Smarter real estate marketing using virtual reality to influence potential homebuyers' emotions and purchase intention

Azmi, Athira; Ibrahim, Rahinah; Ghafar, Maszura Abdul; Rashidi, Ali

doi:10.1108/sasbe-03-2021-0056

Cited by 32 publications

(31 citation statements)

References 60 publications

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“…Hence, the three bounded rational behaviours helped to explain the decision-making of homebuyers when they acquire/sell a property. This study has complemented the existing real estate marketing literature (such as Azmi et al , 2021; Hassan et al , 2021; Zhao and Chen, 2021) on housing purchase decisions. In theoretical implications, this research examined the homebuyers’ choice behaviour using behavioural economics models from the perspectives of emotion and heuristics judgment, where previous studies dominantly used neoclassical economics models.…”

Section: Discussionmentioning

confidence: 99%

“…However, these research studies ignore the importance of decision-making of the individual homebuyers. Several recent studies focused on real estate marketing to influence homebuyers’ emotion and purchase intention in a virtual environment (Azmi et al , 2021), green housings (Zhao and Chen, 2021), as well as factors that influence housing purchase decisions (Hassan et al , 2021). However, very little to no attention is paid to cognitive psychology and heuristic biases.…”

Section: Introductionmentioning

confidence: 99%

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A study of boundedly rational behaviour in housing choice: evidence from Malaysia

Tan

2021

IJHMA

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Purpose Housing choice is always a complicated decision with its dual functions as a roof over the head and as an investment good. This paper aims to investigate the boundedly rational behaviours that affect the housing choice three bounded behaviours play roles in explaining the decision-making behaviour of homebuyers when they acquire/sell a property. These behaviours are endowment effect, loss aversion and herding, which have implications on the decision-making process. Design/methodology/approach The research is based on cross-sectional questionnaires and collected from 587 respondents. Factor analysis and reliability tests were used to identify the latent construct of bounded rational housing choice behaviour. In the meantime, the study used one-way analysis of variance (ANOVA) to examine whether there are any differences in the housing choice based on the respondents’ demographic backgrounds. Findings The findings indicated that a total of 11 items were reduced to three factors that accounted for the decision-making in housing choice. There are significant differences in herding behaviour amongst respondents with different level of education and their purpose of looking for a house. Research limitations/implications This paper helps to identify latent constructs that shed light on the housing choice, especially on the bounded rational behaviour. Originality/value This is one of the few studies to explore boundedly rational behaviours in housing choice from the angle of homebuyers. Previous studies addressed housing choice in terms of price, demand and supply in general but not on individual homebuyers. The results will be useful to developers, policymakers, homebuyers as well as scholars in understanding the decision-making process in housing choice.

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

A study of boundedly rational behaviour in housing choice: evidence from Malaysia

Tan

2021

IJHMA

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“…The temporal deceleration effect could attribute to consumers' lack of experience in the Determinants of VR adoption use of VR tour functions, hurting both the consumers' purchase experience and the property's selling process. Azmi et al (2021) investigated the adoption of VR as a smarter way of influencing the emotion and purchase intention of potential homebuyers. The study proposed a framework of four constructs: atmosphere, pleasure, arousal and house purchase intention.…”

Section: Empirical Studies On Vr Adoptionmentioning

confidence: 99%

Analysing the criteria for measuring the determinants of virtual reality technology adoption in real estate agency practice in Lagos: a DEMATEL method

Adegoke

Oladokun

Ayodele

et al. 2021

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PurposeThis study aims to analyse the criteria used in measuring the determinants of the adoption of virtual reality (VR) technology in real estate agency practice in Lagos, with a view to providing information with which the practice can be enhanced.Design/methodology/approachThe data for the study were elicited using a questionnaire which was administered to eight real estate firms (REFs). The firms were those that have been operating in Lagos for at least five years, and the data collected were analysed using the DEMATEL method.FindingsThe findings revealed that perceived utility and relative advantage were the most important criteria for determining REFs' performance expectancy with VR technology. The two most important criteria to measure effort expectancy were “perceived ease of use” and complexity. “Subjective norms” was the most important criterion for measuring social influence, while “perceived behavioural control” was the most important criterion to measure facilitating conditions. Under “price value”, output quality was the only significant criterion. Finally, the frequency of use, the actual number of use and the amount of time spent utilising the technology were significant for measuring the REFs' use behaviour.Practical implicationsThe study offers insights into the criteria that can assist REFs in integrating VR technology into real estate agency practice. The results are also helpful to the Nigerian real estate professional bodies to organise workshop programmes for REFs on the use of VR technology and other disruptive technologies. The results will also serve as a guide for REFs to gain a competitive advantage in this trying time of pandemic and help them measure up to global standards and the expectations of their clients.Originality/valueBefore this study, efforts have not been made to study the criteria for measuring the determinants of VR technology adoption in the Nigerian real estate agency practice.

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“…Du et al (2018) showed that co-presence in VR can enhance stakeholder communication and design decisions made. The potential of VR has also been tested in the real estate sector to understand potential homebuyers' emotions and purchase intentions (Azmi et al, 2021). The results of this study indicate that VR can evoke pleasure and emotional arousal similar to that of a real-world environment.…”

Section: 2virtual Reality In the Aec Industrymentioning

confidence: 87%

Virtual reality utility and usefulness in the furniture, fixture and equipment sector: a validation of interactive and distributed immersion

Prabhakaran

Mahamadu

Mahdjoubi

et al. 2022

SASBE

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PurposeThe Furniture, Fixture and Equipment (FFE) sector is well placed to leverage virtual reality (VR) technology for competitive and operational advantages; however, the diffusion of VR applications in this sector has followed a steep curve. This study reports on the implementation of two novel VR applications in the FFE sector and also investigates the challenges and benefits associated with their use and adaptability.Design/methodology/approachA sequential exploratory mixed research methodology consisting of three phases was adopted for this study. This included identification of factors that affect/facilitate the implementation of VR (Challenges and Benefits) using experiments during in-house prototyping of VR applications, a rigorous literature review and questionnaire survey to solicit FFE Stakeholder's (n = 117) opinion on the utility and usefulness of the proposed applications and to the understand factors that facilitate and inhibit their implementation in FFE's context, particularly as a design communication and coordination tool.FindingsThe findings of this study revealed that distributed and single-user VR has become essential to digitalising the FFE sector's design communication with improved design communication being regarded as the most important benefit of its use. Conversely, the most critical challenge that inhibits the implementation of these two VR applications in the FFE sector is the perceived cost.Originality/valueThis study provides valuable insight to FFE's stakeholders to devise action plans to mitigate myriad complex and interrelated factors that affect the adoption of virtual reality technology in the FFE sector that are otherwise very hard to understand, and the consequential implementation of any mitigation plans cannot be devised.

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Smarter real estate marketing using virtual reality to influence potential homebuyers' emotions and purchase intention

Cited by 32 publications

References 60 publications

A study of boundedly rational behaviour in housing choice: evidence from Malaysia

A study of boundedly rational behaviour in housing choice: evidence from Malaysia

Analysing the criteria for measuring the determinants of virtual reality technology adoption in real estate agency practice in Lagos: a DEMATEL method

Virtual reality utility and usefulness in the furniture, fixture and equipment sector: a validation of interactive and distributed immersion

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