Potential of Metaverse as New Technology to Improve the Property Agency Practice

Abstract

Metaverse technology is regarded as the new revolution of the internet. It is a digital world that allows users to create their own avatars to interact and socialise with others. The continued development of the metaverse will change the way houses are viewed and transacted in the future, improving real estate agents' marketing practices. This research aims to understand the awareness and perspectives of real estate agents about metaverse technology. Therefore, the first research objective is to investigate the level of awareness of metaverse technology among real estate agents in Malaysia. The second research objective is to examine the perceived benefits of adopting metaverse technology by real estate agents in Malaysia in the future. Questionnaires were distributed to real estate agents who work in Malaysia and are registered under the Board of Valuers, Appraisers, Estate Agents, and Property Managers. The collected data were analysed using frequency analysis, crosstabulation analysis, and mean score analysis. Overall, the findings show the level of awareness of metaverse technology among real estate agents in Malaysia and their perspectives on its adoption as part of their practices. Thus, this research can contribute to real estate agents, practitioners, firms, and researchers.