persons.
Finally the study disclosed that online marketing influences real estate business.
Conclusion
The study revealed that the use of online marketing in real estate business has a positive correlation with the Nigerian real estate practitioners who had embraced the use of social media for real estate transactions in order to enjoy wider marketing coverage.
Also that the use of social media had no relationship with the geographical location of the agent.
This study had attempted to enquire into the adoption of Information and Communication Technology in real estate agency transactions. The analysis of relevant data in line with the aim and objectives of the study showed that Email, Phone call and Facebook were the the mostly used ICT media of all the identified social media used in real estate agency transactions by practitioners, while YouTube, Blog and LinkedIn were the least ICT in used.
Recommendations
Haven completed the study, the researcher recommend that the Nigerian government should formulate policy and combat cybercrime, this will in-turn enable marketing professionals to explore the full potential of the internet in expanding the frontiers of real estate business in the country.
Reference
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