Abstract
More than 90 percent home buyers today rely on the Internet as one of their primary research sources and real estate related searches continually grows. Internet helps buyers to find and select bigger number of right homes for sale in a shorter time, so provides more alternatives for bargaining. The bargaining is an inseparable part of the home buying and selling process. However, housing bargaining mostly is conducted face-to face, so there is a growing need for facilitating the housing bargaining and conducting such bargaining on the Web with the help of the systems. The article describes the developed Real-Time Housing Multiple Criteria Bargaining Decision Support System, based on multiple-criteria mathematical methods, which helps to improve the efficiency of bargaining through the following functions: search for housing alternatives; formulation of the initial comparative table of alternatives; multiple criteria analysis of housing alternatives and negotiation tactics; determination of the most useful home option for buying; presentation of recommendations and real-time determination of a home's market value; e-bargaining using templates of bargaining e-mails generated by the system.
Highlights
INTRODUCTIONIn a rapidly changing real estate market conditions and the large demand and supply for real estate, it is difficult to adequately orient all the above in the existing situation and to make rational decisions and property bargaining without the help of the decision support systems, knowledge and databases
In a rapidly changing real estate market conditions and the large demand and supply for real estate, it is difficult to adequately orient all the above in the existing situation and to make rational decisions and property bargaining without the help of the decision support systems, knowledge and databases.Over the past decade the world of real estate (RE) buyers has become increasingly digital
The article describes the developed Real-Time Housing Multiple Criteria Bargaining Decision Support System, based on multiple-criteria mathematical methods, which helps to improve the efficiency of bargaining through the following functions: search for housing alternatives; formulation of the initial comparative table of alternatives; multiple criteria analysis of housing alternatives and negotiation tactics; determination of the most useful home option for buying; presentation of recommendations and real-time determination of a home’s market value; e-bargaining using templates of bargaining e-mails generated by the system
Summary
In a rapidly changing real estate market conditions and the large demand and supply for real estate, it is difficult to adequately orient all the above in the existing situation and to make rational decisions and property bargaining without the help of the decision support systems, knowledge and databases. The developed System was based on the research and findings of scientists (taken from the literature review) on real estate negotiation research (Gibler, Nelson 2003; Yavas 2007), negotiation support systems (Kersten, Lai 2010; Druckman et al 2012), e-negotiation versus face-to-face negotiation (Galin et al 2007), communication and effects of multimedia communication in web-based negotiation (Yuan et al 2003; Valley et al 2002, van der Amselvoort et al 2011), information and communication technology in the RE industry (Kummerow, Lun 2005), impact of and interaction between behavioral and economic decision support in electronic negotiations (Gettinger et al 2012) as well as on the previous created the conceptual model of construction and real estate negotiation (Urbanavičienė et al 2009).
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