TITLE:
Harnessing the Power of Herding for Real (Estate); Factors Influencing Herd Mentality, Driven by Social Media in the Real Estate Market
AUTHORS:
Nethra Thakkar
KEYWORDS:
Real Estate Industry, Social Media, Herd Mentality, Economy, Perception, Mindset, Emotion, Influence
JOURNAL NAME:
Open Journal of Business and Management,
Vol.12 No.5,
August
23,
2024
ABSTRACT: This paper explores the effect of the herd mentality on consumers’ buying decisions in the real estate industry, which is highly influenced by social media influences. It helps to understand how social media influencers shape consumer behavior and decision-making processes in the economy of real estate transactions. Social media influencers significantly impact herd mentality, leading to market jumps and potential risks in the real estate area. The paper also contributes to the debates on the role of social media in shaping consumer behavior and its connection with the real estate industry. This paper provides awareness for researchers seeking to understand and navigate the real estate market dynamics in the digital age and fast-changing economy today. Using social media in this industry today is indeed a significant determinant of essentially making your clients, your fans. The way homes and agents are perceived on social media is crucial to the success of the industry.