CONVENTIONAL SHOWFLAT VS VIRTUAL SHOWFLAT: BUYERS' STATED PREFERENCE PERSPECTIVE

Abstract

In order to keep pace with the technological advancement, real estate marketers have come up with a new marketing tool—virtual showflat. This type of showflat allows potential homebuyers to view and experience a sense of living in new development launches through the internet. Therefore, with the emergence of these showflats, it would be interesting to inquire homebuyers' perceptions of these showflats as compared to conventional showflats and to examine the factors that affect homebuyers' choice of showflats. This study has revealed that the virtual showflat is not a substitute to the conventional showflat. Rather, it enhances the services of the real estate developers/marketers by giving the homebuyer an opportunity to preview the showflat at home before he visits the actual showflat. Furthermore, education level, age and internet usage level are found to be significant factors in affecting homebuyers' choice of showflats. In addition, the 'reality' and 'convenience' nature of the showflat play important roles in influencing the homebuyers' choice of showflats. All these findings would assist the real estate marketers/developers to be more efficient and effective in their targeting and positioning strategies.