Developing a novel technology adoption framework for real estate online platforms: users’ perception and adoption barriers

Abstract

Real Estate Online Platforms (REOPs) are responsible for providing property-related information to their users. However, most of these users are not satisfied with the information provided to them. This thesis highlights the REOP users’ needs and regrets and the pertinent disruptive digital technologies (DDTs) to address these needs. Two models are developed for assessing the REOPs users’ perception and the two-way relationship between them. Also, the barriers to adoption of the DDTs from a managerial perspective are examined. For assessing the users’ perception, Smart Real Estate Technology Adoption Model (SRETAM) is developed, whereas Risk, Service, Information, System TAM (RSISTAM) is developed to assess the two-way relationship between the perceptions. Concepts of KANO and SISQual are used to assess the perceptions, whereas Decision-Making Trial and Evaluation Laboratory (DEMATEL) is used for assessing the potential two-way relationships. The barriers to adoption of the DDTs are analysed through Fault Tree Analysis. These models, coupled with the users’ needs and DDT adoption barriers, constitute the novel framework adopted in this study. Eight key regrets of the users are identified from the published literature and meta-analyses: complicated buy-sell process, lack of information, housing costs, house size, mortgage, agents, inspections and emotional decision-making. Nine key technologies can help address the REOP users’ needs and regrets. In terms of REOP users’ perception, 31 key factors have been identified, among which 19 are very important based on responses from 407 respondents. Graphical statistics, attractive design, immersive and novel content attract REOPs users, whereas tracing user location, learning tutorials and hyperlinks discourage them. Among possible relations between RSISTAM constructs, nine are categorised as two-way. There are 21 key barriers to adopting DDTs in the Australian real estate sector identified through a survey of 102 real estate managers. High costs, high complexity of systems and lack of government support, regulations and standards are the top reasons for non-adoption. This thesis addresses the users’ regrets and needs related to REOPs-based information through DDTs adoption and provides a novel framework for facilitating such adoption. The users’ perceptions, needs and regrets addressed through DDTs and the elimination of associated barriers can transform Australian real estate into the smart real estate sector.