An exploratory study of the critical success factors for IT-enabled property agencies in Guangzhou

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An exploratory study of the critical success factors for IT-enabled property agencies in Guangzhou

 

Author: Siu, Miu-chee Corinna
Title: An exploratory study of the critical success factors for IT-enabled property agencies in Guangzhou
Degree: D.B.A.
Year: 2003
Subject: Hong Kong Polytechnic University -- Dissertations
Real estate agents -- China -- Guangzhou -- Case studies
Success in business -- China -- Guangzhou -- Case studies
Organizational effectiveness -- Case studies
Department: Graduate School of Business
Pages: xiv, 183 leaves : ill. (some col.) ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1726537
URI: http://theses.lib.polyu.edu.hk/handle/200/74
Abstract: This study explores the critical success factors (CSFs) for IT-enabled property agencies in Guangzhou. Guangzhou is experiencing a home ownership boom, encouraged by a series of government stimulating measures like civil service pay rises, liberalization of the housing market, increasing availability of credit to the private sector, tax reduction, etc. Property is probably one of the most important investments in Chinese people's overall financial plans. They are therefore inclined to seek the services of a property agency to research price, location, functionality and accessibility, in order to ensure that they make the right choice. Property agencies that leverage the power of the Internet and incorporate IT in their service delivery are referred to as "IT-enabled property agencies". From prior research, a pilot study and grounded theory, the "SteaM" Theory emerged, indicating that the CSFs are the intangible and tangible benefits brought by strategic alliances, technology strategy, employee commitment, awareness creation, management planning and control processes. These generate organizational actions and results which subsequently lead to the perceived success of an IT-enabled property agency in Guangzhou. This study adopted a combination of quantitative and qualitative research methods and studied all three IT-enabled property agencies in Guangzhou, namely Centaline Property Agency Limited, Guangzhou MyTopHome Company Limited, and Midland Realty (Holdings) Limited. Face-to-face interviews and observations were conducted in these property agencies. A total of 445 questionnaires were administered to the industry practitioners and 287 responses (65%) were received. The hypotheses were tested by multiple regressions and triangulation. The analyses and findings resulted in all the following hypotheses being positively supported. The CSFs of the intangible benefits and tangible benefits brought by strategic alliances, adopting technology strategy, possessing employee commitment, creating brand awareness far the property agency and applying management planning and control processes are positively related to the property agency performing effective organizational actions and achieving effective organizational results. Both consequences are positively related to the perceived success of an IT-enabled property agency in Guangzhou. The findings reveal that the industry is information-based, and that industry practitioners find Web information indispensable. This perception encourages customers and agents to use or work for those property agencies that have a strong Web presence, hence managers may be willing to invest further in Internet technology development. It is also shown that the industry requires plenty of employee and customer education on its code of ethics in order to foster a healthy business environment. Therefore, managers may focus on people and train up a professional and committed workforce. Managers may emphasize in maintaining good working relationships with strategic alliances to sustain competitive advantages. Identification of the CSFs in the property sector may strengthen the studies on this topic and serve as a prototype. It may also help managers to formulate the right business strategy for the future. A clear picture of CSFs for an IT-enabled property agency in Guangzhou has emerged through this exploration. The next phase is to see whether these CSFs stand the test of time given the rapidly advancing Internet technology and fast-changing business environment in Guangzhou. The subsequent business models and their effectiveness constitute valuable knowledge that requires further study.

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