THE INFLUENCE OF ONLINE MARKETING ON REAL ESTATE BUSINESS
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THE INFLUENCE OF ONLINE MARKETING ON REAL ESTATE BUSINESS
CHAPITRE ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Over the last ten years, the use of the Internet, particularly the World Wide Web, has grown exponentially, impacting practically every aspect of life in developed cultures. Physical living conditions are one of the most essential components of people’s life in Nigeria, as in many other countries.
With a relatively big population of about 170 million people and a significant demand for housing, Nigeria has traditionally been quick to accept new technology. This pattern has been followed by Internet use, with World Wide Web access currently available in the great majority of Nigerian homes.
Many people still regard the Internet as a relatively new instrument. This technology is relatively young in comparison to the current graphic-intensive state of the media (multi-media presentations) and encrypted e-commerce (safe on-line purchase) utilised on the internet (Birvin, 1999).
However, the Internet’s backbone can be traced all the way back to 1957, when the Soviet Union launched Sputnik. In reaction to Sputnik, the United States establishes the Advanced Research Projects Agency (ARPA) inside the Department of Defence (DOD) the following year to establish America’s leadership in science and technology pertinent to the military.
Real estate listings became woven into the Internet’s fabric. Originally, entire Usenet message boards were dedicated to listing homes, with enthusiastic homeowners hoping to avoid the real estate fee that has long been in place in advanced countries (Rosen, 1996).
When the Internet began to take off, real estate professionals joined in, posting their listings on their own websites. Real estate services have also begun to create Internet platforms. LendingTree.com launched their marketplace model in 1996. This was the first service for real estate that was only available in cyberspace.
Many other banks that offered online loans already existed, but this demonstrated the Internet’s particular strength. Sites now provide a wide range of real estate services in an online setting all over the world.
While some have traditional brick and mortar businesses, many of these new companies operate only through TCPIP (Transmission Control Protocol over Internet Protocol) (Rosen, 1996).
The importance of internet marketing in real estate has expanded dramatically in recent years. In an industry that historically relied on print media to deliver marketing messages, there is now an urgent need to migrate to the internet in order to reach today’s homebuyer.
A real estate professional’s web presence is an essential component of their marketing plan. Because today’s consumers expect accurate information quickly and easily, real estate professionals must leverage the advantages and capabilities of online marketing to satisfy these ever-increasing demands. The researcher will present information on the impact of web marketing on real estate industry in this study.
Real estate is a very information-intensive industry. Agents connect buyers and sellers by controlling and disseminating information. Agents are regarded for the knowledge they contribute to both listing and sales. Because properties are expensive, difficult to describe, and rarely acquired or sold, most people feel the need for expert assistance with this transaction.
Furthermore, all of these characteristics tend to raise transaction costs (Williamson, 1981). However, the use of web marketing in real estate company to disintermediate the traditional agent and broker is of particular importance here,
as it potentially undermines the traditional agent-homeowner relationship. Disintermediation is the removal or displacement of market middlemen, allowing direct trading with buyers and consumers without the use of intermediaries (Wigand, 1997).
1.2 STATEMENT OF THE PROBLEM
Because it is an information-intensive and information-driven industry; transaction-based, with high value and asset-specificity; market-intermediary (agents and brokers connect buyers and sellers rather than buying or selling themselves); and experiencing ongoing information technology (IT) related changes through online marketing,
real estate is a promising setting for studying online marketing. Real estate agents and brokerage firms are using the Internet to give market information about the residential real estate market to consumers in an effort to boost popularity, productivity, and profitability. This study investigates the impact of online marketing on the real estate industry.
1.3 OBJECTIVES OF THE STUDY
The following are the study’s objectives:
1. To investigate the impact of online marketing on the real estate industry.
2. To assess the effectiveness of online marketing in the real estate industry.
3. To identify the issues with online marketing in the real estate sector.
1.4 RESEARCH QUESTIONS
1. What is the impact of web marketing on the real estate industry?
2. How effective is web marketing in the real estate industry?
3. What are the issues with online marketing in the real estate industry?
1.5 HYPOTHESIS
HO: Online marketing has no effect on real estate industry.
HA: Online marketing has an impact on the real estate industry.
1.6 SIGNIFICANCE OF THE STUDY
The following are the study’s implications:
1. The findings of this study will educate the general public on the fundamentals of online marketing, particularly how it might affect the real estate industry.
2. This research will also serve as a resource base for other academics and researchers interested in conducting additional research in this sector in the future, and if implemented, will go so far as to provide new explanations for the topic.
1.7 SCOPE AND LIMITATIONS OF THE STUDY
This research on the impact of online marketing on real estate industry will look at the condition of online marketing in Nigeria, specifically in the real estate development sector. It will also cover the online business activities of Nigerian real estate agents.
STUDY LIMITATIONS
Financial constraint- A lack of funds tends to restrict the researcher’s efficiency in locating relevant materials, literature, or information, as well as in the data collection procedure (internet, questionnaire, and interview).
Time constraint- The researcher will conduct this investigation alongside other academic activities. As a result, the amount of time spent on research will be reduced.
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