Adoption of Gig Economy in the Real Estate Industry: Drivers, Challenges, and Impact on Innovative Business Strategies
DOI:
https://doi.org/10.24191/eaj.v14i1.5616Keywords:
Gig economy, real estate industry, drivers, challenges, business strategiesAbstract
The gig economy has transformed various industries, including real estate, by introducing flexible work arrangements and innovative business strategies. Despite its growing significance, there is limited research on the adoption factors, challenges, and strategic impacts of gig work in the real estate sector. This study aims to (i) identify the key factors driving the gig economy in real estate, (ii) analyze the challenges faced by both gig workers and companies, and (iii) investigate the impacts of the gig economy on the industry through innovative business strategies. A qualitative research design was employed, utilizing semi-structured interviews with four industry experts through purposive sampling. Thematic analysis revealed that flexibility in work hours, cost-effectiveness, demand for specialized skills, digital tools adoption, and workforce agility are the primary drivers of gig work in real estate. However, companies struggle with assessing gig workers' reliability, skills, and qualifications due to a lack of standardized regulations. Gig workers, in turn, face job instability and intense market competition. In terms of business strategies, the findings highlight that flexible rental options and co-living spaces are emerging as significant trends catering to gig workers, while affordability and short-term rentals remain secondary concerns. This study fills a critical research gap by providing empirical insights into how the gig economy influences the real estate industry, particularly through flexible work structures and innovative housing solutions. The findings contribute to both academic and industry discourse by emphasizing the need for structured platforms and regulatory frameworks to support gig work in real estate. Future research should explore policy interventions and the long-term sustainability of gig work in the sector.
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