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ABSTRACT
This study examined the online market places and traditional real estate brokerage model in Benin City, the adoption rate of online property market places, the challenges of using online property market places for real estate brokerage and the impact of online property market places on traditional real estate brokerage model in the study area. This is with a view to providing information for strategic decision making on real estate agency. Relevant data were harnessed from practicing estate surveyors and valuers in Benin City and analysed using descriptive statistics and paired t test. The study showed that traditional brokerage model revolves around commission based remuneration system and online market places make use of platforms for reach of properties by prospective clients. The adoption rate of online market places is low as only 25% of the respondents made use of online market places. The benefits realized by current users of online market places include increased visibility and reach, convenience, flexibility and cost effectiveness. The result of the paired t test showed significantly positive differences in sales volume and significantly negative differences in costs. The study advocated for increased awareness on the benefits of online market media in order to enhance the standard of practice of real estate agency in the study area.
