The current behavioural patterns witnessed of the customers/clients/players in the personal real estate market in Sri Lanka

Abstract

Purpose

Although the personal real estate market business seems to be an upcoming flourishing economic venture in Sri Lanka, the intellectual investigator could invariably visualize a magnitude of flaws and unethical practices in operation in its current behavioural patterns, on the one hand, displayed by the not-so-honest buyers who resort to various deceptions in duping the sellers and, on the other, by the unprofessional activities of the agents/brokers who act as middlemen or intermediaries in bringing the buyer and the seller together. Nevertheless, it is found through observational research and empirical evidence that such plethora of malpractices happening in this economic sphere could be obviated by inculcating the much-needed professionalism among the brokering community. In such a scenario, the brokers become capable of educating both the buyer and the seller in the ethical practices governing the personal real estate business. The paper aims to discuss these issues.

Design/methodology/approach

Observational research and empirical evidence are gathered from the relevant venues and scenarios.

Findings

In order to achieve this end, it is recommended that both the state sector and private sector in Sri Lanka should initiate immediate action in providing valuable study courses in the area of real estate marketing culminating in certificates and diplomas awarded to the qualified agents/brokers.

Research limitations/implications

In this research paper, the author opts to limit his study only to the personal real estate market in Sri Lanka. Said differently, the study will, inter-alia, explore the behavioural patterns of the individuals who are desirous of purchasing a land or a house property for their own personal use.

Originality/value

This type of research paper has never been presented in relation to the personal real estate market in Sri Lanka. Thus, it explores the behavioural patterns of the various players who are engaged in the personal real estate business in Sri Lanka currently.

Citation

Karunaratne, V.P. (2018), "The current behavioural patterns witnessed of the customers/clients/players in the personal real estate market in Sri Lanka", International Journal of Social Economics, Vol. 45 No. 1, pp. 223-228. https://doi.org/10.1108/IJSE-03-2016-0104