Technology integration in India’s real estate sector: measuring awareness of virtual reality and closed-loop marketing

This study aimed to explore the influence of virtual reality and closed-loop marketing as data-driven strategies for optimizing real estate sector performance. It focused on identifying the factors that influenced the level of awareness of these technologies in the real estate sector. This study explored the perspectives of key stakeholders, namely, developers and agents, in both the commercial and residential sectors. Four latent variables and measures were identified through an extensive literature review. Based on this, a survey instrument was developed, distributed online, and 209 responses were received, including from developers and real estate agents. Exploratory factor analysis was used to validate the latent variables, and covariance-based structural equation modelling was used to measure their influence on the level of awareness. Information accessibility (<i>β</i> = 0.626) strongly influenced awareness of VR and CLM. Other factors, such as interactive experience quality (<i>β</i> = 0.322), social influence (<i>β</i> = 0.291), and system integration complexity (<i>β</i> = 0.207), had moderate influences. This study contributes to the body of knowledge by providing a validated scale and latent variables that real estate practitioners can use to develop change management strategies.