Examination Of Roles Of Social Media In Real Estate Agency In Owerri Imo State

The aim of this study is to examine the roles of social media in real estate agency in Owerri, Imo State with a view to providing information that will enhance real estate management practice in emerging property markets. Man in a bid to satisfy the basic need for shelter, engages in transactions on real estate agency at varying dimensions. The use of traditional approaches to such transactions is being gradually phased out and replaced with digitalized approaches via the internet especially in developed economies. Questionnaire survey was conducted to determine the impact of this new approach to marketing real estate agency in one of the African emerging property markets. The relevant population for this study comprised of all the twenty Estate Surveying and Valuation firms in Owerri, Imo state. Questionnaire were administered on the managers of these firms out of which only 17 were properly filled and returned for analysis thereby representing 85% response rate. Both descriptive statistical tools were used in analyzing the data obtained for the study. Findings from the study indicated that the most preferred social media tool used for online marketing of real estate agency in the study area was Facebook. Other online media tools in order of preferences were LinkedIn, Whatsapp, Instagram and skype. The study further revealed that these social media tools have significant impact on marketing of real estate agency in the study area. Hence the need for all Estate Surveying and Valuation Firms in emerging markets to accept the global paradigm shifts to online marketing of real estate agency as against the traditional approaches so as to enhance productivity in the real estate sector.

1.0 Introduction

1.1 Background to the Study

It has been established in literature that shelter is one of man"s basic need alongside food and clothing. In the quest to satisfy this need man engages in real estate transactions with a view to providing Real Estate Products (REP) for different purposes such as residential, commercial, agricultural, recreational among others (Collins, 2010; Chukwuemeka, 2012). Transaction in REP is a global phenomenon which has undergone metamorphosis from the traditional methods to now digitalized methods. Today, online marketing of REP via online Social Media Tools have provided a viable platform of search and interaction among stakeholders in the real estate sector. Kotler and Amstrong (2012) asserted that the world"s businesses today are majorly carried out over digitalized networks that connect people and companies all over the globe. The said connection provides a springboard which allows free interaction among people facilitating receiving and sharing of messages, pictures, audios and videos with much ease (Rodriguez, 2011). This technology has been applied in a vast number of businesses including real estate.
Much of the world"s business today is carried out over digital networks that connect people and companies (Kotler and Amstrong, 2012). 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. It enables individuals to be part of a collaborative conversation in order to provide mutually beneficial value in a trusted business environment (Rodriguez, 2011). The use of social media sites as a strategy in marketing is gaining popularity in the past couple of years. Websites such as WhatsApp, Twiter, YouTube and Facebook are growing in popularity and changing users online activities which are no longer the traditional simply downloading static data; they now upload and share content among themselves, leading to a rapid growth of social networks and other user-generated content sites (Harris and Rae, 2009). According to Curtis (2013), as at year 2013, Facebook had 1.11 billon users, Twitter had 500 million registered users with more than 200 million active, Flikr had 87 million users and had already stored 8 billion photos, Instagram had 100 million users and had already stored 4 billion photos, Linkedin had 225 million users, MySpace had 25 million users, WordPress hosted 74 million blogs, Pinterest had 48.7 million users, Google+ had 343 million users, Reddit had 69.9 million users with 4.8 billion monthly page views to mention but few.

Presently corporate organization has begun to adopt different social medium platforms to disseminate information as well as market their products and services giving new face to doing business. A survey of Social Media Marketing (SMM) in year 2013 indicates that 97% marketers use SMM to market their product and services; 86% claimed it was important to their businesses and 79% marketers have integrated social media as their traditional marketing activities. Topmost among hundreds of the social media platforms used by the marketers are Facebook, Twitter, blogging, LinkedIn and YouTube with Facebook taking the lead (Stelzner, 2013). Quite good numbers of businesses have gained some advantages by adopting social media marketing. For example, Pradiptarini, (2011) observed that Dessert Gallery - a business enterprise - has increased visits by 20% per month after its Facebook fans rose from 283 to 817. Social media sites allow companies to raise to a more personal level, their customer interaction that has already been established via traditional media such as television and print adverts and enabled businesses to build closer relationships with their customers, as well as expand the market coverage to new customers (Rooney, 2011 as cited in Pradiptarini, 2011).

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 non- existent, 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.

Bensinger (2007) observed that in developed economies most real estate stakeholders conduct real estate transactions via online media. Levinson and Gibson (2010) define social media from a marketer"s point of view as "a set of tools that are free or nearly free and allow marketers and the community to create content and meaningful conversation online". It has however been observed that in developing economies and emerging real estate markets like Nigeria, the use of such media tools leaves more to be desired (Dabara, Omotehinshe, Okunola, Ankeli, and Adaranijo, 2016). Real estate marketers (specifically estate surveyors and valuers in Nigeria) had depended heavily on the traditional methods of business transaction such as billboard advertisement, hanging of "to let" signboards among others to transact REP. This has been found to be more expensive and produces minimal result (Ankeli, Dabara, Oyediran, Guyimu and Oladimeji, 2015; Dabara, 2015). In most developed economies today, there is a paradigm shift from these traditional methods to digitalized methods via online platforms. This has provided an amazing opportunity for real estate practitioners to reach a greater number of clients within a short time and with a small budget (Neti, 2011; Scott, 2013). In a study conducted by the California Association of Realtors (2013), findings from the study suggested that virtually all home buyers in the study area used online platforms in obtaining their REP. In Nigeria, there appears to be paucity of such research.

1.2 Statement of the Problem

The use of online marketing platforms such as social media tools like WhatsApp, Twitter, YouTube and Facebook are growing in popularity in global markets (Harris and Rae, 2009). This assertion was supported by Curtis (2013), the author noted that as at year 2013, Facebook had 1.11 billon users, Twitter had 500 million registered users, Instagram had 100 million users and Linkedin had 225 million users. Presently, these numbers had doubled and tripled in some of the social media outlets. Corporate organizations are utilizing the opportunities afforded by these online platforms to disseminate information and market their products and services (Pradiptarini, 2011). The real estate sector was not left out in this new way of doing business. Chukwuemeka (2012) asserted that in Nigeria, the adoption of these online platforms were not without numerous challenges. Hence, the lack of internet presence of most estate surveying firms in Nigeria particularly and emerging property markets of developing economies in general. The lack of data for such studies and scantiness of studies of such nature in developing economies has necessitated this study which seeks to examine the impact of social media tools on online marketing of real estatete agency in Owerri, Imo state, Nigeria with a view to providing information that will enhance real estate management practice in emerging property markets.

1.3 Objectives of the Study

The aim of this study is to examine the roles of social media in real estate agency in Owerri, Imo State. Specifically, the objectives of the study include to;

To identify the social media tools for online marketing of Real Estate agency in Owerri, Imo State

To determine the role of social media tools in real estate agency in Owerri, Imo State

To determine the impact of social media tools on real estate marketing in Owerri, Imo State

1.4 Research Question

The following research questions are formulated to guide this research:

What are the social media tools used for online marketing of Real Estate agency in Owerri, Imo State?

What is the role of social media tools in real estate agency in Owerri, Imo State?

What is the impact of social media tools on real estate marketing in Owerri, Imo State?

1.5 Research Hypothesis

HO1 There is no significant impact ofsocial media tools on real estate agency marketing in Owerri, Imo State

HA1 There is a significant impact ofsocial media tools on real estate agency marketing in Owerri, Imo State

1.6 Significance of the Study

The current study focuses the use of social media in real estate agency and the response of the Estate Surveyors and Valuers to this development in Nigeria. Real estate agency is one aspect of the multi-faceted profession of estate surveying and valuation within the property discipline in Nigeria, and the findings of this study will be significant and beneficial for industry leaders and stakeholders in a bid to improve efficiency in this digital era. The study will also contribute to existing relevant literature on the use of social media as marketing strategies in the real estate agency. Lastly, the study will serve as empirical literature for future studies in related areas.

1.7 Scope of Study

This study is on the roles of social media in real estate agency in Owerri, Imo State. The study covered real estate agents in Owerri, Imo State who constituted the study population for data analysis.

1.8 Limitation of the 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.

1.9 Definition of Terms

Role:

Refers to the part that social media plays in promoting marketing of real estate agency and products,

Examination:

Refers to the assessment of the roles of social media in real estate agency in Owerri, Imo State.

Social Media:

Social media is a collective term for websites and applications that focus on communication, community-based input, interaction, content-sharing and collaboration. Mobile applications make these platforms easily accessible. Some popular examples of general social media platforms include Twitter, Facebook and LinkedIn.

Real Estate Agency:

Refers to a business that arranges the selling, renting, or management of homes, land, and buildings for their owners: and other related services.

1.10 Organisation of the Study

This study is organized into five chapters. Chapter one included the background of the study, research problem, research objectives and questions as well as limitation of the study. Chapter two contains the literature review. Chapter three includes the methodology and study area. Chapter Four contains the results and discussion of key findings of the study. Chapter Five finally looks at the summary, conclusions, and recommendations based on the findings.

Chapter One

1.0 Introduction

1.1 Background to the Study

1.2 Statement of the Problem

1.3 Objectives of the Study

1.4 Research Question

1.5 Research Hypothesis

1.6 Significance of the Study

1.7 Scope of Study

1.8 Limitation of the Study

1.9 Definition of Terms

1.10 Organisation of the Study

Chapter Two

2.0 Literature Review

2.1 Conceptual Framework

2.2 Usage and Preference of Social Media in Modern Society

2.3 Use of Social Media in Real Estate Transactions

2.4 Importance of Social Media in Real Estate Agency

2.5 Theoretical Framework

2.5.1 Uses and Gratifications Theory

2.6 Empirical Review

Chapter Three

3.0 Research Methodology

3.1 Research Design

3.2 Population

3.3 Sample and Sampling Technique

3.4 Instrument for Data Collection

3.5 Validity of the Instrument

3.6 Reliability of the Instrument

3.7 Method of Data Collection

3.8 Data Analysis

Chapter Four

4.0 Results and Discussion

4.1 Result

4.2 Discussion

Chapter Five

5.0 Summary, Conclusion and Recommendation

5.1 Summary

5.2 Conclusion

5.3 Recommendation

References

Appendix

• Examination Of The Roles Of Co-Operative Societies As A Source Of Real Estate Finance

• Mass Communication Project Topics and Materials