ANALYZING_THE_IMPACT_OF_ONLINE_ESTATE_AGENTS_ON_TR_1_1_-1 (1)

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MMCRU 2023-2024 Quick Submit Quick Submit Rrr The Report 1 The Report 1 Document Details Submission ID trn:oid:::1:2782500817 Submission Date Dec 12, 2023, 1:04 PM CST Download Date Dec 12, 2023, 1:07 PM CST File Name ANALYZING_THE_IMPACT_OF_ONLINE_ESTATE_AGENTS_ON_TR_1_1_-1.docx File Size 215.0 KB 30 Pages 6,224 Words 36,602 Characters Page 1 of 32 - Cover Page Submission ID trn:oid:::1:2782500817 Page 1 of 32 - Cover Page Submission ID trn:oid:::1:2782500817

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1 ANALYSING THE IMPACT OF ONLINE ESTATE AGENTS ON TRADITIONAL REAL ESTATE MARKET DYNAMICS. ROY KITONGA, ABS 233-0190/2020 Bachelor of real estate Research project Page 3 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 3 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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2 DECLARATION. I so certify that my research project, "ANALYZING THE IMPACT OF ONLINE ESTATE AGENTS ON TRADITIONAL REAL ESTATE PRACTICES," is entirely original with no contribution made in exchange for a fellowship, associateship, or ransom. The information included in this work that was taken from other sources with comparable titles has been properly cited. I am aware that if plagiarism is later found, I could be held legally and morally culpable. Signed: …………………………………… Date: …………………………. Roy Mwangangi Kitonga (ABS233-0193/2020) This Report has been presented for examination with my approval as the appointed supervisor. Signed: .............................................. Date ………………………………… Dr. Teckla Muhoro Page 4 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 4 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

3 Contents CHAPTER 1; INTRODUCTION ...................................................................................................... 4 1.1 BACKGROUND OF STUDY ........................................................................................... 4 1.2 STATEMENT OF THE PROBLEM .................................................................................. 5 1.3. OBJECTIVES OF THE STUDY ............................................................................................. 6 1.4. RESEARCH QUESTIONS .................................................................................................... 6 1.5. JUSTIFICATION OF STUDY ............................................................................................... 7 1.6. SIGNIFICANCE OF THE STUDY ......................................................................................... 7 1.7. LIMITATION OF THE STUDY ............................................................................................. 8 1.8. STUDY ASSUMPTIONS ..................................................................................................... 8 1.9. SCOPE OF STUDY ............................................................................................................. 9 CHAPTER TWO ......................................................................................................................... 10 2.1. LITERATURE REVIEW ..................................................................................................... 10 2.1.1. Penetration of online estate agents. ..................................................................... 10 2.1.2. Changes in consumer behaviour. ........................................................................... 11 2.1.3. Consumer trust and transparency ......................................................................... 12 2.1.4 Pricing and cost structures of estate agents. .......................................................... 13 2.2. THEORETICAL FRAMEWORK ......................................................................................... 14 2.2.1. Disruptive innovation ............................................................................................. 14 2.2.2. Transaction cost economics theory ....................................................................... 14 2.3. RESEARCH GAP .............................................................................................................. 15 2.4 CONCEPTUAL FRAMEWORK ........................................................................................... 15 CHAPTER 3 ............................................................................................................................... 16 RESEARCH METHODOLOGY ................................................................................................. 16 3.2 Research strategy ....................................................................................................... 16 3.3. Research design ........................................................................................................ 17 3.4. Target population ..................................................................................................... 17 3.5. Sample design ........................................................................................................... 18 3.6. Data collection procedure and instruments ............................................................. 19 3.7. Pilot study ................................................................................................................. 19 3.8. Data analysis and presentation ................................................................................. 20 3.9. Measurement of study variables .............................................................................. 20 Page 5 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 5 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

4 CHAPTER 1; INTRODUCTION 1.1 BACKGROUND OF STUDY The real estate sector is among those that are changing as a result of technological advancements. Paper documentation, in-person meetings, site inspections, and actual property listings have long been hallmarks of real estate transactions. The real estate industry is experiencing noticeable effects from technological advancements in a number of sectors, including client brokerage, home searches, and the development of internet platforms. According to Saiz (2020), this has caused the rise of more scalable internet businesses that can reduce costs and streamline real estate procedures. Balum, 2017 The Covid-19 pandemic created significant obstacles for businesses in a variety of economic sectors to overcome in order to survive and grow. Numerous enterprises were compelled to utilize digital platforms in order to provide their services, and this abrupt shift affected numerous businesses. Digitalization was once advantageous, but it is now necessary. Yang Guo et al. (2020). The COVID-19 epidemic had a major impact on the range of uses for contemporary technology, which led to the development of real estate platforms. The COVID-19 epidemic has expedited the digitalization of real estate agents' business, which means that cutting-edge technology is gradually replacing the conventional methods of managing real estate operations. Tomal 2020. Online estate agencies have the potential to improve market transparency, boost user confidence, streamline processes, create economies of scale, lower transaction costs, and boost profits. However, in order to thrive, they will need to modify their offerings to meet the needs of a market where some level of intervention is necessary because of the nature of the goods being exchanged. However, traditional agencies that do not begin the process of digitalization will face the risk of being extinct. Ascension 2022. Virtual walks and other widely utilized modern technologies are mostly produced by IT systems, which also develop cutting-edge customer relation managements (CRMs) for real estate brokers. Real estate activities also heavily rely on mobile applications. They facilitate quick data delivery to the client, give access to sophisticated statistics, and enhance the property search process. Kania (2022) Technologies Cytonn An article about the amount of data that real estate companies gather and store in separate repositories without any analytics to identify market trends and shifts in Page 6 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 6 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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5 consumer behavior was published in October 2023. In order to effectively target the proper clientele, real estate companies need to know who these clients are, where they are, when they want to buy, and how to get in touch with them. Properly utilizing this data allows real estate companies to target the correct clients and reach them through the right channels. This study will analyse how the emergence online estate agencies have affected the traditional real estate activities. By understanding the impact of online estate agents on traditional real estate practices, stakeholders can make informed decisions, develop effective strategies and embrace new opportunities in this digital error of property transactions. 1.2 STATEMENT OF THE PROBLEM The emergence of covid 19 has led to innovation of some of the real estate companies in digitalizing most of their activities. In most of the real estate agencies the intergration of technology in their activities was offering a competitive advantage but with time it has become an essential part in real estate activities. Moro Mendonca (2022). Online estate agencies have adopted the use of virtual tours, google meets, customer relationship management (CRM) systems, use of websites and data analytics in their real estate activities. The study will aim to investigate how these activities by online estate agents influence traditional real estate activities such as site visits, paper-based documentation, customer trusts and real estate market dynamics at large. Page 7 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 7 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

6 1.3. OBJECTIVES OF THE STUDY Main objectives Analysing the impacts of online estate agents on the traditional real estate market practices. Specific objectives i. To determine the effect of operational efficiency of online estate agents on traditional real estate practices ii. Evaluate how the levels of consumer trust in online real estate agents compared to traditional estate agents affect real estate market practices. iii. To determine the effect of pricing structures of online estate agents on traditional real estate practices. 1.4. RESEARCH QUESTIONS 1. In what ways have online estate agents expanded the real estate market compared to traditional estate agents? 2. How have the change in consumer behaviour influenced by the presence on online estate affected real estate market dynamics? 3. How have the levels of consumer trust and transparency in digital based real estate agents compared to traditional face to face interventions affect real estate market dynamics? 4. How the pricing and cost structures of online estate agents compared to traditional estate agents affect real estate market dynamics? Page 8 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 8 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

7 1.5. JUSTIFICATION OF STUDY Studying the impact of online estate agents on traditional market is important in the current digital era where technology is reshaping the industry. The availability of internet access and increasing digital literacy there has been changing consumer preference and behaviour. Understanding how consumer preferences are evolving and the factors that influence their choice between online and traditional estate agents is important to both buyers and sellers. Real estate industry is experiencing change due to advancement of technology which are being utilized by online agents. Understanding how these technologies affect real estate market is important to all real estate stakeholders 1.6. SIGNIFICANCE OF THE STUDY Consumers Understanding how consumers influence the real estate market is crucial to consumers. It enables consumers to make informed decision making when buying and selling properties. Consumers benefits from insights into pricing, service quality and overall consumer experience which is pivotal in decision making process. Real estate professionals The study findings will help real estate professionals including traditional agents, online agents and brokers to have a deep understanding of market dynamics. This knowledge will help them adapt to the changing consumer preference and rise of online competition. Investors Investors and entrepreneurs rely on accurate information for decision making. This study will provide data that will inform their investment decisions, guiding them towards opportunities and strategies that will align with market realities. Researchers Academically this study contributes to the understanding of market dynamics, technological disruptions and the impact of digital innovation in traditional industries. It forms a foundation for further research allowing researchers to dig deeper into specific aspects of real estate market. Page 9 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 9 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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8 1.7 . LIMITATION OF THE STUDY Data availability and quality Access to comprehensive and reliable data maybe a challenge. Online estate agents operate independently and may not disclose their transactional data making it difficult to gather accurate data. Geographical variability Real estate market differ with location. One region may not be applicable to another making it challenging to draw a broad conclusion. Market saturation The extend to which the online estate agents have penetrated the market might impact the results. In some areas they might have a small market share while in some areas they are dominant. 1.8. STUDY ASSUMPTIONS Privacy and data assumptions Individual transactional data require privacy. The study assumes that the data collection and analysis will be conducted while adhering to privacy regulation and ethical consideration. Geographical variation The study assumes that the impact of online estate agents is consistent across all geographical regions Page 10 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 10 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

9 1.9. SCOPE OF STUDY The contextual scope of this research is focused on determining how the emergence of online estate agents impact the dynamics of real estate market and examining how the traditional agents cope with this increased competition. Geographically, the study will focus on real estate agents that are situated in Nairobi county and this necessitates the comprehensive understanding of the county’s characteristics and its neighbourhood in terms of existing dynamics in real estate market. Page 11 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 11 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

10 CHAPTER TWO 2.1. LITERATURE REVIEW 2.1.1. Penetration of online estate agents. Real estate industry is one of the industries that have been experiencing technological advancements. These technological advancement has led to the emergence of online estate agents who have brought massive competition to the traditional real estate agents. Ullah. F (2018) on his research in real estate states that real estate agents need to improve in their adoption on disruptive technology to move from traditional real estate to smart real estate. It covered the adoption of Big 9 technologies such as drones, virtual reality, the internet of things clouds, dig data, software as a service (SaaS), 3D scanning, artificial intelligence (AI) and robotics. The application of these technologies lead to more information available to prospective buyers and sellers and the information can be achieved from anywhere. In 2020, Nikolai Siniak conducted research on proptech, or the widespread application of cutting-edge technologies in the real estate industry. Tools for house matching, building information modeling (BIM), virtual reality, artificial intelligence, and data analytics are characteristics of proptech. Proptech has been applied in more than 50 countries as the innovations are able to boost productivity, resource afficiency and effectiveness in real estate and the real estate agents are able to achieve many prospective clients through this technology. Online estate agents are using modern communication method to communicate with the clients and advertise their product. Social media dominate such as Instagram, twitter and facebook dominate among the means of communication used by the estate agents. The necessity of social medial for real estate brokers leads to more social networks leading to extended market by the real estate agents. Zalewska, 2019. Real estate brokers are aware of how virtual visits, facilitated by computer-generated simulation and enhanced reality, are generating income for land businesses. Real estate brokers can now interact with a larger audience thanks to digital platforms, virtual reality, and analytics. Ganapathy, A. (2017) Page 12 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 12 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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11 Online estate agents have the ability to transcend traditional geographical boundaries. Burron et al (2020) by operating through virtual space they serve the clients in wider geographical areas than traditional real estate agents. Before making any decisions, real estate developments are thought to be a type of economic issue with high development risk, high development expense, and high profit. internet marketing and the internet real estate market are receiving more and more attention as people strive to save costs and increase profits. Online marketing has become very popular because of its low cost and effective evaluation. This has made it possible for internet real estate brokers to interact with a large global clientele. Zhang, M., and D. Liu (2009) 2.1.2. Changes in consumer behaviour. Real estate developments, investments or purchase of a home are one of the real estate transactions that require data analysis before making any decision. Martin A(2021). This is what has always influenced the consumers to hire real estate agents to carry out feasibility studies on their behalf. Before any consumer makes any decision on real estate various factors are considered which are macro-level factors (economic growth of a country, interest rates, unemployment rates and demographic rates), personal level (income level of a person, age, life cycle of the consumer preferences and the house size) and the house related factors (security of the locality, accessibility of the site, neighbourhood quality, price of the house and the location of the house) Mubin F.D (2018) Traditional estate agents carried out all necessary activities on behalf of their clients which includes negotiating and mediation, preparing property listings, carrying out property viewings, drafting and reviewing contracts, consultations and coordinating inspections Levitt, S. D (2018) but all these activities are facing a dynamic change due to emergence of virtual tours, online property listings and extensive property information as the consumers can acquire all the required information and make a precedent decision before even meeting with the agents. Zalewska- Turzyńska, M.(2019). Presence of online estate agents have competition in real estate industry which have in turn raised consumer expectations regarding responsiveness, transparency and depth of property information. Consumers now expect high level of services from both the online and traditional estate agents. Mattarocci, G. (2022) Page 13 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 13 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

12 The ability of consumers to access a vast array of properties online has led to more informed and discerning buyers which has potentially influenced demand patterns and pricing trends, this in turn may influence demand patterns and market efficiency. Kokot. S. (2013) 2.1.3. Consumer trust and transparency. Customer trust and transparency are one of the pivotal factors influencing real estate market dynamics. Customer trust and transparency are brought about by customer satisfaction which every company works towards. Pukite. I, (2017) stipulates that higher customer satisfaction enhances customer trust and reputation hence increasing customer loyalty and lowering cost of future transactions. Trio. O, (2015) emphasized on that a company’s good reputation quickly translates to a higher market share and profits. Traditional estate agents use personalised interactions and relationships to build customer trust. They establish trust through face to face interactions and building personal relationship overtime. Traditional agents possess extensive knowledge of local market trends including the pricing trends, local amenities and the neighbourhood trends and this helps instil confidence in consumers. Lähtinen, K., (2023) Online estate agents provide transparent access to a wide array of information allowing clients to independently research and review listings and this builds trust in the process, they also leverage technology such as virtual tours and artificial intelligence (AI) tools to enhance customer experience and provide innovative solutions which instils confidence to the customers. Ullah, F. (2018) Online estate agents also utilize online platforms and applications. Customer reviews and testimonies on their platforms provides social proof and building trust through reviews from previous clients. Real estate platforms provide a high degree of transparency in real estate transaction process as the buyers have access to a detailed property information, market data and online property listings. McKenzie, G (2018). This kind of transparency empowers consumers and builds trust. Page 14 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 14 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

13 Despite all the advantages that come with advancement of technology, establishing consumer trust in digital based real estate transaction maybe challenging due to online fraud, privacy and the absence of face to face interactions. Rahmatika, D. N (2019). 2.1.4 Pricing and cost structures of estate agents. Pricing and cost structures are one of the critical factors that affect real estate market dynamics. Real estate industry is characterised by high developments cost and higher transaction cost hence every buyer and seller tries to reduce the cost associated with the real estate activities. Vahida Zujo, (2014) Online estate agents typically offer different fee structure and pricing than traditional estate agents. Online estate agents charges fixed fees, performance based fees or a combination of both. These approach maybe appealing to cost conscious consumers. Online estate agents provide transparent pricing information upfront allowing consumers to make more informed decisions. This transparency can influence the selection of estate agents to deal with and the willingness to engage in real estate transactions. McCord, M.J. and Haran, M. (2022) Traditional estate agents operate on a commission based model where they earn a percentage of the sale price. This model is perceived to be of higher cost than the others by some consumers. Jia, Panle (2010) The presence of online agents with alternative pricing models can introduce competition and potentially lead to more efficient pricing in the real estate market (Barron et al., 2020). Page 15 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 15 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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14 2.2. THEORETICAL FRAMEWORK 2.2.1. Disruptive innovation According to Clayton Christensen's disruptive innovation theory, inventions that identify new customer categories open up new marketplaces. These innovations begin by attending to the demands of a market niche that is often ignored. Due to the long-standing competitors being displaced, this transition causes market disruption. Disruptive innovations typically emerge as simpler, more accessible and more effective alternative to the existing product or services. They are initially seen as inferior but gradually gain market share by improving over time. Online estate agents represents disruptive innovation in the real estate industry by offering new and digital approach to property transaction. The disruptive nature of online estate agents challenges the traditional transaction model. Established real estate firms may face difficulties adapting to the innovative approaches and the cost structures of online agents. This study will evaluate how online estate agents disrupts the traditional estate agency business model. Assess whether online estate agents are gaining market share by offering services that are more convenient, efficient or cost effective compared to traditional agent 2.2.2. Transaction cost economics theory The theory of transaction cost, initially formulated by Ronald Coase and subsequently extended by Oliver Williamson, centers on the expenses linked to a transaction within an economic framework. According to the idea, the transaction is the most fundamental unit of measurement, and it focuses on the amount of time, money, or resources needed for two parties to accomplish an exchange. These expenses consist of professional fees, information search fees, and negotiation fees. Page 16 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 16 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

15 Online estate agents are leveraging technology to reduce information search cost for buyers and sellers. The online estate agents streamline the transaction process potentially minimizing the negotiation cost and transaction cost. The digital nature of online platforms facilitates the availability of comprehensive property information reducing uncertainty and information asymmetry associated with traditional methods. Online estate agents are providing competition by reducing certain cost associated with traditional real estate transaction. The study will investigate how online estate agents potentially reduce transaction cost. 2.3. RESEARCH GAP Online estate agents is a disruptive technology that has emerged in real estate industry. Analysing the impact of online estate agents on traditional real estate market dynamics is a potential research gap for exploration. Understanding the adoption rate and penetration of the online estate agents to the market, factors influencing the consumer preference in choosing between online estate agents and traditional estate agents and their advantages and disadvantages and examining cost structures, cost effectiveness and potential savings associated with online estate agents compared to traditional agents will insights on consumers and industry stakeholders. Furthermore the study will involve investigating the effect of online estate agents on property values and the time on the market. This involves studying whether property listed by the online agents sell faster or at different price compared to the ones listed by the traditional agents. 2.4 CONCEPTUAL FRAMEWORK Analyzing the impact of online real estate agents on traditional real estate practices is the study's goal. Online estate agents, according to the researcher, are an independent variable that influences the dependent variable, which is the dynamics of the real estate market as Page 17 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 17 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

16 represented by market penetration, client satisfaction, transaction costs, and market response and adaptation. Figure 1; a conceptual framework to demonstrate the impact of online estate agents on traditional real estate market dynamics CHAPTER 3 RESEARCH METHODOLOGY 3.1 Introduction The techniques for gathering and analyzing data for research topics are described in this chapter. The target population, the sample strategy, the data interpretation, analysis, and tool utilized are all covered, along with the research design and methodology. 3.2 Research strategy 1. ONLINE PLATFORMS 2. MOBILE APPLICATIONS 3. VIRTUAL REALITY 4. ARTIFICIAL INTELIGENCE 5. SOFTWARES Eg SaaS 1. MARKET PENETRATION 2. CUSTOMER SATISFACTION 3. TRANSACTION COST INDEPENDENT VARIABLE DEPENDENT VARIABLE Page 18 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 18 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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17 According to Creswell (2014) research strategy is a set of research plans and strategies that range from broad hypotheses to specific techniques for information gathering and investigation. Quantitative part of the research will involve the systematic collection and interpretation of numerical data using statistical methods. It focuses on objective measurement and generalization of findings to a larger population. Neuman (2013) The qualitative approach will be used to answer questions about experience, meaning and perspective from the stand point of the participants which will include online estate agents, traditional agents and real estate customers. 3.3. Research design The setting up of parameters for data collection and analysis with the goal of combining relevance to study purpose is known as a research design. It is the conceptual framework that research is carried out in; it includes the guidelines for data collecting, measurement, and analysis. Kothari (2004) The study therefore will employ comparative research design. This is a research design that compares two groups of variables in an attempt to draw a conclusion about them and collect data. Therefore, it enables one to outline similarities and differences between the two sets of variables. Ragin, C.C. (2014) The comparative research design will be critical in this study because it will help in choosing instruments for collection of data. Furthermore comparative research design allows qualitative and quantitative analysis of data which will provide a more comprehensive understanding of the impact of online estate agents on real estate market dynamics by triangulating different sources of data and perspectives . 3.4. Target population Ngechu (2020) identified the definition of population as a well-defined or set of people, services, elements to be investigated. Mugenda (2018) describes target population as the total population which the researcher states in their proposal. In this study the target population will be registered online estate agents representatives, traditional estate agents and real estate property buyers and sellers that are located within Nairobi county. Page 19 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 19 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

18 3.5. Sample design The sample design gives an indication how cases are to be selected for observation. Mugenda & Mugenda (2008) defines sampling as the process of picking respondents who are recognized as representatives of the whole target populance. 3.5.1. Sample size determination The minimum scientifically viable sample size was used. Mugenda (1999) suggests that in correlation research, the minimum sample size should be thirty; for a statistically viable result to be achieved. Purposive sampling will be used to identify 40 real estate agents (20 online estate agents and 20 traditional estate agents) and 50 property buyers and sellers. 3.5.2. Sampling method The researcher will use purposive sampling in data collection. In this type of sampling, the researcher will intentionally select the cases of sampling. The researcher will select the specific units of population that will make up the sample. This is based on the assumption that results and observation that will made from the selected cases are taken to be a reflection of the whole population (Kothari, 2004). The sampling method is suitable for small studies research. The sampling method is suitable for these study as the researcher will purposively select samples individuals such as online estate agents representatives and individuals who have engaged in online property transactions. The purposive selection of samples ensures first hand understanding of the impact of online estate services on decision making process, transaction efficiency and overall satisfaction of consumers. Additionally, real estate agents who have adapted to and resisted the incorporation of online tools and platforms into their practices can be purposively sampled. This approach will allow for identification of attitudes, challenges and strategies within real estate industry regarding the integration of online services. Page 20 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 20 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

19 3.6. Data collection procedure and instruments 3.6.1. Data collection Primary data is that which the researcher collects himself from the field (Williamson, 2004). The researcher will make use of the primary data. The data that will be collected directly from the key stakeholders through interviews and surveys will provide first hand data of the individuals experience and perspective. Secondary data is that which is collected from secondary sources such as journals, magazines and books. Market reports, transaction records and industry publications will provide valuable insights on the effects of online estate agents on traditional practices of real estate. 3.6.2. Data collection instruments The researcher will utilize questionnaires to collect primary data. The researcher will develop structured questions to gather quantitative data from key stakeholders such as real estate agents. The questions will be structures to focus on their experience, preference and perception regarding the impact of online estate agents on traditional real estate practices. The questionnaires will be closed-ended with predefined response options and open-ended questions to capture valuable insights from the sample. (mugenda and mugenda 2003) The researcher will also adopt interviews with some of the participants to gather qualitative data and explore their experience in deeper details. The researcher will use semi-structured interviews that guides to maintain consistency while allowing flexibility to allow the participant to express their views comprehensively. 3.7. Pilot study Page 21 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 21 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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20 A pilot study is a trial run or a scaled-down version of a full-scale study conducted in advance of the latter. It may also involve a particular pre-testing of research tools, such as interview schedules and questionnaires. 2001; Polit & Beck. In the current study, the pilot study primarily serves as a test run for the research methodology, strategies, and questionnaires. Pilot study will be conducted before the actual study is conducted. The essence of pilot study is to ensure that the required data will be acquired with the highest accuracy and it will provide the required efficiency. Ten questionnaires will be prepared and administered to various real estate agents and the researcher will also conduct interview with online and traditional estate agents. The respondents will also provide their insights on how to improve the data collection instruments such as the structure of the questionnaires and interviews. 3.8. Data analysis and presentation The study will involve handling a diverse range of data types including qualitative and quantitative data. The researcher will employ several data analysis methods and tools such as SPSS (statistical package for the social science) SPSS will help the researcher generate; comparative analysis between online estate agents and traditional estate agents that is the researcher will compare the transaction frequency and the customer satisfaction score between online estate agents and traditional estate agents; correlation analysis, this will examine the relationship between variables. In this study it will examine the relationship between the frequency of online transactions and customer satisfaction and the cost structures of online agents; SPSS will also help the researcher data representation in terms of graphs, charts and histograms. 3.9. Measurement of study variables 3.9.1 Penetration of online estate agents Measuring penetration of online estate agents involves assessing the extend to which online estate agents have been adapted or utilized in the real estate market. The researcher will measure the penetration of online estate agents can be measured in various ways; frequency within which real estate transactions are happening through online estate agents; the Page 22 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 22 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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21 researcher will develop a likert-type scale in the questionnaires to gauge the intensity of online estate agent usage. Penetration of online estate agents will further be measure through the proportion of property listings available on online platforms compared to traditional listings. This data will be measured through asking real estate agents about the percentage of property listings that have featured online. 3.9.2. Changes in consumer behavior Changes in consumer behavior influenced by the presence of online estate agents will be measured through various ways; questionnaires that will directly inquire about changes in consumer behavior, property buyers and sellers will be asked about their preference, decision making factors and the role of online estate agents in influencing their choice; likert-type scale to gauge participants attitudes towards traditional real estate agents and online estate agents and finally the in depth interviews to identify the reasons for changes in consumer behavior. 3.9.3. Consumer trust and transparency Measurement of consumer trust and transparency involves measuring the perceived reliability, honesty and openness of the online platforms. The researcher will develop survey questions whereby the participants can be asked to rate their level of trust in online estate agents compared to traditional estate agents. The questionnaires will include the aspects of reliability and credibility of information provided by the real estate agents. The researcher will conduct in depth interviews with consumers to explore their experience and perception of online estate agents. 3.9.4 Pricing and cost structures Measurement of pricing and cost structures involves making a comparison between the pricing and cost structures of traditional and online estate agents. Page 23 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 23 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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22 The researcher will directly compare the transaction cost between online estate agents and traditional real estate agents. The participants will be asked to provide information on fees, commission and any other additional cost incurred when using online estate agents compared to traditional agents. 3.10. Chapter summary This chapter held the following in discussion including; research strategy and design, research site and target population, measurement of variables, data analysis and presentation. The choice of research methodology ideally affects the reliability of data collected and the validity of the instruments used in the study REFERENCES Asensio-Soto, J.C., & Navarro-Astor, E. (2022). Proptech: A qualitative analysis of online real estate brokerage agencies in Spain. Intangible Capital, 18(3), 489-505. https://doi.org/10.3926/ic.2090 Barron, K., Barron, A. N., & Koo, D. J. (2020). The Determinants and Consequences of Broker Network Size. Real Estate Economics, 48(2), 449-484. Baum, A. (2017). PropTech 3.0: The future of real estate. Saïd Business School. University of Oxford Research . Page 24 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 24 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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23 Creswell J.W. (2014) research design; qualitative, quantitative and mixed method approaches. SAGE PUBLICATIONS D. Liu and M. Zhang, "Optimization Model for Real Estate Online Marketing Efficiency Evaluation Based on Fuzzy Theory," 2009 Asia-Pacific Conference on Information Processing, Shenzhen, China, 2009, pp. 414-417, doi: 10.1109/APCIP.2009.238. Director, F.D.(Mubin) 2018, Institute of Engineering and Technology, Bahiyal, Gandhinagar, Gujarat Ganapathy, A. (2017). Virtual Reality and Augmented Reality Driven Real Estate World to Buy Properties. Asian Journal of Humanity, Art and Literature , 3 (2), 137- 146. https://doi.org/10.18034/ajhal.v3i2.567 Guo, H., Yang, Z., Huang, R., Guo, A.: The digitalization and public crisis responses of small and medium enterprises: implications from a COVID-19 survey. Front. Business Res. China 14(1), 1 – 25 (2020). https://doi.org/10.1186/s11782-020-00087-1 https://cytonn.com/blog/article/technology-and-its-impact-on-the-real-estate-industry Jia, Panle, and Parag A. Pathak. 2010. "The Impact of Commissions on Home Sales in Greater Boston." American Economic Review , 100 (2): 475-79 . Kania, K., & Kmieć, Ł. (2022). The impact of COVID -19 on the use of modern technologies by real estate brokers. Real Estate Management and Valuation, 30(2). Kokot,S. & Bas,M.(2013).Evaluation of the Applicability of Statistical Methods in Studies on Price Dynamics on the Real Estate Market. Real Estate Management and Valuation,21(1) 49- 58. https://doi.org/10.2478/remav-2013-0007 Kothari, C.R. (2004). Sample size determination. Research methodology. New age international publications, I,74-1. Lähtinen, K., Häyrinen, L., Jussila, J., Harju, C., Toppinen, A., & Toivonen, R. (2023). Branding wooden multi-storey construction – real-estate agents as gatekeepers for enhancing consumer value in housing. Journal of Forest Economics , 38 (1), 37-76. Page 25 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 25 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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24 Levitt, S. D., Syverson, C., & Ferreira, F. (2018). Antitrust Implications of Outcomes When Home Sellers Use Flat-Fee Real Estate Agents. Brookings-Wharton Papers on Urban Affairs , 47 – 93. Lo, D. , Liu, N. , McCord, M.J. and Haran, M. (2022), "Information transparency and pricing strategy in the Scottish housing market", International Journal of Housing Markets and Analysis , Vol. 15 No. 2, pp. 429-450. Martin Ahlenius, Björn Berggren & Jonas Kågström. (2021) Exploring Motivational Factors Among High Performing Real Estate Brokers: The Swedish Case . Journal of Real Estate Practice and Education 23:1, pages 20-37 . Mattarocci, G., Scimone, X. (2022). Real Estate Management IT Tools. In: The New Era of Real Estate. Palgrave Macmillan, Cham. McKenzie, G., Liu, Z., Hu, Y., & Lee, M. (2018). Identifying Urban Neighborhood Names through User-Contributed Online Property Listings. ISPRS International Journal of Geo- Information , 7 (10), 388. Moro, M.F., de Souza Mendonça, A.K. & de Andrade, D.F. COVID-19 pandemic accelerates the perception of digital transformation on real estate websites. Qual Quant 57, 2165 – 2181 (2023). https://doi.org/10.1007/s11135-022-01449 Nikolai Siniak et al 2020 IOP Conf. Ser.: Mater. Sci. Eng. 869 062041 Puķīte, I., & Geipele, S. (2017). Determining customer satisfaction in the real estate management sector in Riga. Baltic Journal of Real Estate Economics and Construction Management , 5 (1), 226- 237 Neuman, W.L (2013). Social research methods, qualitative and quantitative approaches. Pearson. Rahmatika, D. N., Kartikasari, M. D., Indriasih, D., Sari, I. A., & Mulia, A. (2019). Detection of Fraudulent Financial Statement; Can Perspective of Fraud Diamond Theory be applied to Property, Real Estate, and Building Construction Companies in Indonesia?. European Journal of Business and Management Research , 4 (6). Page 26 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 26 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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25 Ragin C.C (2014). The comparative method; moving beyond qualitative and quantitative strategies. University of California Saiz, A. (2020). Bricks, mortar, and proptech: The economics of IT in brokerage, space utilization and commercial real estate finance. Journal of Property Investment and Finance. Saunders, Lewis, and Thornhill (2019) research methods for business students. Pearson. Tomal, M. (2020). Moving towards a Smarter Housing Market: The Example of Poland. Sustainability, 12(2), 683. Trio, O. (2015). The intangible resources in the relationship between real estate agents and customers: What is the role of trust. International Journal of Sales, Retailing and Marketing , 4 (4), 144-152. Ullah, F., Sepasgozar, S., & Wang, C. (2018). A Systematic Review of Smart Real Estate Technology: Drivers of, and Barriers to, the Use of Digital Disruptive Technologies and Online Platforms. Sustainability , 10 (9), 3142. https://doi.org/10.3390/su10093142 Ullah, F., Sepasgozar, S., & Wang, C. (2018). A Systematic Review of Smart Real Estate Technology: Drivers of, and Barriers to, the Use of Digital Disruptive Technologies and Online Platforms. Sustainability , 10 (9), 3142. Vahida Zujo, Diana Car-Pusic, Valentina Zileska-Pancovska, Cost and Experience based Real Estate Estimation Model, Procedia - Social and Behavioral Sciences, Williamson, D. A., White, M,A., York-Crowe, E., & Stewart, T.M. (2004). Cognitive- behavioural theories of eating disorders. Behaviour modification, 28(6), 711-738. Zalewska- turzynska M & Miklaszwska, 2019. The role of technology in supporting communication for real estate. Page 27 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 27 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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26 Zalewska- Turzyńska, M., & Miklaszewska, A. (2019). The Role of Technology in Supporting Communication for Real Estate Agents – Evaluation of the Phenomenon. Acta Universitatis Lodziensis. Folia Oeconomica , 2 (341), 137 – 160. https://doi.org/10.18778/0208- 6018.341.09 APPENDIX RSEARCH QUESTIONNAIRES This research questionnaire contains three sections A,B and C. Kindly fill the form in the most precise way as possible. The details that you will enter will be kept confidential and exclusively to be used for academic purposes. SECTION A; DEMOGRAPHICS 1. What is your role in the organisation? ☐ Director ☐ Client consultant ☐ Realtor ☐ Any other (please specify) ……………………. 2. How many of years do you have in real estate industry? ☐ Below five years ☐ Between 6 – 10 years ☐ Between 11 – 15 years ☐ Above 15 years 3. What kind of properties does your organisation deal with in real estate industry ( IF both please tick) ☐ Commercial properties ☐ Residential properties Page 28 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 28 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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27 ☐ Agricultural properties ☐ Any other ( please specify) …………………… SECTION B; OPERATIONAL EFFICIENCY 1. How would you rate the operational efficiency of online estate agents compared to traditional agencies on a scale of 1-5 ☐ 1 ☐ 2 ☐ 3 ☐ 4 ☐ 5 2. In what specific ways do you think online estate agents demonstrate operational efficiency? ………………………………………………………………………………… ……………………………………………………………………………………………… …………………………………………………. 3. To what extend do you use digital platforms in your daily real estate activities ☐ Low ☐ Moderate ☐ High 4. How has technology integration impacted your ability to streamline processes in traditional real estate practices? ☐ Strongly agree ☐ Agree ☐ Disagree ☐ Strongly disagree SECTION C; CONSUMER TRUST AND TRANSPARENCY Page 29 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 29 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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28 1. On a scale of 1-5 how would you rate the levels of consumer trust in online estate agents compared to traditional agents ☐ 1 ☐ 2 ☐ 3 ☐ 4 ☐ 5 2. In your opinion what factors lead higher consumer trust in online estate agents or traditional agents ………………………………………………………………………………………… ……………………………………………………………………………………………….. 3. When given a choice, do you believe consumers generally prefer online estate agents or traditional agents ☐ Strongly prefer traditional agents ☐ Prefer traditional agents ☐ Moderate ☐ Prefer online agents ☐ Strongly prefer online estate agents 4. How has consumer trust affected your ability to engage in successful property transaction ……………………………………………………………………………………… ………………………………………………………………………………………………… ………….. SECTION D; PRICING STRUCTURES 1. How would you describe the pricing structures commonly by online estate agents ☐ Fixed fee ☐ Percentage of sale ☐ Subscription model Page 30 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 30 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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29 2. Do you believe the pricing structures of online estate agents are more competitive than ones used by traditional agencies ☐ Yes ☐ No 3. If yes please describe the observed changes in pricing strategies ……………………………………………………………………………………………… ……………………………………………………………………………………….. 4. Have you observed changes in pricing strategies due to presence of online estate agents ☐ Yes ☐ No 5. If yes describe the observed changes in the real estate market dynamics ……………………………………………………………………………………………… ……………………………………………………………………………………………… ……………………………………………………………………………………….. SECTION E; GENERAL INFORMATION a) How would you rate the performance of online estate agents as compared to traditional agents ☐ Excellent ☐ Good ☐ Very Good ☐ Poor ☐ Very Poor Page 31 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 31 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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30 RESEARCH BUDGET ITEM DESCRIPTION QUANTITY RATE TOTAL A PERSONAL COST Stationery 1 500 500 Airtime 1 500 500 Internet 1 1500 1500 Miscellaneous 1 1500 1500 SUBTOTAL 4,000 B TRAVEL Researcher 1 3000 3000 C EQUIPMENT Books 1 300 300 Questionnaires 20 20 400 SUBTOTAL 700 D DOCUMENTATION Printing and binding 2 1000 2000 SUMMARY CONTIGENCY 9,700 1,000 GRAND TOTAL BUDGET 10,000 Page 32 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817 Page 32 of 32 - AI Writing Submission Submission ID trn:oid:::1:2782500817

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ANALYZING_THE_IMPACT_OF_ONLINE_ESTATE_AGENTS_ON_TR_1_1_-1 (1)

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