Zhengrui Jiang, Arun Rai, Hua Sun, Cheng Nie, Yuheng Hu
{"title":"How Does Online Information Influence Offline Transactions? Insights from Digital Real Estate Platforms","authors":"Zhengrui Jiang, Arun Rai, Hua Sun, Cheng Nie, Yuheng Hu","doi":"10.1287/isre.2020.0658","DOIUrl":null,"url":null,"abstract":"This study highlights the critical function that digital real estate platforms, like Zillow, serve in facilitating effective property transactions. They do this by transmitting vital property information from sellers to buyers, thereby enriching the value of offline deals. Our findings indicate that Zillow, as a source of information, is incredibly valuable for properties that deviate significantly from their neighborhood’s average value, either above or below. It’s particularly useful in conveying experiential details through images and textual descriptions. For potential buyers, Zillow is a trustworthy source of property information for estimating property value, especially when alternative sources of information are limited. This study underscores the necessity for sellers and their agents to effectively represent property information online, considering its significant impact on sale prices. This is especially true for unique properties and properties with notable experiential elements. Furthermore, our study suggests that real estate professionals need to modify their business practices to take full advantage of digital platforms and provide superior services to their clients. Finally, digital real estate platforms can use these insights to enhance their platform design by focusing on the collection and display of significant information, ultimately increasing the value provided to both buyers and sellers of properties.","PeriodicalId":48411,"journal":{"name":"Information Systems Research","volume":null,"pages":null},"PeriodicalIF":5.0000,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Information Systems Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1287/isre.2020.0658","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"INFORMATION SCIENCE & LIBRARY SCIENCE","Score":null,"Total":0}
引用次数: 1
Abstract
This study highlights the critical function that digital real estate platforms, like Zillow, serve in facilitating effective property transactions. They do this by transmitting vital property information from sellers to buyers, thereby enriching the value of offline deals. Our findings indicate that Zillow, as a source of information, is incredibly valuable for properties that deviate significantly from their neighborhood’s average value, either above or below. It’s particularly useful in conveying experiential details through images and textual descriptions. For potential buyers, Zillow is a trustworthy source of property information for estimating property value, especially when alternative sources of information are limited. This study underscores the necessity for sellers and their agents to effectively represent property information online, considering its significant impact on sale prices. This is especially true for unique properties and properties with notable experiential elements. Furthermore, our study suggests that real estate professionals need to modify their business practices to take full advantage of digital platforms and provide superior services to their clients. Finally, digital real estate platforms can use these insights to enhance their platform design by focusing on the collection and display of significant information, ultimately increasing the value provided to both buyers and sellers of properties.
期刊介绍:
ISR (Information Systems Research) is a journal of INFORMS, the Institute for Operations Research and the Management Sciences. Information Systems Research is a leading international journal of theory, research, and intellectual development, focused on information systems in organizations, institutions, the economy, and society.