IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v10y2018i9p3142-d167479.html
   My bibliography  Save this article

A Systematic Review of Smart Real Estate Technology: Drivers of, and Barriers to, the Use of Digital Disruptive Technologies and Online Platforms

Author

Listed:
  • Fahim Ullah

    (Faculty of the Built Environment, University of New South Wales, Kensington, 2052 Sydney, Australia)

  • Samad M. E. Sepasgozar

    (Faculty of the Built Environment, University of New South Wales, Kensington, 2052 Sydney, Australia)

  • Changxin Wang

    (Faculty of the Built Environment, University of New South Wales, Kensington, 2052 Sydney, Australia)

Abstract

Real estate needs to improve its adoption of disruptive technologies to move from traditional to smart real estate (SRE). This study reviews the adoption of disruptive technologies in real estate. It covers the applications of nine such technologies, hereby referred to as the Big9. These are: drones, the internet of things (IoT), clouds, software as a service (SaaS), big data, 3D scanning, wearable technologies, virtual and augmented realities (VR and AR), and artificial intelligence (AI) and robotics. The Big9 are examined in terms of their application to real estate and how they can furnish consumers with the kind of information that can avert regrets. The review is based on 213 published articles. The compiled results show the state of each technology’s practice and usage in real estate. This review also surveys dissemination mechanisms, including smartphone technology, websites and social media-based online platforms, as well as the core components of SRE: sustainability, innovative technology and user centredness. It identifies four key real estate stakeholders—consumers, agents and associations, government and regulatory authorities, and complementary industries—and their needs, such as buying or selling property, profits, taxes, business and/or other factors. Interactions between these stakeholders are highlighted, and the specific needs that various technologies address are tabulated in the form of a what, who and how analysis to highlight the impact that the technologies have on key stakeholders. Finally, stakeholder needs as identified in the previous steps are matched theoretically with six extensions of the traditionally accepted technology adoption model (TAM), paving the way for a smoother transition to technology-based benefits for consumers. The findings pertinent to the Big9 technologies in the form of opportunities, potential losses and exploitation levels (OPLEL) analyses highlight the potential utilisation of each technology for addressing consumers’ needs and minimizing their regrets. Additionally, the tabulated findings in the form of what, how and who links the Big9 technologies to core consumers’ needs and provides a list of resources needed to ensure proper information dissemination to the stakeholders. Such high-quality information can bridge the gap between real estate consumers and other stakeholders and raise the state of the industry to a level where its consumers have fewer or no regrets. The study, being the first to explore real estate technologies, is limited by the number of research publications on the SRE technologies that has been compensated through incorporation of online reports.

Suggested Citation

  • Fahim Ullah & Samad M. E. Sepasgozar & Changxin Wang, 2018. "A Systematic Review of Smart Real Estate Technology: Drivers of, and Barriers to, the Use of Digital Disruptive Technologies and Online Platforms," Sustainability, MDPI, vol. 10(9), pages 1-44, September.
    • Handle: RePEc:gam:jsusta:v:10:y:2018:i:9:p:3142-:d:167479
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/10/9/3142/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/10/9/3142/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Alasdair Rae, 2015. "Online Housing Search and the Geography of Submarkets," Housing Studies, Taylor & Francis Journals, vol. 30(3), pages 453-472, June.
    2. repec:arz:wpaper:eres2011-103 is not listed on IDEAS
    3. Viswanath Venkatesh, 2000. "Determinants of Perceived Ease of Use: Integrating Control, Intrinsic Motivation, and Emotion into the Technology Acceptance Model," Information Systems Research, INFORMS, vol. 11(4), pages 342-365, December.
    4. Chan, Steven & Han, Gaofeng & Zhang, Wenlang, 2016. "How strong are the linkages between real estate and other sectors in China?," Research in International Business and Finance, Elsevier, vol. 36(C), pages 52-72.
    5. Adriana LIMBÄ‚ÅžAN & Lucia RUSU, 2011. "Implementing SaaS Solution for CRM," Informatica Economica, Academy of Economic Studies - Bucharest, Romania, vol. 15(2), pages 175-183.
    6. Bob Thompson, 2015. "Innovation in property management," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 33(5), pages 436-445, August.
    7. Reinhardt, Ronny & Gurtner, Sebastian, 2015. "Differences between early adopters of disruptive and sustaining innovations," Journal of Business Research, Elsevier, vol. 68(1), pages 137-145.
    8. Mathew, Paul A. & Dunn, Laurel N. & Sohn, Michael D. & Mercado, Andrea & Custudio, Claudine & Walter, Travis, 2015. "Big-data for building energy performance: Lessons from assembling a very large national database of building energy use," Applied Energy, Elsevier, vol. 140(C), pages 85-93.
    9. Felix Wortmann & Kristina Flüchter, 2015. "Internet of Things," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 57(3), pages 221-224, June.
    10. Neil Crosby, 2017. "The search for a Long Term/ Sustainable Real Estate Appraisal/Valuation for Secured Lending," ERES eres2017_322, European Real Estate Society (ERES).
    11. Luppicini, Rocci & So, Arthur, 2016. "A technoethical review of commercial drone use in the context of governance, ethics, and privacy," Technology in Society, Elsevier, vol. 46(C), pages 109-119.
    12. Erfaneh Allameh & Mohammadali Heidari Jozam & Bauke de Vries & Harry J.P. Timmermans & Jakob Beetz, 2011. "Smart Home as a smart real estate, A state of the art review," ERES eres2011_103, European Real Estate Society (ERES).
    13. Jenny Phillimore, 2013. "Housing, Home and Neighbourhood Renewal in the Era of Superdiversity: Some Lessons from the West Midlands," Housing Studies, Taylor & Francis Journals, vol. 28(5), pages 682-700, July.
    14. David Moher & Alessandro Liberati & Jennifer Tetzlaff & Douglas G Altman & The PRISMA Group, 2009. "Preferred Reporting Items for Systematic Reviews and Meta-Analyses: The PRISMA Statement," PLOS Medicine, Public Library of Science, vol. 6(7), pages 1-6, July.
    15. Paroutis, Sotirios & Bennett, Mark & Heracleous, Loizos, 2014. "A strategic view on smart city technology: The case of IBM Smarter Cities during a recession," Technological Forecasting and Social Change, Elsevier, vol. 89(C), pages 262-272.
    16. Uhl, Matthias W. & Rohner, Philippe, 2018. "The compensation portfolio," Finance Research Letters, Elsevier, vol. 27(C), pages 60-64.
    17. Pan, Jiun-Nan & Huang, Jr-Tsung & Chiang, Tsun-Feng, 2015. "Empirical study of the local government deficit, land finance and real estate markets in China," China Economic Review, Elsevier, vol. 32(C), pages 57-67.
    18. Berger, Allen N. & Bouwman, Christa H.S. & Kick, Thomas & Schaeck, Klaus, 2016. "Bank liquidity creation following regulatory interventions and capital support," Journal of Financial Intermediation, Elsevier, vol. 26(C), pages 115-141.
    19. Jungwoo Shin & Yuri Park & Daeho Lee, 2015. "Google TV or Apple TV?—The Reasons for Smart TV Failure and a User-Centered Strategy for the Success of Smart TV," Sustainability, MDPI, vol. 7(12), pages 1-12, December.
    20. Rao, Bharat & Gopi, Ashwin Goutham & Maione, Romana, 2016. "The societal impact of commercial drones," Technology in Society, Elsevier, vol. 45(C), pages 83-90.
    21. Annalisa Cocchia, 2014. "Smart and Digital City: A Systematic Literature Review," Progress in IS, in: Renata Paola Dameri & Camille Rosenthal-Sabroux (ed.), Smart City, edition 127, pages 13-43, Springer.
    22. Mark Lloyd Lester S Consignado & Mark Lesther A Velasco & Aladdin Paolo A Sanvictores & Archieval M Jain & Francis F Balahadia, 2017. "HAYBOL: An Android-Based Apartment Locator Application," International Journal of Computing Sciences Research, Step Academic, vol. 1(2), pages 1-9, August.
    23. Zhang, Cheng & Dhaliwal, Jasbir, 2009. "An investigation of resource-based and institutional theoretic factors in technology adoption for operations and supply chain management," International Journal of Production Economics, Elsevier, vol. 120(1), pages 252-269, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kamran Iqbal & Hafiz Suliman Munawar & Hina Inam & Siddra Qayyum, 2021. "Promoting Customer Loyalty and Satisfaction in Financial Institutions through Technology Integration: The Roles of Service Quality, Awareness, and Perceptions," Sustainability, MDPI, vol. 13(23), pages 1-20, November.
    2. Le Tung Bach, 2023. "The behavioral intention to adopt Proptech services in Vietnam real estate market," Papers 2312.06994, arXiv.org.
    3. Hafiz Suliman Munawar & Hina Inam & Fahim Ullah & Siddra Qayyum & Abbas Z. Kouzani & M. A. Parvez Mahmud, 2021. "Towards Smart Healthcare: UAV-Based Optimized Path Planning for Delivering COVID-19 Self-Testing Kits Using Cutting Edge Technologies," Sustainability, MDPI, vol. 13(18), pages 1-21, September.
    4. Tarek Hatem Al-Rimawi & Michael Nadler, 2023. "Evaluating Cities and Real Estate Smartness and Integration: Introducing a Comprehensive Evaluation Framework," Sustainability, MDPI, vol. 15(12), pages 1-31, June.
    5. Yunhyoung Kim & Jeonghoon Mo, 2018. "Pricing of Digital Video Supply Chain: Free versus Paid Service on the Direct Distribution Channel," Sustainability, MDPI, vol. 11(1), pages 1-14, December.
    6. Sha, Kritika & Taeihagh, Araz & De Jong, Martin, 2024. "Governing disruptive technologies for inclusive development in cities: A systematic literature review," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    7. Fahim Ullah & Samad M. E. Sepasgozar, 2020. "Key Factors Influencing Purchase or Rent Decisions in Smart Real Estate Investments: A System Dynamics Approach Using Online Forum Thread Data," Sustainability, MDPI, vol. 12(11), pages 1-36, May.
    8. Ahsen Maqsoom & Bilal Aslam & Sharjeel Ismail & Muhammad Jamaluddin Thaheem & Fahim Ullah & Hafiz Zahoor & Muhammad Ali Musarat & Nikolai Ivanovich Vatin, 2021. "Assessing Rainwater Harvesting Potential in Urban Areas: A Building Information Modelling (BIM) Approach," Sustainability, MDPI, vol. 13(22), pages 1-21, November.
    9. Ullah, Fahim & Qayyum, Siddra & Thaheem, Muhammad Jamaluddin & Al-Turjman, Fadi & Sepasgozar, Samad M.E., 2021. "Risk management in sustainable smart cities governance: A TOE framework," Technological Forecasting and Social Change, Elsevier, vol. 167(C).
    10. Zhang, Meng & Wang, Hong & Wang, Hao & Osmadi, Atasya Binti, 2024. "Digital economy, land resource mismatch, and urban housing costs: Evidence from China's digital governance policy perspective," Resources Policy, Elsevier, vol. 92(C).
    11. Alina Simona Tecau & Bianca Tescasiu & Cristinel Petrisor Constantin, 2019. "Integrating Augmented Reality in the Social Media Platforms. The Users’ Perspective," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 442-448.
    12. Hafiz Suliman Munawar & Sara Imran Khan & Zakria Qadir & Abbas Z. Kouzani & M A Parvez Mahmud, 2021. "Insight into the Impact of COVID-19 on Australian Transportation Sector: An Economic and Community-Based Perspective," Sustainability, MDPI, vol. 13(3), pages 1-24, January.
    13. Qadeer Ali & Muhammad Jamaluddin Thaheem & Fahim Ullah & Samad M. E. Sepasgozar, 2020. "The Performance Gap in Energy-Efficient Office Buildings: How the Occupants Can Help?," Energies, MDPI, vol. 13(6), pages 1-27, March.
    14. Mandi Xu & Hefan Zheng & Jing Wu, 2024. "Are Online-Only Real Estate Marketplaces Viable? Evidence from China," The Journal of Real Estate Finance and Economics, Springer, vol. 68(4), pages 583-623, May.
    15. Tim-Benjamin Lembcke & Mathias Willnat & Henrik Lechte & Maike Greve & Julia Heinsohn & Alfred Benedikt Brendel, 2021. "Mobility Need-Adaptive Housing Platforms: The Benefit of a Commute Time Search Feature," Sustainability, MDPI, vol. 13(6), pages 1-14, March.
    16. Hafiz Suliman Munawar & Fahim Ullah & Siddra Qayyum & Sara Imran Khan & Mohammad Mojtahedi, 2021. "UAVs in Disaster Management: Application of Integrated Aerial Imagery and Convolutional Neural Network for Flood Detection," Sustainability, MDPI, vol. 13(14), pages 1-22, July.
    17. Fahim Ullah & Sara Imran Khan & Hafiz Suliman Munawar & Zakria Qadir & Siddra Qayyum, 2021. "UAV Based Spatiotemporal Analysis of the 2019–2020 New South Wales Bushfires," Sustainability, MDPI, vol. 13(18), pages 1-32, September.
    18. Abdelmohsen A. Nassani & Crenguta Sinisi & Daniela Mihai & Loredana Paunescu & Zahid Yousaf & Mohamed Haffar, 2022. "Towards the Achievement of Frugal Innovation: Exploring Major Antecedents among SMEs," Sustainability, MDPI, vol. 14(7), pages 1-12, March.
    19. Sheen Low & Fahim Ullah & Sara Shirowzhan & Samad M. E. Sepasgozar & Chyi Lin Lee, 2020. "Smart Digital Marketing Capabilities for Sustainable Property Development: A Case of Malaysia," Sustainability, MDPI, vol. 12(13), pages 1-40, July.
    20. Abdul Aziz Khan Niazi & Tehmina Fiaz Qazi & Asna Sarwar & Ifra Aziz Khan Niazi & Abdul Basit, 2023. "A Structural Model of Hindrances to Switch from Traditional to Virtual Real Estate Marketing in Pakistan," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 9(2), pages 1-16.
    21. Jun Qiu & Jing Cao & Xinyi Gu & Zimo Ge & Zhe Wang & Zheng Liang, 2023. "Design of an Evaluation System for Disruptive Technologies to Benefit Smart Cities," Sustainability, MDPI, vol. 15(11), pages 1-17, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Johannes Stübinger & Lucas Schneider, 2020. "Understanding Smart City—A Data-Driven Literature Review," Sustainability, MDPI, vol. 12(20), pages 1-23, October.
    2. Anania, Emily C. & Rice, Stephen & Pierce, Matthew & Winter, Scott R. & Capps, John & Walters, Nathan W. & Milner, Mattie N., 2019. "Public support for police drone missions depends on political affiliation and neighborhood demographics," Technology in Society, Elsevier, vol. 57(C), pages 95-103.
    3. Vujičić, Miroslav D. & Kennell, James & Stankov, Uglješa & Gretzel, Ulrike & Vasiljević, Đorđije A. & Morrison, Alastair M., 2022. "Keeping up with the drones! Techno-social dimensions of tourist drone videography," Technology in Society, Elsevier, vol. 68(C).
    4. Nelson, Jake & Gorichanaz, Tim, 2019. "Trust as an ethical value in emerging technology governance: The case of drone regulation," Technology in Society, Elsevier, vol. 59(C).
    5. Lee, Dasom & Hess, David J. & Heldeweg, Michiel A., 2022. "Safety and privacy regulations for unmanned aerial vehicles: A multiple comparative analysis," Technology in Society, Elsevier, vol. 71(C).
    6. Matthew Ayamga & Bedir Tekinerdogan & Ayalew Kassahun, 2021. "Exploring the Challenges Posed by Regulations for the Use of Drones in Agriculture in the African Context," Land, MDPI, vol. 10(2), pages 1-13, February.
    7. Kummitha, Rama Krishna Reddy, 2018. "Entrepreneurial urbanism and technological panacea: Why Smart City planning needs to go beyond corporate visioning?," Technological Forecasting and Social Change, Elsevier, vol. 137(C), pages 330-339.
    8. Parul Gupta & Sumedha Chauhan & M. P. Jaiswal, 2019. "Classification of Smart City Research - a Descriptive Literature Review and Future Research Agenda," Information Systems Frontiers, Springer, vol. 21(3), pages 661-685, June.
    9. Casiano Flores, Cesar & Tan, Evrim & Crompvoets, Joep, 2021. "Governance assessment of UAV implementation in Kenyan land administration system," Technology in Society, Elsevier, vol. 66(C).
    10. Schiavone, Francesco & Paolone, Francesco & Mancini, Daniela, 2019. "Business model innovation for urban smartization," Technological Forecasting and Social Change, Elsevier, vol. 142(C), pages 210-219.
    11. Rajak, Manindra & Shaw, Krishnendu, 2021. "An extension of technology acceptance model for mHealth user adoption," Technology in Society, Elsevier, vol. 67(C).
    12. Merkert, Rico & Bushell, James, 2020. "Managing the drone revolution: A systematic literature review into the current use of airborne drones and future strategic directions for their effective control," Journal of Air Transport Management, Elsevier, vol. 89(C).
    13. Haula, Kitonsa & Agbozo, Ebenezer, 2020. "A systematic review on unmanned aerial vehicles in Sub-Saharan Africa: A socio-technical perspective," Technology in Society, Elsevier, vol. 63(C).
    14. Ensslen, Axel & Gnann, Till & Jochem, Patrick & Plötz, Patrick & Dütschke, Elisabeth & Fichtner, Wolf, 2020. "Can product service systems support electric vehicle adoption?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 137(C), pages 343-359.
    15. Angela Heymans & Jessica Breadsell & Gregory M. Morrison & Joshua J. Byrne & Christine Eon, 2019. "Ecological Urban Planning and Design: A Systematic Literature Review," Sustainability, MDPI, vol. 11(13), pages 1-20, July.
    16. Jalaluddin Abdul Malek & Seng Boon Lim & Tan Yigitcanlar, 2021. "Social Inclusion Indicators for Building Citizen-Centric Smart Cities: A Systematic Literature Review," Sustainability, MDPI, vol. 13(1), pages 1-29, January.
    17. Mahnoosh Hassankhani & Mehdi Alidadi & Ayyoob Sharifi & Abolghasem Azhdari, 2021. "Smart City and Crisis Management: Lessons for the COVID-19 Pandemic," IJERPH, MDPI, vol. 18(15), pages 1-18, July.
    18. Mora, Luca & Deakin, Mark & Reid, Alasdair, 2019. "Combining co-citation clustering and text-based analysis to reveal the main development paths of smart cities," Technological Forecasting and Social Change, Elsevier, vol. 142(C), pages 56-69.
    19. LEBRUMENT, Norbert & ZUMBO-LEBRUMENT, Cédrine & ROCHETTE, Corinne & ROULET, Thomas J., 2021. "Triggering participation in smart cities: Political efficacy, public administration satisfaction and sense of belonging as drivers of citizens’ intention," Technological Forecasting and Social Change, Elsevier, vol. 171(C).
    20. Mora, Luca & Deakin, Mark & Reid, Alasdair, 2019. "Strategic principles for smart city development: A multiple case study analysis of European best practices," Technological Forecasting and Social Change, Elsevier, vol. 142(C), pages 70-97.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:10:y:2018:i:9:p:3142-:d:167479. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.