American Journal of Economics, Finance and Management
Articles Information
American Journal of Economics, Finance and Management, Vol.1, No.2, Apr. 2015, Pub. Date: Mar. 21, 2015
Assessment of Use of Social Media in Real Estate Transactions in Lagos Property Market
Pages: 63-68 Views: 3181 Downloads: 3982
Authors
[01] Olukolajo Michael Ayodele, Department of Estate Management, Federal University of Technology, Akure, Nigeria.
[02] Ojo Babajide, Department of Estate Management, Federal University of Technology, Akure, Nigeria.
[03] 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
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