The Impact of Social Media in Consumer Preference of Real Estate Industry in Bangladesh.pdf

8/16/2019 The Impact of Social Media in Consumer Preference of Real Estate Industry in Bangladesh.pdf

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The Impact of Social Media in Consumer

Preference of Real Estate Industry in

Bangladesh


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“The Impact of Social Media in Consumer

Preference of Real Estate Industry in

Bangladesh”

Submitted To:

Nigar Sultana

Assistant ProfessorDepartment of Marketing

Jahangirnagar University

Submitted by:

Tasmiah Khan

ID: 2343

Department of marketing



December 15, 2014


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Letter of Transmittal

December 15, 2014

Nigar Sultana

Assistant Professor

Department of Marketing


Dear Ms. Sultana,

I am pleased to submit the final research paper of BBA on “The Impact of Social Media in Consumer

Preference of Real Estate Industry in Bangladesh”. I had given careful effort to make the report informative.

The report has been prepared in accordance with your guidance.

Throughout the study I have tried my level best to accommodate as much information and relevant issues

as possible and tried to follow the instructions as you have suggested. I sincerely believe that it will satisfy

your requirements.

The study I conducted has enhanced my knowledge to create an executive report. This report has given me

an exceptional experience that might have immense use in the future.

I am grateful to you for your guidance and kind cooperation at every step of my endeavor on this report. I

shall remain deeply grateful if you kindly take some time to go through the report and evaluate my

performance.

My effort will be reworded only if it adds value to the research literature.

_____________Sincerely Yours,Tasmiah Khan


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Executive summery

In order to overcome the challenging housing crisis, real estate professionals have had to become more

innovative in the way they reach prospective customers. One of the strategies implemented is leveraging

social media technology. The objective of the research is to identify the impact of social networking sites

& media in consumer preference in case of Real Estate Industry in Bangladesh, how it affects the target

segment’s preference, attitude and buying behavior. Also to consider the ut ilization of social media and its

potential role in the real estate sales process.

The research is an exploratory one. Analysis of the findings helps to meet the objectives of this research

related to the impact of social media. This report is based on both primary and secondary data. The primary

data is collected from the respondents within the study area through questionnaire. Besides that as

Secondary data source, various published documents in the books, journals, newspapers and magazines,

and web sites has been helpful for drawing conclusion. For collecting primary data, closed ended structured

questionnaire has been used. The questionnaires were formed as a webpage through the use of a Software

called Qualtrics. Questionnaires were distributed through internet in the form of webpage. Also, somequestionnaires had been handed over to the respondents and later those were included in data set. The main

Hypothesis was “There is no impact of social media in consumer preference of real estate industry in

Bangladesh.” (Null) and “There is impact of social media in consumer preference of real estate industry in

Bangladesh.” (Alternative)

The analyzed data have proved the alternative hypothesis to be correct. Also shown that consumers are

getting more comfortable and aware about using social media to consider a real estate related transaction,

organizations related to real estate should be more concerned about using and maintaining social media

communication. Data have shown that people are probably not purchasing real estate directly from social

media platforms but they are considering it as source of diverse information before considering a real estate

purchase. So promoting real estate products through social media will be a wise choice. In many cases it isquite an efficient and effective way to maintain relationship with the customers as well as promotions. One

of the challenges in any sales organization is finding the right type of clients through prospecting efforts.

Through the social media provides ample probabilities to prospect. Consumers are using customer’s

feedbacks, organizational feedbacks and reviews to evaluate, so only using social media to promote will

not be enough for an organization. They have to be active in case maintaining reviews and feedbacks. Also

a close eye on the feedbacks forms customers may reveal tiny loopholes that might have been ignored.

In its simplest form, social media enables individuals to share ideas, content, thoughts, and relationships

online. As more organizations embrace social media, tools such as LinkedIn, Facebook and Twitter are

used to directly communicate to buyers in places where they congregate. Social media grew in popularity

out of the need of attracting Internet users by providing compelling content. This content not only connected

individuals to other individuals, groups, organizations and interests, but also created a platform for all to

have a conversation on the content. This type of communication can create greater engagement and deeper,

meaningful networks with people interested in real estate professionals.


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Table of Contents:

PART – A Page No

Project Part

1.1 INTRODUCTION 1

1.2 SIGNIFICANCE OF THE STUDY 2

1.3 LITERATURE REVIEW 2

1.4 OBJECTIVE OF THE RESEARCH 4

1.4.1 Broad Objectives 4 1.4.2 Specific Objectives 4

1.5 RESEARCH METHODOLOGY 4

1.5.1 Source of Data 4

1.5.2 Quantitative Research 4

1.5.3 Method of Collecting Primary Data 5

1.5.4 Sampling Design 5

1.5.4.1 Target population and Sampling frame 5

1.5.4.2 Sample Scaling 51.5.4.3 Sample Technique 5

1.5.4.4 Sample Size 6

1.5.5 Hypothesis 7

1.5.6 ANALYSIS OF THE COLLECTED DATA 7

1.5.6.1 Survey Data Summarization 7

DATA ANALYSIS

PART – B

2.0 DATA ANALYSIS 8

2.1 HYPOTHESIS 1: 8

2.1.1 Test 1: 8


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2.1.2 Test 2: 9

2.2 HYPOTHESIS 2: 11

2.2.1 Test 1: 11

2.2.2 Test 2: 12

2.2.3 Test 3: 14

2.2.4 Test 4: 15

2.2.5 Test 5: 16

2.2.6 Test 6: 17

2.2.7 Test 7: 18

2.2.8 Test 8: 19

2.3 HYPOTHESIS 3: 21

2.3.1 Test 1: 21

2.3.2 Test 2: 22

3.0 FINDINGS 23

4.0 LIMITATION OF THE STUDY 24

5.0 CONCLUSION 24

6.0 RECOMMENDATIONS 25

APPENDICES


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Part A


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1.1 INTRODUCTION

There has been significant growth and interest in usage of internet in Bangladesh over the past few years.

Customers are involved with internet for purposes like – communication, information, knowledge &

entertainment. Over the years people of Bangladesh started using internet so do social media. Social media

referred as the use of websites to stay socially connected like Facebook, Twitter, Orkut & Google+. These

are some of the most prominent examples of the usage of social media in today’s life. Data show s that

Facebook adds 1 new user in Bangladesh in every 20 seconds now [Wearesocial official website at

http://wearesocial.net]. Social medias are already playing a vital role in influencing human behavior.

Through different kinds of social media sites companies under industries like Tech-software,

Manufacturing, Real Estate, Fashion, Non-profit, Automobile, Hospitality etc.; are very carefully

influencing their customers by sharing their product related details. For Example, REHAB (Real Estate &

Housing Association of Bangladesh) has a page in Facebook, before every REHAB fair they create an event

in Facebook with the venue, time & date of the event to promote it over social media to capture public

attention. Social media has not only became a platform of pr omoting a product but also it’s creating a huge

amount of awareness among the customers regarding an upcoming product, furthermore the reviews &

feedbacks posted by the customers are very prominent & a very efficient way to get the understanding ofcustomer’s attitude towards the whole concept of a product as well as it’s loopholes.

Social media refers to the means of interactions among people in which they create, share, and exchange

information and ideas in virtual communities and networks. Andreas Kaplan and Michael Haenlein (2010)

define social media as "a group of Internet-based applications that build on the ideological and technological

foundations and that allow the creation and exchange of user-generated content." Furthermore, social media

depends on internet, mobile and web-based technologies to create highly interactive platforms through

which individuals and communities share, co-create, discuss, and modify User-generated content. It

introduces substantial and pervasive changes to communication among organizations, communities and

individuals.

Social media differentiates from traditional/industrial media in many aspects such as quality, reach,

frequency, usability, immediacy and permanence. Social media technologies take on many different forms

including magazines, Internet forums, weblogs, social blogs, microblogging, wikis, networks, podcasts,

photographs or pictures, video, rating and social bookmarking. Technologies include: blogs, picture-

sharing, blogs, wall-postings, email, instant messaging, music-sharing, crowdsourcing and voice over IP,

to name a few. (Andreas, K., & Michael, H., 2010, p. 61)

The individual consumer has a set of preferences and values whose determination is outside the realm of

economics. They are no doubt dependent upon culture, education, and individual tastes, among a plethora

of other factors. Consumer preferences are defined as the subjective (individual) tastes, as measured by

utility, of various bundles of goods. They permit the consumer to rank these bundles of goods accordingto the levels of utility they give the consumer. Note that preferences are independent of income and prices.

Ability to purchase goods does not determine a consumer’s likes or dislikes. One can have a preference for

Porsches over Fords but only have the financial means to drive a Ford.(Cordo, 2009, p. 1). This research

paper is an attempt to get an understanding of the fact that how much social media can influence a consumer

of Bangladesh in case of their behavior & purchasing decisions patterns toward The Real Estate Industry

of Bangladesh.


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Real estate is "property consisting of land and the buildings on it, along with its natural resources such as

crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of

real property; (more generally) buildings or housing in general. Also: the business of real estate; the

profession of buying, selling, or renting land, buildings or housing. [Oxford Learner’s Dictionaries official

website at http://www.oxfordlearnersdictionaries.com]

1.2 SIGNIFICANCE OF THE STUDY

These days, social media constitute one of the most prominent challenges for marketing managers. A recent

study by Socialbakers & BTRC shows that 42281.931 thousand people in Bangladesh uses internet, mostly

to use the social networking sites like Facebook. [BTRC; September, 2014] At the same time, it has been

seen that most companies are taking only limited action in response to this enormous challenge. Social

media are often treated as merely another communication channel whose value potential is unclear;

companies thus have often limited their response towards social media communication. Social media offers

an important opportunity for business to increase brand awareness, raise the profile and image of the

company, and to engage with shoppers to convert them into customers. The social media is one of the rising

stars of the expanding online business world and this forecast continue to increase in the future providinga major source of traffic for online retail businesses around the world.

Research by Amin, Md., I. (July 12, 2013) reveal that In Bangladesh, during the last decade, the total

volume of Real Estate, Renting and Business service sector increased every year which implies a positive

growth in the sector every year. But, compared to overall GDP growth, this sector expanded at a slower

rate. That is why in overall GDP the contribution of this sector has a downward trend. The overall GDP

contribution of the sector was 7.02% in 2009-2010. In a crude measure, the total volume of the sector was

approximately 26575.74 crore BDT in 2010-2011. The growth in this industry also facilitated a fast growth

in many linkage industries like - glass and glass products industry, brick industry, cement industry, ceramic

industry, iron and steel industry etc. over the last decade. Such consistent growth in the real estate sector is

mainly due to a consistent demand at the consumer end.

It is important to understand that the social networks are not a silver bullet. If the company fails to meet the

image it has been careful to portray, social networks can just as quickly amplify any adverse publicity. The

Real Estate industry of Bangladesh is already using social media but not very effectively yet. The Industry

needs to be focused about shaping their forms through social media.

1.3 LITERATURE REVIEW

Samanta Sarni Tira (2012) on her article named “The Spread of Online Culture” gave emphasis on the

Online Culture or Cyber-culture. The Online Culture has become the mainstream; people everywhere are

adopting this culture very fast and portraying remarkable changes in their behavior. In Bangladesh alone

more than 3,313,000 people are active members of Facebook and so it should come as no surprise why

some companies have recently started promoting their products via this powerful media. Especially the

telecoms and restaurants are doing a great job in capturing the mind share of their consumers by using

Facebook. Social media became a reliable means to explore the culture, views and lifestyles that influence

consumer behavior. The social media arena is a source to profile a target audience to develop marketing

and advertising strategies. Social media conversations also alert companies to issues that may negatively

affect current market opportunities. (Tira, N. K., 2013a, p. 2)


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According to a research conducted by Technorati Media (2012) on over 6,000 influencers, 1,200 consumers

and 150 top brand marketers in the United States, Blogosphere ranks higher than social media in influencing

consumer purchase decision. The survey has found that, consumers rank blogs as the third most influential

digital resource (31.1%), behind retail sites (56%) and brand sites (34%), when making their purchase

decisions. The Technorati Media survey has also revealed that over 50% of the digital spending goes for

Facebook, YouTube and Twitter, and 11% on Blogosphere. Surely the percentage shows the influence thesocial networking sites are creating, & it’s getting strong day by day. (Tira, N. K., 2013b)

According to a survey conducted by ING (2012) among 1,500 Dutch consumers – “Impact of social media”,

consumers find social media increasingly trustworthy. 65% said they find the information posted on online

media to be trustworthy. 40% of consumers find posts made on social media to be trustworthy. Also

Informative television programs and newspapers are deemed to have 4 to 5 times as much impact as social

media, with the impact of online news sites and newspaper websites thought to be 3 to 4 times as high. The

impact of traditional media such as informative TV programs and newspapers is lower among consumers

who use social media daily. The impact of these media is nearly 1.5 times lower among frequent users of

social media. It clearly shows that the impact of traditional media on the consumers are deeming as the

consumers are finding online & social media platforms increasingly trustworthy & much more informativethen traditional options. [ING Group official website at http://ing-group.pr.co]

JD Rucker conducted a research called “Social Media Effects on the Real Estate Market” in 2011, where

he graphically presented the connection between social media and real estate industry. He showed that 32%

of the buyers found their home thought online platforms. But the research was conducted giving emphasis

on the sellers side not buyers side. (Rucker, 2011)

Michael R odriguez, on his research paper “Making Social Media Effective In Real Estate” put emphasis

on using the platform of social media for promoting real estate. According to him, one of the challenges in

any sales organization is finding the right type of clients through prospecting efforts. Prospecting, the most

important first step of the sales cycle, is a continuous requirement since the real estate industry is dynamic:challenging economy, over supply of property, longer sales cycle or unqualified buyers. Real estate

professionals need to capture detailed information on prospective clients in order to gain a better

understanding of their needs and buying process and social media platform provide a great gateway to gain

the information directly from the clients. A well-implemented social media strategy may be an effective

prospecting tool to find qualified potential clients. (Rodriguez, 2011, p. 2)

After a careful review of the literature on the use of social media among businesses, it is clear that social

media has made an impact in modern business practices. Research on social media impact on Real Estate

industry had been done in many countries in the world but anything related to Bangladesh Real Estate

Industry was not found. Bangladesh Real Estate industry is growing and people are becoming more

technologically aware these days. Researches can be attempted to get proper understanding of the impactof social media in consumer preference in case of Bangladesh Real Estate Industry.


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1.4 OBJECTIVE OF THE RESEARCH

1.4.1 Broad Objectives

Broadly, the objective of the research is to identify the impact of social networking sites & media in

consumer preference in case of Real Estate Industry in Bangladesh, how it affects the target segment’s

preference, attitude and purchase pattern.

1.4.2 Specific Objectives

Specifically the objectives will be to identify -

To identify whether the social networking sites can be an option for doing marketing of Real Estate

To identify the impact that social media has created about real estate industry in Bangladesh

To identify the options of using social media as a marketing platform for real estate industry of

Bangladesh

To find out the contribution of Social media in influencing the consumer preference in real estate

industry of Bangladesh To identify the benefits of using social media as a platform of marketing in real estate industry of

Bangladesh

1.5 RESEARCH DESIGN

The research is an exploratory one. Analysis of the findings helps to meet the objectives of this research

related to the impact of social media. The general concept of this research has been stated from two different

groups. The Real Estate industry in Bangladesh are very widely spread through the country but it is not

possible to study the whole country due to the time & convenience issues, so for the ease of the study only

the metropolitan Dhaka had been chosen as the extent of the study.

1.5.1 Source of Data

This report is based on both primary and secondary data. The primary data is collected from the

respondents within the study area through questionnaire. Besides that as Secondary data source, various

published documents in the books, journals, newspapers and magazines, and web sites has been helpful

for drawing conclusion.

1.5.2 Quantitative Research

This quantitative research employs a survey, which had been conducted within a sample size of 110

respondents whom are assumed to be representatives of the target population. At first, a questionnaire was

developed for conducting survey and pre tested on a smaller group. After correcting the questionnaire, thesurvey was conducted with the final questionnaire. Finally, after conducting survey, by using the statistical

software (SPSS), the gathered data was analyzed to discover the hidden patterns and information. Through

the interpretation of these data, some recommendation had been presented.


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1.5.3 Method of Collecting Primary Data

For collecting primary data, closed ended structured questionnaire has been used. The questionnaires were

formed as a webpage through the use of a Software called Qualtrics. Questionnaires were distributed

through internet in the form of webpage. This questionnaires were provided directly to the respondents as

links and the data was collected automatically in the Software based website. These were collected via

convenience sampling method. Also, some questionnaires had been handed over to the respondents and

later those were included in data set in the website.

1.5.4 Sample Design

The sample design process are explained below-

1.5.4.1 Target Population and Sampling Frame

According to the data of BTRC around 42281.931 thousand people in Bangladesh use internet which

include both male & female users’ age group starting from 13 -14 to 65-70. (BTCL official website at

http://www.btrc.gov.bd) Also, Dhaka is the most densely populated city in Bangladesh with population of14,399,000 people, that’s 45,000/km2 (Wise, C., n.d.). As smartphones & internet devices are still very

costly devices to use also required technical understandings, it’s not possible for people from all over the

country like Bangladesh to use them. Having the affordability & ability to use issues, respondents from

Dhaka city area has been chosen for the study. Both male & female age starting from 16-25 category had

been studied. Also income is a very important factor to consider while choosing the respondents as it has

affordability subjects.

Marketer’s perspective

Element: Consumers who are using social media & interested in real estate

Sampling unit: Selected Households and universities

Extent: Metropolitan Dhaka

Consumer’s perspective

Element: Consumers who go through the consumption process of the products & services.

Sampling unit: Households and universities

Extent: Metropolitan Dhaka

1.5.4.2 Sample Scaling

The Likert & rank order scaling techniques had been used in designing the questions. 5 point scale had been

used to get the reviews. Through this techniques, it was easy to get the insights from the respondents. Also

dichotomous questions had been used in designing the questions.


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1.5.4.3 Sampling Technique

For the structured closed-ended questionnaires all the non-probability sampling techniques had been taken.

The convenience sampling, judgmental sampling and snowballing sampling techniques had been used for

the sampling purpose of the research.

1.5.4.4 Sample Size

Calculation for sample size determination by proportions were made as follows –

Formula: Description:

=(1 − )2

2

Calculation:

So, minimum 107 samples would be required for the study. For the ease of analysis 110 samples had been

chosen as sample size.

1.5.5 Hypothesis

The main Hypothesis is -

H 0 (Null): There is no impact of social media in consumer preference of real estate industry in Bangladesh.

H 1 (Alternative): There is impact of social media in consumer preference of real estate industry in

Bangladesh.

To test this hypothesis, five supporting hypothesis had been developed. These will support the main

hypothesis. The main hypothesis will be accepted if these hypothesis are proved to be valid. The supporting

hypothesis are-

Hypothesis 1 –

H 0 : Bangladeshi people have not been positively influenced by real estate promotions through social media

platforms.

H 1 : Bangladeshi people have been positively influenced by real estate promotions through social media

platforms.

Hypothesis 2 –

H 0 : Bangladeshi people do not find social media platforms reliable, efficient & effective for gathering real

estate related information and communication.

H 1 : Bangladeshi people find social media platforms reliable, efficient & effective for gathering real estate

related information and communication.

Hypothesis 3 –

H 0 : Bangladeshi people have not used social media platforms to purchase real estate.

H 1 : Bangladeshi people have used social media platforms to purchase real estate.

n = 1.81² x .2(1-.2)

.07²

n= required sample sizet= confidence level at 93% (standard value of 1.81)

p= estimated percentage of household the sample belongs to (20%=0.2)

m= margin of error at 7% (standard value of 0.07)


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1.5.6 ANALYSIS OF THE COLLECTED DATA

Collected data is analyzed on the basis of the specific objectives and hypothesis. A conclusion has been

drawn based on the analysis of primary & secondary data. Data analysis of the consumers consists of

consumer’s awareness, preference and buying behavior regarding related references & promotional

activities. To create questionnaire, collect data & sort the data, software Qualtrics had been used. To analyze

the data for results SPSS had been used.

1.5.6.1 Survey Data Summarization

Hypothesis Testing

The hypothesis testing method was applied to analyze the data at hand. By this procedure, the hypothesis

had been justified by proving through the values.

Frequency

Frequency distribution tables had been used to summarize the gathered data. This is a process where we

recorded the number of times a particular value of a variable occurs. The mean, standard deviation and

other descriptive statistics were also calculated along with the frequency distribution.

Cross tabulation

The cross tabulation is a technique to organize data by groups, categories, or classes, and thus facilitating

comparisons, and a joint frequency distribution of observations on two or more sets of variables. Cross

tabulation analysis had been used to find out the correlation between variables.

Chi Square Test

Allows to test the significance of the analysis of frequency distribution. Thus categorical data on variablesor dichotomous may be statistically analyzed. Calculation of the Chi Square statistics allowed to determine

whether the difference between the observed frequency distributions and the expected distribution could be

attributed to sampling variations.

Pie Charts

Have been used to give a good visual representation of our data. It gives a graphical representation of data

collected at a glance.

Bar Charts

Bas charts have been used in order to get a clear view of the overall scenario of the individual data analysis.

ANOVA

ANOVA is a particular form of statistical hypothesis testing heavily used in the analysis of experimental

data. A statistical hypothesis test is a method of making decisions using data.


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2.0 DATA ANALYSIS

Now we will test the supporting hypothesizes through cross tabulation, chi-square. These tests are given

below:

2.1 Hypothesis 1 –

H0 : Bangladeshi people have not been positively influenced by real estate promotions through socialmedia platforms.

H1 : Bangladeshi people have been positively influenced by real estate promotions through social media

platforms.

To prove this Hypothesis the following analysis had been initiated -

2.1.1 Test 1:

Age * I am positively influenced by the real estate promotions through social media platforms.

Crosstab

I am positively influenced by the real estate promotions through social media

platforms.

TotalDisagree Neutral Agree

Strongly

Agree Not Related

Age 16 - 25 Count 0 0 9 3 2 14

% of

Total0.0% 0.0% 8.2% 2.7% 1.8% 12.7%

26 – 35 Count 1 5 5 9 4 24

% of

Total 0.9% 4.5% 4.5% 8.2% 3.6% 21.8%

36 – 45 Count 0 4 6 18 0 28

% of

Total0.0% 3.6% 5.5% 16.4% 0.0% 25.5%

46 – 55 Count 1 7 14 10 4 36

% of

Total0.9% 6.4% 12.7% 9.1% 3.6% 32.7%

56 and above Count 0 0 5 3 0 8

% of

Total0.0% 0.0% 4.5% 2.7% 0.0% 7.3%

Total Count 2 16 39 43 10 110

% of

Total1.8% 14.5% 35.5% 39.1% 9.1% 100.0%


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Interpretation: In order to formulate hypotheses 1, demographic data and survey question no.15 has been

selected. This one is based on age demographic. Where, out of 110 respondents 35.5% respondents agreed

that they are positively influenced by the promotions related to real estate on their social media pages.

Where significantly 39.1% respondent strongly agreed with it. Highest 16.4% out of who strongly agreed

with it was from the age group 36-45. None of the responded strongly disagreed with it whereas 9.1%

respondent didn’t answered it due to non-relevance.

Interpretation: The following table is the Chi-Squire test which shows that the P-value for this Hypothesis

test is 0.047 which is less than 0.07 (alpha value). So, the null hypotheses which is “Bangladeshi people

have not been positively influenced by real estate promotions through social media platforms” can be

rejected at 7% significant level.

Visual projection of cross

tabulation data is presented

in the form bar chart here.

Chi-Square Tests

Value df Asymp. Sig. (2-sided)

Pearson Chi-Square 26.549a 16 .047

Likelihood Ratio 32.362 16 .009

Linear-by-Linear Association .661 1 .416

N of Valid Cases 110

a. 17 cells (68.0%) have expected count less than 5. The minimum expected count is .15.


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2.1.2 Test 2:

Income * I am positively influenced by the real estate promotions through social media platforms.

Crosstab

I am positively influenced by the real estate promotionsthrough social media platforms.


Strongly

Agree

Not

Related

Income 21000 - 40000

BDT

Count 0 2 10 7 6 25

% of

Total0.0% 1.8% 9.1% 6.4% 5.5% 22.7%

41000 - 60000

BDT

Count 1 5 3 2 0 11

% of

Total

0.9% 4.5% 2.7% 1.8% 0.0% 10.0%

61000 - 80000

BDT

Count 0 4 7 9 2 22

% of

Total0.0% 3.6% 6.4% 8.2% 1.8% 20.0%

81000 - 100000

BDT

Count 1 2 7 6 0 16

% of

Total0.9% 1.8% 6.4% 5.5% 0.0% 14.5%

101000 and

above BDT

Count 0 3 12 19 2 36

% of

Total0.0% 2.7% 10.9% 17.3% 1.8% 32.7%

Total Count 2 16 39 43 10 110

% of

Total1.8% 14.5% 35.5% 39.1% 9.1% 100.0%

Interpretation: This Cross tabulation is based on respondent’s Income demographic. Where, highest

17.3% out of who strongly agreed with it was from the income group 101000 and above. Highest 10.9%

from who agreed with it was also from the income group 101000 and above. None of the responded strongly

disagreed with it whereas 9.1% respondent didn’t answered it due to non-relevance.

Chi-Square Tests







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have not been positively influenced by real estate promotions through social media platforms” can berejected at 7% significant level.


tabulation data is presented in

the form bar chart here.

Summary of the Hypothesis:

The result indicates that the supporting Null Hypothesis 1: Bangladeshi people have not been positively

influenced by real estate promotions through social media platforms - is rejected. So the alternative

hypothesis had been accepted.



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2.2 HYPOTHESIS 2:

Hypothesis 2 –

H 0 : Bangladeshi people do not find social media platforms reliable, efficient & effective for gathering real

estate related information and communication.

H 1 : Bangladeshi people find social media platforms reliable, efficient & effective for gathering real estaterelated information and communication.

In order to analyze Hypothesis 2 question no. 19 to 22 had been analyzed. The details are explained below

2.2.1 Test 1:

Based on Age demography:

Age * Social media has provided me with access to diverse amount of information related to real estate

Crosstab

Social media has provided me with access to diverse amount of informationrelated to real estate


Strongly

Agree Not Related

Age 16 - 25 Count 0 0 3 9 2 14

% of

Total0.0% 0.0% 2.7% 8.2% 1.8% 12.7%

26 – 35 Count 3 1 14 2 4 24

% of

Total

2.7% 0.9% 12.7% 1.8% 3.6% 21.8%

36 – 45 Count 3 1 7 17 0 28

% of

Total2.7% 0.9% 6.4% 15.5% 0.0% 25.5%

46 – 55 Count 1 2 17 12 4 36

% of

Total0.9% 1.8% 15.5% 10.9% 3.6% 32.7%


% of

Total0.0% 0.9% 2.7% 3.6% 0.0% 7.3%

Total Count 7 5 44 44 10 110

% of

Total6.4% 4.5% 40.0% 40.0% 9.1% 100.0%


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Interpretation: Analysis will start by analyzing question no.19. This one is based on age demographic.

Where, out of 110 respondents 40.0% respondents agreed that Social media has provided them with access

to diverse amount of information related to real estate. Similarly 40.0% respondents strongly agreed with

this. Highest 15.5% out of who agreed with it was from the age group 46-55. Highest 15.5% out of who

strongly agreed with it was from the age group 36-45. None of the responded strongly disagreed with it

whereas 9.1% respondent didn’t answered it due to non-relevance.

Chi-Square Tests








test is 0.027 which is less than 0.07 (alpha value). So, the null hypo theses which is “Bangladeshi people do

not find social media platforms reliable, efficient & effective for gathering real estate related information

and communication” can be rejected at 7% significant level.





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2.2.2 Test 2:

Age * Social media platforms have made communication with the seller more effective

Crosstab

Social media platforms have made communication with the seller moreeffective

Total Neutral Agree Strongly Agree Not Related

Age 16 - 25 Count 0 4 8 2 14

% of Total 0.0% 3.6% 7.3% 1.8% 12.7%

26 – 35 Count 3 8 9 4 24

% of Total 2.7% 7.3% 8.2% 3.6% 21.8%

36 – 45 Count 1 16 11 0 28

% of Total 0.9% 14.5% 10.0% 0.0% 25.5%

46 – 55 Count 2 11 19 4 36

% of Total 1.8% 10.0% 17.3% 3.6% 32.7%

56 and above Count 0 3 5 0 8

% of Total 0.0% 2.7% 4.5% 0.0% 7.3%

Total Count 6 42 52 10 110

% of Total 5.5% 38.2% 47.3% 9.1% 100.0%

Interpretation: The second question is no.20. This one is based on age demographic too. Where, out of

110 respondents 47.3% respondents strongly agreed that Social media platforms have made communication

with the seller more effective. 38.2% respondents agreed with this too. Highest 17.3% out of who strongly

agreed with it was from the age group 46-55. Highest 14.5% out of who agreed with it was from the age

group 36-45. None of the responded strongly disagreed with it whereas again 9.1% respondent didn’t

answered it due to non-relevance.

Chi-Square Tests




Linear-by-Linear Association .113 1 .736 N of Valid Cases 110



test is 0.277 which is more than 0.07 (alpha value). So, the null hypotheses which is “Bangladeshi people


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do not find social media platforms reliable, efficient & effective for gathering real estate related information

and communication” cannot be rejected at 7% significant level.




2.2.3 Test 3:

Age * Gathering information through social media platforms is time efficient

Crosstab

Gathering information through social media platforms is time efficient

TotalDisagree Neutral Agree Strongly Agree Not Related

Age 16 - 25 Count 0 0 3 9 2 14

% of Total 0.0% 0.0% 2.7% 8.2% 1.8% 12.7%

26 – 35 Count 1 0 5 14 4 24

% of Total 0.9% 0.0% 4.5% 12.7% 3.6% 21.8%

36 – 45 Count 2 0 17 9 0 28

% of Total 1.8% 0.0% 15.5% 8.2% 0.0% 25.5%

46 – 55 Count 1 2 5 24 4 36

% of Total 0.9% 1.8% 4.5% 21.8% 3.6% 32.7%


% of Total 0.0% 0.0% 2.7% 4.5% 0.0% 7.3%

Total Count 4 2 33 61 10 110

% of Total 3.6% 1.8% 30.0% 55.5% 9.1% 100.0%


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Interpretation: The third question is no.21. This one is based on age demographic too. Where, out of 110

respondents 55.5% respondents strongly agreed that Gathering information through social media platforms

is time efficient. 30.0% respondents agreed with this too. Highest 21.8% out of who strongly agreed with

it was from the age group 46-55. Highest 15.5% out of who agreed with it was from the age group 36-45.

None of the responded strongly disagreed with it whereas again 9.1% respondent didn’t answered it due to

non-relevance.

Chi-Square Tests








test is 0.029 which is less than 0.07 (alpha value). So, the null hypotheses which is “Bangladeshi people do



Visual projection of cross tabulation

data is presented in the form bar chart

here.


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2.2.4 Test 4:

Age * I find real estate related information from social media marketing more reliable than

traditional marketing

Crosstab

I find real estate related information from social media marketing more

reliable than traditional marketing

Total Neutral Agree Strongly Agree Not Related

Age 16 - 25 Count 0 2 10 2 14

% of Total 0.0% 1.8% 9.1% 1.8% 12.7%

26 – 35 Count 1 8 11 4 24

% of Total 0.9% 7.3% 10.0% 3.6% 21.8%

36 – 45 Count 1 7 20 0 28

% of Total 0.9% 6.4% 18.2% 0.0% 25.5%

46 – 55 Count 1 12 19 4 36

% of Total 0.9% 10.9% 17.3% 3.6% 32.7%

56 and above Count 0 4 4 0 8

% of Total 0.0% 3.6% 3.6% 0.0% 7.3%

Total Count 3 33 64 10 110

% of Total 2.7% 30.0% 58.2% 9.1% 100.0%

Interpretation: The forth question is no.22. This one is based on age demographic too. Where, out of 110

respondents 58.2% respondents strongly agreed that they find real estate related information from social

media marketing more reliable than traditional marketing. 30.0% respondents agreed with this too. Highest

18.2% out of who strongly agreed with it was from the age group 36-45. Highest 10.9% out of who agreed

with it was from the age group 46-55. None of the responded strongly disagreed with it whereas again 9.1%


Chi-Square Tests




Linear-by-Linear Association 2.240 1 .135




test is 0.029 which is more than 0.07 (alpha value). So, the null hypotheses which is “Bangladeshi people


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do not find social media platforms reliable, efficient & effective for gathering real estate related information

and communication” cannot be rejected at 7% significant level.


data is presented in the form bar

chart here.

2.2.5 Test 5:

Based on Income demography:

Income * Social media has provided me with access to diverse amount of information related to real

estate

Crosstab

Social media has provided me with access to diverse amount of

information related to real estate


Strongly

Agree Not Related

Income 21000 - 40000 BDT Count 1 0 10 8 6 25

% of

Total0.9% 0.0% 9.1% 7.3% 5.5% 22.7%

41000 - 60000 BDT Count 2 1 7 1 0 11

% of

Total1.8% 0.9% 6.4% 0.9% 0.0% 10.0%


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61000 - 80000 BDT Count 2 1 6 11 2 22

% of

Total1.8% 0.9% 5.5% 10.0% 1.8% 20.0%

81000 - 100000 BDT Count 0 3 6 7 0 16

% of

Total0.0% 2.7% 5.5% 6.4% 0.0% 14.5%

101000 and above

BDT

Count 2 0 15 17 2 36

% of

Total1.8% 0.0% 13.6% 15.5% 1.8% 32.7%

Total Count 7 5 44 44 10 110

% of

Total6.4% 4.5% 40.0% 40.0% 9.1% 100.0%

Interpretation: Again its question no.19. This one is based on income demographic now. Where, Highest

13.6% out of who agreed with that Social media has provided them with access to diverse amount of

information related to real estate, was from the income group 101000 and above. Highest 15.5% out of who

strongly agreed with it was from the income group 101000 and above too. None of the responded strongly

disagreed with it whereas again 9.1% respondent didn’t answered it due to non-relevance.

Chi-Square Tests












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here.

2.2.6 Test 6:

Income * Social media platforms have made communication with the seller more effective

Crosstab

Social media platforms have made communication with the seller

more effective

Total Neutral Agree

Strongly

Agree Not Related

Income 21000 - 40000 BDT Count 0 9 10 6 25

% of Total 0.0% 8.2% 9.1% 5.5% 22.7%

41000 - 60000 BDT Count 3 4 4 0 11

% of Total 2.7% 3.6% 3.6% 0.0% 10.0%

61000 - 80000 BDT Count 3 8 9 2 22

% of Total 2.7% 7.3% 8.2% 1.8% 20.0%

81000 - 100000 BDT Count 0 6 10 0 16

% of Total 0.0% 5.5% 9.1% 0.0% 14.5%

101000 and above BDT Count 0 15 19 2 36

% of Total 0.0% 13.6% 17.3% 1.8% 32.7%

Total Count 6 42 52 10 110

% of Total 5.5% 38.2% 47.3% 9.1% 100.0%


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Interpretation: The second question is no.20. This one is based on income demographic now. Where,

Highest 17.3% out of who strongly agreed with that Social media platforms have made communication

with the seller more effective, was from the income group 101000 and above. Highest 13.4% out of who

agreed with it was from the income group 101000 and above too. None of the responded strongly disagreed

with it whereas again 9.1% respondent didn’t answered it due to non-relevance.

Chi-Square Tests







Interpretation: The following table is the Chi-Squire test which shows that the P-value for this Hypothesistest is 0.007 which is less than 0.07 (alpha value). So, the null hypotheses which is “Bangladeshi people do







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2.2.7 Test 7:

Income * Gathering information through social media platforms is time efficient

Crosstab

Gathering information through social media platforms is timeefficient


Strongly

Agree Not Related

Income 21000 - 40000 BDT Count 1 1 1 16 6 25

% of

Total0.9% 0.9% 0.9% 14.5% 5.5% 22.7%

41000 - 60000 BDT Count 0 0 2 9 0 11

% of

Total

0.0% 0.0% 1.8% 8.2% 0.0% 10.0%

61000 - 80000 BDT Count 2 1 9 8 2 22

% of

Total1.8% 0.9% 8.2% 7.3% 1.8% 20.0%

81000 - 100000 BDT Count 0 0 5 11 0 16

% of

Total0.0% 0.0% 4.5% 10.0% 0.0% 14.5%

101000 and above

BDT

Count 1 0 16 17 2 36

% of

Total0.9% 0.0% 14.5% 15.5% 1.8% 32.7%

Total Count 4 2 33 61 10 110

% of

Total3.6% 1.8% 30.0% 55.5% 9.1% 100.0%

Interpretation: The third question is no.21. This one is based on income demographic now. Where,

Highest 15.5% out of who strongly agreed with that Gathering information through social media platforms

is time efficient was from the income group 101000 and above. Highest 14.5% out of who agreed with it

was from the income group 101000 and above too. None of the responded strongly disagreed with it

whereas again 9.1% respondent didn’t answered it due to non-relevance.


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here.

Chi-Square Tests




Linear-by-Linear Association 4.239 1 .040 N of Valid Cases 110



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2.2.8 Test 8:

Income * I find real estate related information from social media marketing more reliable than

traditional marketing

Crosstab

I find real estate related information from social media marketing

more reliable than traditional marketing

Total Neutral Agree

Strongly

Agree Not Related

Income 21000 - 40000 BDT Count 1 6 12 6 25

% of Total 0.9% 5.5% 10.9% 5.5% 22.7%

41000 - 60000 BDT Count 1 2 8 0 11

% of Total 0.9% 1.8% 7.3% 0.0% 10.0%

61000 - 80000 BDT Count 1 9 10 2 22

% of Total 0.9% 8.2% 9.1% 1.8% 20.0%

81000 - 100000 BDT Count 0 8 8 0 16

% of Total 0.0% 7.3% 7.3% 0.0% 14.5%

101000 and above BDT Count 0 8 26 2 36

% of Total 0.0% 7.3% 23.6% 1.8% 32.7%

Total Count 3 33 64 10 110

% of Total 2.7% 30.0% 58.2% 9.1% 100.0%

Interpretation: The forth question is no.22. This one is based on age demographic too. Where, Highest

23.6% out of who strongly agreed with that they find real estate related information from social media

marketing more reliable than traditional marketing was from the income group 101000 and above. Highest

8.2% out of who agreed with it was from the income group 61000-80000. None of the responded strongly

disagreed with it whereas again 9.1% respondent didn’t answered it due to non-relevance.

Chi-Square Tests








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the form bar chart here

Summary of the Hypothesis

The results indicate that out of eight tests based on two different demographics, only two tests based on age

demographic could not be rejected but the other six tests had been rejected so it can be concluded that the

supporting Null Hypothesis 2: Bangladeshi people do not find social media platforms reliable, efficient &

effective for gathering real estate related information and communication - is rejected. The alternative had

been accepted.


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2.3 HYPOTHESIS 3

H 0 : Bangladeshi people have not used social media platforms to purchase real estate.

H 1 : Bangladeshi people have used social media platforms to purchase real estate.

To prove this Hypothesis the following analysis had been initiated -

2.3.1 Test 1:

Age * Have you used social media websites to purchase any real estate?

Crosstab

Have you used social media websites to purchase any real

estate?

TotalYes No Not Related

Age 16 - 25 Count 7 5 2 14

% of Total 6.4% 4.5% 1.8% 12.7%

26 – 35 Count 15 5 4 24

% of Total 13.6% 4.5% 3.6% 21.8%

36 – 45 Count 25 3 0 28

% of Total 22.7% 2.7% 0.0% 25.5%

46 – 55 Count 22 11 3 36

% of Total 20.0% 10.0% 2.7% 32.7%

56 and above Count 8 0 0 8

% of Total 7.3% 0.0% 0.0% 7.3%

Total Count 77 24 9 110

% of Total 70.0% 21.8% 8.2% 100.0%

Interpretation: In order to formulate hypotheses 3, demographic data and survey question no.24 has been

selected. This one is based on age demographic. Where, out of 110 respondents 70.0% respondents said

that they have purchased any sort of real estate by using social media pages. 21.8% responded that they

haven’t. Where significantly 22.7% respondent who said yes, was from the age group 36-45. Here, 8.2%



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have not used social media platforms to purchase real estate.” can be rejected at 7% significant level.




Chi-Square Tests




Linear-by-Linear Association 3.283 1 .070 N of Valid Cases 110



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2.3.2 Test 2:

Income * Have you used social media websites to purchase any real estate?

Interpretation: This one is based on income demographic. Where significantly 26.4% respondent who

responded that they have purchased any sort of real estate by using social media pages, was from the income

group 101000 and above. Here, 8.2% respondent didn’t answered it due to non-relevance.

Chi-Square Tests

Value df

Asymp.

Sig. (2-

sided)

Pearson Chi-Square 19.547a

8 .012Likelihood Ratio 20.614 8 .008

Linear-by-Linear Association 11.039 1 .001



Crosstab

Have you used social media websites to purchase anyreal estate?

TotalYes No Not Related

Income 21000 - 40000 BDT Count 11 9 5 25

% of Total 10.0% 8.2% 4.5% 22.7%

41000 - 60000 BDT Count 6 5 0 11

% of Total 5.5% 4.5% 0.0% 10.0%

61000 - 80000 BDT Count 16 4 2 22

% of Total 14.5% 3.6% 1.8% 20.0%

81000 - 100000 BDT Count 15 1 0 16

% of Total 13.6% 0.9% 0.0% 14.5%

101000 and above BDT Count 29 5 2 36

% of Total 26.4% 4.5% 1.8% 32.7%

Total Count 77 24 9 110

% of Total 70.0% 21.8% 8.2% 100.0%


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have not used social media platforms to purchase real estate.” can be rejected at 7% significant level.

The result indicates that the supporting Null Hypothesis 3: Bangladeshi people have not used social media

platforms to purchase real estate - is rejected. So the alternative hypothesis had been accepted.



the form bar chart here

Summary of the Hypothesis

Because all the supporting Null Hypothesis had been rejected and alternative had been accepted so in can

be established that the main Null Hypothesis “There is no impact of social media in consumer preference

Over all Summary of the Hypothesis

Because all the supporting Null Hypothesis had been rejected and alternative had been accepted so in can

be established that the main Null Hypothesis “There is no impact of social media in consumer preference

of real estate industry in Bangladesh” is rejected and the main Alternative Hypothesis “There is impact of

social media in consumer preference of real estate industry in Bangladesh” had been accepted.


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3.0 FINDINGS:

A major objective on the research was to shed light on the impact that social media has created in

influencing consumer preference and decisions. Keeping that in mind the concluded data have provided us

with imperative information.

Usage of Social Media and Its Influence

Data clearly give us a view of how significantly people are using social media platforms. Not only they are

using it for communication purpose but also they are using it extensively as a source of information. 47%

people said that they use social media sites to gather information about products regularly. Also people are

more comfortable to receive any form of content or information through social media more than other forms

like, email or mobile text.

A great amount of people are accepting the fact that they are somehow positively influenced by the

promotional contents of social media, it’s also the same for specifically real estate industry.

Reliable and Effective Form of Gathering Information and Maintaining Communication

People find social media a reliable source to collect and analyze information related to products. During

the process of gathering and analyzing information, they go through the organization’s given information

and feedbacks, customer’s feedback, reviews and references. All these together provide a content of

reliability and assurance in consumer’s mind. The results have shown that during gathering and analyzing

real estate related information from social media sites consumers mostly checked organization’s feedback

and customer’s feedback. Also as feedbacks and responses are provided rapidly and it provides option for

direct communication, consumers are finding it more effective form of communication with the seller.

Time Efficient and Diversity

40.0% people strongly agreed that social media platform provide diverse amount of information about real

estate than any other form of information source. Related needed information’s are mostly available in the

webpages, for more information they even can ask directly to the organization. As, a large amount of

information can be sorted from one source, it results in time efficiency.

Purchase Decision

70% people have said that they have taken purchased decision of some form real estate by using social

media. The noticeable factor is most of the people who have said that they are positively influenced by real

estate promotions trough social or they have used social media to purchase real estate, are from the age

group 36-45 and 46-55 also they share the same income group of 101000 and above.

4.0 LIMITATION OF THE STUDY

The study is based on data collected from Dhaka City area only. So the findings of the study are likely not

to represent the overall situation of the market in Bangladesh as the data belongs to a particular urban area

only. The amount of money and time needed to conduct the research properly in a massive manner, was

another constraint. Accessibility and convenience was an issue in case of conducting the research, as the

responses and results were recorded and analyzed as per accessibility and convenience. The paper is mostly


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based on the quantitative data, a thorough research based on both qualitative and quantitative data will be

able to represent the scenario more appropriately.

5.0 CONCLUSION

This research paper provides a foundation for understanding social media and its potential impact on

reaching buyers in the real estate industry. In the early stages of the utilization of social media technology,

real estate sales professionals should not underestimate its eventual influence. With a challenging business

environment, a greater number of competitors and more knowledgeable buyers, real estate professionals

need to leverage the most current technology and implement social media in order to increase identification

of potential customers.

The market is shifting, thus, it is necessary for real estate professionals to use social media to build a

community to connect with clients and partners within the industry. Embracing social media enables real

estate professionals to create new connections, create conversations and build trusted relationships with

those connections. Real estate professionals who demonstrate credibility through social media can yield

more prospects being reached in a shorter amount of time, which will have a measureable impact on sales

output.

6.0 RECOMMENDATIONS

As the analyzed data clearly shows that consumers are getting more comfortable and aware about using

social media to consider a real estate related transaction, organizations related to real estate should be more

concerned about using and maintaining social media communication. Data have shown that people are

probably not purchasing real estate directly from social media platforms but they are considering it as source

of diverse information before considering a real estate purchase. So Best practices on integrating social

media can provide real estate organizations a positive impact in the sales process.

Understanding Social Media and Its Use

This social media network will provide opportunities to develop new relationships, build brand awareness

and create a competitive advantage. In its simplest form, social media enables individuals to share ideas,

content, thoughts, and relationships online. As more organizations embrace social media, tools such as

Facebook and Twitter, are used to directly communicate to buyers in places where they congregate. Social

media grew in popularity out of the need of attracting Internet users by providing compelling content. This

content not only connected individuals to other individuals, groups, organizations and interests, but also

created a platform for all to have a conversation on the content. Social media enables individuals to be part

of a collaborative conversation in order to provide mutually beneficial value in a trusted business

environment. This type of communication can create greater engagement and deeper, meaningful networks

with people interested in real estate professionals. The result is not just more prospects, but more qualified

prospects.

Prospecting Efforts

One of the challenges in any sales organization is finding the right type of clients through prospecting

efforts. Prospecting, the most important first step of the sales cycle, is a continuous requirement since the

real estate industry is dynamic: challenging economy, over supply of property, longer sales cycle or


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unqualified buyers. Real estate professionals need to capture detailed information on prospective clients in

order to gain a better understanding of their needs and buying process. Once this information is obtained,

the next and equally challenging step is to qualify the prospect. A well-implemented social media strategy

may be an effective prospecting tool to find qualified potential clients. Through the use of value-added

content aimed at providing qualified prospects information they need, social media provides a foundation

of shared interests and mutual trust. By qualifying prospects, real estate professionals can focus on idealclients and, as a result, may minimize time wasted on less-than-ideal prospects thereby leading to the

efficient conversion of qualified prospects.

Best Practices for Implementing Social Media

Adding a social media strategy is critical to doing business, especially when prospecting in a challenging

economy. The following are some of the best practices on how to implement social media in real estate.

First, pinpoint where social media can help improve interaction with the real estate community. This means

starting with content that is value added. The target here is primarily attracting new customers or potential

influencers. Therefore, real estate professionals should write about what others in the community are

interested in learning about (i.e., existing home sales, current tax laws or specific geographic regions).

Second, real estate professionals need to think differently about how they communicate with prospects and

others in the community. Real estate professionals can accomplish this by coordinating webinars or interest

based webpages with their prospects in order to share ideas on a specific topic and create a conversation.

These provide a means whereby customers can interact via social technology, enabling them to feel like

they have immediate and direct access to a professional. These are also a powerful tool in distributing

important content and attracting buyers to a specific area or a specific home.

Third, real estate professionals can engage clients in conversations via Twitter, blogs or other industry-

specific network tools. One of the biggest challenges in any social media initiative is determining which

channels will be the most effective. The simplest approach is to go where other real estate professionals

are. Real estate professionals need to be able to get out of the typical approaches and feel comfortable

participating in conversations with social customers through effective social media usage.

Fourth, as with any technology endeavor, it is important to be patient when implementing a social media

initiative. Building a community of loyal followers takes time. Through interaction, organizations can

provide vital information to prospective buyers and build credibility within a community. As a result, not

only will the social community grow, but the opportunities to generate more sales will grow as well.


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APPENDICES

REFERENCES

a. Amin, Md. I, Sagar sen, Bashar, Ms. S. M., Rabbani, Mr. Md. G., Khan, Mr. M. S. A & Faridi Dr.R. F. (2012) A comprehensive study on the real sector of Bangladesh, 1, 30-45

b. Andreas, K., & Michael, H. (2010). Users of the world, unite! The challenges and opportunities of

social media. Business Horizons, 53(1), 61.

c. Cordo, P. C., (2009). The Theory of Consumer Preferences. Consumer, 1, 1-2. Retrieved from

http://www.usi.edu/business/cashel/331/CONSUMER.pdf

d. Definition of Real Estate. (n.d.). Retrieved August 12, 2014, from

http://www.oxforddictionaries.com/definition/english/real-estate

e. Giessen, C. V. D. (November 15, 2012). Consumes find social media increasingly trustworthy.

Retrieved from http:// http://ing-group.pr.co/34147-consumers-find-social-media-increasingly-

trustworthy

f. Internet Subscribers in Bangladesh September, 2014. Retrieved 15 November 2014, from

http://www.btcl.gov.bd

g. Kemp, S. (2012, November 27). Social, Digital, Mobile in Bangladesh. Retrieved from

http://wearesocial.net/tag/social-networks

h. Tira, S. S. (2013a). The Spread of Online Culture. Bangladesh Brand Forum 1(1), p, 2

i. Tira, S. S. (2013b). The Spread of Online Culture. Bangladesh Brand Forum 1(1), p, 3

j. Wise, C. (n.d.) The Worlds Densest Megacities [Web log Post]. Retrieved from

http://www.forbes.com/pictures/edgl45fdlj/no-1-dhaka-bangladesh/

k. Rodriguez, Michael and Robert Peterson (2011), “Generating Leads Via Social CRM: Early Best

Practices for B2B Sales,” National Conference in Sales Management, Orlando, FL.


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Research Questionnaire onThe Impact of Social Media in Consumer Preference of Real

Estate Industry in Bangladesh

This questionnaire is prepared to collect primary data about a research on ‘The impact of social media in

consumer preference of real estate industry in angladesh”. Your response will be of great benefit in

accomplishing this research. Your identity will remain confidential. Your honest answers/opinions will be

highly appreciated.

Please check the appropriate options.

General Subject Information:

Gender: Male Female

Age: ☐ 16 – 25 ☐ 26 – 35 ☐ 36 – 45 ☐ 46 – 55 ☐56 and above

Income All figures are given in thousands):

☐ 21- 40 ☐ 41 – 60 ☐ 61 – 80 ☐ 81 – 100 ☐101 and above

Survey Questions(Check all that apply)

1. Do you use social media websites? (i.e. Facebook, Twitter, MySpace, etc.)☐ Yes ☐ No

2. If so, which website(s) do you use? Please check all that apply.

☐Facebook

☐Twitter

☐Google+

☐MySpace

☐Other (please specify): _____________________________________________

3. Please indicate your social media website usage by ranking the following websites? (1=

being most preferred - 4=being least preferred)

______Facebook

______Twitter

______Google+

______MySpace


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4. On average, how often do you visit your social media page(s) per day?

☐1-5

☐6-10

☐11-15

☐15-20

☐ 21 and above

5. Please rank the following in order of preferred method to receive content

(info/tips/updates etc.) (1= being most preferred; 3=being least preferred)

____Social Media Websites

____Mobile Text

____Email

6. Have you noticed promotional elements in your social media page (s)?

☐ Yes

☐ No

7. Have you noticed promotions related to real estate in your social media page (s)?☐ Yes

☐ No

8. Did you use social media platforms to gather information about products?

☐ Yes

☐ No

9. How often do you use your social media page (s) to gather information about products?☐Regularly

☐Often (I visit the site several times per week)

☐Rarely (I visit the site once or more per month)

☐Infrequently (Less than once a month)

10. Social media has improved my access to information -

☐Strongly Disagree

☐Disagree

☐Neutral

☐Agree

☐Strongly Agree

11. Information gathered from social media platforms about products are reliable -


☐Disagree


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☐Neutral

☐Agree

☐Strongly Agree

12. Information gathered from social media platforms about products are more reliable than

any other source -


☐Disagree

☐Neutral

☐Agree

☐Strongly Agree

13. Your level of reliability on information gathered from social media has developed by -

(Please rank order)

___Organization’s Feedbacks___Customer’s Feedback

___Reviews

___Reference from acquaintances

14. Have you used social media sites to gather information related to real estate?

☐ Yes

☐ No

If, yes then answer question no. 15 to 23

15. I am positively influenced by real estate promotions through social media platforms

–


☐Disagree

☐Neutral

☐Agree

☐Strongly Agree

16. What did you analysed to gather information from the social media sites? (Please check

all that apply) ☐Organization’s given information

☐Organization’s Feedbacks

☐Customer’s Feedback

☐Reviews

☐Reference from acquaintances


45/71

17. Information gathered from social media platforms about real estate are more reliable than

any other source -


☐Disagree

☐Neutral

☐Agree

☐Strongly Agree

18. Information gathered from social media platforms about real estate are more reliable

because - (Please check all that apply)

☐Organization’s given information

☐Organization’s Feedbacks

☐Customer’s Feedback

☐Reviews

☐Reference from acquaintances

19. I find social media websites more easily accessible than any other source -


☐Disagree

☐Neutral

☐Agree

☐Strongly Agree

20. Social media has provided me with access to diverse amount of information related toreal estate -


☐Disagree

☐Neutral

☐Agree

☐Strongly Agree

21. Social media platforms have made communication with the seller more effective -


☐Disagree

☐Neutral

☐Agree

☐Strongly Agree

22. Gathering information through social media platforms is time efficient -


46/71


☐Disagree

☐Neutral

☐Agree

☐Strongly Agree

23. I find real estate related information from social media marketing more reliable than

traditional marketing -


☐Disagree

☐Neutral

☐Agree

☐Strongly Agree

24. Have you used social media websites to purchase any real estate?

☐ Yes

☐ No

____________________________________________________

Thank You!

Your feedback and input is always appreciated.

Thank you for participating in this survey


47/71

Table and Frequencies

Appendices 1

Do you use social media websites? (i.e. Facebook, Twitter, MySpace, etc.)

Frequency Percent Valid Percent Cumulative Percent

Valid Yes 110 100.0 100.0 100.0

Appendices 2

If so, which website(s) do you use? Please check all that apply.

Websites Frequency Valid Percent Cumulative Percentage

Facebook 109 99.1 99.1

Twitter 35 31.8 31.8

Google+ 68 61.8 61.8

MySpace 9 8.2 8.2

Other 1 .9 .9

Appendices 3

Please indicate your social media website usage by ranking the following websites? (1= being most

preferred - 4=being least preferred)

All figures are given in frequencies

Being most

preferred (In

frequency)

Preferred (In

frequency)

Least preferred

(In frequency)

Being least

preferred (In

frequency)

Cumulative

percentage

Facebook 88 20 2 0 100

Twitter 19 90 1 0 100

Google+ 1 1 108 0 100

MySpace 0 0 2 108 100


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Appendices 4

On average, how often do you visit your social media page(s) per day?


Valid 1 - 5 28 25.5 25.5 25.5

6 - 10 21 19.1 19.1 44.5

11 - 15 35 31.8 31.8 76.4

16 - 20 23 20.9 20.9 97.3

21 and above 3 2.7 2.7 100.0

Total 110 100.0 100.0

Appendices 5

Please rank the following in order of preferred method to receive content (info/tips/updates etc.) (1=

being most preferred; 3=being least preferred)

Being most preferred

(In frequency)

Preferred (In

frequency)

Least preferred (In

frequency)

Cumulative

percentage

Social Media Websites 86 12 12 100

Mobile Test 12 50 48 100

Email 12 48 50 100

Appendices 6

Have you noticed promotional elements in your social media page (s)?


Valid Yes 110 100.0 100.0 100.0


49/71

Appendices 7

Have you noticed promotions related to real estate in your social media page (s)?


Valid Yes 106 96.4 96.4 96.4

No 4 3.6 3.6 100.0

Total 110 100.0 100.0

Appendices 8

Did you use social media platforms to gather information about products?


Valid Yes 102 92.7 92.7 92.7

No 8 7.3 7.3 100.0

Total 110 100.0 100.0

Appendices 9

How often do you use your social media page (s) to gather information about products?


Valid Regularly 41 37.3 37.3 37.3

Often (I visit the site several times

per week)32 29.1 29.1 66.4

Rarely (I visit the site once or more

per month)27 24.5 24.5 90.9

Infrequently (Less than once a

month)10 9.1 9.1 100.0

Total 110 100.0 100.0


50/71

Appendices 10

Social media has improved my access to information


Valid Strongly Disagree 2 1.8 1.8 1.8

Disagree 3 2.7 2.7 4.5

Neutral 15 13.6 13.6 18.2

Agree 60 54.5 54.5 72.7

Strongly Agree 30 27.3 27.3 100.0

Total 110 100.0 100.0

Appendices 11

Information gathered from social media platforms about products are reliable


Valid Strongly Disagree 1 .9 .9 .9

Disagree 2 1.8 1.8 2.7

Neutral 15 13.6 13.6 16.4

Agree 54 49.1 49.1 65.5

Strongly Agree 38 34.5 34.5 100.0

Total 110 100.0 100.0

Appendices 12

Information gathered from social media platforms about products are more reliable than any other source


Valid Disagree 9 8.2 8.2 8.2

Neutral 12 10.9 10.9 19.1

Agree 50 45.5 45.5 64.5

Strongly Agree 39 35.5 35.5 100.0

Total 110 100.0 100.0


51/71

Appendices 13

Your level of reliability on information gathered from social media has developed by - (Please rank order)

Appendices 14

Have you used social media sites to gather information related to real estate?


Valid Yes 100 90.9 90.9 90.9

No 10 9.1 9.1 100.0

Total 110 100.0 100.0

Appendices 15

I am positively influenced by real estate promotions through social media


Valid Disagree 2 1.8 1.8 1.8

Neutral 16 14.5 14.5 16.4

Agree 39 35.5 35.5 51.8

Strongly Agree 43 39.1 39.1 90.9 Not Related 10 9.1 9.1 100.0

Total 110 100.0 100.0

Rank 1 Rank 2 Rank 3 Rank 4

Organization’s

Feedbacks

27.3% 36.4% 36.4% 0%

Customer’s Feedback 36.4% 63.6% 0% 0%

Reviews 36.4% 0% 63.6% 0%

Reference from

acquaintances

0% 0% 0% 100%


52/71

Appendices 16

What did you analyzed to gather information from the social media sites? (Please check all that apply)

Organization's Given Information


Valid Checked 44 40.0 40.0 40.0

Non Checked 56 50.9 50.9 90.9

Not Related 10 9.1 9.1 100.0

Total 110 100.0 100.0

Organization's Feedback


Valid Checked 100 90.9 90.9 90.9

Not Related 10 9.1 9.1 100.0

Total 110 100.0 100.0

Customer's Feedback


Valid Checked 74 67.3 67.3 67.3

Non Checked 26 23.6 23.6 90.9

Not Related 10 9.1 9.1 100.0

Total 110 100.0 100.0

Review


Valid Checked 68 61.8 61.8 61.8

Non Checked 32 29.1 29.1 90.9

Not Related 10 9.1 9.1 100.0

Total 110 100.0 100.0


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Reference from acquaintances


Valid Checked 14 12.7 12.7 12.7

Non Checked 86 78.2 78.2 90.9

Not Related 10 9.1 9.1 100.0

Total 110 100.0 100.0

Appendices 17

Information gathered from social media platforms about real estate are more reliable than any other

source


Valid Strongly Disagree 2 1.8 1.8 1.8

Disagree 6 5.5 5.5 7.3

Neutral 15 13.6 13.6 20.9

Agree 48 43.6 43.6 64.5

Strongly Agree 29 26.4 26.4 90.9

The Impact of Social Media in Consumer Preference of Real Estate Industry in Bangladesh.pdf

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