THE EFFECTS OF ONLINE MARKETING ON REAL ESTATE TRANSACTION BUSINESS IN ABUJA, MUNICIPAL AREA COUNCIL
ABSTRACT
This study examined the effects of online marketing on real estate business in Abuja, Municipal Area Council, the aim of this study is to examine the effects of online marketing transaction business on real estate in Abuja, Municipal Area Council, the following specific objectives are pursued to achieve this study; to examine the effects of online marketing on real estate sector in the study area and to identify the problems associated with online marketing in real marketing on real estate sector. The researcher adopt the use of questionnaire, observation and personal interview to gather relevant data from the respondents while tables, simple percentage and therefore it should be encourage to cover all areas of real estate market such as estate agency development, sales and management of real estate property.
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Prior to the age of the Internet, people selected their rental homes through realtors, newspaper advertisements, by word of mouth, and by touring neighborhoods (Bensinger, 2007). Since the inception of the Internet and social media marketing, however, the real estate sector workforce has another viable tool to advertise their properties (Wagner, 2008). Identifying consumers’ preferred rental amenities and methods of selecting rental properties should enhance the success of any property management company.
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. The use of Internet or online marketing business has followed this pattern with World Wide Web access now available to the vast majority of Nigerian homes.
The online marketing 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 online marketing business 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 examines the effect of online marketing business on real estate in Nigeria and Abuja in particular.
1.2 STATEMENT OF THE PROBLEM
Individuals currently seeking a new apartment home to rent or purchase are faced with many challenges in the process of searching, contacting the real owner or property managers, most of the times fall victims of scrupulous individuals posing as real estate agents in Abuja and its environs. To interested individuals in real estate sectors uses realtors, newspaper advertisements, word of mouth, and touring neighborhoods to scout for properties of their interest, this traditional process comes with a lot of challenges. However, It has been estimated that 80% of homebuyers in the developed countries begin their housing search online (Bensinger, 2007). However, not all property managers or property management companies use the Internet or social media websites to market their properties. Property managers and leasing professionals need to determine if the marketing techniques they use meet the needs of the renters they hope to acquire. Therefore, in an attempt to increase productivity and profitability, estate surveyor and valuation firms are using the internet to deliver market information to consumers about the real estate market. This study examines the effect of online marketing business on real estate in Abuja and Nigerian cities at large.
1.3 AIM AND OBJECTIVES OF THE STUDY
The aim of this study is to examine the effects of online marketing on real estate business transactions in Abuja Municipal Area Council with particular focus on Zuma Prime Properties Nigeria Ltd.
The following objectives were pursued to achieve the aim of this study:
- To identify the numbers of firms who use online marketing in real estate transaction in the study area
- To examine the approaches adopted by these firms in the execution of online marketing in the study area.
- To identify the challenges associated with the above approaches
- To suggest possible solution to the identified problems
1.4 RESEARCH QUESTIONS
The following research questions shall guide the researcher towards achieving the aim and objectives of the study:
- Did your firm make use of online marketing in real estate transaction?
- What are the approaches adopted by your firms in the execution of online marketing in the study area?
- What are the challenges associated with the approaches above?
- What are possible solutions to the identified problems?
1.5 SIGNIFICANCE OF THE STUDY
Research on modern methods of property acquisition has improved recently. This study adds significant knowledge to the property industry which can attract greater discourse. The research also offers a platform of shared knowledge through which real estate practices in different destinations can make inform decisions. Besides, the study helps to create a link between conventional and contemporary business practices in the real estate industry.
The knowledge derived from the research will inform decisions of investors regarding opportunities in the Nigerian real estate market. Real estate firms will benefit from knowledge regarding the marketing options that can be quite attractive to consumers. By benefiting from digital practices employed by other marketers globally, upcoming entrepreneurs, who are mostly young people, will gain the confidence to adopt modern methods of marketing of real estate products.
The research can inform government decisions such as revising its interest rates downwards in order to make real estate investment to become attractive. Moreover, through the research, the government may need to create legislations that can create a favorable investment ground for all, irrespective of their age. The research will enable consumers of property to discover new and easy methods of acquiring property. This will include searching for property through online mobile technology. Apart from this, online digital platforms will allow consumers of property to compare an assortment of products before settling for their best choice with ease.
1.6 SCOPE AND LIMITATIONS OF THE STUDY
The study analyzed the effect of online marketing on real estate business transaction in Abuja Municipal Area Council, the study is further limited to Zuma Prime Properties Nigeria Ltd. This study determined the effect of social media marketing, web solutions, mobile phone marketing and email marketing on real estate business transaction in the study area and Nigeria at large. The targeted population for this study will be real estate firms, practitioner and their clients in Abuja Municipal Area Council and staffs of Zuma Prime Properties Nigeria Ltd.
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.
1.7 DEFINITION OF TERMS
For the purpose of this creative project, the following definitions will be used:
Real Estate: Is a legal concept encompassing all the interests, right and benefit related to ownership. Properties consist of the right of ownership which entitle the owner to a specific interest or interest in what is a physical entity and its ownership Olusegun (2003).
Business Transaction: A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity.
Information Technology (IT): This Represents Set Of Tools, Processes, And Methodologies And Associated Equipment Employed To Collect, Process, And Present Information.
Social media – uses Internet-based technologies that facilitate the creation and exchange of user-generated content. Social media refers to websites that permit people to interact with the site and with each other using simple interfaces.
Facebook: Facebook is more than just a website; it is a network unprecedented and unlike any other website in existence (McElvain & Smyth, 2006). Facebook is an online directory that connects people though social networks.
Twitter – is a social media website like Facebook, but Twitter is a much more active form of social communication in which the way the user communicates with people on the social network emerges as much more conversational. The main difference between Facebook and Twitter is Facebook limits the users’ status updates to more than 63,000 characters but Twitter limits the users characters to a mere 140 (Tagtmeier, 2010).
Property Management Company – is responsible for running day to day operations for a rental property including maintenance, rent collection, move ins, move outs, lease renewals and evictions and marketing. (Paris, 2006).
LinkedIn – is a social networking site that allows the user to learn about another contact’s interests, making it a great resource to help the user build a strong relationship (Comer, 2011).
Electronic marketing (e-marketing): E-marketing is the use of the Internet and various related technologies such as e-mail, search marketing, and real-time communication to help achieve marketing objectives (El-Gohary, 2012).
Internet marketing (IM): IM is the use of the Internet and various related technologies in creating, communicating, and delivering benefits to customers (Eida & El-Gohary, 2013). Components to Internet marketing include the company’s website, search engine marketing, social media marketing, content marketing, e-mail marketing, mobile marketing, and banner advertising (Eida & El-Gohary, 2013).
1.8 BACKGROUND OF THE STUDY AREA
Abuja was formally a town under traditional emirate of Suleja in Niger state, north central of Nigeria. The town is situated along the river Iku, a minor tributary of the river Niger at the foot of the Abuchi hills and lies at the intersection of several roads. The emirate’s savannas areas of approximately 2,980sqkm originally included four secondary Koro Cheifdoms that paid tribute to the Hausa kingdom of Zazzau. In the period 1804, Zaria, the capital of Zazzua (220km North-Northeast) was captured by warriors of the Fulani jihad (holy war). Muhamman Makau, the king of Zazzua (SarkinZazzua) guided a large section of the Hausa nobility to the Koro town of Zuba (10km southwards)
Abu Ja (Jatau) the brother of the king and later his successor, founded the town of Abuja in 1828 and a year later started the construction of the town wall. Abu Ja then proclaimed himself the emir of Abuja and withstood Zaria’s attacks, allowing Abuja emirate to remain an independent Hausa refuge. During the reign of Emir Abu Kwaka (1851-77), trade with the Fulani emirate of Bida (Westwards) and Zaria began. But the trade route between Lokoja (160km South-Southwest) and Zaria was disrupted by Abuja’s leaders, resulting in the British occupation of the town. During the reign of Emir Musa Angulu (1917-44) alluvial tin mining began.
A Hausa emir who retains advisory role oversees the traditional emirate, with its predominate Gbari (Gwari) and Koro population. During the administrative reorganization in 1976, Abuja town became the headquarters of a local government council. The town was renamed Suleja in the late 1970’s after development began on the urban area of federal capital territory of Nigeria (FCT). The new Federal capital adopted the name Abuja.
ECONOMY AND POPULATION OF ABUJA
Abuja although is said to be bless with natural endowment such as; its rolling hills, isolated highlands and other endearing features which makes it a delight. The savannah grassland of the north and the middle belt, the riches of the tropical rain forest of the south and equable climate all combined make the city a soil rich agricultural and tourist heaven. But despite all this, the city is not economically buoyant due to absent of industrial activities.
Projection called for a population of more than one million early in the 21st century, the population estimate as at 2006 stand for a four million with annual growth rate of 2.8
PHYSICAL DEVELOPMENT OF ABUJA
Abuja created in 1976 by the federal military government of the late general Muritala Mohammed via decree No. 6 of the same year; it officially replaced Lagos in December 1991after fifteen years of planning and construction. The city was divided into two zones; central zones contains the national assembly, the city hall, national cultural institution, government related offices that include the administrative headquarters of all federal government ministries and parastatals, also major private sector organizations and foreign missions. The second zone provides housing, shopping facilities and other urban amenities.
GEOGRAPHICAL LOCATION
The federal capital is located in the geographical center of Nigeria. It has a land area of 8,000square kilometers. It is bounded on the north by Kaduna state, the West by Niger state, the East and Southeast by Nasarawa state and Southwest by Kogi state. It falls within latitude 70o20”north of the equator and longitude 60o45”and 70o39’.
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