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Assessment of Use of Social Media in Real Estate Transactions in Lagos

Property Market

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 American Journal of Economics, Finance and
Management
Vol. 1, No. 2, 2015, pp. 63-68
http://www.publicscienceframework.org/journal/ajefm

Assessment of Use of Social Media in Real Estate

Transactions in Lagos Property Market
Olukolajo Michael Ayodele*, Ojo Babajide,
Akinwamide David Oluwatofunmi

Department of Estate Management, Federal University of Technology, Akure, Nigeria

Abstract
Man in quest to satisfy one of his most important needs - shelter, engages in real estate transactions at varying dimensions.
Today, Social Media has been employed as a platform of search and interaction among home buyers, seller, renters, letters as
well as their agents. This paper investigates the embrace of social media for property transactions among Estate Surveyor and
Valuers in Lagos property market, Nigeria. Questionnaires were randomly administered on 194 real estate practitioners out of
which 137(70.6%) constituted valid response and was eventually used for the analysis. Findings indicate that the use of
signboard and billboard, social media platforms and property bulletin rank high among promotion tools employed. Facebook,
YouTube, and Twitter, are the most used social media among the surveyed professionals. The study recommends that both the
Nigerian Institution of Estate Surveyors and Valuers (NIESV) and Estate Surveyors Registration Board of Nigeria
(ESVARBON) should review various practice code to accommodate the current realities in order to upgrade the real estate
practice in the country.

Keywords

Social Medial, Real Estate, Property Market, Lagos

Received: February 28, 2015 / Accepted: March 13, 2015 / Published online: March 20, 2015
@ 2015 The Authors. Published by American Institute of Science. This Open Access article is under the CC BY-NC license.
http://creativecommons.org/licenses/by-nc/4.0/

changing users online activities which are no longer the

1. Introduction traditional simply downloading static data; they now upload
and share content among themselves, leading to a rapid
Much of the world’s business today is carried out over digital
growth of social networks and other user-generated content
networks that connect people and companies (Kotler and
sites (Harris and Rae, 2009). According to Curtis (2013), as
Amstrong, 2012). This connection is occasioned through
at year 2013, Facebook had 1.11 billon users, Twitter had 500
different internet platforms. Social media are internet sites or
million registered users with more than 200 million active,
platform which facilitates free interaction among people;
Flikr had 87 million users and had already stored 8 billion
receiving, sharing and discussion of issues of interest; use of
photos, Instagram had 100 million users and had already
personal words, videos, pictures, and audio multimedia. It
stored 4 billion photos, Linkedin had 225 million users,
enables individuals to be part of a collaborative conversation
MySpace had 25 million users, WordPress hosted 74 million
in order to provide mutually beneficial value in a trusted
blogs, Pinterest had 48.7 million users, Google+ had 343
business environment (Rodriguez, 2011). The use of social
million users, Reddit had 69.9 million users with 4.8 billion
media sites as a strategy in marketing is gaining popularity in
monthly page views to mention but few.
the past couple of years. Websites such as WhatsApp, Twiter,
YouTube and Facebook are growing in popularity and Presently corporate organization has begun to adopt different

* Corresponding author
E-mail address: [email protected] ( M. A. Olukolajo), [email protected] (B. Ojo), [email protected] (D. O. Akinwamide)
 American Journal of Economics, Finance and Management Vol. 1, No. 2, 2015, pp. 63-68 64

social medium platforms to disseminate information as well 2. Literature Review

as market their products and services giving new face to
doing business. A survey of Social Media Marketing (SMM) Traditionally, various strategies that marketing agents can
in year 2013 indicates that 97% marketers use SMM to select to convey their services include personal selling, sales
market their product and services; 86% claimed it was promotions, public relations, and word of mouth among
important to their businesses and 79% marketers have others. However, the tools and strategies for communication
integrated social media as their traditional marketing with customers have changed significantly with the
activities. Topmost among hundreds of the social media emergence of the phenomenon known as social media, also
platforms used by the marketers are Facebook, Twitter, referred to as customer-generated media (Mangold and
blogging, LinkedIn and YouTube with Facebook taking the Faulds, 2009). Marketers had depended on broadcast or print
lead (Stelzner, 2013). Quite good numbers of businesses have media and press releases and these have been found
gained some advantages by adopting social media marketing. expensive and assure minimal success. At present, there is
For example, Pradiptarini, (2011) observed that Dessert paradigm shift from this traditional approach to the use of
Gallery – a business enterprise - has increased visits by 20% internet and the World Wide Web which provides tremendous
per month after its Facebook fans rose from 283 to 817. opportunity to marketers in reaching buyers directly with
Social media sites allow companies to raise to a more targeted information within a fraction of their initial budget
personal level, their customer interaction that has already on advertising costs (Scott, 2013). Neti (2011) opined that no
been established via traditional media such as television and business or individual can escape the use of social media
print adverts and enabled businesses to build closer these days, as the platform has become inseparable from the
relationships with their customers, as well as expand the online world.
market coverage to new customers (Rooney, 2011 as cited in In Nigeria, there appears to be paucity of research on use of
Pradiptarini, 2011). social media platform as marketing strategy or tool among
The real estate industry with its diverse activities has also practitioners. Rodriguez (2011) highlighted the utilization of
been seen participating in this new trend; but with diverse social media and its potential role in the real estate sales
responses from practitioners. In Nigeria, the adoption of process. The study recommended four points best practices
information technology for real estate transactions began on implementation of social media in real estate. First, social
with property website where property information was media (SM) users must locate exactly where SM can help in
published; however challenges such as failure of the sites to improving interaction with real estate community.
effectively meet the customer’s need, unfulfilled promises on Consequently, real estate professionals should write on issues
services, links to pages that are non-functional or non- such as existing home sales, current tax laws, specific
existent, has discredited this medium before their clients geographic regions, etc. that are of interest to the community.
(Chukwuemeka, 2012). Myriad social networks are readily Second, the professionals should think differently about
available online and are being explored when renting or means of communicating with prospects and others in the
buying apartments. Sawyer, Croston, Wignand and Allbritton real estate community. This can be accomplished by
(2003) had envisaged that the residential agents whose job is coordinating webinars with their prospects so as to share idea
to serve as intermediaries connecting buyers and sellers, may and create a conversation. Third, real estate professionals
have their job threatened with the advent of ICT which has may engage their clients in conversations through Twitter,
provided buyers and sellers a new way of finding one another. blogs and other industry specific network tools. Lastly, real
estate practitioners should exercise patient when
The current study seeks to explore the use of social media in
implementing a social medial initiative. This is because it
real estate agency and the response of the Estate Surveyors
takes time to build a community of loyal followers
and Valuers to this development in Nigeria. Real estate
(Rodriguez and Robert, 2011).
agency is one aspect of the multi-faceted profession of estate
surveying and valuation within the property discipline in Carlifornia Association of Realtors (2013) conducted survey
Nigeria (Agboola, Ojo and Amidu, 2010). The remaining of home buyers in California. The survey indicated that
parts of this paper are organized as follows. The next section virtually all home buyers use internet in the home buying
reviewed existing relevant literature on the use of social process. Although home search through agent increased in
media as marketing strategies. This is followed by a 2013, the percentage of home searchers via online platforms
description of method of data collection for the empirical also doubled from the initial 16 percent in 2012 to 37 percent
study as well as the data analysis technique employed for the in 2013 and social media use in the home buying process
study. We then report the results of our empirical study, and continued to increase with three-quarters of buyers now using
conclude with a general discussion of the findings. it and 91 percent being receptive to receiving information
65 Olukolajo Michael Ayodele et al.: Assessment of Use of Social Media in Real Estate Transactions in Lagos Property Market

about the process through it. Mangold and Faulds (2009) (ESVARBON). The reality today is that these professionals
observed that marketing managers are confronted with the seek different platforms which include social media to reach
challenge of loss of direct control over the content, timing, their targeted clients and bring the awareness of their services
and frequency of information uploaded by customers on to them.
social media. Restricted or lack of access to information and
Harris and Rae (2009) having investigated the use of new communication technology (ICT) known as “digital divides”
technologies by entrepreneurial businesses in West London has been considered as a major barrier to effective operation
posit that businesses had to bear in mind when considering of real estate practice in Nigeria. Oni and Adebayo (2012)
the use of social networks for communicating with customers, and Oni (2013) observed that the crop of Estate Surveyors
the extent to which different segments of their customer base and Valuers who are expected to train the up-coming
might be receptive to such approaches. One of the challenges generation of Estate Surveyors do not have the required
associated with social media is possible loss of control with capacity to do this. Although, the yawning gap might not
public display of negativity about the business. Another have been bridged; however, there is considerable
challenge is partial or total loss of privacy regarding personal improvement in the situation as technology is advancing per
data and its usage. Pradiptarini (2011), and Fisher (2009) day especially with the influx of intelligent phones.
observed that there appear to be limited information on the
effectiveness of social media marketing especially when it
comes to measuring its return on investment (ROI) and the
3. Methods
target market. Tuten, and Angermeier, (2013), highlighted the The targeted populations for the study are the Estate
negative consequences of using social media in marketing. Surveyors and Valuers in Lagos Metropolis. These
Prominent among these include loss of privacy, lack of or professionals engage in activities such as real estate agency
weak control of personal information, divulgence of services, property management services, property
potentially sensitive health and financial data, distortion of auctioneering services, valuation, facilities management,
people’s self-perceptions, etc. They however, opined that project management, property arbitration, feasibility and
despite these consequences, the benefits of social medial are viability services, expert witness services etc as allowed
enormous. under Decree24 of 1975 now CAP E.13 LFN 2007 by which
One aspect of real estate practice that has enjoyed estate surveying and valuation profession was established in
considerable development in Nigeria is agency practice. This Nigeria. Lagos was chosen because more than half of real
entails the bringing together parties of divergent interest in estate consultancy firms in Nigeria have their headquarter
attaining specific goals (Iroham, Olawunmi, Ayedun and offices located in the metropolis (Amidu et al., 2008). The
Oloyede, 2012). Unfortunately, the real estate agency is an all city became the commercial nerve of Nigeria since the
comers’ activity in Nigeria property market as lawyers, administrative seat was shifted to Abuja (Ajiboye, 2010).
engineers, accountants and many allied professionals in the The sample frame for the study is the 378 membership of
building industry are now involved in real estate marketing Lagos state branch of the Nigerian Institution of Estate
and transactions; owing to weak regulatory framework. Surveyors and Valuers (NIESV) as obtained from the Branch
According to Agboola, et al (2010), in real estate agency, 2014 directory. Israel (2013) suggested that for a sample
some activities that are applied in the property market to frame of this nature, using a 95% level of precision, a sample
facilitate transactions have the potential to lead to unethical size of 194 is appropriate. Based on this, structured
behaviours, more so as real estate transactions have some questionnaire was randomly administered on the respondents
characteristics that are unique to them. Estate Surveyors and Valuers in the study area and a total of
In connection with Estate Surveying and Valuation practice 137 representing 70.6 percent of retrieved questionnaires
in Nigeria, an Estate Surveyor and Valuer is forbidden by were found suitable for data analysis.
virtue of Section 33(a & b) of the Estate Surveyors and
Valuers (Registration, etc.) Decree No 24 of 1975 now CAP 4. Findings and Discussion
E.13 LFN 2007, to circulate blotters, calendar, and diaries or
advertise his services in any manner whatsoever; except by Results of the demographic parameters of the respondents in
purchasing and circulating such items produced by the the study area presented in Table 1 indicate that 59.85 percent
Nigerian Institution of Estate Surveyors and Valuers. It is of respondents are within the age 31 -50 years. Data on their
also forbidden to advertise services in print media except years of experience in the professional practice indicate 50
with the approval of and in line with the guidance set by the (36.5 %) have been in practice within 6 – 9 years. Altogether,
Estate Surveyors and Valuers registration Board of Nigeria majority (74.45%) have more than five years’ experience in
 American Journal of Economics, Finance and Management Vol. 1, No. 2, 2015, pp. 63-68 66

real estate transactions within the Lagos property market. dominating other marketing strategies because of increase in
the use of internet across the world as the fastest means of
Table 1. Descriptive statistics of Real Estate Practitioners
disseminating information to audience/public and advertising
Demographics Frequency Percent products to people. Preparation of property bulletin and
Age of Respondents circulating same in form of hard copy among other
Below 20 years 23 16.79 colleagues and property consultants ranked third with MIS
20 -30 years 49 35.77
4.58. This method is as old as the profession and allows
31 -40 years 33 24.09
41 – 50 years 24 17.51 collaboration with other colleagues in the area of joint letting,
51 – 60 years 8 5.84 sales etc. Where this practice is engaged, the parties involved
Above 60 years 0 0 normally share the fee based on pre-agreed formula. The
Years of Experience least of the marketing tools engaged in real estate product
1-5 yrs 35 25.55 among the practitioners in the study area is radio
6-9 yrs 50 36.50
advertisement which ranked 9th with MIS 1.63. Although,
10-15yrs 44 32.12
16-20yrs 3 2.20
occasionally pseudo-practitioners (quacks) in the profession
Above 20yrs 5 3.65 engage this media however, its use is not popular among the
Academic Qualification professionals.
OND 29 21.2
HND 37 27.1
Many estate surveying and valuation firms in Nigeria now
B.sc/B.Tech 45 32.8 have links to social media such as Facebook, twitter, google+
Post Graduate 26 18.9 etc on their websites and information on properties for sale
and to let are displayed. Also many surveyors and other staff
Source: Authors’ field survey, 2014
of these companies disseminate information on their social
The table 2 displays the effectiveness of different media used media for their friends and colleagues consumption. More
in real estate product marketing as reported by the than half of respondents who have been using social media
respondents. Signboard and billboard is the most used and for at least 3 years reported that it has helped them improve
most effective marketing tool used by these surveyors. This sales, generates exposure for their firm, gaining of new
is in form of “To – Let” and “For- sale” board mounted on partnerships, benefit of reduced marketing expenses, provide
properties in market. This tool of marketing ranked first with marketplace insight, and also useful for building a loyal fan
MIS 4.64 among others. Second to this is marketing through base.
social media. This tool with MIS 4.61 is gradually
Table 2. Assessment of the effectiveness of different methods adopted in real estate marketing adopted by firm

Marketing Methods VE E UD I VI TOTAL MIS Rank

Signboard and Billboard 93 (68.0) 41 (30.0) 0 3 (2.0) 0 137 4.64 1st
Social media Marketing 105 (77.0) 21 (15.0) 0 11 (8.0) 0 137 4.61 2nd
Property Bulletin 80 (58.0) 57 (42.0) 0 0 0 137 4.58 3th
Print display advertisement 70 (51.0) 54 (39.0) 6 (4.0) 7 (5.0) 0 137 4.36 4th
Newspaper advertisement 74 (54.0) 38 (28.0) 11 (8.0) 9 (7.0) 5 (4.0) 137 4.22 5th
Event Marketing (e.g speaking
8 (6.0) 26 (19.0) 76 (55.0) 9 (7.0) 18 (13.0) 137 2.98 6th
and networking)
Television advertisement 0 0 120 (88.0) 3 (2.0) 14 (10.0) 137 2.77 7th
Sponsorships 7 (5.0) 13 (9.0) 68 (50.0) 36 (26.0) 13 (9.0) 137 2.74 8th
Radio advertisement 0 0 30 (22.0) 26 (19.0) 81 (59.0) 137 1.63 9th

VE – Very Effective, E – Effective, UD – Undecided, I – Ineffective, VI – Very Ineffective, Percentage is shown in parenthesis ()
Source: Authors’ field survey, 2014

Table 3. Nature and Extent of use of SM platforms for real estate marketing

Social Media platforms Always Often Sometimes Seldom Never Total MIS Rank
Facebook 130 (94.89) 7 (5.10) 0 0 0 137 4.95 1st
YouTube 101 (73.70) 31 (22.60) 0 5 (3.60) 0 137 4.66 2nd
Twitter 99 (72.26) 34 (24.82) 0 4 (2.92) 0 137 4.66 2rd
Whatsapp 95 (69.34) 35 (25.55) 0 7 (5.11) 0 137 4.59 4th
Instagram 99 (72.26) 24 (17.52) 10 (7.30) 2 (1.46) 2 (1.46) 137 4.58 5th
Skype 86 (62.77) 42 (30.66) 0 9 (6.57) 0 137 4.50 6th
Flickr 76 (55.47) 19 (13.87) 19 (13.87) 10 (7.30) 13 (9.49) 137 3.99 7th
67 Olukolajo Michael Ayodele et al.: Assessment of Use of Social Media in Real Estate Transactions in Lagos Property Market

Social Media platforms Always Often Sometimes Seldom Never Total MIS Rank
Google+ 59 (43.07) 43 (31.39) 14 (10.22) 15 (10.95) 6 (4.38) 137 3.98 8th
ITunes 11 (8.03) 25 (18.25) 74 (54.01) 13 (9.49) 14 (10.22) 137 3.04 9th
Tumblr 8 (5.84) 20 (14.60) 77 (56.20) 22 (16.06) 10 (7.30) 137 2.96 10th
LinkedIn 12 (8.80) 19 (13.87) 71 (51.82) 18 (13.14) 17 (12.41) 137 2.93 11th
MySpace 9 (6.57) 16 (11.68) 81 (59.12) 17 (12.41) 14 (10.22) 137 2.92 12th
Friendster 8 (5.84) 10 (7.30) 89 (64.96) 15 (10.95) 15 (10.95) 137 2.86 13th
Buzz 0 0 109 (79.56) 15 (10.95) 13 (9.49) 137 2.70 14th
Pinterest 4 (2.92) 5 (3.65) 95 (69.34) 9 (6.57) 24 (17.52) 137 2.68 15th
Earthlink 0 0 103 (75.18) 22 (16.06) 12 (8.76) 137 2.66 16th
Blogger 4 (2.92) 3 (2.19) 72 (52.55) 33 (24.09) 25 (18.25) 137 2.47 17th
Podcasting 1 (0.73) 3 (2.19) 88 (64.23) 0 45 (32.85) 137 2.38 18th
Forums 12 (8.76) 8 (5.84) 37 (27.01) 27 (19.71) 53 (38.69) 137 2.26 19th
SixDegrees 2 (1.46) 7 (5.11) 55 (40.15) 19 (13.87) 54 (39.42) 137 2.15 20th
Snapchat 0 0 19 (13.87) 4 (2.92) 114 (83.21) 137 1.31 21st

Source: Authors’ field survey, 2014, Percentage is shown in parenthesis ()

Table 3 displays different social media and their level of real estate practice in the country.
usage for marketing real estate services among respondents. Social media marketing has been found to be of great
It is noteworthy that all these professionals agreed to the relevance and importance, as it has helped marketers improve
usefulness of social media in marketing their services. The sales, generates exposure for their firm, gained new
prominent social media popular among them is Facebook and partnerships, reduced marketing expenses, provision of
it ranked first with MIS 4.95. This finding is in agreement marketplace insight and also useful for building a loyal fan
with existing body of literatures and reports (Stelzner, 2011, base. In order to ensure effective marketing of properties,
Stelzner, 2012; Kotler and Amstrong, 2012; Curtis, 2013; firms that are yet to implement social media marketing
Stelzner, 2013; Stelzner, 2014) that Facebook has the largest strategies can start their involvement by inviting their
number of users compared to other social media. Both customers or prospects to join their social media community.
Twitter and YouTube with MIS 4.66 ranked second. In the For example, firms can post the icons of the social media
third position is Whatsapp with MIS 4.59. The least used sites on their main website, or by giving some special deals
social media among the surveyed real estate professionals is to customers who become their fans or followers. Today,
Snapchat and it ranked 21st with MIS 1.31 property marketing is about building relationships and trust
through effective two-way communications (e.g. talk about
something that customers are interested in), and creating
5. Conclusion products that will help to solve customers’ problems.
The foregoing study has highlighted the level of adoption of Therefore, any postings or messages on the firm’s social
social medial platform for real estate marketing in Lagos media sites should be on subjects that are relevant to the
property market. It is noteworthy that, social medial among customers and something that they can relate to, in order to
other marketing tool is gaining popularity in bringing the get them engaged and connected to the firm/brand.
services of real estate practitioners to their clients. Although,
the code of conduct guiding the professional practice frowns
at advertising services in any manner, the influx of pseudo
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