The aim of this research was to develop a conceptual model of customer loyalty in the mass housing investment companies in Iran. The data for this research were gathered at the end of 2016 and the analysis was carried using an exploratory (qualitative-quantitative) approach. At first, the primary conceptual model was developed using theoretical foundations and literature review as well as using data from our initial exploratory study of building industry experts. Then in the qualitative section, the final model and the final questionnaire (for the quantitative stage) were indigenized by using content analysis and semi-structured interviews with 11 professional and university experts selected by judgment. In the quantitative stage, the final model was tested using structural equation modeling with 158 loyal customers of the Housing Investment Company, who were selected by using stratified random sampling method from all over the country. The findings of this research showed that factors of quality, economics, and customer relationship management affected satisfaction. In addition, the effects of satisfaction on trust, commitment to loyalty, and loyalty to word-of-mouth advertising were accepted.

1. Al-Nahdi, T. S. (2015). Purchasing housing in Saudi Arabia : A behavioral study. Journal of Applied Science & Agriculture, 10 (2), 12-21.
2. Amole, D. (2009). Residential satisfaction in students' housing. Journal of Environmental Psychology, 29 (1), 76-85.
3. Angelova, B., & Zekiri, J. (2011). Measuring customer satisfaction with service quality using American Customer Satisfaction Model (ACSI Model). International Journal of Academic Research in Business and Social Sciences, 1 (3), 232-258.
4. Atarodian, A. (2013). The impact of brand credibility on customer satisfaction in the banking industry in the North West of Iran. Life Science Journal, 10 (6), 203-210.
5. Bedi, H. S. (2018). A contingency approach to proactiveness-business performance relationship. Indian Journal of Marketing, 48 (12), 34-49. <a href= http://dx.doi.org/10.17010/ijom/2018/v48/i12/139555 target="_blank"> http://dx.doi.org/10.17010/ijom/2018/v48/i12/139555</a>
6. Brown, R. M. (2006). Drivers of student satisfaction and student loyalty in an Australian university setting (Doctoral dissertation). University of Western Australia, Crawley, Australia.
7. Castañeda, J. A. (2011). Relationship between customer satisfaction and loyalty on the Internet. Journal of Business and Psychology, 26 (3), 371-383.
8. Chattananon, A., & Trimetsoontorn, J. (2009). Relationship marketing : A Thai case. International Journal of Emerging Markets, 4 (3), 252-274.
9. Chaudhuri, A., & Holbrook, M. B. (2001). The chain of effects from brand trust and brand affect to brand performance: The role of brand loyalty. Journal of Marketing, 65 (2), 81-93.
10. Choi, M., Park, M., Lee, H.-S., & Hwang, S. (2013). Dynamic strategies for enhancing apartment brand equity in Korean Housing Market. Korean Journal of Construction Engineering and Management, 14 (3), 65-77.
11. DeWitt, T., Nguyen, D. T., & Marshall, R. (2008). Exploring customer loyalty following service recovery: The mediating effects of trust and emotions. Journal of Service Research, 10 (3), 269-281.
12. Dias, V. D. V., Schuster, M. D. S., Talamini, E., & Révillion, J. P. (2016). Scale of consumer loyalty for organic food. British Food Journal, 118 (3), 697-713.
13. Dwyer, F. R., Schurr, P. H., & Oh, S. (1987). Developing buyer-seller relationships. Journal of Marketing, 51 (2), 11-27.
14. Fauzi, S. N. F. M., & Abidin, N. Z. (2012). The relationship of housing defects, occupants’ satisfaction and loyalty behavior in build-then-sell houses. Procedia-Social and Behavioral Sciences, 62, 75-86.
15. Harris, L. C., & Goode, M. M. (2004). The four levels of loyalty and the pivotal role of trust : A study of online service dynamics. Journal of Retailing, 80 (2), 139-158.
16. Hilal, M. I. M. (2019). Market orientation and innovation capabilities: Does it impact the performance of small businesses ? Indian Journal of Marketing, 49 (4), 37-47. <a href= http://dx.doi.org/10.17010/ijom/2019/v49/i4/142975 target="_blank"> http://dx.doi.org/10.17010/ijom/2019/v49/i4/142975</a>
17. Hultman, M., Skarmeas, D., Oghazi, P., & Beheshti, H. M. (2015). Achieving tourist loyalty through destination personality, satisfaction, and identification. Journal of Business Research, 68 (11), 2227-2231.
18. Kaiman, H., & Zani, A. Y. P. (2013). Influence of service quality and price of house flat on customer satisfaction (Studies in Marunda flats of North Jakarta). International Journal of Business and Management Invention, 2 (7), 1-5.
19. Kavousi, S.M.R., & Saghaei, A. (2005). Methods for measuring the customer satisfaction. Tehran : Sabzan Publications.
20. Kotler, P. (2011). Marketing insights from A to Z: 80 concepts every manager needs to know. New York : John Wiley & Sons.
21. Krishnakumary, M. R., & Thampi, S. P. (2015). Customer focused organizational climate and customer loyalty in housing finance institutions. International Conference on Humanities, Literature and Management (ICHLM'15). Retrieved from <a href=https://icehm.org/upload/7323ED0115093.pdf target="_blank">https://icehm.org/upload/7323ED0115093.pdf</a>
22. Lam, D., Lee, A., & Mizerski, R. (2009). The effects of cultural values in word-of-mouth communication. Journal of International Marketing, 17 (3), 55-70.
23. Lee, S. Y. (2017). Service quality of sports centers and customer loyalty. Asia Pacific Journal of Marketing and Logistics, 29 (4), 870-879.
24. Li, J., & Zhan, L. (2011). Online persuasion : How the written word drives WOM. Journal of Advertising Research, 51 (1), 239-257.
25. Maxham, J. G. III (2001). Service recovery's influence on consumer satisfaction, positive word-of-mouth, and purchase intentions. Journal of Business Research, 54 (1), 11-24.
26. Miquel-Romero, M. J., Caplliure-Giner, E. M., & Adame-Sánchez, C. (2014). Relationship marketing management: Its importance in private label extension. Journal of Business Research, 67 (5), 667-672.
27. Moezi, I. (2014). Housing market analysis. Stock Exchange Journal, 106 (1), 73-77.
28. Morgan, R. M., & Hunt, S. D. (1994). The commitment-trust theory of relationship marketing. Journal of Marketing, 58 (3), 20-38.
29. Mousavi, S.A.R., Nonejad, S.M., & Ghaedi, M. (2009). Investigating factors affecting customer satisfaction (new pattern). Journal of Researcher Manager, 6 (13), 29-39.
30. Nahmens, I., & Ikuma, L. H. (2009). An empirical examination of the relationship between lean construction and safety in the industrialized housing industry. Lean Construction Journal, 1 (1), 1-12.
31. Office of Economic Studies, Deputy of Economic Research, Research Centre of the Islamic Consultative Assembly (2016). Analysis of the real sector of Iran's economy (first quarter performance and economic growth estimate, 2016). Retrieved from <a href=http://rc.majlis.ir/en target="_blank">http://rc.majlis.ir/en</a>
32. Phillips, D., Siu, O., Yeh, A. & Cheng, K. (2005). The impacts of dwelling conditions on older persons’ psychological well-being in Hong Kong : The mediating role of residential satisfaction. Social Science and Medicine, 60 (12), 2785-2797.
33. Ranjbaran, B., Mahmoudi, E., Jafarizadeh, F., & Houshmand, M. (2013). Studying the harmonic behavior of customers in virtual networks (Case study: students of Shahid Chamran University). Journal of Modern Marketing Researches, 3 (1), 49-62.
34. Renganathan, R., Srinivasakumar, V., & Balachandran, S. (2015). Buyers' attitude and preference towards flat/apartments. Research Journal of Applied Sciences, Engineering and Technology, 9(10), 813-818.
35. Salleh, A. G. (2008). Neighbourhood factors in private low-cost housing in Malaysia. Habitat International, 32 (4), 485-493.
36. Shetty, B., Bhandary, R., Chandra, S. R., & Shetty, A. D. (2018). Antecedents to customer loyalty in the restaurant industry : A millennial perspective. Indian Journal of Marketing, 48 (7), 23-35. <a href=http://dx.doi.org/10.17010/ijom/2018/v48/i7/129720 target="_blank">http://dx.doi.org/10.17010/ijom/2018/v48/i7/129720</a>
37. Sin, L. Y., Alan, C. B., Yau, O. H., Chow, R. P., Lee, J. S., & Lau, L. B. (2005). Relationship marketing orientation : Scale development and cross-cultural validation. Journal of Business Research, 58 (2), 185-194.
38. Singh, B. (2018). Conceptualization and measurement of consumer based brand equity for airlines. Indian Journal of Marketing, 48 (9), 7-25. <a href=http://dx.doi.org/10.17010/ijom/2018/v48/i9/131436 target="_blank">http://dx.doi.org/10.17010/ijom/2018/v48/i9/131436</a>
39. Sweeney, J., & Swait, J. (2008). The effects of brand credibility on customer loyalty. Journal of Retailing and Consumer Services, 15 (3), 179-193.
40. Sweis, G. J., Imam, R. M., Kassab, G. M., & Sweis, R. (2013). Customer satisfaction in apartment buildings : The case of Jordan. Life Science Journal, 10 (12s), 237-245.
41. Uncles, M. D., Dowling, G. R., & Hammond, K. (2003). Customer loyalty and customer loyalty programs. Journal of Consumer Marketing, 20 (4), 294-316.
42. Zadkarim, S., & Emari, H. (2011). Determinants of satisfaction in apartment industry : Offering a model. Journal of Civil Engineering and Urbanization, 1 (1), 15-24.
43. Zamzuri, N. H. A., Mohamed, N., & Hussein, R. (2008, August). Antecedents of customer satisfaction in repurchase intention in the electronic commerce environment. In, 2008 International Symposium on Information Technology. <a href=http://dx.doi.org/10.1109/ITSIM.2008.4631998 target="_blank">http://dx.doi.org/10.1109/ITSIM.2008.4631998 </a>