Modelling the drivers of data science techniques for real estate professionals in the fourth industrial revolution era

Osunsanmi, Temidayo; Olawumi, Timothy O.; Smith, Andrew; Jaradat, Suha; Aigbavboa, Clinton; Aliu, John; Oke, Ayodeji; Ajayi, Oluwaseyi; Oyeyipo, Opeyemi

Abstract

Purpose
The study aims to develop a model that supports the application of data science techniques for real estate professionals in the fourth industrial revolution (4IR) era. The present 4IR era gave birth to big data sets and is beyond real estate professionals' analysis techniques. This has led to a situation where most real estate professionals rely on their intuition while neglecting a rigorous analysis for real estate investment appraisals. The heavy reliance on their intuition has been responsible for the under-performance of real estate investment, especially in Africa.

Design/methodology/approach
This study utilised a survey questionnaire to randomly source data from real estate professionals. The questionnaire was analysed using a combination of Statistical package for social science (SPSS) V24 and Analysis of a Moment Structures (AMOS) graphics V27 software. Exploratory factor analysis was employed to break down the variables (drivers) into meaningful dimensions helpful in developing the conceptual framework. The framework was validated using covariance-based structural equation modelling. The model was validated using fit indices like discriminant validity, standardised root mean square (SRMR), comparative fit index (CFI), Normed Fit Index (NFI), etc.

Findings
The model revealed that an inclusive educational system, decentralised real estate market and data management system are the major drivers for applying data science techniques to real estate professionals. Also, real estate professionals' application of the drivers will guarantee an effective data analysis of real estate investments.

Originality/value
Numerous studies have clamoured for adopting data science techniques for real estate professionals. There is a lack of studies on the drivers that will guarantee the successful adoption of data science techniques. A modern form of data analysis for real estate professionals was also proposed in the study.

Citation

Osunsanmi, T., Olawumi, T. O., Smith, A., Jaradat, S., Aigbavboa, C., Aliu, J., Oke, A., Ajayi, O., & Oyeyipo, O. (2024). Modelling the drivers of data science techniques for real estate professionals in the fourth industrial revolution era. Property Management, https://doi.org/10.1108/PM-05-2022-0034

• Journal Article Type: Article
• Acceptance Date: Sep 15, 2022
• Online Publication Date: Jan 6, 2023
• Publication Date: Mar 22, 2024
• Deposit Date: Sep 23, 2022
• Publicly Available Date: Jan 6, 2023
• Print ISSN: 0263-7472
• Publisher: Emerald
• Peer Reviewed: Peer Reviewed
• DOI: https://doi.org/10.1108/PM-05-2022-0034
• Keywords: Data science, decentralised market, fourth industrial revolution, inclusive educational system, real estate professional
• Public URL: http://researchrepository.napier.ac.uk/Output/2922665