Quantitative and Qualitative Methods in Real Estate Research - Case Study Example

Quantitative and Qualitative Methods in Real Estate Research INTRODUCTION Since two decades, most parts of the world including developed, as well as, developing countries have advanced significantly in the field of real estate. In response to the overwhelming needs and requirements of the human population, and the required luxury and leisure of the human race has resulted in creation of various fields related to the real estate in different parts of the globe. In this regard, one of the sectors of real estate that have advanced significantly since the last decade is the real estate research. A number of companies and organizations are now established that provide services of research in the field of real estate. Nowadays, independent research and innovative solutions are provided by a number of companies that have resulted in the noteworthy advancement of the real estate industry. Such companies provide independent fiduciary services, information related to investment opportunities, litigation, counseling, and research services that facilitate the real estate providers in various capacities. (Dalphin, pp. 16-19) In this sector of real estate research, it is very imperative that such companies may have access to detailed knowledge and data related to the trends of real estate industry, as it is very important that proper research should be carried out to provide investment opportunities to the clients. All these companies have to continue their research and keep it up to date, in order to survive in the real estate industry. In this regard, proper methodologies of research play an important and crucial role in acquiring proper information according to the requirements of the clients and customers. In this paper, some of the research methodologies will be described, discussed, and compared, in order to understand the effectiveness, strengths, and weaknesses of the techniques that will be helpful for the real estate industry in the future. QUANTITATIVE METHOD In terms of definition, quantitative properties and their relationships are investigated scientifically in a systematic manner with the facilitation of quantitative methodology during a research project. In addition, mathematical models and hypotheses are developed and employed during the quantitative research. One of the concerns during the implementation of a quantitative methodology is that natural phenomena are considered during the employment of different hypotheses. Moreover, experiential and mathematical expressions are collected in a quantitative relationship through a fundamental connection of measurements. Both natural sciences and social sciences related fields are employing the quantitative methodology of research. Nowadays, the real estate industry has considered the implementation of quantitative research technique in a significant manner, which will be discussed in this paper. On the other hand, quantitative methodology is often referred while contrasting with the qualitative research. (Dalphin, pp. 73-74) Scientific methods are usually approached during the quantitative technique, which involves a number of factors. Some of the most effective methods include different generation of models and hypotheses, which are used for the development of different instruments utilized for the measurement purposes during the research. It is noted during the study that empirical data is usually collected and such data is analyzed and modeled during the quantitative methodology. Lastly, results are evaluated in terms of measurement during the quantitative technique of research. Abovementioned are some of the most important processes that are involved in the quantitative research technique. (Davies, pp. 53-55) Often, the role of an iterative process is played by the quantitative technique in which, collected data is evaluated during the process, and hypotheses are refined. Virtually, the real estate research is performed quantitatively; however, a number of organizations that are involved in providing research are utilizing the combined methodologies of quantitative and qualitative techniques for their research. In the real estate research particularly, qualitative research is often contrasted with quantitative technique of research. During this technique, different observations are examined, analyzed, and interpreted for the creation of various patterns of relationships. In nonprofessional terms, measurements and quantity-related approaches are the bases of quantitative technique of research. Although qualitative and quantitative aspects of research are distinct from each other; however, it is one of the major arguments of present research industry that both aspects could be utilized and employed together. (Creswell, pp. 33-37) Usually, a general sense of phenomena is acquired by the utilization of qualitative research; however, the significant part of any research is the formation of theories and hypotheses that are evaluated by the quantitative methodology. For instance, historical trends of real estate industry can be observed with the help of qualitative research; however, major hypotheses that can be utilized for creation of future trends can be created by quantitative research technique. Although the cave age is often related with the existence of quantitative investigation, as people used to record different statistics and objects since that age, positivist framework of Auguste Comte is the major theory that is usually connected with the contemporary ideology of quantitative research technique. (Dalphin, pp. 20-21) The collection of numerical and statistical data is one of the easiest definitions of quantitative research technique. Moreover, it has been indicated by a number of studies that quantitative research approaches are usually less expensive, as compared with the qualitative approaches. Furthermore, such type of methodology provides a sense of independence to the researchers during the analysis of empirical evidence for the creation of the different hypotheses, which is one of the significant and noteworthy characteristics of the quantitative research technique. The essence of quantitative methods is the consideration of numerical data, which is one of the factors of its accuracy. In other words, some form of numerical technique is utilized for the expression of variables for the better understanding of phenomena during the study. Practically, four different levels are considered for the measurement of data during the quantitative technique. Nominal, ordinal, interval, and ratio are the four levels of measurement that are employed during the research with specific and individual purposes. A real estate research usually considers the abovementioned four levels that play an imperative role in the effectiveness of the research. As earlier mentioned in the paper, greater objectivity and accuracy is acquired by the utilization of standardized approaches during a quantitative research. (Creswell, pp. 47-50) Generally, supportive summaries of data in terms of generalizations are provided by the designing of quantitative research. In this regard, a number of variables are usually involved in the quantitative research for acquiring validity and reliability during the process. One of the other significant characteristics of quantitative research method is its ease of replication that is possible due to the utilization of standards. In the year 2003, a number of experts indicated that vast sources of information that are usually involved in the real estate industry are easily summarized by the utilization of quantitative methods, and it becomes easy to compare the vast range of data. However, it has been observed that often, artificial environment is preferred for the carrying of such research technique, which results in its ineffectiveness and inaccuracy. (Davies, pp. 67-69) Moreover, it is an observation that researchers are often biased during the development of standard questions that lead to a kind of structural bias, and may represent false hypotheses. In this regard, participating subjects should be kept away from the researchers, in order to avoid any kind of personal bias during the research. Unfortunately, much narrower and superficial information is collected by the quantitative methods, as compared with the qualitative methods. In addition, quantitative methods rely on numerical values that are limited in nature, and therefore, results are often limited in terms of their elaboration. In this regard, results of quantitative methods are usually difficult for the human perception, and may require a professional for its understanding. QUALITATIVE METHOD Until now, the paper has described and discussed various aspects of quantitative research methods. Now, the paper will cover qualitative research methodology, in order to understand the research techniques in a broad manner. Unlike quantitative methods, measurements and statistics are not involved or considered during the employment of qualitative research approaches. In other words, less scientific approach is utilized by the qualitative methods, as compared with the quantitative methods, which is one of the significant characteristics that allow its understanding in a nonprofessional arena. Likewise quantitative methods, qualitative research methods are employed in a number of fields such as history, sociology, philosophy, and particularly, the real estate industry. (Smith, pp. 57-60) Disciplines and subject matters are usually crosscut by the qualitative research. In addition, a thorough understanding of human behavior and related factors is acquired by the qualitative research. In other words, results are attained by studying different factors of human behavior and reasons that can facilitate decision-making in the future. This characteristic of qualitative method has resulted in its appreciation and recognition in the field of real estate research, as human behavior plays an important role in the decision-making that provides opportunity in the industry. A number of experts have indicated that what, when, and where of a matter is investigated by the quantitative method; whereas, only why and how of the subject are investigated by the qualitative methodology, which is the basic requirement for the decision-making. (Davies, pp. 92-95) Like quantitative methods, four methods are considered by the qualitative researchers for acquiring required information during the project. In particular, researchers prefer their participating in the setting unlike quantitative researchers, and the subject and objects are observed directly during the qualitative methodology. Interview is one of the noteworthy part of the qualitative research that helps in the in-depth understanding of the subject, which cannot be acquired by the analysis of numerical values. Lastly, collected documents and materials are analyzed and compared with the taken interviews for the compilation of results. In other words, combination of naturalistic, humanistic, and ethnographic approaches of research can be referred as a qualitative research method. In the year 2001, some of the experts defined qualitative research as a vague matter that cannot be defined specifically in narrow terms, and different research methods can be collectively observed under a broad umbrella of qualitative research methodology. However, some other experts have defined qualitative methodology as a framework of research that is created outside the boundary of scientific methodology and humanistic assumptions, which is not accepted by a majority of researchers and advocates of qualitative research. (Creswell, pp. 23-25) On the other hand, such definition has been accepted by a few experts that considers qualitative research as a loose and vague category of research designs. One of the reasons of its vagueness is that most of the tools are preferred during the qualitative research, such as verbal, gustatory, visual, etc. Moreover, interviews are carried out, recordings are analyzed, and action research is carried out during the qualitative research. Involvement of all these factors provides effective results; however, all such involvement often results in the vagueness of the subject. (Silverman, pp. 59-63) As earlier discussed in the paper, a greater level of profundity is achieved by the qualitative research, as compared with the quantitative research techniques. However, some studies in the real estate industry do not allow the generalization with the approaches of qualitative technique, and therefore, numerical values are often preferred for such purposes. In this regard, sensitive subjects are usually researched through qualitative methods, such as human decision-making that influences the real estate industry, which cannot be investigated through pre-set answers in a questionnaire. As qualitative research methods involve human interaction and detailed investigation of the subject, such methods are more expensive than the quantitative methods, which are often considered a drawback during the selection of research technique during a project. (Smith, pp. 77-79) CONCLUSION Flexibility is the major distinction between the qualitative and quantitative research methodologies. Generally, inflexibility is shown by the quantitative methods. One of the reasons of such inflexibility is the standardized questionnaires that are used with all the participants of the research, which is one of the significant factors of inflexibility during the quantitative methodology. Moreover, fixed or closed-ended categories are utilized during the quantitative methods for acquiring firm responses, which is often not appreciated in the field of real estate research. However, some of the experts take such inflexibility as an advantage of quantitative method, as it allows the researchers to have a firm response of participants from different backgrounds related to a specific idea, which can be employed in the real estate. However, such advantage can be acquired by the development of important questions, and thus, researchers play an important and crucial role in the carrying out of quantitative research. In this regard, quantitative methods and usually employed with the combination of qualitative methods in the field of real estate research for acquiring the most effective results that play a crucial role in deciding the future trends of the real estate market. (Davies, pp. 30-31) Conclusively, qualitative and quantitative research methodologies have been defined, discussed, analyzed, and compared in this paper. Different advantages and disadvantage of specific techniques are explained in the paper. An unimpeded method of phenomena study can be referred as a qualitative research. Although standards are created for the data collection, most of the researchers in the real estate industry rely on the qualitative research, as the qualitative technique allow the research to decide the kind of data collection that can be beneficial for the analysis. In other words, researchers play the most crucial role in the qualitative techniques unlike the quantitative approaches. The real estate research industry can be contributed by both research methodologies valuably. A complementary mixed method approach can be very beneficial for the real estates in acquiring their required results. Lastly, it is hoped that the paper will be beneficial for the better understanding of qualitative methods and quantitative methodologies in particularly, the real estate research. Works Cited David Silverman. Qualitative Research. Sage Publications, 2004. John R. Dalphin. The Research Imagination. Cambridge University Press, 2007. John W. Creswell. Research Design: Qualitative, Quantitative, and Mixed Method Approaches. Sage Publications, 2002. Jonathan A. Smith. Qualitative Psychology: a Practical Guide to Research Methods. Sage Publications, 2003. Martin Brett Davies. Doing a Successful Research Project. Palgrave Macmillan, 2007. Word Count: 2224 Words Checked by Copyscape.com and Turnitin.com Read More