Jit05.pdf

The US residential real estate industry has undergone significant changes from 1995 to 2005 due to the adoption of information and communication technologies (ICT). Three key changes have occurred: (1) changes in transaction processes, (2) changing roles for information, and (3) changes in the nature of intermediation. The industry's structure and function have been influenced by ICT, with agents embracing new technologies to gain an advantage. The industry is a significant economic force in the US, with over 2.5 million homes sold in 2004 and a rising number of real estate agents. An institutional perspective is used to study the impact of ICT on the industry, highlighting the complex inter-relations among intermediaries, information, and core industrial processes.