Towards Industrial Revolution (IR) 4.0 In the Real Estate Industry: Readiness of Property Professionals
List of Authors
Maszuwita Abdul Wahab, Nursyakirah Sahari
Keyword
Digital Transformation, IR 4-0, Readiness, Property
Abstract
As the Fourth Industrial Revolution (IR 4.0) drives an unprecedented wave of digital transformation, property and construction professionals must adapt to emerging technologies, from automation and data analytics to virtual reality and sustainable building practices. These changes require the workforce to embrace new skills and mindsets to remain competitive in an increasingly tech-driven market. This shift, however, also presents unique opportunities for efficiency, innovation, and sustainability, underscoring the importance of readiness and strategic adaptation within the industry. The Fourth Industrial Revolution (IR 4.0) introduces transformative technological advancements poised to reshape traditional industries, with the real estate sector facing notable impacts. This study explores the readiness of Malaysian real estate professionals to adopt IR 4.0 technologies by identifying essential factors influencing this transition and evaluating current technology utilization levels within the industry. The primary objectives are to analyse the factors contributing to readiness, assess variations in adaptation across demographics, and develop guidelines to facilitate a smoother integration of IR 4.0 practices among professionals. A quantitative research approach was adopted, utilizing a structured questionnaire distributed to a sample of 120 real estate professionals in Malaysia via google forms, with collected data subjected to frequency and descriptive statistical analyses. Results indicate a moderate overall readiness level, with significant differences influenced by variables such as age and education. These findings underscore the need for a multifaceted approach to IR 4.0 integration, particularly emphasizing the inclusion of sustainability as a core component in real estate technologies. By aligning with global sustainability goals, the real estate sector can leverage IR 4.0 not only for operational efficiency but also for environmental stewardship. To navigate this shift, fostering an innovative culture, increasing technology investments, and addressing skill gaps are essential steps for the industry. Effective IR 4.0 adoption will require collaboration across industry stakeholders, enhancing long-term profitability and fostering a more sustainable future for the real estate industry.