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A Structural Model of Hindrances to Switch from Traditional to Virtual Real Estate Marketing in Pakistan

Author

Listed:
  • Abdul Aziz Khan Niazi

    (Department of Management Sciences, University of Engineering and Technology, Lahore, Pakistan)

  • Tehmina Fiaz Qazi

    (Hailey College of Banking & Finance, University of the Punjab, Lahore, Pakistan)

  • Asna Sarwar

    (Institute of Business and Management, University of Engineering and Technology, Lahore, Pakistan)

  • Ifra Aziz Khan Niazi

    (Faculty of Management Studies, UCP Business School, University of Central Punjab, Lahore, Pakistan)

  • Abdul Basit

    (Lahore Institute of Science & Technology, Lahore, Pakistan)

Abstract

The real estate sector is bringing fate to the global economy. But, still this sector is rigid to move towards transformation and uses of advance technology. It is the call of day to use virtual technology in real estate sector. The aim of this study is to identify the list of barriers which create hindrance in switching from traditional to virtual real estate marketing in Pakistan. The overall design is comprises on literature review, data collection from primary sources through non probability purposive sampling. This study use qualitative techniques to analyze data. Methodology adopted is Interpretative structural modeling (ISM) along with Matriced’ Impacts Cruise’s Multiplication Appliqué a UN Casement (MICMAC) is used for analyzing data and hierarchized barriers according to their importance. Results show that "Lack of planning and management support" occupy level VIII of ISM model and lies in independent quadrant of MICMAC analysis. The results of ISM is verified by MICMAC analysis. Real estate needs to be improved in adoption of new innovative techniques and move from traditional to virtual real estate. After knowing the barriers we will better be able to address them. This study will contribute to the customers and investors of real estate and help to gain their confidence in virtual real estate using different innovative techniques. This study addresses the core issues faced by real estate sector due to lack of technological advancement. It provide an informative structural model and classification of barriers. The data is collected from focus groups for this study; the qualitative methodology is used to indicate the relations among barriers but do not quantify the relation. The study is prototypical initiative of academic researcher with limited physical/financial resources; therefore, generalizability of the results of study is limited accordingly. Issues are addressed in this study innovatively and creatively.

Suggested Citation

  • Abdul Aziz Khan Niazi & Tehmina Fiaz Qazi & Asna Sarwar & Ifra Aziz Khan Niazi & Abdul Basit, 2023. "A Structural Model of Hindrances to Switch from Traditional to Virtual Real Estate Marketing in Pakistan," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 9(2), pages 1-16.
    • Handle: RePEc:rfh:jprjor:v:9:y:2023:i:2:p:1-16
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    References listed on IDEAS

    as
    1. Pleyers, Gordy & Poncin, Ingrid, 2020. "Non-immersive virtual reality technologies in real estate: How customer experience drives attitudes toward properties and the service provider," Journal of Retailing and Consumer Services, Elsevier, vol. 57(C).
    2. Mohammed Banu Ali & Trevor Wood-Harper & Mostafa Mohamad, 2018. "Benefits and Challenges of Cloud Computing Adoption and Usage in Higher Education: A Systematic Literature Review," International Journal of Enterprise Information Systems (IJEIS), IGI Global, vol. 14(4), pages 64-77, October.
    3. Abdul Aziz Khan Niazi & Tehmina Fiaz Qazi & Abdul Basit, 2019. "An Interpretive Structural Model of Barriers in Implementing Corporate Governance (CG) in Pakistan," Global Regional Review, Humanity Only, vol. 4(1), pages 359-375, March.
    4. Fahim Ullah & Samad M. E. Sepasgozar & Changxin Wang, 2018. "A Systematic Review of Smart Real Estate Technology: Drivers of, and Barriers to, the Use of Digital Disruptive Technologies and Online Platforms," Sustainability, MDPI, vol. 10(9), pages 1-44, September.
    5. Deepak Mathivathanan & K. Mathiyazhagan & Nripendra P. Rana & Sangeeta Khorana & Yogesh K. Dwivedi, 2021. "Barriers to the adoption of blockchain technology in business supply chains: a total interpretive structural modelling (TISM) approach," International Journal of Production Research, Taylor & Francis Journals, vol. 59(11), pages 3338-3359, June.
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