Crowdfunding in real estate: evolutionary and disruptive

Manuchehr Shahrokhi (Department of Finance and Business Law, California State University Fresno, Fresno, California, USA)
A.M. Parhizgari (Department of Finance, Florida International University, Miami, Florida, USA)

Managerial Finance

ISSN: 0307-4358

Publication date: 27 May 2019



The purpose of this paper is to analyze the determinants and the operational aspects of real estate crowdfunding (RECF henceforth). It addresses RECF growth, drivers and platforms in light of modern digital technology.


A comparison with traditional real estate funding is provided, and the ease and advantages that RECF offers to real estate investors are analyzed. The risks and rewards of crowdfunding in general and RECF in particular are also addressed.


Inasmuch as RECF appears novel and disruptive, research in this paper dates RECF back to the seventieth century. The findings thus posit that RECF is an evolutionary process while it is currently transformative and disruptive.


This is a novel look into RECF, particularly in terms of data, analyses and evaluation of alternatives.



Shahrokhi, M. and Parhizgari, A. (2019), "Crowdfunding in real estate: evolutionary and disruptive", Managerial Finance, Vol. ahead-of-print No. ahead-of-print.

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