The Influence Of Online Marketing On Residential Real Estate Market

Project and Seminar Material for Estate Management

The Influence Of Online Marketing On Residential Real Estate Market


Abstract


This study was carried out on the influence of online marketing on residential real estate market using some selected real estate companies in Abuja as a case study. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of digital marketers in the selected real estate companies in Abuja. In determining the sample size, the researcher purposefully selected 53 respondents and 50 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables. While the hypotheses were tested using chi-square statistical tool. The result of the findings reveals that the extent to which online marketing is used on residential real estate market is high. The study also revealed that online marketing have an influence on residential real estate market. And the different online marketing channels used by the real estate market include; Google, Facebook, Instagram, and YouTube. Therefore, it is recommended that there is a need for every real estate practitioner to have strong online and media presence. This is the basic ticket to accessing all the tools of online marketing provided by the internet. It is good for business. And real estate professionals should make it a habit to list their properties on relevant online platforms. This is how they reach their potential customers.


Table of Content


Chapter One:

Introduction

  • 1.1 Background of the Study
  • 1.2 Statement of the Problem
  • 1.3 Objective of the Study
  • 1.4 Research Questions
  • 1.5 Research Hypotheses
  • 1.6 Significance of the Study
  • 1.7 Scope of the Study
  • 1.8 Limitation of the Study
  • 1.9 Definition of Terms
  • 1.10 Organisations of the Study

Chapter Two:

Review of Literature

  • 2.1 Conceptual Framework
  • 2.2 Theoretical Framework
  • 2.3 Empirical Review

Chapter Three:

Research Methodology

  • 3.1 Research Design
  • 3.2 Population of the Study
  • 3.3 Sample Size Determination
  • 3.4 Sample Size Selection Technique and Procedure
  • 3.5 Research Instrument and Administration
  • 3.6 Method of Data Collection
  • 3.7 Method of Data Analysis
  • 3.8 Validity of the Study
  • 3.9 Reliability of the Study
  • 3.10 Ethical Consideration

Chapter Four:

Data Presentation and Analysis

  • 4.0 Data Presentation
  • 4.1 Analysis of Data
  • 4.2 Answering Research Questions
  • 4.3 Test of Hypotheses

Chapter Five:

Summary, Conclusion and Recommendation

  • 5.1 Introduction
  • 5.2 Summary
  • 5.3 Conclusion
  • 5.4 Recommendation
  • References
  • APPENDIX
  • QUESTIONNAIRE 

Chapter One


Introduction

1.1 Background of the Study

Much of the world’s business today is carried out over digital networks that connect people and companies (Kotler & Amstrong, 2012). The internet is the network of computers all over the world, which allows communication and sharing of information among users. This connection is occasioned through different internet platforms. Social media are internet sites or platform which facilitates free interaction among people; receiving, sharing and discussion of issues of interest; use of personal words, videos, pictures, and audio multimedia (Olukolajo, Ojo & Akinwamide 2015). It enables individuals to be part of a collaborative conversation in order to provide mutually beneficial value in a trusted business environment (Rodriguez 2011).

Almost any information can be accessed from the internet, as all the user has to do is to connect his computer to the internet. This activity is what is called ‘going online’. By going online, the user connects his computer to the activities of other interconnected computers on the internet. This, however, forms the basis for Online Marketing.
Marketing, according to Investopedia, refers to “the activities a company undertakes to promote the buying or selling of a product or service. It includes advertising, selling, and delivering products to consumers or other businesses”. Therefore, Online Marketing entails communicating and sharing of relevant information among users of connected computers, for the purpose of promoting products and/or services through the internet. Simply put, Online Marketing means promoting buying and selling using the internet.

The main advantage of Online Marketing, also known as Internet or Digital Marketing, over the traditional offline marketing, which include mediums like print, billboard, television and radio advertisements, is the accessibility of readily available information for the consumption of the marketer. Digitalized marketing, which is an offshoot of technology, has become the expected way of conducting many aspects of businesses some businesses exist purely online. Real Estate Marketing is one of such aspect of businesses that will command greater result on various digitalized marketing platforms (Jejelola and Ogungbe 2020).

The need for real estate owners to gain online presence becomes stronger as the internet continually exercises its unique power on online marketing by providing features that enable consumers to access available real estate properties more conveniently. Few decades ago, even after the public could access the World Wide Web, advertisements for real estate properties in newspapers were one of the major sources of ads revenue because they daily covered the pages of these prints; Estate Surveyors and Valuers continued to advertise properties through such traditional means.

The real estate industry was obviously affected by the internet when some Estate Surveyors and Valuers automated their listing services. The implication was that the public could then access listings, recent sales, tax information and other property details online. “Real estate listings moved from off-line listings available only to real estate professionals to online listings on major Internet portals such as AOL Real Estate, Yahoo! Real Estate, and MSN House and Home (now housed in its own section under MSN Money),” (Joel, 2015). Because of the need for laser-sharp strategies for reaching out to consumers and securing great opportunities for transactions, real estate properties have, today, saturated the online market, attracting the benefits of real estate online marketing. In this study, the researcher is interested in providing information on the influence of online marketing on real estate properties in Nigeria.

Being one of the biggest countries in Africa, Nigeria is fast-developing and is currently in an era where the people, who are the potential consumers of real estate properties, have positioned themselves to be easily demographically targeted because of their ever-increasing online presence and activities, using several available technical and creative tools. Also, these consumers want to be kept abreast with trends and information relating to the property market in Nigeria, maintaining minimum risk and maximum effectiveness. The internet provides such opportunities, encouraging a shortened and more convenient sales cycle. Online marketing enables the real estate practitioners to market real estate products globally (Nwogu and Ifekanandu, 2021).


1.2 Statement of the Problem

because the information about real estate properties is readily available and constantly updated online by real estate companies, the long line-up of intermediate real estate brokers is constantly shortened, as the public becomes more aware of the internet and responds to its beckon for engagements. The level of online marketing on real estate disposal awareness amongst real estate professionals in Nigeria is quite low (Kakulu, 2018, as cited in Nwogu and Ifekanandu, 2021). However, traditional modes of marketing have not been completely phased out because a healthy co-existence of both is needed for the transaction of real estate properties. After a thorough search online, clients must contact the concerned real estate agent to finalize deals before kicking off with the transaction procedures.

The real estate industry with its diverse activities has also been seen participating in this new trend; but with diverse responses from practitioners. In Nigeria, the adoption of information technology for real estate transactions began with property website where property information was published; however, challenges such as failure of the sites to effectively meet the customer’s need, unfulfilled promises on services, links to pages that are non-functional or nonexistent, has discredited this medium before their clients (Chukwuemeka, 2012). Myriad social networks are readily available online and are being explored when renting or buying apartments. (Sawyer, Croston, Wignand and Allbritton 2003) had envisaged that the residential agents whose job is to serve as intermediaries connecting buyers and sellers, may have their job threatened with the advent of ICT which has provided buyers and sellers a new way of finding one another

Information and Communication Technology is highly employed in Online Marketing; this is the only means by which the purpose of its operations is satisfied. Also, the transaction of real estate properties is both information and communication oriented, such that without these, the real estate industry would not thrive. This makes the business of real estate properties a viable setting for assessing online marketing. With the fast- growing population and civilization in Awka city, it becomes more difficult for real estate properties to be adequately marketed to the potential consumers, who make up the teaming population, using the traditional modes of marketing such as print, billboard, television and radio advertisements.

This is majorly because the people now have improved online presence and engagements, which affects their attention to offline activities, to a reasonable extent. The problem of this study is highly associated with the problems of traditional marketing strategies, which include high marketing cost, limited accessibility, poor track of marketing results, and time consumption. These are the problems that are expected to be curbed by the means of online real estate property marketing. The current study seeks to assess the influence of online marketing on residential real estate market.


1.3 Objectives of the Study

The main aim of this study is to assess the influence of online marketing on residential real estate market. Specifically, this study seeks to:

  1. Find out the extent online marketing is used on residential real estate business.
  2. Determine whether online marketing has an influence on residential real estate market.
  3. Examine the different online marketing channels that is used by the real estate market.
  4. Determine whether there have been any challenges encountered in the use of online marketing by the real estate market.

1.4 Research Questions

The following research questions will be answered in this study:

  1. To what extent is online marketing used on residential real estate market?
  2. Does online marketing have an influence on residential real estate market?
  3. What are the different online marketing channels that is used by the real estate market?
  4. Have there been challenges encountered in the use of online marketing by the real estate market?

1.5 Research Hypotheses

The following research hypotheses will validate this study:

  • H01: Online marketing does not have an influence on residential real estate market.
  • H02: There have been no challenges encountered in the use of online marketing by the real estate market.

1.6 Significance of the Study

This study will be greatly significant to the real estate sector as the findings of this study will reveal the online marketing tools to use in the promotion of the sector and the effects these online tools have.

This study will also be beneficial to scholars and students as this study will serve as a point for future reference and further research.


1.7 Scope of the Study

This study focuses on assessing the influence of online marketing on residential real estate market. Specifically, this study focuses on finding out the extent online marketing is used on residential real estate market, determining whether online marketing has an influence on residential real estate market, examining the different online marketing tools that is used by the real estate market and determining whether there have been any challenges encountered in the use of online marketing by the real estate market. The study will be conducted in some selected Real estate companies in Abuja, Nigeria.


1.8 Limitations of the Study

In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. However, the researcher were able to manage these just to ensure the success of this study.

Moreover, the case study method utilized in the study posed some challenges to the investigator including the possibility of biases and poor judgment of issues. However, the investigator relied on respect for the general principles of procedures, justice, fairness, objectivity in observation and recording, and weighing of evidence to overcome the challenges.


1.9 Definitions of the Terms

Online Marketing:

Online marketing is a set of tools and methodologies used for promoting products and services through the internet.

Real Estate:

Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this an item of real property, buildings or housing in general.


1.10 Organization of the Study

The study is categorized into five chapters. The first chapter presents the background of the study, statement of the problem, objective of the study, research questions and hypothesis, the significance of the study, scope/limitations of the study, and definition of terms. The chapter two covers the review of literature with emphasis on conceptual framework, theoretical framework, and empirical review. Likewise, the chapter three which is the research methodology, specifically covers the research design, population of the study, sample size determination, sample size, abnd selection technique and procedure, research instrument and administration, method of data collection, method of data analysis, validity and reliability of the study, and ethical consideration. The second to last chapter being the chapter four presents the data presentation and analysis, while the last chapter(chapter five) contains the summary, conclusion and recommendation.


Chapter Five


Summary, Conclusions and Recommendations

5.1 Introduction

This chapter summarizes the findings onthe influence of online marketing on residential real estate market using some selected real estate companies in Abuja as a case study. The chapter consists of summary of the study, conclusions, and recommendations.


5.2 Summary of the Study

In this study, our focus was on the influence of online marketing on residential real estate market using some selected real estate companies in Abuja as a case study.The study is was specifically carried out to; find out the extent online marketing is used on residential real estate business, determine whether online marketing has an influence on residential real estate market, examine the different online marketing channels that is used by the real estate market, and determine whether there have been any challenges encountered in the use of online marketing by the real estate market.

The study adopted the survey research design and randomly enrolled participants in the study. A total of 50 responses were validated from the enrolled participants where all respondent were digital marketers in the selected real estate companies in Abuja.


5.3 Conclusions

Based on the findings of this study, the researcher concluded that;

  1. The extent to which online marketing is used on residential real estate market is high.
  2. Online marketing have an influence on residential real estate market.
  3. The different online marketing channels used by the real estate market include; Google, Facebook, Instagram, and YouTube.
  4. There have been challenges encountered in the use of online marketing by the real estate market.

5.4 Recommendations

Base on the findings, the following recommendations can be made:

  1. There is a need for every real estate practitioner to have strong online and media presence. This is the basic ticket to accessing all the tools of online marketing provided by the internet. It is good for business.
  2. Real estate professionals should make it a habit to list their properties on relevant online platforms. This is how they reach their potential customers.
  3. Real estate professionals should discover, engage, and stay up-to-date with relevant online marketing techniques and strategies for their properties.
  4. The state government should provide the necessary infrastructures (electricity, access roads, drainage etc.) within the housing estates and in other areas of the local government, to improve the living conditions of the people.
  5. Offline and online modes of marketing real estate properties should not be seen as competitive by the real estate practitioner but complementary. Properties can be listed online and the transactions concluded offline.

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