MIDLANDS STATE UNIVERSITY

FACULTY OF BUSINESS SCIENCES

DEPARTMENT OF MANAGEMENT SCIENCES

TURNAROUND STRATEGY AND THE PERFORMANCE OF THE

COMMERCIAL REAL ESTATE INDUSTRY POST COVID-19

BY

PATIENCE NYAMANA

A DISSERTATION SUBMITTED TO MIDLANDS STATE UNIVERSITY

(MSU) IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR
THE OF THE MASTER OF BUSINESS ADMNISTRATION.
2023

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 DECLARATION

I, do hereby declare that this dissertation is the result of my own investigation and research,
except to the extent indicated in the Acknowledgements, References and by comments
included in the body of the report, and that it has not been submitted in part or in full for any
other degree to any other university.

Student signature _______ Date: 20 March 2023

Supervisor’s Signature _________ Date: 20 March 2023

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 DEDICATION

I dedicate this research to ….who endured periods of my absence throughout the course of
the programme. I say thank you so much guys for giving me inspiration and the strength to
go on even when times were tough.

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 ACKNOWLEDGMENTS

First and foremost, I give glory and honor to the Almighty. Through his love, I managed to
see this programme to completion.

I would like to express my heartfelt gratitude to my Supervisor, … for the support and
guidance throughout the study. You were always excited to assist and never too busy. I
would also like to thank the entire teaching and non-teaching staff for the knowledge and
support throughout the study period.

To my family, I say thank you so much for the love and support. You were there for me
during the highs and lows during the course of this programme.

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 ABSTRACT

The al

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 TABLE OF CONTENTS

DECLARATION..................................................................................................................I

DEDICATION....................................................................................................................II

ACKNOWLEDGMENTS.................................................................................................III

ABSTRACT......................................................................................................................IV

TABLE OF CONTENTS....................................................................................................V

TABLE OF FIGURES........................................................................................................X

LIST OF TABLES............................................................................................................XI

LIST OF APPENDICES..................................................................................................XII

LIST OF ACRONYMS AND ABBREVIATIONS.......................................................XIII

CHAPTER 1.......................................................................................................................1

INTRODUCTION.............................................................................................................1

1.0 INTRODUCTION...................................................................................................1

1.1. BACKGROUND TO THE STUDY........................................................................1

1.2. STATEMENT OF THE RESEARCH PROBLEM.................................................8

1.3. RESEARCH OBJECTIVES....................................................................................9

1.4. HYPOTHESIS.........................................................................................................9

1.5. CONCEPTUAL FRAMEWORK..........................................................................10

1.6. SIGNIFICANCE OF THE STUDY......................................................................11

1.7. SIGNIFICANCE TO THEORY............................................................................11

1.8. SIGNIFICANCE TO PRACTICE.........................................................................11

1.9. DELIMITATIONS OF THE STUDY...................................................................12

1.9.1. GEOGRAPHICAL SCOPE................................................................................12

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1.9.2. LITERATURE SCOPE.......................................................................................12

1.9.3. TIME SCOPE.....................................................................................................13

1.9.4. METHODOLOGICAL SCOPE..........................................................................13

1.10. ASSUMPTIONS OF THE STUDY......................................................................13

1.11. LIMITATIONS OF THE STUDY........................................................................14

1.12. DEFINITION OF KEY TERMS...........................................................................14

1.13. LIST OF ACRONYMS.........................................................................................15

1.14. ORGANISATION OF THE STUDY....................................................................15

1.15. CHAPTER SUMMARY.......................................................................................17

CHAPTER 2......................................................................................................................18

LITERATURE REVIEW..................................................................................................18

2.0 INTRODUCTION.................................................................................................18

2.1. THEORETICAL FRAMEWORK.........................................................................18

2.2. REAL ESTATE.....................................................................................................19

2.2.1. FACTORS AFFECTING TENANT EXPERIENCE IN REAL ESTATE.........23

2.3. THE EFFECTS OF THE COVID-19 PANDEMIC ON REAL ESTATE............25

2.4. TURNAROUND STRATEGIES..........................................................................29

2.4.1. BUSINESS PROCESS RE-ENGINEERING STRATEGY...............................29

2.4.2. FINANCIAL RESTRUCTURING STRATEGY...............................................30

2.4.3. ORGANISATIONAL LEARNING STRATEGY..............................................32

2.4.4. ORGANISATIONAL RESOURCES STRATEGY...........................................34

2.5. EMPIRICAL RESEARCH....................................................................................36

2.6. LITERATURE SYNTHESIS................................................................................39

2.7. CHAPTER SUMMARY.......................................................................................40

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CHAPTER 3......................................................................................................................40

RESEARCH METHODOLOGY......................................................................................40

3.0 INTRODUCTION.................................................................................................40

3.1. RESEARCH PHILOSOPHY.................................................................................41

3.2. RESEARCH DESIGN...........................................................................................42

3.2.1. DESCRIPTIVE RESEARCH DESIGN..............................................................42

3.2.2. EXPLANATORY RESEARCH DESIGN..........................................................43

3.2.3. RESEARCH STRATEGY..................................................................................44

3.2.4. RESEARCH APPROACH.................................................................................45

3.3. RESEARCH POPULATION................................................................................45

3.4. SAMPLING STRATEGY.....................................................................................45

3.4.1. SAMPLE SIZE DETERMINATION.................................................................46

3.4.2. DATA SOURCES...............................................................................................46

3.4.3. SECONDARY DATA........................................................................................46

3.4.4. PRIMARY DATA..............................................................................................47

3.5. RESEARCH INSTRUMENTS.............................................................................47

3.5.1. STRUCTURED QUESTIONNAIRE.................................................................47

3.5.2. INTERVIEWS....................................................................................................48

3.6. DATA COLLECTION AND ADMINISTRATION PROCEDURES..................49

3.7. RELIABILITY AND VALIDITY OF RESEARCH FINDINGS.........................49

3.8. DATA ANALYSIS PROCEDURES....................................................................50

3.9. ETHICAL CONSIDERATIONS...........................................................................51

3.10. CHAPTER SUMMARY.......................................................................................52

CHAPTER 4......................................................................................................................54

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DATA PRESENTATION, ANALYSIS AND DISCUSSIONS.......................................54

4.0 INTRODUCTION.................................................................................................54

4.1. RESPONSE RATE................................................................................................54

4.2. DEMOGRAPHIC PROFILES...............................................................................54

4.2.1. AGE GROUPS....................................................................................................54

4.2.2. GENDER............................................................................................................54

4.2.3. HIGHEST LEVEL OF EDUCATIONAL QUALIFICATION..........................54

4.2.4. WORKING EXPERIENCE................................................................................55

4.3. RELIABILITY......................................................................................................55

4.4. CORRELATION TESTS......................................................................................55

4.5. REGRESSION TESTS..........................................................................................55

4.5.1. MODEL SUMMARY.........................................................................................55

4.5.2. ANALYSIS OF VARIANCES...........................................................................55

4.5.3. REGRESSION COEFFICIENTS.......................................................................55

4.6. HYPOTHESIS TESTING.....................................................................................56

4.7. DISCUSSIONS OF RESEARCH FINDINGS......................................................56

4.7.1. BUSINESS PROCESS RE-ENGINEERING AND THE PERFORMANCE OF

THE REAL ESTATE INDUSTRY...................................................................................56

4.7.2. OUTSOURCING AND THE PERFORMANCE OF THE REAL ESTATE

INDUSTRY.......................................................................................................................56

4.7.3. ORGANISATIONAL LEARNING AND THE PERFORMANCE OF THE REAL

ESTATE INDUSTRY.......................................................................................................56

4.7.4. FINANCIAL RESTRUCTURING AND THE PERFORMANCE OF THE REAL

ESTATE INDUSTRY.......................................................................................................56

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4.7.5. ORGANISATIONAL RESOURCES AND THE PERFORMANCE OF THE
REAL ESTATE INDUSTRY............................................................................................56

4.8. CHAPTER SUMMARY.......................................................................................56

CHAPTER 5......................................................................................................................57

SUMMARY, CONCLUSIONS AND RECOMMENDATIONS.....................................57

5.0 INTRODUCTION.................................................................................................57

5.1. SUMMARY...........................................................................................................57

5.2. CONCLUSIONS...................................................................................................57

5.2.1. BUSINESS PROCESS RE-ENGINEERING AND THE PERFORMANCE OF

THE REAL ESTATE INDUSTRY...................................................................................57

5.2.2. OUTSOURCING AND THE PERFORMANCE OF THE REAL ESTATE

INDUSTRY.......................................................................................................................57

5.2.3. ORGANISATIONAL LEARNING AND THE PERFORMANCE OF THE REAL

ESTATE INDUSTRY.......................................................................................................57

5.2.4. FINANCIAL RESTRUCTURING AND THE PERFORMANCE OF THE REAL

ESTATE INDUSTRY.......................................................................................................57

5.2.5. ORGANISATIONAL RESOURCES AND THE PERFORMANCE OF THE

REAL ESTATE INDUSTRY............................................................................................57

5.3. RECOMMENDATIONS.......................................................................................57

5.3.1. BUSINESS PROCESS RE-ENGINEERING AND THE PERFORMANCE OF

THE REAL ESTATE INDUSTRY...................................................................................57

5.3.2. OUTSOURCING AND THE PERFORMANCE OF THE REAL ESTATE

INDUSTRY.......................................................................................................................58

5.3.3. ORGANISATIONAL LEARNING AND THE PERFORMANCE OF THE REAL

ESTATE INDUSTRY.......................................................................................................58

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5.3.4. FINANCIAL RESTRUCTURING AND THE PERFORMANCE OF THE REAL
ESTATE INDUSTRY.......................................................................................................58

5.3.5. ORGANISATIONAL RESOURCES AND THE PERFORMANCE OF THE

REAL ESTATE INDUSTRY............................................................................................58

5.4. AREAS OF FURTHER RESEARCH...................................................................58

xi
 TABLE OF FIGURES

Figure 2.1: Hybrid Model for Workers....................................................................................15

Figure 2.2: Conceptual Framework..........................................................................................21

Figure 4.1: Gender distribution................................................................................................32

Figure 4.2: Position within the firm.........................................................................................33

Figure 4.3: Functional area of operation..................................................................................34

Figure 4.4: Professional Qualifications...................................................................................35

Figure 4.5: How often did you work from home before the pandemic?.................................37

Figure 4.6: Role and remote working.....................................................................................38

Figure 4.7: Cost of working from home..................................................................................39

Figure 4.8: Most significant benefit of working from home....................................................40

Figure 5.1: Research Output: Financial Service Sector Survival Strategies............................55

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 LIST OF TABLES

Table 4.1: Questionnaire Response Rate..............................................................................54

Table 4.2: Age groups..........................................................................................................54

Table 4.3: Gender.................................................................................................................54

Table 4.4: Highest Level of Educational qualification.........................................................54

Table 4.5: Working Experience............................................................................................55

Table 4.6: Reliability Statistics.............................................................................................55

Table 4.7: Correlation Tests.................................................................................................55

Table 4.8: Model Summary...................................................................................................55

Table 4.9: Analysis of Variances...........................................................................................55

Table 4.10: Regression Coefficients......................................................................................55

Table 4.11: Hypothesis Testing.............................................................................................56

xiii
 LIST OF APPENDICES

Appendix A: Questionnaire...................................................................................................67

Appendix B: Turnitin Report.................................................................................................68

xiv
 LIST OF ACRONYMS AND ABBREVIATIONS

ACCA Association of Chartered Certified Accountants

COVID Coronavirus disease

ICAZ Institute of Chartered Accountants of Zimbabwe

IFAC International Federation of Accountants

ICT Information and Communication Technology

xv
 CHAPTER 1

INTRODUCTION

1.0 Introduction

The performance of the real estate sector following COVID-19 is the main focus of this
study's turnaround approach. The residential and industrial markets are both included in the
real estate sector, which is a very broad sector. This study focuses in particular on the real
estate sector's commercial market with particular emphasis being placed on the hotel sector.
This sector includes traditional lodging options such as franchised and lease-hold hotels,
motels, inns, and lodges that are run by commercial real estate management companies and
real estate consultants. This chapter emphasises background data with the goal of
discovering gaps from earlier research, which only revealed the necessity for this study to be
conducted from the perspective of the real estate sector. Background knowledge informs the
development of the research problem, which then shapes the creation of the study's goals, its
hypothesis, and its conceptual framework. The remainder of the chapter focuses on the
study's importance for theory and practise as well as its limitations in terms of time, place,
literature, and methodology. This chapter also includes a synopsis of the chapter,
explanations of key terminology, a list of acronyms, the study's organisation, and
assumptions and constraints.

1.1. Background to the study

The real estate industry plays a role in economic development through promoting
infrastructural development in various sectors of the economy. Real estate companies are
specialise in the buying, selling, management, or investment of real estate properties that
incorporate land, commercial and industrial properties, residential homes, and other
buildings. (Chen and Scott, 2022). The real estate industry depends on rental incomes, and

1
when business that provides them with rent are forced to close as a result of events such as
national lockdowns, there is therefore no doubt that their incomes suffer The growth and
development of infrastructure are largely attributed to the management process within the
commercial real estate management or real estate industry. The disruptions that were caused
by the COVID-19 pandemic significantly affected the supply chain performance within the
real estate industry, which led to a significant decline in the level of business activity across
the real estate supply chain (Ribeiro, 2020). The real estate industry principally specialises
in commercial real estate development, marketing, and leasing for various sectors of the
economy, including the residential and commercial markets (Oladokun and Ojo, 2017).

There is a market within the real estate industry focused on the development, marketing, and
leasing of residential properties. On the other hand, the commercial market of the real estate
industry is focused on the development, marketing, and leasing of commercial properties in
various sectors of the economy. This research specifically focuses on the commercial sector
of the real estate industry, which implies that the focus of the research is on the commercial
real estate management segment of the hospitality industry, which was disrupted in the
height of COVID-19, and they make with the view of developing turnaround strategies that
can enhance the future performance of the hospitality segment of the real estate industry.

The tourism segment of the real estate industry around the globe was negatively impacted by
the ripple effects of measures taken to contain the spread of the Coronavirus disease that was
first discovered in Wuhan, China, in 2019. Turnaround strategies are resuscitative
manoeuvres that are associated with struggling entities to enhance their strategic and
financial prospects.

At the pinnacle of efforts to limit the global epidemic of COVID-19, the Zimbabwe Tourism
Authority (2020) discovered that approximately 54,000 persons employed in the sector
forfeited their employment through 2019 and 2020. According to the data, the tourism
industry contributed over $1.33 billion to the general fund in 2019. However, only US$359
million was sent to the Treasury in 2020 as a result of the worldwide pandemic. This
astounding fall in the tourist sector’s contributions to the nation’s GDP is evidence of the

2
real estate sector’s declining economic prospects, which is in charge of collecting revenue
from rental properties from hotel room occupancy.

Notably at the start of the first harsh lockdown, there was little scientific understanding of
the infectious disease's spreading due to the unique form of the infection. The majority of
restaurants in Zimbabwe had to close because they weren't seen to be providing the general
population with critical services. The handful that stayed open had restricted hours of
operation, often from 8 am to 3 pm. The future viability of the hospitality industry was in
danger due to fixed expenditures at the time. Tourism and tourism-related activities were
restricted domestically and abroad because to the global epidemic of COVID-19, which
further limited the chances of revitalising the struggling culinary industry, especially within
resort and urban regions.

Recent literature shows that several turnaround strategies have been implemented in
response to business receptions that were caused by the COVID-19 pandemic. Key amongst
these strategies are financial restructuring, business process re-engineering, outsourcing,
labour right-sizing, organisational learning, and leveraging organisational resources. One of
the key disruptions that was evident at the onset of the COVID-19 disruptions was a
significant decline in the financial performance of the real estate industry. With particular
emphasis on the tourism market, there was a significant decrease in hotel occupancy as a
result of disruptions in the international travel industry.

This meant that a significant decrease in the number of visitors to tourist resort areas
occurred, which adversely impacted rental income generated by the real estate sector
(Meyer, Prescott, and Simon, 2021). The tourism industry, resort regions like Victoria Falls,
as well as other regional hospitality sectors like Cape Town, Kenya, and Mozambique, were
all severely impacted by these unfavourable financial conditions. At the height of the
COVID-19 pandemic, the real estate sector's financial performance in various local tourist
markets was severely impacted. The purpose of this study is to identify the strategies used
by real estate management to improve the financial performance of their listed properties in
the tourism industry following the COVID-19 era.

3
In response to the disruptions caused by the outbreak, real estate management in the
hospitality commercial sector implemented a variety of budget cuts to remain afloat. Goel,
Saunoris, and Goel (2021) claim that real estate managers used recovery strategies such
supply chain optimization, salary reductions, and labour right-sizing in the hotel industry.
According to the World Tourism Organisation (2018), the COVID-19 pandemic cost
Zimbabwe's tourism sector up to US$690 million in lost revenue. Hard travel bans and
restrictions have had a considerable detrimental effect on commercial real estate managers
in the hotel industry, despite the authorities gradually removing some restrictions (World
Tourism Organisation, 2022).

Using data from Portugal's third quarter of 2019 and third quarter of 2020, Batalha,
Gonçalves, Peralta, and Dos Santos (2022) conducted study of the effect of COVID-19 on
the housing market. The findings indicated a contraction in the rental market, as seen by a
4.1% drop in rental rates. The survey also discovered a cumulative 4.8% decrease in sale
prices, and once the pandemic broke out, Lisbon's rentals dropped 11.1% in the third quarter
of 2020 compared to the same quarter in 2019. The focus of the research distinguishes the
current study from that conducted by Batalha et al. in 2002. In contrast to earlier research,
which concentrated on the rental residential market in Portugal, The methodological gap is
found in the realization that the current study is focused on the tourism sector market of the
real estate business in Zimbabwe in the post-COVID-19 era.

Researchers Wang and Zhou (2020) and Rosenthal et al. (2021) examined how the COVID-
19 pandemic affected privileges at the asset level in China's commercial real estate market.
The results of the two studies showed that was a considerable decline in rental earnings
during the COVID-19 pandemic, which had a negative impact on the real estate sector's
financial situation. According to research by Rosenthal et al. (2021), financial restructuring
measures should be put into place to help the commercial real estate sector better navigate
the challenging operational environments brought on by geopolitical and environmental
disasters like the COVID-19 pandemic. Within this framework, the current study anticipates

4
taking into account financial restructuring as one of the potential turnaround solutions that
the Zimbabwean real estate sector may use to deal with uncertain operating circumstances.

According to Liu and Su's research from the year 2021, the COVID-19 pandemic
significantly decreased home demand, which undoubtedly had an impact on the real estate
sector's ability to generate income. Similar conclusions were drawn from a study by Gupta et
al. (2021), which demonstrated that the worldwide outbreak of COVID-19 depressed the
bid-rent curve in the U.S. as housing prices and rent decreased in city centres and were
offset by price and rent rises outside of the city centre. However, Liu and Tang (2021)
emphasised that real estate prices fell in areas where COVID-19 infections were present.
The information gaps identified from these three studies, which are primarily concerned
with housing markets, do not take into account the negative consequences that the COVID-
19 disruptions have on the business sector of the real estate industry, which is the subject of
the current study. These studies made no additional recommendations for turnaround tactics
that might be used in the real estate sector to boost performance in the event that a
comparable disruption occurs in the future.

Zeng and Yi1 (2022) looked into how the COVID-19 pandemic affected the housing market
with a particular emphasis on China, the epicentre of the outbreak. The findings
demonstrated that the pandemic's detrimental effects on the housing market were mostly
manifested in the decreased volume and geographic scope of commercial real estate
transactions, with little effect on housing prices. Second, it was discovered that the short-
term effects of the reported COVID-19 instances were detrimental to the housing market.
The study also revealed that the local government's implementation of home quarantine
policies and real estate management decisions to stop renting out properties were the main
causes of the epidemic's influence on the housing market, which had an impact on regular
real estate transactions. Once more, the findings of this study were heavily skewed in favour
of the housing market in the real estate sector; they paid little attention to how the
commercial market fared or to the strategies that were adopted to help the sector adapt to the
COVID-19 pandemic's altered operating environment.

5
The study by Balemi, Füss, and Weigand (2021), which concentrated on COVID-19's effects
on residential and commercial real estate markets, may be more pertinent. According to the
study, unoccupied office buildings, deserted malls, and abandoned apartments in major
cities served as symbols of the COVID-19 era. Both the residential and commercial real
estate sectors were negatively impacted by these variables in the real estate commercial
market segments. These results differ from those of Zeng and Yi1 (2022), who concluded
that the pandemic had a little effect on home prices.

Real estate management was able to implement turnaround strategies to improve the
performance of the sector, which was severely impacted by a decline in the number of
commercial and residential real estate sales, tenants leaving their apartments in metropolitan
areas, and residential households having financial difficulties when redeeming their
mortgages, according to Balemi et al. (2021).

For eight major US cities, Van Dijk et al. (2020) examined the discrepancy amongst supply
and demand circumstances as a way to manage liquidity in the commercial real estate asset
market. Their findings demonstrated that the liquidity of the US real estate market had
significantly decreased. In comparison to reductions in liquidity during the first four months
of the global financial crisis, these drops in the flat, commercial, office, and retail markets
were 14%, 14%, 18%, and 20%, respectively. According to Van Dijk et al. (2020),
outsourcing, business process re-engineering, and financial restructuring are the best
turnaround options for real estate markets that are struggling with significant liquidity
issues.

Hromada (2021) examined how COVID-19 affected the Czech Republic's real estate market
and found that from March to June of 2020, the market was frozen as a result of COVID-
19's presence. Due to the widely held beliefs about how COVID-19 affects the Czech real
estate market, this research was somewhat generic in character. Additionally, they did not
indicate how to adopt turnaround methods while recovering from the disruptions that the
dispute generated. The creation of suitable restructuring solutions to reposition the

6
performance of the real estate industry in the face of macro-based business shocks is thus
significantly hindered by this information gap.

A study on the COVID-19 pandemic's consequences on the Zimbabwean real estate market
was done in Zimbabwe by Zvavandanga (2020). The study found that the country-specific
Google Mobility Report revealed trends of how people's movements changed in Zimbabwe
in response to news of the virus's presence, which revealed a change in people's behavioural
patterns. As a result, real estate properties showed an average decline due to the "lock down"
that the government enacted as a measure to stop the virus' spread.

It was emphasised that the pandemic containment efforts in Zimbabwe had a negative
impact on both the residential and commercial real estate sectors. They did not, however,
suggest practical guidelines that the neighbourhood real estate market may follow to deal
with the unpredictable operating environment. With the exception of those that offer
necessary services and goods, almost all enterprises and industries ceased operations. As one
might anticipate, these interruptions make it difficult for certain people and companies to
fulfil their rental responsibilities across all industries.

Along with the COVID-19 epidemic, the hospitality commercial sector of the real estate
industry was struggling to remain viable because of concerns from climatic unpredictability
and evolution that are impacting eco-tourism (Zacarias, 2019). In Hwange and Gonarezhou
National Parks, intoxication of animals like elephants constituted another concern
(Murwendo, Murwira, and Masocha, 2020). Through displacement and infrastructural
degradation, acts of extreme views and terrorism have impacted interconnection-regional
travel amongst Zimbabwe and Mozambique (Charomar, 2019) a phenomenon which
negatively affected the performance of the commercial real estate industry in Zimbabwe.

While the government of Zimbabwe succeeded in curbing the spread of the virus through
the adoption of a number of containment measures, those same restrictions severely
impacted the residential and commercial interests of the real estate business operations
(Zvavandanga, 2020). The interruption of the tourism distribution system hinted that they

7
were completely unable to reach their hotel occupancy goals, which had a detrimental
impact on their financial situation, according to Ribeiro (2020). A severe supply chain
breakdown in the real estate sector was brought on by travel restrictions imposed under the
guise of social distancing. The impact of the COVID-19 pandemic on the fragile tourism
industry, which is particularly vulnerable to ecological changes, was evaluated by UNDP
(2020). The tourism industry, which contributed US$1.4 billion, or 3.3% of the country's
GDP, to Zimbabwe's economic growth, is a major factor (Ribeiro, 2020). Prior to the
COVID-19 pandemic, Zimbabwe saw up to 3 million tourists each year.

Implementing regional tourism, having an agile leadership style, and utilising digitalization
have all been recommended as critical turnaround strategies to navigate the post-COVID-19
pandemic era (Gwarada, 2020). Several economic sectors have welcomed the march towards
digitalization by using the internet as a key point of client connection. According to Hu and
Zhang (2021), economies with sound financial systems were less impacted by the spread
than countries with weak financial systems. However, the success of these initiatives varied
from one sector and economy to another.
 
1.2.  Statement of the research problem

The global real estate market and people’s socioeconomic well-being have both been
severely impacted by the COVID-19 epidemic. In addition to widespread catastrophes like
the COVID-19 epidemic, viability restrictions also severely hindered the real estate
industry’s commercial activities. The real estate industry’s commercial supply chain
experienced disruption as a result of extreme constraints that were put on business
operations and the general public, such as mobility restrictions, because it depends so
significantly on the flow of people and physical contacts. Even the most engaged and
forward-thinking CEOs were caught off guard when anti-COVID-19 restrictions were
implemented, creating survivability limits for the real estate industry.

In terms of infrastructure development, the real estate sector significantly contributes to

economic development. The commercial real estate sector indirectly aids in the generation
of jobs. According to statistics, Zimbabwe's travel and hospitality sector's share of the

8
 country's GDP decreased from 8.5% in 2019 to 4.1% in 2020 and indirectly affected on the
financial performance of the real estate industry. Amongst 2019 and 2020, the capacity
utilisation decreased from 8.6% to 7.8% (African Nature-Based Tourism Platform, 2022).
From 2 579 974 in 2018 to 294 259 in 2019, fewer visitors arrived. Travel restrictions
brought on by the COVID-19 pandemic caused a sharp drop in visitor numbers to just
600,000 (Trading Economics, 2022) and had a negative effect on the real estate industry's
commercial sector (Uur and Akbyk, 2020). The COVID-19 epidemic affected the
performance of the real estate sector with respect to each capacity to collect rental incomes.
In addition, the contagious disease restricted access to source markets, all of which resulted
in a significant capacity utilisation in the commercial real estate industry (Ribeiro, 2020).
This study intends to establish turnaround strategies which could be implemented by the
commercial real estate sector in improving it's business performance in the post COVID-19
era.
 

1.3. Research Objectives

The study sought to achieve the following objectives:

i. To evaluate the impact of business process re-engineering strategy on the performance

of the real estate industry in the post Covid-19 era.
ii. To analyse the effectiveness of outsourcing strategy on the performance of the real estate
industry in the post Covid-19 era.
iii. To analyse the impact of organisational learning strategy on the performance of the real
estate industry in the post Covid-19 era.
iv. To assess the effect of financial restructuring strategy on the performance of the real
estate industry in the post Covid-19 era.
v. To analyse the effect of leveraging organisational resources on the performance of the
real estate industry in the post Covid-19 era.

1.4. Hypothesis

9
The study was premised upon the following hypothesis:

H1: Business process re-engineering strategy has a significant effect on the performance of
the real estate industry in the post Covid-19 era.
H2: Outsourcing strategy has a significant effect on the performance of the real estate
industry in the post Covid-19 era.
H3: Organisational learning strategy has a significant effect on the performance of the real
estate industry in the post Covid-19 era.
H4: Financial restructuring strategy has a significant effect on the performance of the real
estate industry in the post Covid-19 era.
H5: Organisational resources strategy has a significant effect on the performance of the real
estate industry in the post Covid-19 era.

1.5. Conceptual Framework

Conceptual framework refers to the diagrammatic representation of the association amongst

the dependent and independent variables. In this study dependent variable is the Real Estate
commercial market, while Covid-19 is the independent variable. Theoretical expectation is
that Covid-19 has had an impact on Real estate commercial market segment as illustrated
below

H1
Business Process Re-
engineering Strategy

H2
Outsourcing Strategy
Turnaround Strategies

H3 Financial and strategic

Organisational Learning
performance of the
Strategy
Real Estate Industry
H4
Financial Restructuring 10
Strategy

H5
Organisational resources
 Independent Variables Dependent variable

Fig 1.1: Conceptual Framework

Source: Author’s own compilation (2023)

The conceptual framework demonstrates the hypothesised research model for this study,
which shows the anticipated association amongst the independent variables and dependent
variables. Independent variables that make up turnaround strategies include business process
range, outsourcing strategy, organisational learning strategy, financial restructuring strategy,
and organisational resources strategy. These strategies are expected to influence the
financial and strategic performance of the real estate industry in Zimbabwe in the post-
COVID-19 era. The selection of these turnaround strategies was motivated by their efficacy
and application in different sectoral and industrial contexts around the globe as a way of
assisting different organisations in navigating through the disruptions that were caused by
the COVID-19 pandemic. As such, it was considered necessary to incorporate these
strategies into this study and find out their level of statistical significance as they relate to
the real estate industry.

1.6. Significance of the study

The results of this study offers a series of contributions that extend knowledge on the impact
of Covid-19 on the real estate commercial market segment in Zimbabwe. This study makes
significant contributions to both theory and practice.

1.7. Significance to theory

11
This study will be invaluable from a theoretical standpoint to academicians as it is necessary
to bring theory and practise together in finding turnaround solutions to the current
disruptions caused by COVID-19 in the commercial real estate industry. The findings will
also contribute to the professional extension of existing knowledge on the issue of events
such as COVID-19 and related disasters in commercial real estate industry. The study
focuses on the topic of world pandemics that affect commercial real estate industry, and in
this regard, scholars and future researchers in this area can borrow the findings for reference
in future studies.

The study focuses on a current phenomenon and therefore is significant on issues of

innovation and industrialization as it brings a tank of innovative ideas to the matter under
study. The study, as part of Education 5.0 research, promotes creativity, critical thinking,
and problem solving on the current issue of commercial real estate industry and COVID-19.

1.8. Significance to Practice

This research intends to come up with empirical research outcomes that give valuable
insights to the government, policymakers, and other institutions on strategies to cope with
the shocks of COVID-19, with a special focus being placed on the commercial real estate
industry. The study therefore provides theoretical, practical, and methodological
significance to the government of Zimbabwe, the World Bank, the real estate sector, and the
Ministry of Industry and Commerce in the following ways: The study provides
recommendations on strategies that can be adopted by the commercial real estate industry to
survive and recover from the negative consequences of COVID-19 on their operations.
Thus, it provides additional knowledge for the commercial real estate industry.

The evidence from this study provides additional knowledge to the government on issues
that need to be addressed to equip and assist the commercial real estate industry in
relinquishing the effects of COVID-19. The government, through the Ministry of Industry
and Commerce, will thus be adequately informed on what strategies to adopt to bail out the
commercial real estate industry and be in a position to navigate through business
disruptions. The findings of this research are anticipated to be of great importance in
national strategy planning, as they harness information that further helps parliamentarians in

12
articulating deliberate strategies that are targeted at revitalising the commercial real estate
industry in the midst of pandemics.

Policy makers stand to gain significantly from the findings of this study in that they will
have at their disposal vital information on how pandemic outbreaks affect businesses. The
findings from this study also alert policymakers to craft plans and policies aimed at assisting
commercial real estate industry that have been affected by COVID-19.

1.9. Delimitations of the study

The focus of the research is looked at from the perspective of time scope, geographical
school, literature scope and methodological scope.

1.9.1. Geographical Scope

The research was geographically delimited to commercial real estate industry in Harare,
Bulawayo, Gweru and Mutare (geographical delimitation). Commercial real estate industry
considered for the purposes of this study are those that are formally registered businesses
with the Estate Agents Council of Zimbabwe (EACZ), the regulatory body formed through
an Act of Parliament (Estate Agents Act) to provide for the regulation and practice of Estate
Agents in Zimbabwe.

1.9.2. Literature Scope

The study focused on the effect of turnaround strategies on the financial and strategic
performance of the commercial real estate industry in Zimbabwe in the post-COVID-19
pandemic. The scope of literature that is used for the purposes of determining the efficacy of
turnaround strategies includes literature on financial restructuring strategies, business
process re-engineering strategies, organisational learning strategies, organisational resources
strategies, and outsourcing strategies.

1.9.3. Time scope

In terms of time, the focus of this research is on the post-COVID-19 pandemic period, which
is a two-year time frame that spans from the 1 st of April 2021 to the 30th of April 2023. This

13
is a time when most restrictive measures to keep the spread of the COVID-19 pandemic
under control have given a new lease on life to the commercial real estate industry as it
recovers from the disruptions that were caused at the height of the COVID-19 pandemic. As
such, the turnaround strategies that are analysed in this dissertation are those that were
implemented amongst April 2021 and April 2023.

1.9.4. Methodological Scope

This research is based on the utilisation of a pragmatic research paradigm that allows the use
of a combination of qualitative and quantitative research approaches within the same study.
It follows that the research will be based on the use of descriptive and explanatory research
designs to provide a detailed account of 10 strategies implemented to help the commercial
real estate industry navigate through disruptions caused by the COVID-19 pandemic. The
research population will be composed of management and owners of different real estate
companies in Zimbabwe who provide a detailed personal account of experiences they faced
at the height of the COVID-19 pandemic and strategies they have implemented to regain
their sound footing after the pandemic. The research will leverage the utilisation of
probability sampling methods in coming up with a representative sample that can also
promote statistical inference and generalisation of research outcomes.

1.10. Assumptions of the study

The study assumed that:

 The operations of the commercial real estate industry were disrupted by the COVID-19
pandemic.
 The commercial real estate industry had adequate organisational resources in terms of
technology, personnel, finance any dynamic capabilities to help it navigate through
disruptions caused by the covid-19 pandemic.
 The government stimulus package to support businesses in distress following the
disruptions caused by the covid-19 pandemic where inadequate to effectively resuscitate
the commercial real estate industry.

14
 The financial services sector at the adequate liquidity and financial instruments to assist
the commercial real estate industry in implementing Financial restructure and strategies
to turn around the financial prospects of the commercial real estate industry.

1.11. Limitations of the study

The major limitation the researcher faced was the reluctance of research participants to
provide information considered private and confidential. Some research participants could
not divulge all information due to a fear of counter competition, particularly on strategies
used to cope with COVID-19. There was also too much bureaucracy in getting information
from some real estate managers. To avoid this, research participants were guaranteed the
confidentiality of their responses, and the study was for academic purposes only.

Limited literature and statistics on research on COVID-19 and the real estate commercial
market segment in Zimbabwe were also encountered, and this posed a challenge in obtaining
relevant literature for comparative purposes. The issue of COVID-19 is a recent
phenomenon with few published academic journals, and thus the topic has scant literature
for comparison purposes. However, the researcher used methodological triangulation to
strengthen the findings of the study.

1.12. Definition of Key Terms

Covid-19- The coronavirus disease (Covid-19) is a contagious respiratory disease caused by

a new coronavirus strain that causes illness s in humans (Africa Union, 2020). According to
WHO (2022), coronavirus disease (Covid-19) is an infectious disease caused by the SARS-
CoV-2 virus.

Real Estate Company- A real estate business is a business entity that deals with the buying,
selling, management, or investment of real estate properties (Chen and Scott, 2022). Real
estate companies are businesses that manage, buy, sell, invest, and develop properties –
including land, residential homes, and other buildings.

Rental Market- refers to activities relating to the amount a landlord might reasonably
expect to receive, and a tenant might reasonably expect to pay, for a tenancy.

15
1.13. List of Acronyms

AU African Union

EAC. Estate Agents Council of Zimbabwe

UN United Nations

UNICEF United Nations International Children’s Fund

UNDP United Nations Development Programme

WHO World Health Organisation

1.14. Organisation of the study

The initial section focuses on giving an in-depth overview and explanations for the study's
implementation based on groups that have been recognized through practice, understanding,
and research as a result of the empirical research conducted in various social and economic
contexts. By conducting research on turnaround strategies that can be used to mitigate the
negative effects of the COVID-19 pandemic interruptions on the financial and strategic
performance of the commercial real estate industry, the chapter highlights the primary
research problem that the current study wants to bring together based on these gaps that have
been identified. The primary goals of the study and the hypotheses are derived from the
research topic, and they serve as a guide for the remaining chapters of the dissertation in
order to preserve coherence.

The connection amongst the turnaround strategy factors and the financial and strategic
performance of the commercial real estate industry in Zimbabwe is then demonstrated using
an empirical approach in the form of a conceptual framework. The remainder of the first
chapter examines the study's significance from both intellectual and practical angles. In
addition, the parameters for conducting the study in terms of time, literature, geographic
location, and research participants are noted. The study's boundaries and limits are also
addressed.

16
The focus of Chapter 2 is on creating compelling justifications for the turnaround strategy
factors and the financial and strategic performance of Zimbabwe's commercial real estate
market. As they solidify the identified study gaps in accordance with the research's aims,
many points of view are taken into account from an empirical and theoretical standpoint. In
order to put the current study into perspective and offer new insights into the turnaround
plan variables and the financial and strategic performance of the commercial real estate
industry in Zimbabwe, points of similarity and difference are noted. 

The primary objective of Chapter 3 is to present a thorough analysis of the research

methodology that was utilised to gather, analyze, and measure data using empirical
methodologies. The pragmatic research population, which chooses the study design,
strategy, and approach, is the main topic of the third chapter. Additionally highlighted are
the research population, sampling technique, and research tools used to collect empirical
data that is legitimate and trustworthy. The techniques for data collecting and analysis are
described, along with the data sources. A review of the ethical issues, validity, and
dependability is also provided.

As it deals with the presentation, analysis, and outcomes that came from the present study in
accordance with the study's objectives, Section 4 offers fresh perspectives. This section
opens with a discussion of the feedback we got from the data-collection tools we utilised for
our research. The next step is descriptive statistics based on the features and demographic
profile of the participants in the study. Along with percentages and frequencies, important
measurements for statistical description include measures of dispersion and measures of
central tendency.

Inferential data analysis are then used to evaluate the research hypothesis and establish the
level of statistical significance and size of effects amongst both independent and dependent
research variables that were initially taken into consideration, given the quantitative nature
of the investigation. The dependability test, the variance analysis, the Pearson correlation
amongst predictor and independent variables, the model summary determination, and the
regression analysis square coefficients that will be used to determine the statistical
significance amongst research variables are important components of inferential statistics. It

17
is crucial to place the current study in the proper context since research findings presented in
Chapter 4 are examined in connection to empirical studies.

In producing a thorough review of findings, suggesting conclusions, and offering

recommendations on each of the five objectives of the current study, Chapter 5 offers a
comprehensive summary of findings that concentrates on the entire dissertation.
Additionally, areas of government research that might have resulted from the current study
but did not fit the aims of the study are suggested in the last chapter.

1.15. Chapter Summary

In addition to outlining and describing the research objectives, research questions, purpose
of the study, and research propositions, the chapter included background information about
the study and research topic. The chapter has shown that the COVID-19 pandemic has had a
significant effect on the global economy, affecting the majority of firms. This study's
primary goal was to assess Covid-19's effects on Zimbabwe's commercial real estate market
segment. Only real estate firms in Harare, Bulawayo, Gweru, and Mutare were included in
the study. The review of the literature is covered in the next chapter, which emphasises both
theoretical and empirical literature reviews.

CHAPTER 2

LITERATURE REVIEW

18
2.0 Introduction

In order to manage the post-COVID-19 pandemic disruptions and enhance both financial
and strategic performance, the commercial real estate market may want to consider
implementing turnaround solutions, which are thoroughly analysed in this chapter. An
overview of the theoretical framework opens the chapter, which is followed by discussions
of the important factors that were taken into account for the turnaround strategy and the
important problems related to the commercial railway state management sector's tenant
experience. The main purpose of this chapter is to put the current study into perspective by
presenting regions of convention and points of difference.

2.1.  Theoretical Framework

This research is based on the application of theoretical frameworks. The first theoretical
framework is the expectation of this confirmation. Theory that links the perceived
performance of the real estate industry, expectations, and this confirmation of beliefs to
post-purchase consumer experience levels. This theory is based on four constructs, which
form the foundations of the characteristics of individuals to associate with an object that
makes up expectancy constructs. This implies that teenagers within the commercial real
estate industry have certain expectations about the quality of service delivery they receive
from commercial real estate managers, which can either be confirmed or dispelled. Within
the context of the current research, at least real estate is an attitude object since it directly
affects the expectations of tenants and the denial of beliefs. The term “perceived
performance” refers to the extent to which individuals perceive their behaviour towards real
estate, which affects their cognitive dissonance. This confirmation of views is a result of
tenants’ assessments of real estate (Nuradiana and Sobari, 2021). 

Figure 2.1: Expectation Disconfirmation Theory

19
 Source: Adopted from Nuradiana and Sobari (2021)

Negative confirmations occur when an attitude object underperforms in comparison to

tenant expectations. The fourth component of experience examines how one tends to be
satisfied with the degree obtained from their affiliation with real estate. The essence of the
disc information theory is pertinent for this research because it describes how tenants’
expectations are formed through interaction and expectations of perceived performance
considerations and how these can be tempered by this confirmation of beliefs (Choi, Moon,
and Kim, 2019).

2.2. Real estate

Any economy's level of infrastructure development is influenced in part by the contribution

of the real estate sector. Real estate is defined as the act of facilitating communication
amongst commercial real estate owners and tenants on matters relating to the management
of real estate, including tenant experience and the ongoing collection of rent from tenants
(Oladokun and Ojo, 2017). According to Capellán et al. (2021), managing ownership
interests in land and real estate with the intention of getting the best financial and non-
financial returns on investment is what is meant by "real estate".

Real estate professionals must be knowledgeable about how to maintain properties as well as
the amenities and surroundings that surround them, according to Macey and Baker's (2017)
insights. The idea of real estate includes the creation of a long-lasting partnership amongst
owners and tenants in order to create a lasting, long-term relationship that raises the

20
financial value of real estate. According to Martinez and Olander (2015), the creation of a
physical environment that represents societal ideals and the strategic financial interests of
the real estate industry is the ultimate purpose of real estate development.

Discussions on real estate have taken place in a variety of forums with the participation of
experts, clients, and renters in the commercial real estate sector. The need to reaffirm the
strategic and economic contribution that the real estate industry can make, as well as the
need to develop a sustainability strategy to increase the real estate sector's long-term
relevance in line with the shifting economic structure, were key considerations in these
decisions and discussions (Zimmermann and Eber, 2017). The effective management of
rental properties in relation to the delivery of high-quality real estate services to improve
client experiences and happiness was one of the hot topics discussed in articles about the
real estate industry's performance (Preko, Agbanu, and Feglo, 2016).

The exponential rise of the real estate sector and the inclusion of tenants in the creation of a
sustainable real estate strategy are proof that major gains in the real estate markets were
made prior to the COVID-19 epidemic. Prior to the past two decades, following a boom in
global economic performance, real estate owners managed properties because there was less
demand for real estate management due to a lack of significant urban expansion (Mittal and
Jhamb, 2016). The commercial real estate sector has experienced exponential growth in
recent years, especially in urban centres that have the potential to draw sizable amounts of
foreign direct investment, particularly in the tourism sector. Due to the efficient and
attractive environment created by this, real estate strategy may be implemented in the
context of the increasing investor interest in commercial real estate management.

By subcontracting the management of the sector, the commercial real estate sector
establishes a beneficial environment to assist commercial real estate owners in achieving
their financial objectives. As one of the important dates of release, the outlet result has been
the maintenance of physical real estate components at the highest level of efficiency. A third
understanding of the technical and organisational capabilities framework is used to predict
crucial success factors in the release date in order to maintain and enhance the status of real
estate up to the point of options.

21
According to theory, the worth of a piece of real estate whose renters pay for the privilege of
use is determined by how it is used (Shazrin et al., 2012). According to Mankiw (2018),
market factors including supply and demand interact to affect real estate values. The amount
of comparable or potential real estate or space that is available for usage by renters to
consider is known as the real estate supply. Real estate demand is a reflection of users'
overall cumulative interest in comparable properties.

Economic and non-economic factors have a substantial impact on real estate valuations.
Economic factors, such as the bank repo rate, have been shown to have an impact on
housing values. Che, Li, Guo, and Kun (2011) concluded that bank lending is a significant
influence in raising real estate values in a study on the association amongst bank lending and
real estate prices in the regional financial hub of China. According to Kgari (2017), the
interaction of market forces of supply and demand should cause the value of commercial
real estate to increase in stable economic conditions.

According to Batalha et al. (2022), the COVID-19 pandemic created significant disturbances
to the Lisbon, Portugal, commercial real estate market, which resulted in a sharp decline. In
the third quarter of 2020 compared to the same quarter in 2019, there was a cumulative 4.8%
decline in sale prices, which was accompanied by a contraction of the residential dwelling
rental market of 4.1%. Insights from Wang and Zhou (2020), who looked at the commission
rental market in China, validated this claim. In the midst of the severe COVID-19 outbreak,
we exhibited indicators of suffering. Similar conclusions were drawn from study by
Rosenthal et al. (2021), where it was clear that the COVID-19 epidemic caused a significant
reduction in rental income, which had a detrimental effect on the financial health of the real
estate industry.

Liu and Sui (2021) emphasised that the interruptions at the peak of the COVID-19
pandemic, which greatly impacted housing demand and surely had an influence on the real
estate sector's capacity to create income, had a considerable negative impact on the
commercial real estate business. Similar conclusions were reached by Gupta et al. (2021),
who found that the global COVID-19 epidemic lowered the bid-rent curve in the U.S. as

22
housing prices and rent fell in city centres but were offset by price and rent increases outside
of the city centre.

However, Liu and Tang's works (2021) emphasised that commercial real estate industry
values decreased in regions with COVID-19 infections. According to this viewpoint, the
contagious illness did not completely affect the commission real estate market, but rather,
issues were concentrated in the regions that were dealing with the most serious diseases.
However, Zeng and Yi1 (2022) emphasised the threat that the COVID-19 pandemic posed
to the Chinese housing market, the outbreak's epicentre. The research showed that the
pandemic's negative effects on the housing market were mostly shown in the lower volume
and geographic reach of real estate transactions, with little impact on residential prices.

According to Balemi, Füss, and Weigand (2021), the COVID-19 had an impact on the
residential and commercial real estate markets, as seen by the empty office buildings,
derelict shopping centers, and vacant apartments in major cities. These elements had a
detrimental effect on both the residential and commercial real estate sectors. These findings
are in contrast to those of Zeng and Yi1 (2022), who came to the conclusion that the
pandemic had only a minor impact on housing prices. Van Dijk et al. (2020) investigated
how to control liquidity in the US commercial real estate asset market by looking at the
difference amongst supply and demand conditions. Their findings showed that the US real
estate market's liquidity had drastically diminished.

According to Hromada (2021), who investigated how COVID-19 influenced the Czech
Republic’s real estate market, the market was frozen from March to June of 2020 as a result
of COVID-19’s existence. This research was relatively generic in character because of the
widely-held ideas about how COVID-19 influences the Czech real estate market. After
accounting for all market-available factors, the appraisal process yields the value of
commercial real estate. According to Mushongahande, Cloete, and Venter (2019), the
primary variables affecting the price of real estate include demand for commercial real
estate, the availability of land in desired locations, building design, finance availability,
management of completed structures, and project profitability.

23
Even though there are structural similarities, the residential real estate market is diverse, and
Since each commercial real estate has unique geographic coordinates that distinguish it from
others, no two properties are same. There is often no homogeneity in the value of properties
because each piece of real estate has a unique location (Kgari, 2017). The value of
commercial real estate is influenced by the aesthetic appeal and structural soundness of the
building itself, as well as positioning factors such the layout and maintenance of the
neighbouring homes (Yu, Cho, and Kim, 2012). When establishing a home's value, the
neighbourhood's amenities and the advantages and disadvantages related to them, such as
the distance to the closest resources, congested roads, and the amount of time needed to
access any amenity, will all be taken into consideration.

2.2.1. Factors Affecting Tenant Experience in Real estate

Residential commercial real estate purchase behaviour was significantly influenced by

indoor and outdoor elements (Shazrin et al., 2016). Ventilation, relative humidity, real estate
price, location, and closeness to social amenities like schools, shopping centers, churches,
sports facilities, and others are important factors that affect tenant happiness. Tenant
fulfillment in real estate is, according to Preko, Agbanu, and Feglo (2016), regulated by
structural elements like discourse and resource accessibility. In the socioeconomic context
of real estate, Long and Wilhelmsson (2020) underline the effectiveness of rules as well as
the perceptions of funders and users of properties.

Current research on the impact of consumer fulfillment in real estate shows that excellent
service delivery and management satisfy clients (Kotler and Keller, 2016). The presence of
additional value equipment on the commercial real estate is a factor in determining the scope
of service delivery (Preko, Agbanu, and Feglo, 2016). The impact of favourable outcomes
on client experience has received significant attention in real estate research (Van Dalen,
2016). According to previous studies, there is a positive correlation amongst home prices
and being close to supermarkets (Long and Wilhelmsson, 2020) and shopping centres
(Zhang et al., 2019); regional commuter rail and home prices (Bohman and Nilsson, 2016);
and air quality and home prices (Shazrin et al., 2016).

24
The foregoing literature, which is replete with studies showing how closeness to various real
estate projects has an impact on commercial real estate values in neighbouring residential
districts, is supported by these experimental investigations, according to Bohman and
Nilsson (2016). Current research reveals that real estate prices are an important and disputed
aspect that must be taken into consideration in real estate, as proven by the aforementioned
empirical investigations. Although perceived unjust real estate pricing is a cause of tenant 6
(Van Dalen, 2016), real estate is not just about collecting rent from tenants. Real estate
values are influenced by a number of extraneous elements that are unrelated to the actual
commercial real estate, as shown in recent real estate study. According to Batista et al.
(2017), these variables may include neighbourhood qualities, distance attributes, and
environment features.

According to Kurvinen and Wiley (2016), neighbourhood characteristics such as closeness

to physical amenities like lakes and parks as well as social institutions like library services,
hospitals, and denominations have been demonstrated to have a significant impact on a rise
in real estate prices for properties around it. According to Preko, Agbanu, and Feglo (2016),
tenant experience effects are present when there is an optimal balance amongst
interconnection-determined real estate pricing and the internal comfort elements offered by
the commercial real estate's structural qualities. 

According to Preko, Agbanu, and Feglo (2016), the value of real estate is reflected in the
package of benefits it conveys to the tenant. According to Van Dalen (2016), real estate
prices serve as a value gauge for both the inside and outside variables that have an impact on
the development of tenant experience. Implicit design of structures, real estate dimension,
and configurations are a few examples of internal real estate pricing characteristics that
improve occupancy rates (Preko, Agbanu, and Feglo, 2016). External variables have to do
with neighbourhood and environmental characteristics including scenery, safety, calmness,
and accessibility to the major social infrastructure. In light of the aforementioned
considerations, the price that a real estate occupier is willing to pay is a reflection of the
value associated with the real estate (Bohman and Nilsson, 2016).

25
The impact that unfavourable externalities have on tenant experience has been extensively
studied in the real estate industry. The prevalence of noise pollution from close access to
freeways and airports, landfill pollution, and high crime rates are prominent ambient
discomfort concerns that have been highlighted in study (Kurvinen and Wiley, 2016).
According to Vor and Groot's (2016) research, being too far from a factory depresses the
value of domestic real estate and tenant happiness. These unfavourable externalities make
tenants more likely to move from their homes, which suggests that they have a detrimental
impact on tenant experience. Regular real estate responsibilities include initiating and
negotiating rental reviews with renters, negotiating real estate lettings and lease extensions,
ensuring adequate commercial real estate maintenance, and making sure tenants adhere to
the terms of the lease agreement. Wilhelmsson and Long, 2020). Immovable commercial
real estate management entails a great deal of responsibility and necessitates the use of
competent real estate protection measures and accounting procedures (Van Dalen, 2016).

2.3. The effects of the Covid-19 pandemic on Real estate

The COVID-19 pandemic has had a significant influence on the global economy (The
African Report, 2020). To stem the spread of COVID-19, the national governments
declared a state of crisis, suspended the ban on mass gatherings, and lifted the travel and
trade restrictions on non-essential services. The epidemic reduces cash flows for the
commercial real estate industry, which could lead to closure later. According to Uur and
Akbyk (2020), the SARS-CoV-2 new Coronavirus (CoV) is thought to have originated in
Wuhan, in the Chinese province of Hubei, in 2019. The Covid-19 worldwide pandemic
spread with devastating ferocity throughout the entire world. The Covid-19 outbreak was
deemed a worldwide health emergency by the World Health Organisation (WHO) on
January 30, 2020 (Chang, Yan, and Wang, 2020). According to the WHO, the Covid-19
pandemic has had an effect on more than 115 nations. More than 5.910,000 persons have
died as a result of the infectious disease as of this writing (Lai et al., 2020).

According to a report by Mckinsey (2020), the majority of real estate businesses have not
been performing the same way, and the rental market has seen significant declines
throughout the Covid-19 crisis. In the majority of businesses, the unlevered enterprise value

26
of real estate assets had declined by 25% or more as of April 3, 2021, according to one
estimate, and it had decreased by as high as 37% for hotels. The report also made the point
that owning and maintaining those facilities is a less profitable venture when customers
avoid congested businesses, institutions send students home, and hotels, motels, and retail
establishments close their doors.

The Covid-19 event unquestionably changed the attitudes and actions that influence the
market for real estate assets, particularly lodging facilities and short-term leases (Lai et al.,
2020). Customers were forced to purchase online as a result of the Covid-19 epidemic-
related closures of malls and retail locations as well as a shift towards e-commerce. The
demand for space falls as more individuals work from home and institutions are required to
deliver all semesters of teaching remotely, which leads in reduced rentals for real estate
leasing enterprises (Mckinsey, 2020).

Numerous research have been done to investigate the implications of Covid-19 on

enterprises on a global, regional, and local level. 96.5 percent of the enterprises who replied
to a poll on the effect of COVID-19 on a sample of small businesses in Namibia by the
Namibian Statistics Agency (NSA) indicated that COVID-19 had a negative impact on their
operations (GTN, 2020). The poll also showed that 25.2% of firms were temporarily
shuttered, while 50% of them were partially trading, according to NSA Statistician-General
Alex Shimuafeni (GTN Africa, 2020). Aalbers (2019) examines the market for metropolitan
rental housing during the first few months of the COVID-19 crisis in the United States, with
an emphasis on the time between March and June 2020. The COVID-19 crises’
demonstrated lack of demand for housing and the anticipated long-term effects of shifting
rental market conditions served as the study’s driving forces. Falling prices and lower rental
rates could both be the results of weak demand (Chang, Yan, and Wang, 2020).

The study was motivated by the apparent lack of housing demand during the COVID-19
crisis and the anticipated long-term effects of shifting rental market conditions. Falling
prices and lower rental rates could also be the result of weak demand (Chang, Yan, and
Wang, 2020). According to a study by Gascon and Haas (2020) on the COVID-19
pandemic's effects on the residential real estate commercial market segment, the COVID-19

27
pandemic had a significant impact on the U.S. residential real estate market throughout the
spring. Due to stay-at-home orders and the unstable economy, home sales dramatically
declined in some metro areas (Lai et al., 2020).

In April and May (2020), home sales nationwide declined to their lowest levels since the
commencement of the housing and financial crisis in 2007. Due to health issues and
instructions to stay at home, fewer buyers were looking for homes, and fewer sellers were
willing to list their homes or let strangers into their residences during a pandemic. Buyers
have also made fewer home purchases. In the United States, there were more than 40%
fewer house showings per listing in April 2020 compared to April 2019. In April 2020, other
measures of home demand, such as internet search activity, agent enquiries, and offers
made, also sharply decreased (Chang, Yan, and Wang, 2020).

Since regional factors have a significant impact on residential real estate activity, while
almost every major metro area witnessed a significant decline in real estate activity during
the spring, some areas that were more badly impacted by the pandemic saw particularly high
drops. For instance, pending home sales in New York City fell by 58% in April 2020 over
April 2019. Due to the majority of real estate activity being relegated to non-essential status
till early May 2020, there was a 74% decrease in the number of pending deals in Detroit.
The average drop, in contrast, was a decline (Chang, Yan, and Wang, 2020).

The epidemiology of the Covid-19 pandemic has been extensively researched from both a
scientific and social effect standpoint. The impact of the Covid-19 epidemic on the housing
market served as the foundation for this investigation. The virus has had both detrimental
and beneficial effects on industry. The article emphasises a number of effects as being
particularly significant, including the destabilisation of international markets, a contraction
of the global economy, and disruption of international sports. The article cites the expansion
of online commerce, the resurgence of medical supply firms, and the creation of global
online learning platforms as positive outcomes.

The Covid-19 pandemic caused significant changes in many facets of society and the
economy, and the real estate management business was not immune to these developments.
The virus containment countrywide shutdown had a negative impact on the city's tourism

28
sector, which is heavily dependent on residential real estate transactions in Cape Town
(Jiricka-pürrer, Brandenburg and Pr, 2020). The Covid-19 pandemic's detrimental impacts
on the global tourism industry have significant ripple effects because the real estate market
in Cape Town depends on foreign visitor arrivals (Uur and Akbyk, 2020).

The detrimental effects of the Covid-19 pandemic containment efforts did not spare the real
estate industry. Tanrvermiş (2020:263) claims that the contagion took the form of "an
unanticipated event that has adversely affected the project's creation in the real estate sector,
sales operations in current real estate, costs estimates, values, and rates of return of existing
real estate sector in general."

Hu and Zhang (2021:371) concentrated on "business performance through tracking and

characterising this large rise in unpredictability" but left out the effects on the real estate
market. Given the activities in the real estate market, it becomes plausible to assume that the
Covid-19 epidemic also had an impact on unclear real estate conditions, especially with
regard to the use of vacant rented spaces. According to Chen and Yeh's study from 2021, the
Covid-19 pandemic is thought to have created a world financial crisis that made the stock
markets unstable. Investor trust in the real estate market was impacted by the effects of the
financial crisis. Vera-vald (2021) expressed similar views and emphasised the continued
financial uncertainty in a persistence of financial instability in a number of industries and
markets following the Covid-19 outbreak.

The COVID-19 outbreak has an impact on the elements that drive efficacy and flexibility in
the global supply chain through the decomposition of activities to deliver high values to the
commercial real estate industry. The drivers of supply chain management, such as "facilities,
logistic management, transportation, the administration of stocks, communication of data,
pricing, and sourcing," underperformed during the COVID-19 pandemic, which negatively
impacted the global supply chain (Shahzadi, Amin, and Chaudhary, 2013:54).

International purchases were hampered as well as air and sea travel. At the key entry ports,
flights were cancelled and cargo ships were delayed. The COVID-19 epidemic has
devastated China, and as a result, "a number of airlines, including Lufthansa, cancelled
flights to China, and the Trump administration prohibited flights from China on January 31"

29
(Uur and Akbyk, 2020:5). Fly Emirates and RwandAir announced early this year that they
will stop flying to Zimbabwe due of the new Cov-501 strain. Additionally, from the end of
March through the end of June 2020, the majority of international aviation travel was
suspended.

According to Jiricka-Pürrer, Brandenburg, and Probstl-Haider's study (2020:3), "other

smaller low-budget airlines were particularly affected as well," and "Austrian Airlines,
Swiss, and Lufthansa was given substantial financial assistance by the state in question to be
able to keep running their business." Major foreign airlines' capacity to exist and operate
financially would be impacted by this anticipated decline in revenue. The COVID-19
pandemic's disruptions also had a bad effect on the commercial real estate market since the
aircraft industry's restricted operations had a negative influence on the tourism sector.

The Covid-19 epidemic disrupted international travel, according to all available literature
(Uur and Akbyk, 2020). Brandenburg, Jiricka-pürrer, and Probstl-Haider (2020). highlighted
how the major tourism source markets in Eastern Europe, Oceania, and the Americas were
significantly impacted by the pandemic. The business of foreign travel and tourism suffered
as a result. According to a study by Lai et al. (2020:2), the Covid-19 pandemic primarily
impacted twenty-eight regions, Due to Covid-19, there was a great deal of cynicism and
instability in the international tourism sector, which decreased income (Uur and Akbyk,
2020). The Covid-19 outbreak raised concerns on both the supply and demand sides of the
global travel industry. Demand-side shocks were influenced by border closures, restrictions
on travellers' freedom of movement, and tourist fear of infection (Pathak et al., 2020).
shocks to the supply side, such as the closure of tourist-oriented hotels, restaurants, and
entertainment facilities (Ribeiro, 2020). The Covid-19 outbreak was especially bad for
coastal areas and popular vacation places like the sandy beaches of Mozambique and Cape
Town. The reduction in passenger numbers forced the trip ship's international activities to be
suspended.

Global economic activity decreased as countries tried to stop the possible damage to their
health service systems as a result of the Covid-19 epidemic. People who were employed
missed work as a result of widespread isolations, quarantines, and lockdowns. Economic

30
activity is impacted by restrictions on people's ability to enter and leave (Uur and Akbyk,
2020). The indirect effects of the Covid-19 pandemic on the performance of the global
economy were attributed to changes in economic players' behaviour. For instance, as was
already said, there has been a noticeable increase in international tourism. As a result, the
tourism-dependent economies of nations like Zimbabwe, Kenya, Mozambique, and South
Africa contracted.

2.4. Turnaround strategies

This section highlights possible turnaround strategies that can be implemented by the
commercial view we state industry to navigate through disruptions that we caused by the
COVID-19 pandemic.

2.4.1. Business Process Re-engineering Strategy

Reengineering company processes is a key business discipline that aims to boost

productivity, raise quality, or save expenses. Reviewing company workflows is often
required to identify poor or inefficient practises and come up with alternatives to get rid of
or modify them. The commercial real estate sector may be discovered to have inefficiencies
as a result of redundant operations or outdated practises that don't support a competitive
edge over the long run. In these circumstances, business process re-engineering is presented
as a tactical instrument to restructure the operations of the commercial real estate sector,
particularly through a model of learning organisational supplementary activities.

Contracts with third-party vendors of services and information that were previously
provided by the commercial real estate industry can be used to implement business process
re-engineering (Vaxevanou and Konstantopoulos, 2015). Business process re-engineering,
according to Krysi et al. (2018), is the process of coordinating and establishing business
relationships with outside suppliers for the supply of skills that were once frequently
provided by functional units of organisations. Since they must improve operational and
productive efficiency by assuming a number in manufacturing characteristics, the
commercial real estate market promotes business process re-engineering (Dekker, Mooi, and
Visser, 2020).

31
The practise of business process re-engineering gained popularity when it was used in the
ICT industry. The service and industrial industries have seen an increase in the use of
business process re-engineering. 2015's Itkien and Blusyt. Operational and strategic levels
are combined in the practise of business process reengineering (Lankford and Parsa, 2019).
By giving large contracts to specialised partnerships, strategic business process re-
engineering adds value over time to the commercial real estate sector (Ghodeswar and
Vaidyanath, 2018). As part of a strategic level of business process re-engineering, a
corporation is necessary to hire a consultant to carry out a certain activity over a longer
period of time (Dekker, Mooi, and Visser, 2020).

In order to better position the commercial real estate sector to profit from changes in its
operating environment, a turnaround strategy may involve employing the transformational
re-engineering technique to reorganise and restructure the sector (Bayraktar, 2017). The
research findings of Lankford and Parsa (2019) confirm the vital part that transformative re-
engineering of business processes plays in the turnaround techniques used by the
commercial real estate industry to take the lead in the market. Turnaround solutions through
business procedure reengineering produce long-term benefits by harnessing the knowledge
and experience of professional organisations (Brown and Wilson, 2015).

2.4.2. Financial Restructuring Strategy

"Financial turnaround strategies" describe the restructuring of the financial foundation of the
commercial real estate sector. Retained earnings, debt financing, and equity financing are
the three methods used in accounting to finance the commercial real estate sector. In a
capitalist system where prices serve as precise signals for capital allocation, an effective
financial turnaround plan is crucial (Guerrien and Gun, 2011). When businesses issue stocks
to fund their operations, they can anticipate receiving "fair prices." The investors on the
other hand, select assets in the belief that they will be valued at "fair" values (Delcey, 2018).
Commodities must be accurate value indicators if financial turnaround methods are to
allocate resources efficiently.

According to the 2017 writings of Bongomin, Ntayi, and Munene, prices are equal to their
underlying value, and investors thus get the things they pay for. According to this claim,

32
investing in index funds would be just as effective as using any other approach because no
investor could consistently outperform the market (Turcotte-Tremblay et al., 2015).

Nurhasanah, Nurhayati, and Surahman (2020) found that socially based borrowing
microfinance centre models like connections lending, community banking, cooperative
lending, collaborative lending, as well as grassroots banking focus on community platforms
and associations through which various microfinance actions that are initiated by
relationships of groups that make up special interest groups.

According to Sharma et al.'s (2017) research in Indonesia, microfinance institutions adopted

the group lending methodology as a magic trick to reduce costs and in place of collateral
security requirements. The group lending model used by microfinance centres according to
Modisagae and Ackermann (2017), treats the entire community as a single entity and
establishes a semi-formal institution that allows microfinance to be effectively distributed.

The power of internet connectivity to connect surplus units with deficit units is what propels
the P2P lending model (Pişkin and Kuş, 2019). P2P lending services connect potential
investors with companies that have sought for loans, operating more like a loan than
anything else. This indicates that investors will get interest on their investments over a
predetermined period of time (Guo et al., 2021). The individual managing the crowdfunding
campaign does not anticipate receiving anything in return, and P2P loan assessments are
based on previous credit scores from their financial history (Yang et al., 2019).

Debt-based crowdfunding is somewhat comparable to peer-to-peer lending in that the

campaign owner borrows money from people to finance their company concept and is then
forced to repay the money within a specified time frame (Troise, Tani, and Papaluca, 2020).
When a venture begins to turn a profit, royalty-based crowdfunding gives investors a cut of
the money made from it. 2020 (Saleh and Kinaan). According to Amoako-Adu and Eshun
(2018:151), cash flow lending is based on projected the business positive cash flows, the
amount that is needed of equity, the equity valuation of the company's shares, and finally, on
the risk-sharing principle between the lender and borrower, whereas asset-backed or
collateral lending emphasise loan default and recovery from collateral.

33
Research by Rahman (2016) in Indonesia revealed that requirements for collateral, which
include personal warranties, fixed asset collateral, and independently guarantees, did not
assist organisations in raising money. According to a study done in Serbia by Petrovic and
Vukovic (2016:1437), organisations in the agricultural and tourist sectors were required to
provide "the necessary collateral, the necessary length of credit history, as well as putting
together of the necessary documentation." Because the required collateral security was
absent, financing was not possible. Ilegbinosa and Jumbo (2015) in Nigeria state that
"inadequate collateral is a key barrier to SMEs' ability to obtain loans from banks and other
financial institutions.

2.4.3. Organisational Learning Strategy

Successful turnaround tactics depend on an organization's capacity for organisational

learning, which is characterised by constant adjustments in a dynamic environment to
transform themself and organise their skills to gain from environmental opportunities and
minimise risks (Goh, 2016). The real estate sector is connected to its environment through
organisational learning. The idea of an economy based on knowledge has received a lot of
attention from academia, in contrast to how stronger learning processes were praised as a
competitive advantage (Ellinger, Ellinger, Yang, and Howton, 2002).

According to Goh's (2016) works, knowledge administration consists of five key

components, such as its purpose and aims, which show how a commercial leasing business
is clear about its goals and how its employees support them. By having a shared vision,
tenants may determine how their unique vision fits into the team's and the commercial real
estate industry's broader vision (Senko, 2003). The strategic role of a learning organisation is
to motivate staff by establishing a culture of study and experimentation and showing a
strong dedication to the commercial real estate sector. This organisation places a lot of
importance on leadership (Goh, 2016). At all levels of the commercial real estate business,
creativity is acknowledged and nurtured through organisational learning (Goh, 2016).
Scientific data is continually sought after and verified in lean enterprises. They do small
tests to gradually develop advantages (Garvin, 2013).

34
The ability of an organisation to share knowledge with others inside the organisation and to
learn from its failures is a critical component of learning companies (Goh, 2016). Businesses
should assess their successes and mistakes, make note of any lessons learnt, and then record
those lessons in readily available formats, according to Garvin's (2013) writings. The
capabilities of the commercial real estate sector place a high value on teamwork and
cooperative problem-solving to produce original solutions (Goh, 2016). Team members
must set aside their biases in order to engage in systems analysis, interactive dialogue, and
collaboration. Shared learning is ultimately advantageous for teams that take a
comprehensive approach (Herasymowych and Senko, 2003). To become proficient at
something, a group of people must cooperate. When used in a group setting, our approach
fosters an atmosphere where workers can quickly learn from one another, creating a
powerful group.

The flaws discovered and found can be fixed by activities that provide people with more
freedom to develop, be imaginative, and make decisions. It’s also important to have flexible
organisations that can adjust to changing conditions. Eliminating burdensome requirements
is essential to accelerating the process of doing business in the commercial real estate
industry because the majority of them have a centralised system. Commercial real estate
industry leaders can leave a legacy for routine innovations and engage innovative employees
who lead to the industry’s continuance by encouraging the adoption of social entrepreneurial
concepts among the commercial real estate industry stakeholders.

Corporations need to be flexible and allow for failures if they want people to learn from
mistakes. The commercial real estate sector holds the view that employees who fail to
follow policies should be reprimanded by being fired. When staff members are hesitant to
take charge, the institution uses the same old procedures to operate and forgoes trying out
new strategies to address its current issues. The commercial real estate sector must then
expand its knowledge and provide a challenge that fosters the growth of novel ideas.
Employee teamwork, interaction, and joint issue solving are facilitated by alternate positions
and inhibition-skilling.

35
A key element of learning organisations is the ability of an industry, such as commercial real
estate, to transfer information from within and outside the industry and to learn from its
mistakes (Goh, 2016). According to Garvin's (2013) writings, the commercial real estate
sector has to evaluate its triumphs and setbacks, note any lessons learnt, and then document
that information in easily accessible formats. It has been demonstrated through science that a
learning organisation performs better in the commercial real estate sector (Zeithaml et al.,
2015). 

2.4.4. Organisational Resources Strategy

Large, western-style shopping malls have begun to predominate the retail scene in emerging
nations as the retail sector has grown more competitive (Erbiyik, Ozcan, and Karaboga,
2012). In addition, a variety of authors, including Zhang, Zhou, Hui, and Wen (2018), Seago
(2013), Addae-Dapaah and Lan (2010), Sale (2015), Wang and Becker (2013), Sirpal
(1994), Kurvinen and Wiley (2019), and Yu, Choo, and Kim (2012), have extensively
examined the effects of various-sized retail establishments on the prices of nearby
residential real estate. They all concur that the presence of any form of retail development,
from a supermarket to a shopping centre or mall, can explain a positive increase in
residential values (AL-Haddad et al., 2020).

According to Kurvinen and Wiley (2019), the construction of new retail centres increased
residential values, but only up to a certain point after which the benefits waned. The price of
housing also showed sensitivity to the scope of the retail growth and development, with
changes up to 130,000 square metres adding value to residential values outside of a one-
kilometer radius and being far less adversely affected by those large development's negative
externalities. According to Daunfeldt et al. (2019), the 1-2 km separation from an business
has a similar effect on residential costs.

Despite the fact that many research take into account multiple retail facilities when
calculating retail outside influences, Zhang et al. (2018) and Sale (2015) concentrated on a
single mall that was built during a two-year period. Despite the fact that the numbers of
transactions for both newly built and used properties were comparable, Zhang et al.'s study
sample excluded recently constructed homes and examined units those have been sold on the

36
secondary property market immediately following the project's completion. New
construction was excluded because it was localised or concentrated in one region, which
could bias the results because it did not accurately represent people everywhere under study
(AL -Haddad et al.2020).

Sale (2015) Selected units that had at least one sale recorded during the analysis of the
Walmer Park Shopping Centre, however recurring sales were not included. The challenge of
using solely used real estate with recurrent sales was mentioned by Kurvinen and Wiley
(2019) due to the risk of compromising the sample size, which could shrink and become
unrepresentative. The authors of the study (Toivonen and Viitanen, 2016) concluded that
pricing variation responds differently depending on the size of the mall after examining the
effects of several retail centres and classifying them into small, medium, and big centres.

Due to a growth in the need for commercially rented homes brought on by a rise in the
demand for tourism services, particularly in Cape Town, there has been a surge in the
demand for real estate recently (AL-Haddad et al., 2020). Rural to urban migration is one of
the key factors that have helped to enhance the demand for residential real estate, according
to Al-Haddad et al. (2020). Due to these requests, the serviced apartment idea has become a
popular lodging option for both business and pleasure travellers (Greenberg and Rogerson,
2018).

To meet the demands of the discerning tourism sector, new types of lodging are emerging
(Toivonen and Viitanen, 2016). According to Greenberg and Rogerson (2018), these
accommodations include guest lodges, glamping, safari lodges, timeshares, bed &
breakfasts, second homes, backpacker hotels, and peer-to-peer accommodation sharing. The
real estate market in Cape Town, a popular tourist destination, has been completely taken
over by these commercial residential properties (AL-Haddad et al., 2020). These
establishments prioritise serving leisure travellers. Real estate for the corporate tourism
industry is not the subject of the current study, though. The real estate market for normal,
non-tourist residents is its main focus (Shi, 2020).

Real estate's effectiveness in providing a positive tenant experience depends on its capacity
to gather knowledge and analyse market intelligence for the industry's advantage (Shazrin et

37
al., 2017). Due to the dynamic of the real estate market, it is necessary for it to adapt to
shifting tenant housing needs (AL-Haddad et al., 2020). Real estate prioritises the evaluation
of value for money by safeguarding tenants' rights and supplying the amenities required to
meet user needs (Greenberg and Rogerson, 2018). The goal of the real estate industry is to
maximise return through work submitted, rentals, or both. Effective management of real
estate requires careful planning to ensure necessary conditions are met before developing the
area (Toivonen and Viitanen, 2016).

2.5. Empirical Research

The implications of the tenant experience on real estate management have been extensively
studied in the real estate industry. Numerous research have concentrated on how
externalities affect real estate prices and tenant satisfaction. Regression analysis was utilised
in a Jordanian research study by AL-Haddad, AL-Abbadi, AL-Haddad and Haddad (2020)
to show a strong positive relationship between the outside quality of the residential real
estate and tenant experience. It has been proven that advancements in indoor and outdoor
variables have an impact on renters' purchase intents with regard to their favourable
purchasing behaviour towards residential real estate.

According to local research (Mushongahande, Cloete, and Venter, 2014), the precinct's real
estate and development are significantly impacted by the Gautrain's proximity. Real estate
market demand, the availability of land in a favourable location, the design of buildings, the
availability of financing, the management of completed buildings, and the profitability of the
project were recognised by Mushongahande, Cloete, and Venter's (2014) research as the
main drivers of real estate development.

Greenberg and Rogerson’s (2018) study focuses on the growing popularity of serviced
apartments as a type of lodging for tourists travelling for work and pleasure in resort
regions, including the marinas offered by Victoria and Alfred in Cape Town. On behalf of
corporate and private investors, The Marina serviced apartments are kept up and managed.
Victoria and Alfred Marina’s real estate model served as an inspiration for the study.
Rogerson and Greenberg (2018). Some critiques of real estate stem from bad management

38
techniques that lack a strategic approach to real estate because renters and real estate
managers pay little attention to the value of immovable assets. According to Preko, Agbanu,
and Feglo (2016), this real estate deficiency turns real estate into a burden.

According to a Bouwmeester and Hartmann study from 2021:1, "the informal real estate
markets have developed as a result of deficiencies in the formal real estate markets and play
a crucial role in providing housing for the urban poor." These opinions reflect the difficulties
faced by the conventional real estate industry, which prepared the ground for the emergence
of an alternative housing market. The high transaction costs, extensive regulation, and
limited access to formal lines of credit are factors that are thought to have contributed to a
decline in the conceptual appeal of the formal real estate sector (Pellissery, Davy, and
Jacobs, 2017). The failure to disclose fees is one of the main tenant management difficulties
observed in real estate (Oladokun and Ojo, 2017).

Real estate management is made difficult by sophisticated tenant demands that follow trends
in commercial leased space (AL-Haddad et al., 2020). The fundamental difficulties in real
estate, as previously said, have been managing the service landscape created by externalities.
Real estate prices are raised as a result of retail development that occurs within existing
residential neighbourhoods. Real estate managers can, however, raise real estate prices in
reaction to retail expansion if their rental premises offer the necessary amenities in line with
environmental changes.

Batalha, Gonçalves, Peralta, and Dos Santos (2022) studied the impact of COVID-19 on the
housing market using data from Portugal's third quarter of 2019 and third quarter of 2020.
As seen by a 4.1% decrease in rental rates, the findings suggested that the rental market was
contracting. The poll also found a total 4.8% drop in selling prices, and after the epidemic
spread, Lisbon's rental prices fell 11.1% in the third quarter of 2020 compared to the same
period in 2019. The current study differs from that carried out by Batalha et al. in 2002 in
terms of the research's focus.

The COVID-19 pandemic's impact on privileges at the asset level in China's commercial
real estate sector was studied by researchers Wang and Zhou (2020) and Rosenthal et al.

39
(2021). The findings of the two studies revealed that rental income significantly decreased
during the COVID-19 pandemic, which had a detrimental effect on the financial health of
the real estate industry. In order to help the commercial real estate sector more effectively
handle the difficult operational conditions brought on by socio-political and environmental
catastrophes like the COVID-19 pandemic, financial restructuring measures should be put in
place, according to study by Rosenthal et al. (2021).

The COVID-19 pandemic drastically impacted housing demand, according to Liu and Su's
research from the year 2021, which surely had an effect on the real estate sector's capacity to
generate income. Similar findings came from a study by Gupta et al. (2021), which showed
that the global COVID-19 epidemic lowered the bid-rent curve in the U.S. as housing prices
and rent fell in city centres and were offset by price and rent increases outside of the city
centre. Liu and Tang (2021), however, stressed that real estate prices decreased in locations
with COVID-19 infections. The information gaps found in these three studies, which mostly
focus on housing markets, ignore the negative effects that the COVID-19 disruptions have
on the business sector of the real estate industry, which is the focus of the current study. No
new turnaround strategies were suggested by these studies as a way to improve performance
in the real estate industry in the event that a similar disruption occurs in the future.

Zeng and Yi1 (2022) investigated the COVID-19 pandemic's effects on the housing market
with a focus on China, the outbreak's epicentre. The results showed that, with little impact
on home prices, the pandemic's negative effects on the housing market were mostly apparent
in the lower volume and geographic breadth of commercial real estate transactions. Second,
it was found that the reported COVID-19 incidents had negative short-term consequences on
the housing market. The research project also showed that the key factors contributing to the
epidemic's impact on the housing market, which affected routine real estate interactions,
were the local government's implementation of house quarantine rules and real estate
management choices to stop renting out properties. Again, the results of this study were
strongly skewed in favour of the home market in the real estate industry; little attention was
paid to how the commercial market performed or to the tactics used to help the industry
adjust to the COVID-19 pandemic's transformed operating environment.

40
Possibly more relevant is the study by Balemi, Füss, and Weigand (2021), which focused on
COVID-19's effects on residential and commercial real estate markets. The study found that
vacant office buildings, desolate shopping centres, and vacant apartments in big cities acted
as emblems of the COVID-19 period. These factors in the real estate commercial market
segments had a detrimental effect on both the residential and commercial real estate sectors.
These findings are in contrast to those of Zeng and Yi1 (2022), who came to the conclusion
that the pandemic had only a minor impact on housing prices.

According to Balemi et al. (2021), a decline in the number of commercial and residential
real estate sales, tenants leaving their apartments in major cities, and residential holds having
financial difficulties when redeeming their mortgages all had a negative impact on the
sector's performance. Real estate management was able to turn things around. In order to
control liquidity in the market for commercial real estate assets, Van Dijk et al. (2020)
looked at the disparity between supply and demand conditions. The US real estate market's
liquidity has drastically deteriorated, according to their results. These declines in the flat,
commercial, office, and retail markets were 14%, 14%, 18%, and 20%, respectively, in
comparison to reductions in liquidity during the first four months of the global financial
crisis. The best choices for real estate markets experiencing severe liquidity problems,
according to Van Dijk et al. (2020), are outsourcing, business process re-engineering, and
financial restructuring.

According to Hromada (2021), which investigated how COVID-19 influenced the Czech
Republic's real estate market, the market was frozen from March to June of 2020 as a result
of COVID-19's existence. This research has a fairly generic feel to it because of the widely-
held ideas about how COVID-19 influences the Czech real estate market. Furthermore, they
provided no guidance on how to apply turnaround techniques while rebounding from the
interruptions the conflict caused. This information gap consequently poses a serious obstacle
to the development of appropriate restructuring strategies to reposition the performance of
the real estate industry in the face of macro-based business shocks.

41
2.6. Literature Synthesis

Tenant experience in the real estate industry is influenced by both internal and external
influences, according to a survey of the literature that is currently available on the subject. It
has been proven that the interaction of favourable and unfavourable externalities has a
considerable impact on tenant experience. Existing research has identified real estate pricing
as the key factor in determining tenant experience, particularly when it is influenced by
environmental factors like proximity to malls, the quality of the air, and road networks, as
well as the impact of neighbourhood and structural characteristics. The goal of the current
study was to assess the applicability of turnaround techniques to improve the performance of
Zimbabwe's real estate market. Prior real estate research concentrated on the variables that
impacted a shopping mall's attractiveness (Mittal and Jhamb, 2016) and the elements that
determined real estate prices using the hedonic pricing index (Bohman and Nilsson, 2016;
Zhang et al., 2019; Fuerst and Haddad, 2020). The elements influencing tenant experience in
the context of multi-tenant research were not the main focus of these empirical research
studies. Additionally, they failed to explain how government policy on rental dwellings
interacts with one another, which is the study's main focus.

2.7. Chapter Summary

The previous chapter explored the arguments for and against various theoretical and
empirical measures to increase experience among tenants in real estate. Residential real
estate was the subject of an in-depth look of the concept of real estate. Additionally,
strategies for real estate were described as they relate to the elements that affect tenant
experience. The chapter also looked at how regulations governing the provision of housing
and lodging have evolved, starting with the governing document of the land. The study
approach, which gives guidance on how data can be gathered, assessed, and analysed, will
be highlighted in the following chapter.

42
 CHAPTER 3

RESEARCH METHODOLOGY

3.0 Introduction

The previous section concentrated on a thorough analysis of the literature on how

turnaround strategy affected the performance of the real estate sector. To help identify
understanding and studies gaps between the present study and existing research on the
subject at hand, insights from the literature were explored from the viewpoints of theory and
practise. The purpose of this chapter is to describe the methodology used to build a scientific
approach to data collecting, measurement, and analysis. Usually, chapters focus on issues
relating to the research’s philosophy, architecture, strategy, and strategy, and their as well as
a description of the target population and sample frame, research tools, and the steps to be
taken in gathering and analysing data. The chapter addresses challenges relating to validity
and reliability as well.

3.1. Research Philosophy

In this research, the pragmatic method of investigation was employed since it allowed the
mixing of both qualitative and quantitative investigation approaches, combining the benefits
of each approach into a single study. The awareness that aspects of a turnaround plan can be
understood by with an emphasis on the tenant standpoint in addition to the management
perspective justifies the employment of a pragmatic studies framework. Tenants are thus
reached through the use of structured research tools like survey responses, and management
can participate in the study through the gathering of qualitative data from the use of tools
like interviewing. Within the bounds of pragmatic usage, it is acceptable to combine these
two data collection methodologies (Pruzan, 2016).

Through the application of pragmatic thinking, this investigation was able to avoid
philosophical discussions over the best method of inquiry to employ for a certain study.

43
According to Brandenburg (2019), pragmatist gave the study the freedom to employ
methods and tools that were appropriate for the particular social setting in which the
research participants found themselves. These methods may use either qualitative or
quantitative tools and methodologies. The advantages of pragmatism are that it considers
both the strengths and weaknesses of research that is either qualitative or quantitative
techniques and combines them to create a comprehensive research paradigm that adopts into
account the drawbacks of the two paradigms (Paolo and Mura, 2018).

The researcher was also able to avoid study strategies that would have been useless in earlier
studies in favour of those that have been shown to be empirically helpful for the production
of valid, trustworthy, and accessible data (Jason and Glenwick, 2016). This suggests that
pragmatism improvements freedom of choice in the implementation of suitable research
techniques and techniques that are crucial and in determining the connection that exists
between turnaround strategy and organisational performance in the context of the real estate
industry in Zimbabwe.

The recognition that using a variety of approaches to gather and analyse data gives a
comprehensive picture of the context of the turnaround plan and how it affects
organisational performance highlights the need of a pragmatic approach. Because the
research has not adhered to either a qualitative or quantitative methodology philosophical
thought, it is constrained by the requirements of its foundations and cannot provide this
comprehensive viewpoint (Jason and Glenwick, 2016).

The conceptual allure of pragmatic is founded on the understanding that a comprehensive

approach to tenant relationship management necessitates involvement from both renters and
management, both of whom are in charge of crafting and carrying out turnaround strategy
regulations within their respective businesses. Research findings will be able to be
generalised to the rest of the public who did not participate in the study if pragmatic-based
data were collected from a sample for studies participants using reliable techniques. To
facilitate the extrapolation and verification of data, the pragmatic paradigm applied
empirical and scientific concepts (Saunders, Lewis, and Thornhill, 2019).

44
3.2. Research design

This study blended explanatory and descriptive research techniques to help describe the
turnaround strategy phenomena and establish the relationship between turnaround strategy
and the performance of the Zimbabwean real estate market.

3.2.1. Descriptive Research Design

The study's descriptive research design allowed it to present a true and fair assessment of the
scope of the turnaround strategy from the viewpoint of the tenants. In order to provide
precise updates on the turnaround strategy with respect to commodities that are provided by
the real estate industry to the market, a descriptive research design was utilised that
concentrated on important components of the turnaround strategy as they are perceived by
tenants themselves. The use of a descriptive study methodology increases the opportunity
for study participants to emphasise as well as clarify their opinions, thoughts, and beliefs
regarding the interactions that they have with the dependability, effectiveness, and flexibility
of the services provided by the real estate industry.

The research project was able to draw statistical conclusions on the effectiveness of the
turnaround strategy in relation to the beliefs, attitudes, and actions of renters as well as the
services they receive from the real estate sector thanks to the use of a design that is
descriptive in nature. Since management is charged with improving the performance of the
real estate industry in Zimbabwe, the research design enabled the study to understand the
effectiveness of turnaround strategy on that industry's performance from their perspective.
The use of an explanatory research methodology in this study made it possible to assess the
strength of the relationship between the performance of the real estate sector and the
turnaround strategy.

3.2.2. Explanatory Research Design

45
An explanatory research design was used in addition to a descriptive research design
because it could offer compelling justifications for the relationship between turnaround
strategy and the performance of the real estate industry in Zimbabwe from the viewpoints of
both tenants and real estate management. This suggests that a model of explanation enables
the investigation of the relationship between study variables and their causality (Saunders,
Lewis, and Thornhill, 2019). The identification of cause-and-effect relationships between
the turnaround strategy and the performance of the real estate market in Zimbabwe was
made possible by an analytical-explanatory method.

The capacity to test hypotheses that illustrated the relationship between study variables
underpinned the adoption of an explanatory research design. A full description of the impact
that a turnaround strategy has on the performance of the real estate business in Zimbabwe is
provided through the application of an explanatory research design, which involved the
collection of quantitative data and the subsequent building of qualitative research on top of
it. In order to explain events that would have been found from the statistical data provided
by quantitative analysis, qualitative data was crucial.

The use of a design for explanatory research was consistent with an explanatory sequencing
strategy, which is based on mixed techniques and heavily favours quantitative research
while also considering qualitative findings. An explanatory research design, from the
perspective of the present investigation, offers the duality that is necessary to present a
comprehensive view of the nature and scope of the turnaround strategy and benefits
connected to it, in terms of improvements in the performance of the real estate industry in
Zimbabwe from the perspectives of market share growth, growth in profitability, and growth
in sales revenue.

3.2.3. Research Strategy

This study employed the survey methodology, which entailed gathering a sizable amount of
data through a sample from research subjects. The availability of technologically advanced
equipment that made it possible to gather data remotely made it simple to adopt a survey
research technique. Using digitally created questionnaires that were sent to potential

46
research participants through a link was one survey approach. The researcher created and
distributed electronic questionnaires to renters using the Google Forms platform in order to
obtain their comments and impressions regarding the impact of the turnaround plan on the
functioning of the real estate industry. 

This suggests that real estate industry management was reached via online meetings held on
technologies like Zoom, Google Meet, and Microsoft Teams. In accordance with the
pragmatic studies paradigm, which integrates the use of quantitative and qualitative data
gathering methodologies, these virtual sessions allowed the study to conduct interviews in
real-time. An authoritative method for gathering information from an instance of study
participants is a survey technique. In turn, because they are familiar with a survey, study
participants are more likely to respond favourably to it. Because they enable the study to
employ data that is both qualitative and quantitative, surveys are well-liked (Sekaran and
Bougie, 2016).
.
3.2.4. Research Approach

The inductive approach and the deductive approach are the two primary research
methodologies that can be used when performing a study (Saunders et al., 2016). The
fundamental distinction between these two approaches is how pertinent the hypotheses are
to the study. While an inductive technique aids in the development of new hypotheses, a
deductive approach examines the veracity of the assumptions at hand. Both a deductive and
an inductive strategy were used in this investigation. The deductive method included the
explanation of ad hoc connections between variables. The how and why questions were used
to collect qualitative data for this study, which also used an inductive methodology

Deductive thinking was employed as a suitable research strategy, allowing a sample of study
participants to serve as a foundation for the statistical conclusion that was utilised to
generalise the research findings to the complete population (Sekaran and Bougie, 2016).
This study's theory explaining how turnaround strategy affects the performance of the real
estate business in Zimbabwe was developed using a deductive method of investigation.

3.3. Research Population

47
A population is a comprehensive list of all elements that are potentially affected by the
findings of a study (Saunders, Lewis, and Thornhill, 2019). From the perspective of the
current research, the population is composed of all registered real estate companies
operating in Zimbabwe. There are 224 registered real estate agents as listed on the Estate
Agency Council of Zimbabwe (https://eac.co.zw/registered-firms) this number forms the
target population for this study.

3.4. Sampling Strategy

Sampling methods are a reflection of the approaches that was used in the process of
collecting selecting appropriate respondents to take part in the study (Saunders, Lewis and
Thornhill, 2019). The research ass particularly focused on respondents within the real estate
industry who are involved in strategic decision making that reposition the turnaround
strategies of real estate industry. This basically meant that, actual responded to the study
must be persons who hold positions of responsibility and accountability with respect to the
influence they have on the application and implementation of business decisions. This
approach to sampling singled out operational employees and shop floor workers who do not
play an active and direct role in decision making particularly focusing on matters pertaining
to turn around strategies. The study used simple random sampling to select representative
people to tke part in the data collection process.

3.4.1. Sample Size Determination

The ideal sample size will be determined using statistical methods from the estimated a
population of 224 using the Yamanne formula.

N
2
1+ Ne

224
1+ 224 ×0.052

224
1+ 0.56

= 143.5897

48
The sample size will stand at 144 respondents.

3.4.2. Data Sources

Data consists of unprocessed facts and numbers that can be retrieved from supplementary or
first-hand accounts. The information for the present study came from the main and
additional resources listed below.

3.4.3. Secondary Data

All information that was gathered as secondary data by other scholars for their own
investigation that was in keeping with their study's goals. Supplementary data is important
since it offers facts and numbers, but it might not be entirely sufficient to achieve the
research objectives. With regard for selling share positions, subscriber data from the primary
real estate business in the nation was obtained from the Real Estate Association od
Zimbabwe, which is the type of secondary data used in this study. Other secondary data
sources comprised information that was posted on the corporate websites of the real estate
sector and could be used to analyse the current market situation and formulate a turnaround
strategy.

Additionally, supplementary information has been obtained from peer-reviewed journals,

educational press documents, and other materials that centred on themes relevant turnaround
strategy. These data sources offered a sufficient framework for comprehending the nature
and application of turnaround strategy generally, as well as for producing literature sources
and establishing the foundation for method of study.

3.4.4. Primary Data

All fresh information was gathered particularly to meet the goals of this study, which were
to determine the connection between turnaround strategy effectiveness and Zimbabwe's real
estate market performance. This information is referred to as the original data. These
original the sources of data were from the real estate sector, including tenants and
management. To gather first-hand knowledge, opinions, beliefs, and thoughts about the
potential impact of turnaround strategy on the performance of the real estate industry in

49
Zimbabwe from those who have had first-hand contact with the application of turnaround
strategy, the current study used primary data.

3.5. Research Instruments

These are the techniques we utilised to gather the bulk of the data from respondents in
accordance with the requirement to gather accurate and trustworthy information that could
be used to address the objectives of the research.

3.5.1. Structured Questionnaire

considering the survey research methodology that was employed, which allowed for the
distribution of structured data collection tools for study, a structured digital questionnaires
that was created in tandem a 5-point Likert scale of measures was utilised, giving research
participants a range of options to choose from when responding to questions. In order to
produce research results that could serve as a foundation for statistical inference, a 5-point
Likert scale of assessment was chosen due to its prominent use in research and the simplicity
with which data can be codified and evaluated using analysis of statistical data software.

If those who participated lacked a a firm opinion on the issue being posed, they had the
option of expressing their disinterest using a 5-point Likert scale of evaluation. Given that a
scale without a neutral option can skew results and, as a result, impact the validity of the
research (Sekaran and Bougie, 2016), this functionality allows for narrow margins of error.
In order to have a thorough understanding of the thoughts and perceptions of research
participants on the impact that turnaround strategy has on the performance of the real estate
business in Zimbabwe, a 5-point Likert scale was chosen as the assessment tool.

The survey itself included a 5-point Likert scale of measurement in addition to a section on
demographic data that collected specific information about the research respondents
population demographics, including their working experience, age groups, the greatest
degree academic achievement, income levels, and rates of browsing the internet. The data
was crucial since it allowed the study to comprehend the characteristics of the respondents
and to profile replies in accordance with the turnaround plan framework.

50
3.5.2. Interviews

According to Barry and Zikmund (2015), an interview is a two-way dialogue in which the
interviewer asks the respondent questions about the study topic. It is a technique for
gathering information that involves employing an interview guide with a list of pertinent
questions for a detective's investigation (Cooper and Schindler, 2014). A semi-structured
interview guide with open-ended questions was used. Prior to use, the interview guide
underwent pre-testing to determine its usability. Face-to-face interviews were done in each
case.

In order to learn more in-depth about the methods Real Estate companies in Zimbabwe
employed to survive and deal with the shocks of the Covid-19 outbreak, interviews were
held with 15 senior managers of real estate companies. The top management are involved in
strategy implementation therefore might give an insight on the relative effectiveness of the
identified strategies that the chosen Real Estate companies utilised to deal with the Covid-19
epidemic.

There was opportunity for the interviewer to explain certain facts or information from the
research participants through the interview process. The researcher was able to draw some
conclusions from the nonverbal answers that she observed, and because the responses came
quickly, she was able to do the same with her study questions. The researcher chose this
method of data collecting because it allowed participants' perceptions to be expressed and
offered a forum for clarification of murky questions or replies, enabling the gathering of
pertinent and helpful information. Contrary to other methods like questionnaires, continuous
information gathering could also be accomplished through interviews on complex issues

3.6. Data collection and administration procedures

Data was gathered by using digital surveys that were created using the Google forms
platform and sent to potential research participants as links. Participants could choose
answers that most closely reflect what they think and feel on issues relating to the impact of
turnaround strategy on the performance of the real estate industry in Zimbabwe by clicking
the Google platform link, which would then automatically redirect them to the questionnaire
that is online. To make sure the questionnaire was clear and free of any ambiguities, a pilot

51
survey was conducted. The pilot study offering the chance to address any concerns with
regard to inquiries made by study participants

After administering a pilot survey, the researcher emailed the finalised questionnaire to all
potential study subjects from the specified real estate sector tenants to get their feedback on
the impact that turnaround strategy has on the performance of the real estate business. Only
those research subjects who expressly agreed to participate in the study after receiving full
disclosure of the risks were issued the questionnaire. Given that the questionnaire was
electronic, it was delivered by email as well as social media platforms, taking advantage of
the widespread public use of these platforms.

The researcher retrieved all of the replies that were summarised during open data collection
in Excel format for later processing with the social sciences software's statistical package.
Excel sheets were secured with passwords to prevent unauthorised access from other parties.

3.7. Reliability and validity of research findings

The degree of association between replies provided by various study participants who
utilised a standardised research instrument was measured using reliability. In order to assure
accurate readings throughout time while employing different measurements, reliability was
utilised to gauge how error-free the instrument was. In this study, internal consistency of a
standardised questionnaire was measured for reliability in order to assess the validity of
measurements over time (Sekaran and Bougie, 2016).

Repeated tests can produce consistent results from tools that are dependable. Given an
output that ranged from 0 to 1, the Cronbach Coefficient was used to statistically measure
dependability. Lower levels of internal consistency are represented by a reliability score that
is closer to zero, whilst higher levels of internal consistently are represented by a reliability
value that is closer to one. The optimum Cronbach Alpha value of 0.7 is the most suitable
since it shows that a research tool is dependable in gathering the data that it is intended to
gather.

The differences between the results of recent research and reality were measured using
validity. It determined how successfully an scale for measurement was able to measure the
things that it was intended to measure as well as the strength of inferences, conclusions, and

52
propositions. The preciseness of measurements is the main area of validity. Construct
legitimacy, internal validity, external validity, and predictive validity are the four forms of
validity that are employed in research (Mohapatra, Mohapatra and Anusree, 2014).

The likelihood that changes in the predictor variable can only be ascribed to changes in the
factor that is independent and not other factors is known as internal validity. The link
between turnaround strategy and the predictable and organization-dependent variable was
the focus of the Internet of Validity application. According to Cooper and Schindler (2014),
the degree to which research findings can be applied to other search contexts is known as
external validity. The research conclusions from this study are intended to be applicable to
different sectors of the economy because it is focused on turnaround strategy within the
internet service provider portion of the economy.

The validity of constructs is a key component of the interaction between the

operationalization of the study into concepts that aim to identify the causal connection
between the variables under test. By understanding the underlying components that we
measured to figure out the extent to which the test matched reality, the construct validity
approach was used to explain how to calculate variances. The level of significance to which
a predictor variable was sufficient in capturing pertinent components of a criterion is
determined by the veracity of the requirement. The accessible criteria for the present were
described by concurrent validity.

3.8. Data analysis procedures

The evaluation of data is a method for transforming unstructured data into knowledge that
can be trusted for making decisions in management. To get a plausible conclusion regarding
the impact that a turnaround strategy has on the performance of the real estate industry in
Zimbabwe, this research examined both primary and secondary data sources, which required
further processing. Given the practical nature of the study, inductive and descriptive data
analysis techniques were employed to create a comprehensive picture of the extent of the
turnaround plan as it affected the performance of the real estate market in Zimbabwe.

Using descriptive measurements like the mean, variance, range, and standard deviation,
descriptive data includes the profiling of research participants in reference to their

53
characteristics related to demographics besides the utilisation of frequencies and percentiles
for each The degree of the statistical significance and the size of the association between the
variables that are predicted and the variable of dependence were established via statistics of
inference. Two steps were taken in the application of inductive statistics. While conducting
the definition of the regression model, the initial step involved determining the qualifying
criteria for data sets.

The study was able to do a number of tests and research outcomes using a multivariate
regression model that was computed using SPSS. These tests and research outcomes
produced statistics like the estimation of variances, the model summary, correlation
estimation, and coefficients of regression that showed the F value and the sig value, and
these were used as the foundation for testing research hypotheses. In order to identify areas
of agreement and points of disagreement regarding the effect that a turnaround strategy has
on the efficiency of the real estate industry in Zimbabwe by paying particular attention to the
real estate industry, data analysis also included discussions of research findings in relation to
empirical findings.

3.9. Ethical Considerations

Due to the fact that this study was a social research initiative, it was important to make sure
that proper research ethics were followed when gathering data from those who participated
in the study. The Midland State University code of ethics, which emphasises the acquisition
of data strictly for academic purposes, offers principles for ethics in research. All research
participants have been made aware of the terms and circumstances guiding the data
collection procedure with regard to their liberties and duties thanks to the concept of
informed consent. The necessity to minimise any possible disputes between the investigator
and participants made the observation of ethics necessary.

This study upheld the rights individuals had to willingly engage in the study and to leave on
their own from the study at any time with no facing any restrictions or unfavourable
outcomes. Due to the fact that they were not required to provide any information that went
beyond the parameters of the research aims, research participants were given the confidence
that their privacy and confidentiality would be safeguarded. For the purpose to preserve the
privacy of research participants, the questionnaire was created in a way that it did not

54
capture information relating to the respondents’ personal information, such as their time of
birth or contact information.

By making sure that none of the information supplied by volunteers through the
questionnaire was distributed to third parties without their express authorization, anonymity
was upheld. The condensed edition of all questionnaire responses were kept in Microsoft
Excel sheets, which were password-protected to uphold the anonymity of the information
contributed by users.

In addition, the researcher pledged to safeguard research subjects from mental and physical
injury as a result of their involvement in the study. As a result, study participants were not
asked to carry out any duties that may endanger their lives or provide any information that
might interfere with their ability to advance professionally. In less than a minute, the
questionnaire was created such that it could be finished in under ten minutes. This was
completed to prevent overwhelming subjects of study with too many inquiries that might
have a negative impact on their emotional well-being.

By acknowledging the participants' vulnerabilities in light of what they contributed to the

study, the study also took into account the concept of equity as it related to social science.
Justice as it relates to the current study required the pre-testing of this questionnaire for
clarity before it was distributed to each participant inside the sampling frame. In order to
avoid prejudice, Intolerance, intolerance, and exaggeration that might have a detrimental
impact on some participants, the questionnaire was written in basic English because it was
intended for a varied cross-section of tenants.  .

3.10. Chapter Summary

This chapter outlined the approach used that served as a roadmap for the study's empirical
techniques to data collecting, analysis, and measurement. This study's foundation was a
pragmatist paradigm that made it possible to collect data that is both quantitative and
qualitative. The study makes use of a mixed explanatory and descriptive research approach
because it allows for a thorough examination of the problems with turnaround strategy as
they relate to the performance of the Zimbabwean real estate market. To gather accurate and
trustworthy data that might identify participant opinions on the impact of turnaround

55
strategies on the performance of the real estate business in Zimbabwe, a survey research
strategy and an inductive research approach were used. The section also described the
research populace, which was made up of letters from management and tenants in the
nation’s defined real estate sector. In order to provide a proportional representation of the
various real estate industries, a stratified sampling approach was used. The study used
primary as well as secondary data sources to offer a comprehensive understanding of the
links between the predicting and dependent variables. The chapter also covered ethical
issues, reliability and validity concerns, and problems with data collection and processing
techniques as they relate to research conclusions. The following chapter will give an in-
depth foundation to the inquiry by submitting assessing, and debating research findings in
order to provide solutions to research questions.

CHAPTER 4

DATA PRESENTATION, ANALYSIS AND DISCUSSIONS

4.0 Introduction

56
4.1. Response Rate

Table 4.1: Questionnaire Response Rate

4.2. Demographic Profiles

4.2.1. Age groups

Table 4.2: Age groups

4.2.2. Gender

Table 4.3: Gender

4.2.3. Highest Level of Educational qualification

Table 4.4: Highest Level of Educational qualification

4.2.4. Working experience

Table 4.5: Working Experience

4.3. Reliability

Table 4.6: Reliability Statistics

57
4.4. Correlation Tests

Table 4.7: Correlation Tests

4.5. Regression Tests

4.5.1. Model Summary

Table 4.8: Model Summary

4.5.2. Analysis of Variances

Table 4.9: Analysis of Variances

4.5.3. Regression Coefficients

Table 4.10: Regression Coefficients

4.6. Hypothesis testing

Table 4.11: Hypothesis Testing

4.7. Discussions of Research findings

58
F

4.7.1. Business process re-engineering and the performance of the real estate industry

4.7.2. Outsourcing and the performance of the real estate industry

4.7.3. Organisational learning and the performance of the real estate industry

4.7.4. Financial restructuring and the performance of the real estate industry

4.7.5. Organisational resources and the performance of the real estate industry

4.8. Chapter Summary

CHAPTER 5

SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

5.0 Introduction

5.1. Summary

59
5.2. Conclusions

5.2.1. Business process re-engineering and the performance of the real estate industry

5.2.2. Outsourcing and the performance of the real estate industry

5.2.3. Organisational learning and the performance of the real estate industry

5.2.4. Financial restructuring and the performance of the real estate industry

5.2.5. Organisational resources and the performance of the real estate industry

FF

5.3. Recommendations

5.3.1. Business process re-engineering and the performance of the real estate industry

5.3.2. Outsourcing and the performance of the real estate industry

5.3.3. Organisational learning and the performance of the real estate industry

5.3.4. Financial restructuring and the performance of the real estate industry

5.3.5. Organisational resources and the performance of the real estate industry

60
F

5.4. Areas of further research

I am a Midlands State University student conducting an academic research entitled:

“Turnaround Strategy And the performance of the commercial Real Estate Industry Post
Covid-19” I would be glad if you can share your insights with me on this topic of interest.
There is no right or wrong answer. Signify your responses by selecting an appropriate box
that

Section A: Demographics of Respondents

1. Gender

Male Female

2. Age Group
21 – 30 years 31 – 40 years 41 – 50 years

61
 51 – 60 years 61 years and above

3. Working experience
Less than 1 year 1 – 5 years 6 – 10 years
11 – 15 years 16 years and above

4. Highest level of academic qualification

Certificate Diploma Bachelor’s Degree
Master’s Degree PhD other

Section B: Financial restructuring

1 = Strongly disagree 2 = Disagree 3 = Neutral 4 = Agree 5 =Strongly Agree

Financial restructuring 1 2 3 4 5

Mergers and acquisitions are appropriate to

restructure the revenue performance of real estate
firms.

Renegotiating lease agreements can improve the

financial position of real estate firms.

Relying on equity financing can effectively

restructure the capital position of real estate firms.

A Marginal increase in rental mark-ups on short-term

leased property can enhance the financial position of
real estate firms.

Organisational learning 1 2 3 4 5

We put emphasis on continuous learning

Innovation and continuous development is a critical

success factor in our organization

Our systems and processes are adaptable to dynamic

changes

We endeavour to create sustainable relationships

with supply chain partners

Business Process re-engineering 1 2 3 4 5

62
Maintaining an interactive online presence enhances
our corporate visibility.

We leverage digital technology as a differentiator in

the real estate industry.

We maintain lean and flexible business processes to

suit changing market expectations.

The use of social media marketing has enhances our

responsiveness to customer experiences

Outsourcing Strategy 1 2 3 4 5

Outsourcing peripheral activities lowers operational

costs for real estate firms.

Renegotiating lease agreements enhances the

performance of real estate firms.

Subcontracting non-core labour services lowers

operational costs.

The use of consultancy services lowers operation

costs 

Organisational Resources Strategy 1 2 3 4 5

Leveraging marketing assets assist real estate firms

to survive a turbulent operating environment

Strengthening dynamic capabilities enhances the

competitive advantage of real estate firms.

Putting emphasis on technological resources

improves the adaptability of real estate firms

Leveraging competencies, skills and expertise of

labour assist the real estate firms navigate a turbulent
operating environment.

63
64