NX9637 Dissertation: Online Marketing in Real Estate Management

Findings and analysis:  Introduction

This chapter of the research will analyze the data collected and develop an in depth analysis of the data that has been collected.  The chapter will develop the relationship between the real estate management and online marketing. The literature review developed has been able to establish a relationship between online marketing and real estate management. The data analysis will empirically evaluate the data that has been collected in the study.

Data:  Quantitative analysis

Demographic questions

1. Your gender?

Row labels	No of response	Percentage of response	Total respondents
Male	17	34%	50
Female	33	66%	50

Table 1: Gender

(Source: As created by author)

Questions on online marketing

2. How far do you agree that online media gave you knowledge about Airbnb?

Row labels	No of response	Percentage of response	Total respondents
Strongly Agree	6	12%	50
Agree	3	6%	50
Indifferent	2	4%	50
Disagree	21	42%	50
Strongly disagree	18	36%	50

Table 2: Knowledge

(Source: As created by author)

3. How far do you agree social media provides effective information about the real estate options in Airbnb?

Row labels	No of response	Percentage of response	Total respondents
width="191"> Strongly Agree	2	4%	50
Agree	7	14%	50
Indifferent	2	4%	50
Disagree	17	34%	50
Strongly disagree	22	44%	50

Table 3: Effective information

(Source: As created by author)

4. How far do you agree that daily updates about the Airbnb offers is helpful?

Row labels	No of response	Percentage of response	Total respondents
Strongly Agree	4	8%	50
Agree	5	10%	50
Indifferent	2	4%	50
Disagree	17	34%	50
Strongly disagree	22	44%	50

Table 4: Daily updates

(Source: As created by author)

Questions on real estate management

5. How far do you agree that there is parity between what is shown on the online media and actual lodging site in Airbnb?

Row labels	No of response	Percentage of response	Total respondents
Strongly Agree	8	16%	50
Agree	1	2%	50
Indifferent	2	4%	50
Disagree	19	38%	50
Strongly disagree	20	40%	50

Table 5: Parity

(Source: As created by author)

Findings

6. How far do you agree that you are satisfied with the service provided by Airbnb?

Row labels	No of response	Percentage of response	Total respondents
Strongly Agree	2	4%	50
Agree	7	14%	50
Indifferent	2	4%	50
Disagree	22	44%	50
Strongly disagree	17	34%	50

Table 6:  Satisfaction level

(Source: As created by author)

7. How far do you agree that online marketing of Airbnb attracts the consumers in making the purchase?

Row labels	No of response	Percentage of response	Total respondents
Strongly Agree	5	10%	50
Agree	4	8%	50
Indifferent	2	4%	50
Disagree	22	44%	50
Strongly disagree	17	34%	50

Table 7:  Consumer attraction

(Source: As created by author)

Regression analysis

SUMMARY OUTPUT
Regression Statistics
Multiple R	0.955568958
R Square	0.913112034
Adjusted R Square	0.911301868
Standard Error	0.355965754
Observations	50
ANOVA
	df	SS	MS	F	Significance F
Regression	1	63.91784235	63.91784235	504.4355324	4.10208E-27
Residual	48	6.082157651	0.126711618
Total	49	70
	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%	Lower 95.0%
Intercept	0.279983805	0.170274592	1.644307599	0.106647322	-0.062376201	0.622343812	-0.062376201
X Variable 1	0.946463608	0.042140636	22.4596423	4.10208E-27	0.861734183	1.031193034	0.861734183

 

Empirical Analysis

The data collected in the study shows that majority of the respondents are female amounting to 66% of the total population. The opinion of the respondents may vary depending upon the gender. The demographic question has been able to identify the range of the population and the study will be evaluating the significance of the gender. The questions of the study showed that majority of the respondents are not satisfied with the online marketing strategy of Airbnb. They have not been able to gain knowledge about the organization through online media which is reflected by the poll which shows that 78 % of the respondents have a negative opinion about the usage of online media for the organization. The social media presence of Airbnb is not up to the mark and the respondents are not receiving updates about the organization and the offers from the social media websites. Therefore, the market penetration of Airbnb is low and their social media marketing strategies are not effective at all.  Moreover, the daily updates about the websites are not effective as the consumers are not getting relevant updates and the data is not clear. This is the reason that Airbnb has faced issues recently where the consumers had problems with the lodgings provided to them.  

The updates are not transparent and the suggested lodgings are different from what is shown on the websites.  Customer service is thus hampered and the brand image is degrading due to these events.  The respondents have even claimed that the information shared on the online websites has less parity with reality and there have been awful experience on the part of the consumers.  Therefore, the consumers are not receiving the quality of service they have paid for which has led to the decrease in online traffic on the company website. The business in this industry is completely based on trust and once the customers lose their trust on the organization it would tough for them to regain back the trust that they have lost. The respondents n the study are not all satisfied with the service they have received from Airbnb and the organization will have to develop new effective strategies  to improve their quality of service.  Moreover, the online marketing strategy of the organization is not on point or they have been targeting the wrong set of consumers. Therefore, the organization will have to revamp their online marketing strategy in order to attract the right consumers.

Findings

Regression analysis

The regression analysis is used to analyze the relationship between online marketing and real estate management.  The findings of the regression analysis show that the value of multiple R is 0.955568958 which means that there is strong positive correlation between and real estate management. This means that effectiveness in online marketing will enhance the real estate management. This shows that Airbnb will have to make improvements in their online marketing strategy to improve the management of real estate for the organization.  The value of R² is 0.9131, which is the coefficient of determination which identifies the explaining capability of the dependent variable on the independent variable. Therefore, the goodness of fit is extremely high and the majority of the data will fall within the regression line.  Thus, online marketing is able to explain the characteristics and changes in the real estate management. The F statistics value is 4.10208E-27 and the value is less than 0.05, the null hypothesis formulated in the study can be rejected.  This means that it has been proved that online marketing will impact the management of real estate.  The regression equation in the study is y = 0.9648x + 0.0653, which depicts the positive relation and the value of y is 1.0301 when x is substituted as 1 in the equation.  However, the findings will have to be linked with the remaining objectives to provide relevant findings.

To examine the impact of online marketing on the real estate management in Airbnb

The regression analysis has proved that online marketing is a key to developing effective real estate management. Airbnb is lacking their online marketing strategy which has led to the degradation of the real estate management for the organization. Therefore, the organization will have to make changes to their online marketing strategy for increasing their effectiveness of the organization.  The negative publicity of the organization on the social media websites and other online medium will have an effect on the business of the organization. The brand image of the organization has been affected by this negative publicity which is reflected from the responses of the respondent from the study.  The experiences of the consumers are easily recorded on the company websites, social media sites and reviews highly affect the opinion of the customers regarding a particular product.

To identify the different elements of online marketing

The different elements of online marketing identified in the study are corporate websites, social media marketing and search engine optimization and marketing. These are the most effective online media tool used by the different organizations to penetrate into the market and develop affective positive image of the brand. The company websites are crucial for delivering the organization suitable customer service at every touch point. The company websites should consist of information that would be relevant for the consumers.  The company website should increase the level of ease and customer confidence. Airbnb websites are lacking in all these factors which is the reason that the customers are not obtaining relevant information. Social media marketing have vast reach and the companies having strong online presence will gain competitive advantage in the market. The social media websites increase the level of transparency of the organizational products and providing consumers with good service will lead to feedbacks that will positively affect the brand image of the organization. Airbnb has a weak presence on the online media websites which is the reason that they are unable to adapt to the change in needs of the consumers. The consumers provide free publicity on the social media websites by providing reviews about the organizational product and services. These elements are key to gaining competitive advantage in the market and Airbnb will have to develop effective online marketing strategies for enhancing their online presence. Search engine marketing and search optimization are two methods where the organization promotes their website due to high relevancy and paying amount to Google for promoting their websites. Airbnb should make use these tools and at the same time improve the quality of service they provide.

To identify the different factors affecting the real estate management

The key factors of real estate management are property management, workforce management and consumer management. The property management of Airbnb is faulty which is why various consumers have lodged complaints regarding the lodging facilities provided by the organization. The organization has been able to manage their workforce effectively but in certain instances they have not been able to provide the consumers with the desired service which has affected the reputation of the company.

To recommend suitable strategies for improving their management in Airbnb

Airbnb can make improvements to the management by improving the quality of service they are providing to the consumers. The organization is lacking in the service they are providing to the consumers. The organization will have to use better property management strategies and consumer management which will consist of proper monitoring of the services by a supervisor. This will increase the customer satisfaction and on the other hand, the organization will have to use social media to promote their websites and services. The organization will have to identify the changing needs of the consumers to develop effective strategies for the organization.

Discussion

The analysis of the study shows that Airbnb is lacking in the consumers services and property management.  The organization will have to take the consumers feedbacks into account to develop effective strategies. This will consist of developing a proper help line and appointing personal staffs to take care o the needs of the consumers.

Conclusions

Thus, it can be concluded from the findings and analysis of the study that Airbnb will have to improve their property management and social media presence in order to penetrate further into the market. The organization will also have to engage in corporate social responsibility activities to improve the quality of service.

Findings and Conclusions

Introduction:

This very specific part has provided in-depth understanding about the impact of online marketing in real estate management. An effective case study is conducted based on Airbnb in order to evaluate on how this organization has used online media platforms for the expansion of their entire business process.  After evaluating the study it is found that Airbnb primarily aims to lease and rent their lodging in order to fulfill the needs and demands of those customers who wish to conduct an outside plan. In order to reach the doorstep of customers from different geographical boundaries online marketing is one of the most effective ways. Airbnb belonging to real estate industry should not restrict their business wings within specific geographic boundary.  The business experts of this organization need to draw the attention of those customers who are from remote locations as well. Therefore, online media vehicles are the most significant ways to grab the attention of those customers.  It has been observed that Airbnb is not taking initiatives to develop their online marketing plan so that they can draw the attention of large number of customers from other geographic locations as well. Therefore, researchers and practitioners have raised their voice to evaluate on how online marketing leave major positive impact in enhancing real estate management.

The primary objective based on which the research has focused to proceed for data collection includes evaluating the impact of online marketing in real estate management based on the case study of Airbnb. Literature review is conducted by providing the opinion on numerous research scholars. After analyzing the empirical data it is observed that online marketing is effective enough in grabbing the attention of global customers. In addition, by using online media platform the organization is successfully able to gather customers’ review. Positive feedback from the customers’ end helps the organization in gaining motivation and confidence in providing good services to the organization. On the other hand, organization can develop their business plans and policies based on the negative feedback collected from the customers’ end. The study by using appropriate methodological tools have gathered necessary data and information on how online marketing has expanded the business scope by spreading wings in multinational countries.

Motivation and significance of the thesis

This particular research issue has left serious concern on the mind of researchers as well as practitioners for evaluating the impact of online marketing in real estate management. While analyzing the case study of Airbnb, the researcher has observed that business managers of Airbnb are not taking effective initiative for developing their marketing plan by using platforms of online media. As a result, the organization is facing difficulties in gaining international image and reputation in the industry of real estate. After identifying the issue the researcher got motivation on analyzing the impact of online marketing plan for organizational performance enhancement.

The study has critically discussed which specific online media platform is effective enough in creating brand image and reputation. The thesis has also evaluated on how social media marketing plan can drag the attention of large number of customers (Haynes, Nunnington, & Eccles, 2017). People from different geographical backgrounds and attitudes are associated with a business organization. Customers are from different language and psychological backgrounds and attitudes. In order to get an overview about the products and services customers belonging to remote areas do not have to visit the in-store house. They can get detailed overview about the product facility and delivery of services from online media tools (Laudon & Laudon, 2016). As a result, the organization can communicate with the customers directly. However, it has been observed that Airbnb is not using advanced technology effectively due to which customers are not aware of their products, services and customer behavior concept. Therefore, researcher has decided to identify the positive impacts of online marketing for expanding the business process in multinational countries (Scott, 2015). With the help of proper research methods data and information is gathered on how social media leaves major impact on the overall business enhancement. The consumers associated with the business organization are involved for collecting their point of views regarding the research issue.

Findings and discussion of the research question:

The research questions that are primarily identified for conducting this study include:

• What is the impact of online marketing on the real estate management in Airbnb?
• What are the different elements of online marketing?
• What are the different factors affecting the real estate management?
• What should be the recommend suitable strategies for improving their management in Airbnb?

Based on those four research questions an effective empirical data analysis and a primary data analysis is conducted for finding a suitable solution of the concerned research issue. It is however observed that online marketing has immense positive impacts for developing the business process and for increasing its target market (Sawyer, Crowston & Wigand, 2014). Airbnb primarily aims to lease and rent their lodging in order to fulfill the needs and demands of those customers who wish to conduct an outside plan. Therefore, people coming from remote areas tend to use the services of their organization. As a result, using online media platform is one of the most effective ways based on which the customers can get detailed overview about the products and their services (Masalskyte et al., 2014). The customers get ample opportunities in sharing their feedback regarding the customer service system of Airbnb. As a result, both the customers and the service providers can share a good bond which ultimately leaves a positive impact on the overall success of business. While using primary data collection technique the researcher has focused to involve reliable customers of Airbnb in order to gather data whether they are influenced on online media promotion of Airbnb. Majority of the respondents have showed their negative feedback by highlighting the fact that customers do not get enough scope in getting proper data from the websites or social media pages of Airbnb. The marketing executives are not concerned to multiply their business concepts beyond going the regional boundary (Demirkan & Spohrer, 2014).

The second of this research includes different elements of online marketing. Different elements signify different platforms based on which business organization can conduct their online marketing process. Data is gathered from literature review that corporate websites, social media, search engine are the different platforms where business executives can place their brand for drawing the attention of large number of customers Alexander (Dietzel et al., 2014). As a result, both the customers and the service providers get opportunity to make direct interaction with each other. Airbnb should concentrate on enhancing their marketing budget and policy to reach the mind of different customers. The third research question focuses to discuss different factors affecting the real estate management. Before hiring a destination temporarily the customers tend to focus on overall outlook of the rented apartment. Therefore, property management technique is one of the most important factors based on which customers’ attention is highly dependent (Preko, Agbanu & Feglo, 2014).  In addition, the customer service system and behavioral approach of the workforce highly decides whether the organization is able to meet customers’ needs and demands of real estate industry or not. After evaluating the entire study it has been concluded that Airbnb has recruited those professionals within their services who tend to maintain professional approach with the service users. The only issue that is identified within the business process of Airbnb is lack of proper marketing plan and development.

While proving the suitable recommend strategies for improving their management in Airbnb the researcher has suggested that the business experts should increase their budget for online marketing. As a result, the organization would be able to draw the attention of customers from other geographical backgrounds (Kasower, 2014). In addition, the customers would be flexible in providing their feedback regarding the service process of Airbnb. The business experts based on the collcetd feedback can mould their business strategy and policy in accordingly. The researcher has recommended that Airbnb should concentrate on rendering product diversity as well so that the business experts can draw the attention of international customers. After using online media as their promotional platform Airbnb would be able to deal with international customers automatically. As a result, the organization would have to increase their product variety so that global customers can show their interest in using the products of Airbnb. After evaluating the findings of four research questions respectively, it can be concluded that Airbnb needs to re-develop their marketing plans by using online media vehicles in order to gain business image and sustainability.

Contribution of the study

This very specific study has left enough contribution in order to make people understand about the importance of online marketing in enhancing business process and gaining competitors market threats. By using primary data collection technique the study has directly involved the customers of Airbnb in order to gather necessary data and information on how this organization is using online media platform for expanding their entire process of business. The customers have showed their negative response by highlighting the fact that they are still deprived of getting any necessary information from online media platform. As a result, customers have to struggle while using the services. After identifying the problem researchers and practitioners have raised their voice to evaluate on how online marketing leave major positive impact in enhancing real estate management.

The result of this specific study proves that online marketing procedure helps immensely in rendering the success of business. The organization can reach in the multinational countries with the help of online media platform (Phillips et al., 2017). Automatically, the business experts get better opportunity in improving their rate of profitability due to the increase of target customers. This very specific study has given positive influence on the business organizations like Airbnb so that the business experts intends to use online marketing for expanding their business process in different geographical boundaries.     

Future research and limitation of the study

However, this study has focused to provide detailed analysis about the impact of online marketing on the real estate management in Airbnb. In order to evaluate the research issue the study has highlighted various positive aspects of online marketing and its impact on customers purchasing behavior. Numerous eminent scholars have provided their own opinion regarding effects of online marketing, its various elements and some of the major recommendations. Still, the study is not devoid of some of its major limitations. The researcher has not discussed about the factors which creates a barrier for implementing online marketing plan for the business experts.  Economic barrier is one of the most challenging factors for Airbnb due to which the business experts are unable to make effective online marketing plan.

In addition, the marketing executives in order to promote their business online media need to focus on promotional content as online media can grab the attention of international customers. However, the researcher could have discussed the obstacles due to which Airbnb is facing challenges in effective online marketing for business expansion. On the other hand, the study has only focused on quantitative data analysis based on which the researcher is unable to make comparative analysis with quality data analysis as well. In this kind of situation, the total number of respondents could have been 100 instead of 50. Only 50 respondents are not sufficient enough in gathering effective data and information from various resources. In addition, the research process could have been more time consuming. The researcher could have taken more time in gathering necessary data and information.

Therefore, based on the limitations identified from the study the researcher could have focused to overcome those limitations in future. While conducting the research based on that specific topic the researcher should focus on making critical analysis about the factors which are becoming a barrier in implementing online marketing. In addition, the researcher would have to take large number of sample size for collecting adequate data and information regarding the research topic.    

References:

Alexander Dietzel, M., Braun, N., & Schäfers, W. (2014). Sentiment-based commercial real estate forecasting with Google search volume data. Journal of Property Investment & Finance, 32(6), 540-569.

Demirkan, H., & Spohrer, J. (2014). Developing a framework to improve virtual shopping in digital malls with intelligent self-service systems. Journal of Retailing and Consumer Services, 21(5), 860-868.

Haynes, B., Nunnington, N., & Eccles, T. (2017). Corporate real estate asset management: Strategy and Implementation. Taylor & Francis.

Kasower, S. (2014). U.S. Patent No. 8,660,919. Washington, DC: U.S. Patent and Trademark Office.

Laudon, K. C., & Laudon, J. P. (2016). Management information system. Pearson Education India.

Masalskyte, R., Andelin, M., Sarasoja, A. L., & Ventovuori, T. (2014). Modelling sustainability maturity in corporate real estate management. Journal of Corporate Real Estate, 16(2), 126-139.

Phillips, P., Barnes, S., Zigan, K., & Schegg, R. (2017). Understanding the impact of online reviews on hotel performance: an empirical analysis. Journal of Travel Research, 56(2), 235-249.

Preko, A., Agbanu, S. K., & Feglo, M. (2014). Service delivery, customer satisfaction and customer delight in the real estate business. Evidence from Elite Kingdom investment and consulting company Ghana. European Journal of Business and Management, 6(3), 71-83.

Sawyer, S., Crowston, K., & Wigand, R. T. (2014). Digital assemblages: evidence and theorising from the computerisation of the US residential real estate industry. New Technology, Work and Employment, 29(1), 40-56.

Scott, D. M. (2015). The new rules of marketing and PR: How to use social media, online video, mobile applications, blogs, news releases, and viral marketing to reach buyers directly. John Wiley & Sons.