ProjectClue.com We're Ready, Call Us

(+234) 07030248044

Project Topic:

THE INFLUENCE OF ONLINE MARKETING ON REAL ESTATE BUSINESS

Project Information:

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 74 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   434 people found this useful

Project Department:

ESTATE MANAGEMENT UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

Project Body:

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND TO THE STUDY

The growth of the use of the Internet, and in particular the World Wide Web, over the last 10 years has been phenomenal and impacted on nearly every area of life in developed societies. One of the most important aspects of peoples’ lives is their physical living conditions and in Nigeria just like in many other countries. Traditionally Nigeria has adopted new technology rapidly, with the relatively large population of over 170 million and the high demand for housing. Internet use has followed this pattern with World Wide Web access now available to the vast majority of Nigerian homes.

The Internet is still seen as a fairly new tool by many people. With respect to the current graphic-intensive state of the media (multi-media presentations) and encrypted e-commerce (secure on-line purchasing) used on the internet, this technology is very new (Birvin, 1999). However, the backbone of the Internet has roots going all the way back to the Soviet Union’s launching of Sputnik in 1957. In response (to Sputnik), US forms the Advanced Research Projects Agency (ARPA), the following year, within the Department of Defense (DOD) to establish America's lead in science and technology applicable to the military. Real estate listings were part of the fabric of the Internet. Originally, entire Usenet message boards were reserved for listing homes, with eager homeowners looking to cut out the real estate commission which has been in operation in advanced countries (Rosen, 1996). When the Internet started to boom, real estate practitioners got in on the game as well, adding their listings on their own sites. Real estate services also started developing Internet platforms. In 1996, LendingTree.com introduced their marketplace concept. This was the first service offered for real estate that existed only in cyberspace. Many other banks offering on-line loans already existed, but this showed the unique power of the Internet. Today, sites offer a myriad of real estate services in an online environment all over the world. While some of them have traditional brick and mortar operations, many of these new companies exist only over TCPIP (Transmission Control Protocol over Internet Protocol) (Rosen, 1996).

The role of internet marketing in real estate has grown profoundly over the past few years. In an industry that once used print media as its primary form of delivering the marketing message, there is now an urgent need to have transitioned to the internet in order to reach today's homebuyer. An online presence is a vital component of a real estate professional's marketing strategy. Because today's consumers want accurate information quickly and conveniently, real estate professionals must harness the features and capabilities of online marketing to meet these ever-increasing needs. In this study, the researcher will provide information on the influence of online marketing on real estate business.

Real estate is an information-intensive business. Agents connect buyers to sellers through control and dissemination of information. Agents are valued for the information skills they bring to making both listings and sales. Since houses are expensive, not easily describable and infrequently bought or sold, most individuals still feel the need for assistance with this transaction from a professional. As well, these are all factors that tend to increase transactions costs (Williamson, 1981). However, the use of online marketing in real estate business can be used to disintermediate the traditional agent and broker is of focal interest here, as it potentially threatens the traditional relationship between agent and home owner. Disintermediation is the elimination or displacement of market intermediaries, enabling direct trade with buyers and consumers without agents (Wigand, 1997).

1.2   STATEMENT OF THE PROBLEM

Real estate is a promising setting for studying online marketing 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 on-going information technology (IT) related changes through online marketing. In an attempt to increase popularity, productivity and profitability, real estate agents and brokerage firms are using the Internet to deliver market information to consumers about the residential real estate market. This study examines to what extent has online marketing influenced real estate business.

1.3   OBJECTIVES OF THE STUDY

The following are the objectives of this study:

  1. To examine the influence of online marketing on real estate business.
  2. To determine the effectiveness of online marketing in real estate business.
  3. To identify the problems associated with online marketing in real estate business.

1.4   RESEARCH QUESTIONS

  1. What is the influence of online marketing on real estate business?
  2. What is the effectiveness of online marketing in real estate business?
  3. What are the problems associated with online marketing in real estate business?

1.5   HYPOTHESIS

HO: Online marketing does not influence real estate business

HA: Online marketing does influence real estate business

1.6   SIGNIFICANCE OF THE STUDY

The following are the significance of this study:

  1. The result from this study will educate the general public on the rudiments of online marketing and especially how it can influence the real estate business.
  2. This research will also serve as a resource base to other scholars and researchers interested in carrying out further research in this field subsequently, if applied will go to an extent to provide new explanation to the topic.

1.7   SCOPE/LIMITATIONS OF THE STUDY

This study on the influence of online marketing on real estate business will cover the level of online marketing in Nigeria especially in the real estate development sector. It will also cover the online business activities of real estate agents in Nigeria.

LIMITATION OF STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

 Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

 

REFERENCES

Bivins R. (1999): New Houston Realty Firm Has Success Melding Internet, Standard Approach, Knight-Ridder/Tribune Businesss News November 7 1999.

Rosen.,(1996) Virtual Reality Real Estate-Agents Face Extinction in an Information Rich Century 21, Dallas Observer, January 18,1996, pg.6

Wigand, R. T., Picot, A. and Reichwald, R. (1997). Information, Organization and Management: Expanding Markets and Corporate Boundaries. Chichester, England: John Wiley & Sons.

Williamson, O. E. (1981). The economics of organization: The transaction cost approach. American Journal of Sociology, 87(3), 548–577.

 

Get the complete project »

Instant Share On Social Media:

OTHER SIMILAR ESTATE MANAGEMENT PROJECTS AND MATERIALS

CHALLENGES OF MANAGEMENT OF PUBLIC RESIDENTIAL PROPERTIES IN NIGERIA

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 79 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   1246 engagements

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY Public residential property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indi...Continue reading »

IMPACT OF REAL ESTATE SECTOR TO THE ECONOMIC GROWTH OF NIGERIA

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 70 ::   Attributes: Questionnaire, Data Analysis,Abstract

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY The Real Estate sector offers a great potential source of growth forNigeria. Until now, the understanding of its composition and growth has bee...Continue reading »

ROLE OF THE STATE GOVERNMENT IN THE DEVELOPMENT OF RESIDENTIAL ESTATES IN NIGERIA (A CASE STUDY OF OGUN STATE GOVERNMENT)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 75 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   517 engagements

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY Few residential estates built across Nigeria by both federal and state government has been able to meet the housing needs of many Nigerians. Sh...Continue reading »

ABUJA LAND AVAILABILITY CHALLENGES AND MISMANAGEMENT: ISSUES AND SOLUTIONS

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 70 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   369 engagements

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY Abuja the Federal Capital Territory of Nigeria has tremendous importance in the country's life and development.It is a hotbed for political...Continue reading »

EFFECT OF LANDLORD AND TENANT RELATIONSHIP ON RESIDENTIAL PROPERTY

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 75 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   727 engagements

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY Maintaining healthy landlord-tenant relationship in a residential property is a pre-requisite for societal advancement and growth. Good tenant e...Continue reading »

ISSUES AND CHALLENGES IN THE EXECUTION OF PUBLIC SECTOR HOUSING PROJECTS IN NIGERIA

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 78 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   1219 engagements

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY Housing (Shelter) is unarguably one of the basic necessities of man. It used to be ranked second after food in the hierarchy of man’s nee...Continue reading »

What are looking for today?

WHAT OUR CUSTOMERS ARE SAYING:
  • 1. Taleeb from Kwara state polytechnic said "I like all topics on this website but anytime i wrote topic to my project supervisor he used to ask where is the case study and case study is not written there . thanks ................".
    Rating: Very Good
  • 2. Donald from ui said "i thank you guys for the good work...i never believe that there are still some Nigerians that are trustworthy until i stumbled upon projectclue. excellent job. great write up. weldone Glory keep up the good job. nice voice.,...i will always recommend projectclue to any Nigerian researchers...God bless.".
    Rating: Very Good
  • 3. Abdoulrasheed Tapheeda from Taraba State University,Jalingo said "The Project Clue owe me a Tribute Respect, because of the nature of their work and delivery system. I recommend this site for any undergraduate due to the quality and fast delivery system of their work. Thanks".
    Rating: Excellent
  • 4. Sam Seyil from Federal Uni Agric. Markudi said "I had a wonderful experience using ProjectClue, they delivered not only on time, but the content had good quality. I recommend ProjectClue for any project research work.".
    Rating: Excellent
  • 5. Eval, Effa A. from University of Calabar (Unical) said "It was a wonderful experience using projectClue, it really helped me in carrying out a Term paper research NGP.".
    Rating: Good
  • 6. Abimbola Bisola from Obafemi Awolowo University said "Thanks a million times for giving me a quality research project. not only have i defended i was commended by my supervisor. You guys are the best; Project clue".
    Rating: Very Good

Leave a comment: