DEMATEL method of analysing the factors influencing the decision to adopt virtual reality technology by real estate firms in Lagos property market

Purpose

The study analysed the factors influencing real estate firms' (REFs) decision to adopt virtual reality (VR) technology using the Decision-Making Trial and Evaluation Laboratory (DEMATEL) method. This was done to enhance the practice of real estate agency in Nigeria.

Design/methodology/approach

Data were elicited from eight real estate experts. These experts were heads of the agency department of firms that had been in existence for a minimum of five years in the Lagos property market. The data analysed in this study were collected with the aid of a questionnaire.

Findings

The result revealed that use intention was influenced by performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation, price value and UB. Also, facilitating conditions, habit and use intention did not influence use behaviour. Overall, six constructs, which include price value (R_i − C_j value = 0.1284), use behaviour (R_i − C_j value = 0.0666), social influence (R_i − C_j value = 0.0583), facilitating conditions (R_i − C_j value = 0.0323), performance expectancy (R_i − C_j value = 0.0196) and effort expectancy (R_i − C_j value = 0.0116), were significant predictors of the factors influencing the decision of REFs to adopt VR. Of these constructs, the R_i − C_j values indicated that price value had the highest causative influence.

Practical implications

The result of this study will bring REFs to the consciousness of the factors that could affect their adoption of VR technology. This study will also assist the Nigerian Institution of Estate Surveyors and Valuers in appropriately enlightening REFs on the integration of VR technology into the agency practice especially at this time when all health protocols and guidelines need to be observed to help flatten the curve of the Covid-19 pandemic.

Originality/value

This study is the first to have an insight into the analysis of the factors influencing REFs' decision to adopt VR technology using the DEMATEL method.