The Impact of E-commerce on the Real Estate Industry: Baen and Guttery Revisited

Muhanna, Waleed A.; Wolf, James R.

doi:10.1080/10835547.2002.12089663

Cited by 23 publications

(9 citation statements)

References 8 publications

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“…In terms of the low ranked factors, encouraging online transactions is ranked as one of the lowest (3.14) to be used as a strategy to improve smart digital marketing. This is consistent with Muhanna and Wolf [62], who highlighted that real estate products are expensive and infrequently purchased, causing online transactions to be unlikely in developing countries. Table 11 shows several tests of the measurement models to test if Convergent Validity exists among the measures of the MTAM [134,135].…”

Section: Strategies To Improve Smart Digital Marketing On An Organizational Level In Malaysian Property Development Sectorsupporting

confidence: 89%

“…Such an environment creates value to the companies due to low transaction costs and improved customer support. In contrast, Muhanna and Wolf [62] argue that in the United States, real estate products are expensive and thus, infrequently purchased, causing internet-based purchases to be less likely. This does not mean that internet-based marketing and pertinent digitalization is less important.…”

Section: Global Digital Marketing For Smart and Sustainable Property Development And Managementmentioning

confidence: 98%

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Smart Digital Marketing Capabilities for Sustainable Property Development: A Case of Malaysia

et al. 2020

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Digital tools and marketing have been widely adopted in various industries throughout the world. These tools have enabled companies to obtain real-time customer insights and create and communicate value to customers more effectively. This study aims at understanding the principles and practices of sustainable digital marketing in the Malaysian property development industry by investigating the extent to which digital marketing has been adopted, the impediments to its adoption, and the strategies to improve digital capabilities for the local context. Digital marketing theories, practices, and models from other industries are adopted and applied to the local property development industry to lay the foundation for making it smart and sustainable. This paper proposes a marketing technology acceptance model (MTAM) for digital marketing strategy and capability development. The key factors used in the model are ease of use, perceived usefulness, perceived cost, higher return, efficiency, digital service quality, digital information quality, digital system quality, attitude towards use, and actual use. The model and hypothetical relationships of critical factors are tested using structural modeling, reliability, and validity techniques using a sample of 279 Malaysian property development sector representatives. A quantitative approach is adopted, using an online questionnaire tool to investigate the behavior of respondents on the current digital marketing practices and capabilities of Malaysian property development companies. The results show that the sample property development companies are driven by the benefit of easily obtaining real-time customer information for creating and communicating value to customers more effectively through the company brand. Further strategies, such as creating real-time interactions, creating key performance indicators to measure digital marketing, personalization, and encouraging innovation in digital marketing are most preferred by local professionals. An adoption framework is provided based on the reviewed models and results of the current study to help transform the Malaysian property development sector into a smart and sustainable property development sector by facilitating the adoption of digital technologies. The results, based on real-time data and pertinent strategies for improvement of the local property sector, are expected to pave the way for inducing sustainable digital marketing trends, enhancing capabilities, and uplifting the state of the property development sector in developing countries.

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Section: Strategies To Improve Smart Digital Marketing On An Organizational Level In Malaysian Property Development Sectorsupporting

confidence: 89%

Section: Global Digital Marketing For Smart and Sustainable Property Development And Managementmentioning

confidence: 98%

Smart Digital Marketing Capabilities for Sustainable Property Development: A Case of Malaysia

et al. 2020

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“…Uttal et al (Uttal et al, 2006) pointed out that an excellent way to measure the precision and accuracy of people's perception of the observed space would be utilizing a virtual environment in an outline. Muhanna et al (Muhanna & Wolf, 2002) examined the potential impact of the Internet on the residential estate industry. They predicted that the number of buyers and sellers would increase the discovery of estate information through the Internet.…”

Section: Literature Reviewmentioning

confidence: 99%

Visual Description of the Indoor Space of Real Estate in Crowd-Sourcing Environments

Haghbayan

Malek

Tashayo

2020

Real Estate Management and Valuation

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Emerging the power of collective intelligence through crowdsourcing could create a clear path for visualizing real estate as well. One of the Crowdsourcing applications is describing the indoor space of a real estate. This paper aims to describe real estate in the context of spatial crowdsourcing. Qualitative and quantitative criteria were used in this study to describe the real estate space, topological relationships, directional relations, color, location, dimensions, and height as qualitative criteria. Quantitative criteria were selected as the dimensions and height. The proposed model was evaluated by two groups: those who had never seen the real estate and others that had already seen the same real estate. We implemented a website called SAMA1 to evaluate the proposed model with crowdsourcing data using online collaborative tools. SAMA is using tools, such as a sketch plan, photo, text, virtual tour, and visual descriptions. To evaluate SAMA, we compared it with four representative commercial websites, and the impact of the tools was precisely examined. The obtained results demonstrate that the proposed model can be utilized to visually describe the indoor space of real estate in crowd-sourcing environments.

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“…Since the emergence of ICT and most especially the internet facilities, a good number of studies have been carried out to determine the effect of its application on real estate agents and real estate business in general. For instance, studies such as Buxman and Gebauer (1998), Muhanna and Wolf (2002) and Mayer and Crowston (2004) looked at how ICT has affected the intermediary role of estate agents. The studies found that the intermediary role of an estate agent in real estate transactions had not been replaced with the use of ICT as against the Baen and Guttery (1997) speculation that the introduction of ICT would take over the place of real estate agents’ roles in agency transactions.…”

Section: Literature Reviewmentioning

confidence: 99%

The impact of information and communication technology on real estate agency in Lagos Metropolis, Nigeria

Babatunde¹,

Ajayi²

2018

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Purpose The purpose of this paper is to evaluate the effect of information and communication technology (ICT) on real estate agency transactions with a view to determine its influence on the performance of estate agents. Design/methodology/approach A research approach in which questionnaire was administered to elicit relevant information from 220 practicing Estate Surveyors and Valuers surveyed in the course of the study. Data collected were analysed using mean ranking, relative influence index and analysis of variance. Findings The results showed that the use of ICT impacted positively on real estate agency transactions by promoting company’s brand thereby increasing the level of patronage. Consequently, the increased level of patronage signifies an increase in the level of income of the agents. Research limitations/implications The study was limited to social media applications otherwise referred to as ICT, which are used in real estate agency transactions. Further study on other ICT media and their effects on more areas of real estate practice in the developing economy may be required. Originality/value This paper is one of the few works on the impact of ICT on real estate agency transactions with particular reference to the social media networking especially in an emerging economy. Most of the previous studies conducted on ICT and real estate focussed only on internet use with respect to real estate agents and practices.

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The Impact of E-commerce on the Real Estate Industry: Baen and Guttery Revisited

Cited by 23 publications

References 8 publications

Smart Digital Marketing Capabilities for Sustainable Property Development: A Case of Malaysia

Smart Digital Marketing Capabilities for Sustainable Property Development: A Case of Malaysia

Visual Description of the Indoor Space of Real Estate in Crowd-Sourcing Environments

The impact of information and communication technology on real estate agency in Lagos Metropolis, Nigeria

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