Barriers to the digitalisation and innovation of Australian Smart Real Estate: A managerial perspective on the technology non-adoption

The real estate sector brings a fortune to the global economy. But, presently, this sector is regressive and uses traditional methods and approaches. Therefore, it needs a technological transformation and innovation in line with the Industry 4.0 requirements to transform into smart real estate. However, it faces the barriers of disruptive digital technology (DDT) adoption and innovation that need effective management to enable such transformation. These barriers present managerial challenges that affect DDT adoption and innovation in smart real estate. The current study assesses these DDTs adoption and innovation barriers facing the Australian real estate sector from a managerial perspective. Based on a comprehensive review of 72 systematically retrieved and shortlisted articles, we identify 21 key barriers to digitalisation and innovation. The barriers are grouped into the technology-organisation-external environment (TOE) categories using a Fault tree. Data is collected from 102 real estate and property managers to rate and rank the identified barriers. The results show that most of the respondents are aware of the DDTs and reported AI (22.5% of respondents), big data (12.75%) and VR (12.75%) as the most critical technologies not adopted so far due to costs, organisation policies, awareness, reluctance, user demand, tech integration, government support and funding. Overall, the highest barrier (risk) scores are observed for high costs of software and hardware (T1), high complexity of the selected technology dissemination system (T2) and lack of government incentives, R&D support, policies, regulations and standards (E1). Among the TOE categories, as evident from the fault tree analysis, the highest percentage of failure to adopt the DDT is attributed to E1 in the environmental group. For the technological group, the highest failure reason is attributed to T2. And for the organisational group, the barrier with the highest failure chances for DDT adoption is the lack of organisational willingness to invest in digital marketing (O4). These barriers must be addressed to pave the way for DDT adoption and innovation in the Australian real estate sector and move towards smart real estate. (C) 2021 Elsevier B.V. All rights reserved.