ASSESSMENT OF ONLINE MARKETING AND ITS INFLUENCE ON REAL ESTATE BUSINESS
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- 1-5 Chapters
- Quantitative
- Chi-Square
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- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
Background of the study
Over the past ten years, there has been a spectacular increase in the usage of the Internet, and more specifically the World Wide Web. This rise has had an influence on practically every aspect of daily life in industrialised cultures. In Nigeria, like in many other nations, the people's living conditions constitute one of the most significant components of their existence. This is also the case in many other nations. Historically, Nigeria has been known for its quick adoption of new technologies; this is due in large part to the country's relatively large population (over 170 million people) and its strong need for housing. According to Babatunde (2018), the usage of the internet has followed this trend, with World Wide Web access currently being made available in the majority of houses in Nigeria. Many people consider the Internet to be a resource that is still in its infancy. This technology is fairly fresh in comparison to the current graphic-intensive state of the media (multi-media presentations), as well as the encrypted e-commerce (secure online purchase) utilized on the internet (Birvin, 1999).
The Internet, on the other hand, can trace its origins all the way back to 1957, when the Soviet Union was the first to deploy a satellite called Sputnik. In the year that followed the launch of Sputnik, the United States established the Advanced Research Projects Agency (ARPA) inside the Department of Defense (DOD) in order to position the United States as the world leader in science and technology that is useful to the armed forces. Listings of available homes were an integral aspect of the development of the Internet. At first, whole message boards on Usenet were dedicated to the listing of properties by enthusiastic homeowners who wanted to avoid paying the real estate commission that has been standard practise in developed nations (Oni 2015). When the real estate market began to flourish online, real estate professionals rushed to take advantage of the situation by posting their listings on their own websites. Additionally, real estate agencies have begun the process of building internet platforms. The notion of a marketplace was first presented by LendingTree.com back in 1996. This was the very first service of its kind that was given for real estate but could only be found online. Although there were previously many other banks that offered online loans, this demonstrated the extraordinary potential of the internet. Today, a wide variety of real estate services may be obtained in an online setting from a variety of websites throughout the world. There are some of these new businesses that operate the old-fashioned way, with brick-and-mortar locations and employees, but the majority of them simply exist online using TCPIP (Transmission Control Protocol over Internet Protocol) (Rosen, 1996).
Notably, over the course of the past few years, there has been a significant expansion in the role that internet marketing plays in the real estate industry. In a business sector that was historically dependent on print media as its major method for disseminating marketing information, the transfer to the usage of the internet has become an essential necessity in order to communicate with today's home buyers. The marketing plan of a real estate professional should absolutely include establishing a strong presence online. Real estate agents need to take use of the advantages and possibilities of internet marketing in order to fulfil the ever-increasing demands of today's consumers, who want accurate information promptly and in a convenient format. The researcher will provide findings gleaned from this investigation about the impact that online marketing has had on the real estate industry.
The business of real estate is one that relies heavily on information. Agents are responsible for the management and distribution of information in order to bring together buyers and sellers. When it comes to creating listings and sales, agents are rewarded for the information capabilities they bring to the table. The majority of people still believe that they require assistance from a professional in order to successfully complete this transaction. This is due to the fact that properties are expensive, difficult to describe, and seldom acquired or sold. In addition to this, all of these elements have a tendency to drive up the costs of transactions (Williamson, 1981). However, the use of web marketing in the real estate sector may be utilised to disintermediate the conventional agent and broker. This is the primary focus of our attention here since it has the potential to undermine the traditional connection that exists between agents and house owners. The elimination or displacement of market intermediaries is what we mean when we talk about disintermediation. This makes it possible to engage in direct commerce with buyers and customers without the involvement of any agents (Wigand, 1997).
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