Title:
ONLINE MARKETING OF REAL ESTATE PRODUCTS IN EMERGING ECONOMIES: THE CASE OF ABEOKUTA PROPERTY MARKET

Authors:
Daniel Ibrahim DABARA, Adewuyi Samson OKUNOLA , Anthony Abbey TINUFA2 , Olusegun Joseph OMOTEHINSHE3 and Oke Oluyemi EBENEZER4

Abstract:
The aim of this study is to examine the impact of online marketing of Real Estate Products (REP) in Abeokuta Nigeria 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 REP 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 REP 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 Abeokuta metropolis. 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 as well as the Relative Importance Index (RII) 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 REP 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 REP 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 REP as against the traditional approaches so as to enhance productivity in the real estate sector.