A Prognosis of the Interplay Between Customer Relationship Management and Loyalty in the Real Estate Industry of Lagos State

Abstract

The traditional method of managing properties in Nigerian urban areas demonstrates a relationship of adversity between the tenant and the landlord/landlady/agent. This traditional way of managing properties by focusing on the tenant as a source of funds to the landlord or property manager rather than see the tenants as those that should be nurtured and cherished, will not sustain the industry in the long run. Hence, this study examined the impact of customer relationship management on customer loyalty in the real estate industry of Eti-Osa local government area of Lagos state. The study population consisted of the tenants who live within the LGA by occupying one property or the other for the purpose of residency and/or commercial activities. A sample of two hundred and twenty-four (224) was chosen using multi-stage sampling technique, and data were collected through the use of questionnaire. One hundred and seventy-three (173) (77%) of the questionnaire copies distributed were returned. Analyses were done using some descriptive statistics and regression. The study found that CRM had significant effect on customer loyalty: RIN (β 1 = 0.158; t = 1.973; P<0.05), RoV (β 2 =0.219; t = 1.199; P<0.05), FRD (β 1 = 0.208; t = 1.853; P<0.05), The study recommends that property agents should reach out to potential and existing customers through CRM activities especially in the areas of making relevant information available as at when necessary, maintaining friendly disposition with clients, and paying tenants friendly visits at intervals. Keywords: Real Estate, Customer Relationship Management, Customer Loyalty, Property, Agency DOI: 10.7176/JMCR/69-02 Publication date: July 31 st 2020