The Importance of Databases in Real Estate Industry: Exploring the Experiences of Realtors in Harare, Zimbabwe

Abstract

Scarcity of real property transactions data in the real property market in Harare has caused a litany of problems to realtors whose business operations are heavily dependent on the availability of quality data. This paper explores the challenges that have been experienced by realtors in Harare due to the inadequacy of property transactions data. The study is grounded in qualitative methodology and uses both primary and secondary data. Data were collected through in-depth interviews and document scanning, then analysed through content analysis. The study revealed that the non-existence of an electronic property transactions database in Zimbabwe has affected the business operations of realtors especially those with less experience. Poor property appraisal values they have produced resulted in loss of business as clients' confidence in them is deteriorating. Although experienced realtors seem to be managing, basing their comparables on their own small databases and their professional networks the scarcity of property transactions data has also affected their efficiency and the credibility and quality of property values produced. In light of this, it is recommended that steps should be taken towards the development of an electronic national property transactions database that can be accessed by real estate industry actors and the general populace. This paves way for automated valuation models and housing price indices that significantly improve operations of realtors in Harare.