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

Abdul Aziz Khan Niazi, Tehmina Fiaz Qazi, Asna Sarwar, Ifra Aziz Khan Niazi and Abdul Basit
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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

Journal of Policy Research (JPR), 2023, vol. 9, issue 2, 1-16

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.

Keywords: Real estate; virtual real estate marketing; barriers; ISM; MICMAC; Pakistan (search for similar items in EconPapers)
Date: 2023
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