Relationship Among Social Medi

RELATIONSHIP AMONG SOCIAL MEDIA, COMMERCIAL REAL ESTATE TYPE,
AND REAL-ESTATE FUNDING SUCCESS:
QUANTITATIVE CORRELATIONAL STUDY
by
Shamus Wright
Copyright 2023
A Dissertation Presented in Partial Fulfillment
of the Requirements for the Degree
Doctor of Business Administration
University of Phoenix

The Dissertation Committee for Shamus Wright certifies approval of the following
dissertation:
RELATIONSHIP AMONG SOCIAL MEDIA, COMMERCIAL REAL ESTATE TYPE,
AND REAL-ESTATE FUNDING SUCCESS:
QUANTITATIVE CORRELATIONAL STUDY
Committee:
Frank C. Bearden, PhD, Chair
Christine Enslin, EdD, University Research Methodologist
Donald Munday, EdD, Panel Validator
_________________________
Frank C. Bearden
_________________________
Christine Enslin
_________________________
Donald Munday
_________________________
Hinrich Eylers, PhD
Vice Provost, Doctoral Studies
University of Phoenix
Date Approved: _3/23/2023___

ABSTRACT
Social media has transformed how businesses provide services, communicate with
shareholders, and market products. The problem is the difficulty in measuring social
media’s impact on funding success for commercial real estate projects. The purpose of
this study was to examine what relationship exists between social media marketing
platforms type, commercial real estate development, and funding degree of success for
real estate developers to address securing enough funds, stalled projects, and cost
overruns that reduce their market share and profitability. This study employed a
correlational design and statistical techniques to investigate the association among
commercial real estate, social media platforms or types, and the degree of funding
success. A survey was designed to gather information on the type of social media
platforms used to submit for a financial loan package, the category of commercial real
estate (office buildings, rentals, shopping centers, etc.), and the degree of success in
funding. The findings identified that social media, precisely Facebook, leads to a high
level of success in funding. The results indicated the social media platform Facebook
could be used to increase the likelihood of funding success. Commercial real estate
leaders may use this study’s findings to learn from the identification of the relationship
between social media platforms and their impact on funding success. The study findings
provided stakeholders with valuable information on which real estate category (office
buildings, rentals, shopping centers) attracts more funding through social media.
v
DEDICATION
This dissertation is dedicated to my mother and children - who provided
unwavering support during this journey. My children’s presence in the world encouraged
me to continue when I felt like quitting. I am genuinely thankful for them. Many
obstacles prevented me from finishing this journey, but the support of my family gave me
the strength and motivation necessary to continue and complete this Challenging journey.
I hope my achievement sends a positive message to my children that anything is possible
and achievable, no matter how insurmountable the obstacles are. I want each of my
children to know that they have my eternal gratitude for their encouragement and support
throughout this journey.
vi
ACKNOWLEDGEMENTS
I want to acknowledge my dissertation committee. Dr. Frank Bearden, committee
chair, was incredibly relaxed and supportive of my growth and the development of my
dissertation. Dr. Bearden helped me tremendously. Acknowledgments also go to my
committee members, Dr. Christine Enslin and Dr. Donald Munday. They provided
feedback to challenge my assumptions and enhance my proposal and dissertation. I
would also like to acknowledge the contributions of my study’s participants. Without
their participation, I would have no study. I thank you all, and may God bless you.
vii
TABLE OF CONTENTS
Contents Page
List of Tables .................................................................................................................... x
List of Figures ................................................................................................................... x
Chapter 1: Introduction ..................................................................................................... 1
Background of the Problem .................................................................................. 2
Problem Statement .................................................................................................... 6
Purpose of the Study ................................................................................................. 7
Population and Sample.............................................................................................. 9
Significance of the Study ........................................................................................ 10
Significance to Researchers ......................................................................... 10
Significance to Leaders ................................................................................ 11
Nature of the Study ................................................................................................. 12
Overview of the research methodology ....................................................... 12
Overview of the Design appropriateness ..................................................... 13
Research Questions/Hypotheses ............................................................................. 15
Theoretical Framework ........................................................................................... 16
Definition of Terms................................................................................................. 17
Assumptions, Limitations, and Delimitations ........................................................ 18
Chapter Summary .................................................................................................... 20
Chapter 2: Literature Review ............................................................................................. 22
Title Searches and Documentation ......................................................................... 23
Historical Content.................................................................................................... 24
viii
Commercial Real Estate ............................................................................ 24
Funding ...................................................................................................... 25
Cost Overrun.............................................................................................. 26
Social Media.............................................................................................. 27
Current Content ....................................................................................................... 28
Commercial Real Estate ............................................................................. 28
Social Media ............................................................................................... 31
Types of Social Media Used in Real Estate Marketing and Their Effectiveness. 33
How Emerging Social Media Activity Influences Funding Outcomes ................ 40
Social Media Marketing Activities Influence on Investors .................................. 46
Approaches to Commercial Real Estate Performance........................................... 47
Theoretical Framework Literature.......................................................................... 50
Methodology Literature .......................................................................................... 51
Research Design Literature..................................................................................... 54
Conclusions ............................................................................................................. 55
Chapter Summary.................................................................................................... 57
Chapter 3: Research Methodology...................................................................................... 59
Research Method and Design Appropriateness ..................................................... 60
Population and Sample............................................................................................ 65
Informed Consent and Confidentiality ................................................................... 67
Instrumentation........................................................................................................ 69
Pilot Test.................................................................................................................. 71
ix
Validity and Reliability ........................................................................................... 72
Data Collection........................................................................................................ 74
Data Analysis .......................................................................................................... 75
Chapter Summary.................................................................................................... 78
Chapter 4: Analysis and Results.......................................................................................... 79
Research Questions/Hypotheses ............................................................................ 79
Data Collection........................................................................................................ 80
Demographics.......................................................................................................... 82
Pilot Study ............................................................................................................... 88
Data Analysis .......................................................................................................... 92
Results ..................................................................................................................... 93
Chapter Summary.................................................................................................... 96
Chapter 5: Conclusions and Recommendations ................................................................. 97
Discussion of Findings.......................................................................................... 100
Limitations............................................................................................................. 106
Recommendations for Leaders and Practitioners................................................. 107
Recommendations for Future Research................................................................ 108
Chapter Summary.................................................................................................. 109
References........................................................................................................................ 111
Appendix A: Recruitment................................................................................................ 129
Appendix B: Informed Consent ...................................................................................... 130
Appendix C: Survey ........................................................................................................ 132
x
LIST OF TABLES
Table 1: Operationalization of Variables........................................................................ 65
Table 2: Instrumentation Alignment to Research Question............................................ 70
Table 3: Gender............................................................................................................... 82
Table 4: Age and Length of Employment....................................................................... 82
Table 5: Social Media Platform Utilized ........................................................................ 83
Table 6: Commercial Real Estate Type .......................................................................... 83
Table 7: Frequency of Levels of Success ...................................................................... 84
Table 8: Level of Success by Commercial Real Estate Type ......................................... 85
Table 9: Level of Success by Social Media Platform Utilized ....................................... 86
Table 10: Skewness and Kurtosis by Commercial Real Estate Type ............................. 86
Table 11: Skewness and Kurtosis by Social Media Type Utilized ................................. 87
Table 12: Ranges of Standardized Level of Success by Commercial Real Esate Type . 87
Table 13: Ranges of Standardized Level of Social Media Utilized................................ 87
Table 14: Gender............................................................................................................. 89
Table 15: Age and Length of Employment..................................................................... 89
Table 16: Commercial Real Estate Type ........................................................................ 90
Table 17: Social Media Platform .................................................................................... 90
Table 18: Funding Success ............................................................................................. 91
Table 19: Funding success by Social Media Type.......................................................... 91
Table 20: Funding Success by Commercial Real Estate Type ....................................... 92
Table 21: Games-Howell Multiple Comparison of Levels of Success in Funding by
Social Media Marketing Platforms Utilized............................................. 95
xi
Table 22: Games-Howell Multiple Comparison of Levels of Success in Funding by
Commercial Real Estate Type.................................................................. 96
xii
LIST OF FIGURES
Figure 1: Bar Chart representing the Frequency of Courts for Level of Success in Funding
................................................................................................................. 84
xiii
Chapter 1
Introduction
The United States (US) Chamber of Commerce estimated that nearly 30% of real
estate companies lose their market share due to their inability to use social media for
advertising and organizing funding for different real estate commercial projects
(Tsakiridou & Karanikolas, 2019). Social media has been used in real estate since the
early 1980s (Aytekin & Keskin, 2017). Since then, there has been a steady growth in the
use of social media by real estate companies to improve their growth (Tsakiridou &
Karanikolas, 2019). The most used social media platforms include Facebook, Twitter,
and Instagram (Tsakiridou & Karanikolas, 2019). Per the US Chamber of Commerce, the
growth in real estate commercial projects is 3% lower than the overall growth of the real
estate sector of 4% in 2020 (August, 2020). The low penetration of real estate
commercial projects could be that their real estate agents are hesitant to use social media
platforms for marketing their products and attracting funding for such projects
(Montgomery et al., 2018).
Gloor et al. (2020) underscored that business leaders who failed to use modern
marketing and crowdfunding techniques would likely lose their marketing
competitiveness. Real estate commercial projects have been stagnant and a declining
market since the 2008 financial crisis (Datta et al., 2019). Most real estate agents,
especially in the commercial sector, have yet to fully embrace social media platforms in
marketing and attracting potential investors to fund such projects, contributing to a
considerable loss in market share (Albrecht et al., 2020).
1
This research focused on the relationship between the type of social media
platforms, commercial real estate type, and real estate funding success. This chapter
highlights the research problem, the problem statement, the purpose of this study, and its
significance. This chapter highlights the nature of the study, hypothesis, theoretical
framework, definition of terms, assumptions, limitations, and delimitations.
Background of the Problem
The use of social media in real estate has transformed how businesses market
products, communicate with stakeholders, and provide goods and services to customers.
Social media has transformed how people interact and communicate. For instance, with
nearly 72% of US internet users on Facebook and 23 % on Twitter, social media is
considered an essential source of information for people, corporations, and markets
(Gloor et al., 2020). Social media offers an alternative marketing channel, allowing firms
to promote and build their brands while simultaneously facilitating constant interaction
with customers (Datta et al., 2019). The extent to which social media effectively markets
products and services has previously been studied in different contexts based on the
firm's size. However, limited studies have focused on the influence of social media on
real estate funding success (Albrecht et al., 2020; Gloor et al., 2020). The real estate
industry has several challenges when it comes to funding, as discussed below.
There are several challenges that real estate companies face. For instance, some
real estate firms seek private equity or debt financing when listed outside the
public/exchange (Albrecht et al., 2020). As such, investors are reluctant to engage in such
businesses. In addition, real estate companies can only offer a small amount of the
traditional information investors use to evaluate firms (Gloor et al., 2020). This small
2
amount of information becomes a significant issue given that much information is freely
available on social media.
Previous research shows that the emergence of social media has created an
opportunity for real estate stakeholders to connect with customers and potential investors
efficiently (Yang & Berger, 2017). While it is imperative to underscore that not all
entrepreneur practices contribute similarly to the sustenance of real estate companies,
knowledge-based enterprise practices may lead to the revitalization of such firms through
innovative practices that supports easy access to funds (Gloor et al., 2020). However, of
great importance to underline is that many real estate firms continue to encounter several
challenges linked to a lack of capital and inadequate background information about target
markets and prospects (Jin et al., 2017). As a result, most real estate markets have
focused on venture capital investments as an essential tool for raising funds for different
projects (Albrecht et al., 2020). To achieve this, social media has been used widely by
players in the market to market their products and offer valuable information to investors
that would inform them about potential projects to be financed (Gloor et al., 2020).
Datta et al. (2019) examined how businesses perceived the contribution of social
media and its influence on funding success in the context of existing small and medium
size businesses. Other studies have shown that social media provides investors and
stakeholders with new information and resources to support their investment decisions by
comparing the information provided (Datta et al., 2019; Jin et al., 2017). Yang and
Berger (2017) found that social network extends geographic boundaries, thereby
increasing the flow of information and interested investors in different real estate
projects. Research conducted by previous researchers highlighted that financial capital is
3
one of the significant challenges facing real estate firms (Albrecht et al., 2020).
Consequently, understanding how social media influences funding outcomes in real
estate is crucial as it provides valuable knowledge on how such companies can reach
potential supporters or funders (Gloor et al., 2020)
Gloor et al. (2020) corroborated the findings of a study conducted by Yang and
Berger (2017), who established that social media could increase social capital in an
organization. In addition, Montgomery et al. (2018) noted that most investors who
participate in venture capital depend on social media to monitor the feasibility of
different projects and gauge their success. Additional studies by Albercht et al. (2020)
and Datta et al. (2019) have also shown that real estate firms may increase funding
success for projects from potential investors by using social media to facilitate
crowdfunding. As such, Yang and Berger (2017) recommended further research focused
on the influence of social media on real estate funding success. Gloor et al. (2020) also
examined the role of social media in funding decisions among investors. They suggested
additional research on how social media activities influence funding outcomes in real
estate.
The new opportunities of emerging social media platforms such as Facebook,
Twitter, Instagram, and LinkedIn need to be researched more in-depth because they have
shifted how real estate companies communicate and interact with stakeholders, especially
as far as funding is concerned (Datta et al., 2019). In addition, social media platforms
offer real estate firms a new opportunity of accessing information and finance resources
from a pull of investors (Albrecht et al., 2020).
4
Real estate funding success has become an issue of concern among commercial
developers, investors, and community leaders, given the alarming rate of project stalls.
Albrecht et al. (2020) discovered that nearly 30% of real estate commercial projects stall
yearly due to limited funding or the inability of the real estate agents to integrate
appropriate methods for attracting new investors. Montgomery et al. (2018)
recommended the need for stakeholders in the real estate sector to explore new ways for
target communication to attract potential investors to fund real estate projects. One of the
best ways to maintain communication with investors, according to Gloor et al. (2020), is
to market their project prospects to potential investors using different social media
platforms. Several studies by Albrecht et al. (2020), Gloor et al. (2020), and Roettgers
(2015) have indicated that social media platforms have effectively attracted investors
when valuable information is given to them about the prospects and feasibility of the
projects.
While studies have shown an increase in the use of social media, its usage among
real estate developers seeking funds for different commercial projects remains
insignificant. Datta et al. (2019) reported that commercial real estate developers have
minimally used social media platforms to target potential investors, hence the need for
further study. Montgomery et al. (2018) also noted that it is essential for real estate
developers to shift from conventional funding methods and embrace technology-based
ones, such as social media, to target investors from different geographical locations by
sharing projects' feasibility online. Given the above literature, it is essential to conduct a
study exploring the possible predictive effects of types of social media platforms used
5
and the type of commercial projects on the funding success of commercial real estate
projects (Datta et al., 2019).
Problem Statement
Business leaders who need to use modern marketing strategies lost nearly 30% of
their market share in 2018 (Shi et al., 2018). Integrating social media platforms as part of
marketing strategies considerably differs from industry to industry. Shi et al. (2018)
found that incorporating social media platforms in business practices increases small
enterprise firms' performance, such as real estate, by 12%.
The general problem is the difficulty in measuring the impact of social media on
funding success for commercial real estate developers (Gloor et al., 2020). As an
illustration, Shi et al. (2018) established that nearly 32% of commercial real estate agents
do not use social media platforms as part of their funding strategy leading to a significant
loss in market share. The specific business problem is that commercial real estate
developers in the Northeast region of Illinois have limited understanding regarding the
relationship among social media, commercial real estate type, and real-estate funding
success causing challenges in securing enough funds, stalled projects, and cost overruns
that reduce their market share and profitability (Tsakiridou & Karanikolas, 2019).
Researchers estimate that such commercial real estate companies are losing their market
share at 12% per year (Tsakiridou & Karanikolas, 2019).
For several reasons, commercial real estate agents still need to implement a social
media funding strategy. First, there is a typical disagreement on the appropriate
measurements to capture the effectiveness of social media in influencing real estate
funding outcomes (Datta et al., 2019). Second, commercial real estate agents have been
6
reluctant to use social media platforms as a funding strategy because of the increased
uncertainty about return on investments (Montgomery et al., 2018). Third, commercial
real estate developers are also unwilling to use social media to influence funding
outcomes because its benefits to customers, investors, and businesses still need to be
clarified (Montgomery et al., 2018).
Montgomery et al. (2018) identified a gap in the literature concerning the use of
social media in influencing funding for commercial projects and recommended further
research focused on the influence of social media use on the funding success of real
estate mechanisms. Taneja and Toombs (2014) affirmed that maintaining a competitive
edge in the commercial real estate industry centers around technological advancements
and connecting with potential clients and funders. Given this gap in the literature, this
quantitative correlation research method was used to examine the relationship among
social media, commercial real estate type, and real estate funding success (Montgomery
et al., 2018).
Purpose of the Study
The purpose of this quantitative correlational research was to examine what
relationship, if any, exists among social media marketing platforms, commercial real
estate type, and real estate funding degree of success for real estate developers to address
securing enough funds, stalled projects, and cost overruns that reduce their market share
and profitability. This study was conducted in the Northeast Region of Illinois. Social
media platforms were defined as technologies and standards that allow writers,
producers, readers, and other media consumers to interface more efficiently (Albrecht et
al., 2020). Commercial real estate refers to properties explicitly used for business or
7
income-generating purposes (Carlo et al., 2021). The outcome variable was
defined/measured as the rate at which the money required to undertake a project,
program, or portfolio is secured and then made available as required (Tsakiridou &
Karanikolas, 2019).
Social media platforms (SM) and commercial real estate type (CRE) were the
predictors (independent) variables, while real estate funding degree of success (REF) was
the criterion (dependent) variable. Scholars and real estate agents are intensely interested
in the relationship between the study variables (Tsakiridou & Karanikolas, 2019). The
predictor variable was considered a synonym for the independent variable, and the
criterion variable was used as a synonym for the dependent variable (Roni et al., 2020).
The terminology relating to the study variables reflects the study's current nature.
Independent and dependent variables are used in cases where variables are manipulated
(Roni et al., 2020). Predictor and criterion variables are preferred when the study
variables can be observed (Roni et al., 2020).
Predictor variables represent attributes that can influence the criterion variable
(Park & Park, 2016). This study intended to establish an association among the three
study variables presented in table one. The study aimed to determine the likelihood of
change in the variables, predictor, and criterion variables justified. More notably, leaders
could benefit from the study by understanding how social media platforms and types of
real estate influence the projects' funding success and align their marketing strategies to
improve real estate funding success rate. Social media is dominant in these times;
therefore, a better understanding of ways it can be leveraged to obtain funds is crucial.
8
This study determined if there is a relationship between social media variables and
commercial real estate investors' ability to obtain funding.
Population and Sample
The target population for this correlational study was leaders of the Northeast
region of Illinois commercial real estate associations. Participants included the leaders
looking for funding, those who provide funding, and those who are members of a funding
association of commercial real estate in the Northeast region of Illinois. In Chicago, IL.,
there were over 2,105 commercial real estate properties as of July 2021 (PropertyShark,
2021). Sampling in research means creating a subset of data based on a particular group
representing the population (Bhardwaj, 2019). A simple random sample was the most
appropriate for this study to capture that group of participants. A simple random sample
is a portion of a larger population in which each participant has an equal probability of
being chosen (Black, 2005). The intent was to provide an unbiased representation of the
group.
It was not feasible to study the entire population, therefore, a sample population
was created using G*Power 3 statistical software. A sample calculation based on a 90%
confidence level revealed an appropriate sample size of 328. Using G*Power software, an
effect size of 0.16 was used, a Power analysis was 90%, and a confidence (error
probability) of 0.5%. This formula generated a sample size of 328 commercial real estate
leaders in the Northeast region of Illinois. This study's sample size of 328 was determined
because a sample size between 30 and 500 is generally sufficient for quantitative
correlational research (Delice, 2010). The study's sample size includes commercial real
estate leaders of a professional association in the Northeast Illinois region. The sample
9
included real estate agents looking for funds and investors for different real estate
projects.
Significance of the Study
Significance to Researchers
The study was significant in several ways. First, the study sought to extend and
contribute to existing knowledge by addressing the gap in the literature related to
commercial real estate developers in the Northeast region of Illinois having limited
understanding regarding the relationship among social media, commercial real estate
type, and real-estate funding success causing challenges in securing enough funds, stalled
projects, and cost overruns that reduce their market share and profitability (Tsakiridou &
Karanikolas, 2019). Thus, this study focused on the collection of data that could
contribute to the knowledge - relationship, if any, that exists among social media
marketing platforms, commercial real estate type, and real estate funding degree of
success for real estate developers to assist leaders in addressing challenges of a) securing
enough funds, b) stalled projects, and c) cost overruns that reduce their market share and
profitability. This study contributed to real estate finance, economics, and commercial
real estate. Ling et al. (2020) highlighted little evidence that social media activities
affected the performance of commercial real estate markets. Importantly, existing
literature suggested that only some attempts have been made to assess the relationship
between social media platform type, commercial real estate development, and real-estate
funding degree of success in the Northeast Illinois region. As such, by addressing the
gaps in research related to how commercial real estate developers in the Northeast region
of Illinois have limited understanding regarding the relationship among social media,
10
commercial real estate type, and real-estate funding success causing challenges in
and profitability (Tsakiridou & Karanikolas, 2019), the results of this study benefited
researchers and scholars in the fields of real estate finance, economics, and commercial
real estate studies regarding the relationship among social media platform type,
commercial real estate development, and real-estate funding degree of success.
This study contributed to the literature regarding the relationship between social
media and the degree of success in real estate funding. Therefore, the study had several
practical, theoretical, and policy implications. In terms of practical applicability, this
study's findings provided stakeholders in real estate with valuable information on how
different social media practices, such as the type of social media platform, influence the
degree of success in funds for new commercial real estate. These findings clarified the
effectiveness of social media platforms in attracting real estate funding.
Significance to Leaders
Commercial real estate leaders may learn from identifying the relationship
between social media and the degree of funding success, including how different social
media platforms can influence funding success for real estate. The information helped
industry leaders understand the impact of incorporating specific social media platforms in
their financing practices. This study also identified which social media platform could be
used to increase the likelihood of funding success. In addition, the study also presented
stakeholders with valuable information on the category of real estate, such as office
buildings, rental, and shopping centers, that attracts more funding through social media.
Such insights help leaders make informed decisions about the categories of commercial
11
real estate to prioritize funding. Also, the study findings offered valuable information and
insights to real estate managers on appropriate marketing strategies for attracting or
positively influencing funding outcomes for new projects.
Nature of the Study
The nature of this study was a quantitative methodology. In this section, an
overview of the research methodology appropriateness was discussed. Precisely, the
research method selected, and the research design are discussed in this section.
Overview of the research methodology
A quantitative research methodology was considered appropriate when the
researcher investigated known variables. The quantitative analysis supports investigators
in effectively testing relationships or associations between variables (Park & Park, 2016).
The method was numerical, given that the data were collected using standardized
questions to allow statistical measurements and tests. The quantitative research
methodology enabled the investigator to investigate the research data and provide
aggregate findings. Consequently, a quantitative analysis was appropriate for answering
the study's research question regarding the relationship among social media platform
type, commercial real estate type, and real estate funding degree of success.
Conversely, a qualitative research methodology was inappropriate for establishing
statistical relationships among the three study variables (Seeram, 2019). Park and Park
(2016) affirmed that researchers use qualitative analysis to investigate and understand
participants' experiences. Additionally, qualitative researchers collect data from
participants using open-ended questions through an induction perspective (Seeram,
2019). The objective of this study was not to explore personal values or participants'
12
feelings regarding areas of unknown variables; thus, quantitative research was considered
appropriate to investigate the research problem.
Overview of the designed appropriateness
A correlational study design is appropriate when researchers seek to investigate
the degree of relationship by conducting measurements and statistical analysis; to
measure and quantitatively represent the significance of relationships between the study
variables (Curtis et al., 2016). The purpose of this quantitative correlational research was
to examine what relationship, if any, exists among social media marketing platforms,
commercial real estate type, and real estate funding degree of success for real estate
developers to address securing enough funds, stalled projects, and cost overruns that
reduce their market share and profitability.
A comparative quantitative research design was also considered for this study's
appropriateness. Curtis et al. (2016) noted that researchers use comparative research
designs to investigate similarities or differences between study variables. Therefore, a
comparative quantitative research design was not used because no other study had been
conducted on the relationship between the variables in this study. Apuke (2017)
emphasized that a comparative research design is appropriate when investigators intend
to compare social media platforms, commercial real estate type, and real estate funding
degree of success. This study was designed to establish relationships rather than
similarities or differences; subsequently, a comparative design was inappropriate for the
current study.
The causational quantitative design was evaluated as a potential quantitative
design for this study. Apuke (2017) noted that a causation research design is used by
13
researchers when at least one previous study findings exist in which there is a
considerable degree of relationship among the study constructs or variables. Causation
quantitative research design, according to Seeram (2019), is used to evaluate if one or
more study variables are likely to cause a change in one or more of the other study
variables. Given that this study was designed to explore the relationships and not if one of
the study variables causes a change in other study variables among social media platform
type, commercial real estate type, and real estate funding degree of success, the
correlational design was appropriate.
A survey was designed to gather information on the independent and dependent
variables. Data collection was accomplished through Survey Monkey, a third-party
survey hosting company. The quantitative data from the research was analyzed using the
software package for statistical analysis (SPSS) software. Independent variables included
the kind of social media platforms used to submit for a financial loan package and the
category of commercial real estate (office building, rental, shopping center, for
example.). The dependent variable was the degree of success in which new commercial
real estate projects are funded. This study's data analysis included variance analysis
(ANOVA). An ANOVA was utilized to determine the impact of the social media
platforms used to submit for a financial loan package and the category of commercial real
estate on the degree of success in funding new commercial real estate. A few assumptions
were made for using ANOVA in the data analysis. These assumptions include data
representing normal population distributions, samples possessing homogeneity of
variance, data samples drawn independently of one another, no significant outliers among
the dependent variable, and data measured on an interval/ratio scale.
14
Research Questions/Hypotheses
The research question governed this study:
R1. What is the relationship among social media platform type, commercial real
estate development, and real-estate funding degree of success for real estate developers to
address securing enough funds, stalled projects, and cost overruns that reduce their
market share and profitability? Two research hypotheses were formulated to answer the
research question. Each hypothesis will be tested for a meaningful statistical relationship
between the variables. The hypotheses are listed below.
Hypotheses
A claim or a testable assertion addressing the relationship among research
variables is called a hypothesis (Kenneston, 2012; Kerlinger & Lee, 2000). Hypothesis
tests are statistical analysis that utilizes sample data to examine a research claim about the
population (Larson & Farber, 2014). Two hypotheses were developed to answer the
research question. Each hypothesis will be tested to determine if there is a relationship
between or among the variables. The null and alternative hypotheses for this study are
below:
H2O: There is no significant relationship between social media marketing
platforms, commercial real estate type, and real estate funding degree of success for real
estate developers to address securing enough funds, stalled projects, and cost overruns
that reduce their market share and profitability.
H2A: There is a significant relationship between social media marketing
15
Theoretical Framework
Two theories informed the study: Chaffey and Ellis-Chadwick's (2012) Social
Marketing theory and Marketing Equities theory (Kim & Ko, 2012). Chaffey and Ellis-
Chadwick’s social marketing theory is based on the premise that social media marketing
is an informal marketing strategy that companies use to attract potential customers and
improve their interest in different products. Chaffey's (2018) social media theory
capitalizes on communication and networking as critical predictors of human behaviors.
In this case, regarding customer purchase behaviors or interests in different products.
Social media marketing, therefore, capitalizes on this relationship to influence potential
customers. Chaffey (2018) and Chaffey and Ellis-Chadwick (2012) noted that social
media marketing uses several emerging platforms to influence people's opinions on
products and services. The intent is to lead them into making actual purchases ultimately
and even becoming loyal to the brand. Chaffey and Ellis-Chadwick (2012) noted that
social media is based on relationship-building practice. Upon building solid relationships
between parties, sellers will likely benefit from such meaningful relationships by
influencing their clients.
Chaffey and Ellis-Chadwick's (2012) Social Media theory offered insightful
perspectives concerning the effect of social media marketing on business performance,
mainly the funding outcomes among real estate companies. By focusing on building
long-term relationships with clients, real estate firms are likely to benefit from increased
16
sales or funding from potential investors (Chaffey, 2018). The theory provided valuable
insights for investigating social media's impact on funding outcomes in real estate.
Marketing Equities theory (Kim & Ko, 2012) is the second framework that
informed the study. Marketing Equities theory assumes that different social media
activities impact the performance of organizations. The supporters of the Marketing
Equities theory used it to investigate the relationship between social media marketing and
the financial performance of crucial luxury brands. Kim and Ko (2012) argued that social
media could influence firms' financial performance regarding brand equity, customer
equity, purchase intentions, value equity, and equity linkages. Kim and Ko (2012)
believed that regular customer interactions allow firms to interact with key stakeholders
and share information that can influence their business interests. The theory applies to
this study because this study focused on investigating the relationship between social
media marketing and funding success or performance of real estate projects.
Definition of Terms
This section is the definition of terms. The terms with definitions that can help
comprehend this study are introduced and presented. The terms are in alphabetical order.
Commercial real estate. Commercial real estate, also called commercial
property, investment property, or income property, is intended to generate a profit, either
from capital gains or rental income (August, 2020).
Facebook: An online social media and social networking service that allows
individuals to communicate with each other and a company to advertise to consumers
(Nycyk, 2020).
17
Instagram: Used for personal purposes revolving around letting friends and
followers know about their activities (Maphelela, 2019).
Social media. It refers to internet-based technologies designed and used by
several people to interact and share information simultaneously over a mobile phone or
electronic gadgets (Li & Xie., 2020).
Social Media Platform: applications such as Facebook, Twitter, and Instagram
are also generically referred to as social media platforms (Yang et al., 2020).
Twitter: An online social media and social networking service that allows
consumers to exchange short messages called tweets using 140 characters or fewer and a
hashtag (Alsinet et al., 2019).
Assumptions, Limitations, and Delimitations
The first assumption was that participants would provide honest and unbiased
responses. Randomly selecting participants without disclosing identities can promote
honesty in surveys. Informing prospective participants of confidentiality and anonymity
before starting the survey to minimize bias was required. Signed informed consent forms
were required before taking the survey. Ward and Pond (2015) asserted that
understanding confidentiality safeguards lead participants to give honest responses. To
maintain anonymity and confidentiality, participants could withdraw from the study
without consequence.
The second assumption was that a simple random sampling provided a suitable
representation of the total population. Simple random sampling gave participants an equal
opportunity to be chosen (Black, 2005). This study's sample size of 328 was determined
because a sample size between 30 and 500 is generally sufficient in quantitative
18
correlational research (Delice, 2010). G*Power statical software assessed the minimum
sample size requirement. There was a 90% chance that the sample size would be
significant for accurate correlation in the population.
The third assumption was that Commercial Real Estate industry leaders, bankers,
and stakeholders could benefit from the identification of the collected data showing the
relationship between real estate funding success and social media type. The information
could assist leaders in financing practices and attracting more funding using social media.
The assumption was related to the presumption that the data collected showed the link
between social media type and real estate funding success.
The fourth assumption was that the instrument's reliability and validity were
adequate and appropriate for its intended purpose or use. This assumption was valid
given that a pilot study was conducted to assume the instrument was statistically adequate
for the intended purpose. Additionally, the instrument lined up with the study objectives.
Limitations
The scope of the study was to analyze the relationship among social media
platform type, commercial real estate type, and real estate funding degree of success.
Limitations refer to factors or study characteristics beyond the researcher's control at the
time of the study. The study has two fundamental limitations. The first limitation is the
outside influences. To minimize the likelihood of external influence, real estate
commercial agents who are not members of the real estate association of Chicago was not
included in the study. Another possible limitation was the likelihood that participants of
the professional body identified can differ in different ways unknown from those real
19
estate commercial agents who are not members of real estate associations. An additional
10-15% of the sample will be recruited to account for attrition.
Delimitations
Delimitations refer to deliberate choices made by investigators in their studies.
The first delimitation of the study was that data collection should be limited to the
population within the Northeast region of Illinois. The study did not address commercial
real estate agents who are not part of Northeast region of Illinois commercial real estate
associations. The study did not include commercial real estate agents and potential
investors outside Illinois. Lastly, only data from members of the Northeast region of
Illinois commercial real estate associations professional body through an online survey
instrument was used.
While limitations or delimitations may affect the generalizability of the study
results, several steps will be taken to mitigate such constraints. By including members of
the Northeast region of Illinois commercial real estate associations in the survey rather
than the general population, the study results are likely to have generalizability. The
Northeast region of Illinois commercial real estate associations provide training and
professional practitioners' standards.
Chapter Summary
Chapter 1 focused on the introduction of this study. Chapter 1 covered the
sections and discussions of the background of the problem, the problem statement, the
purpose of the study, the population and sample, the significance of the study, the nature
of the study, the research questions and hypotheses, the theoretical framework, the
definition of terms, the assumptions, limitations, delimitations. The specific business
20
problem was commercial real estate developers in the Northeast region of Illinois have
limited understanding regarding the relationship among social media, commercial real
estate type, and real-estate funding success causing challenges in securing enough funds,
stalled projects, and cost overruns that reduce their market share and profitability
(Tsakiridou & Karanikolas, 2019). The target population included leaders of a Northeast
region of Illinois commercial real estate associations, including the people looking for
funding and those who give the funding, which can be obtained from members of a
funding association. This study could advance knowledge and enrich the knowledge of
real estate finance, economics, and commercial real estate. This study contributed to the
gaps in the literature on the impact of social media platforms on funding outcomes of
commercial real estate.
Chapter 2 includes a review of the literature connected to the central question.
The chapter discusses and analyzes past studies and literature exploring social media
marketing platforms, commercial real estate type, and real estate funding degree of
success of real estate developers. Chapter 2 demonstrates the need for investigating social
media marketing platforms, commercial real estate type, and real estate funding degree of
success for real estate developers.
21
Chapter 2
Literature Review
and profitability. Social media marketing has been around since the mid-90s and has
changed how large and small businesses interact with consumers. Jiang and Ngien (2020)
found that 77% of small businesses use social media for marketing purposes, yet only
72% of small business owners elevate social media as a marketing tool. This action by
small business owners tends to lead to more deficient brand awareness and customer
engagement (Handique & Sarkar, 2020). Small business owners should investigate social
media as a helpful marketing tool to see its impact on marketing efforts. However, it
remains unclear how social media platform type, commercial real estate development,
and real-estate funding degree of success relate.
Chapter 2 consisted of the following sections: Title Searches and Documentation,
Historical Content, Current Content, Types of Social Media Used in Real Estate
Marketing and Their Effectiveness, How Emerging Social Media Activity Influence
Funding Outcomes, Social Media Marketing Activities Influence on Investors, and
Approaches to Commercial Real Estate Performance. The literature review on
Commercial Real Estate, Social Media, and Funding provides a better understanding of
the problem of the research study.
22
Title Searches and Documentation
This review of the professional and academic literature includes a review of
existing literature regarding the research problem under study and covers (a) an
introduction; (b) title searches and documentation; (c) related literature; (d) theoretical
framework literature; (e) methodology literature; (f) research design literature; (g)
conclusions; and (h) a chapter summary. This literature review comprises in-depth
information from various scholars regarding the purpose of the study. To build a
foundation for the research and reveal the gap in research, the researcher searches the
literature for peer-reviewed dissertations and referred journal articles. The investigation
of relevant literature to the investigation of social media platforms, commercial real
estate type, and degree of funding success began with searching University of Phoenix
library databases like EBSCO, ProQuest and academic databases such as ScienceDirect
and SAGE journals.
This literature encompasses a variety of terms. Terms include commercial real
estate, real estate funding, social media marketing, social media and crowdfunding, real
estate financing, investing in real estate, social media investing, and funding outcomes.
One hundred percent of the literature sources are peer-reviewed. In the related literature
regarding the themes of this topic, 100% of the current content sources are between 2017
and 2021.
23
Historical Content
Commercial Real Estate
Real estate has contributed significantly to the United States economy during the
last three decades (Watkins et al., 2004). Essentially, real estate is a physical structure
immersed in a space (Liu & Gulliver, 2013). Commercial real estate is a property in
terms of location, square footage, and human activities. Fundamentally, this combination
defines income-producing real estate. Commercial real estate includes a wide range of
property types, i.e., office buildings, retail structures, warehouses, and healthcare
facilities (Garner, 2008).
Commercial real estate has historically been subject to huge profits and losses
(Garner, 2008). The profits and losses in commercial and multifamily buildings reflect
the cumulative instabilities in productivity, employment, and financial market conditions.
Some factors that lead to loss could be more specific to the real estate sector. For
example, commercial real estate development projects could take several years from start
to finish. Economic conditions could change dramatically in a few years. The years
invested and the money spent by the developer may create a bias to go forward with a
project, even if there is evidence that market conditions have worsened (Garner, 2008).
Furthermore, lenders, banks, and funders may sometimes assess the creditworthiness of
future development based on the commercial real estate sector's current or recent past
performance rather than a realistic projection of prospects (Squires et al., 2016).
24
Funding
This study's term "funding" denotes a traditional funding method, i.e., loans.
Commercial real estate developers starting a project, generating ideas, or expanding their
company face significant challenges, such as limited resources and financial struggles
(Kousari, 2011). Historically, generating capital for projects included seeking out
crowdfunding, venture capitalists, and angel investors (Kousari, 2011). Commercial real
estate is susceptible to phases of strength and weaknesses, to periods of growth and
decline. The ongoing challenge for many commercial real estate developers is funding
(Ambrose et al., 2003).
Crowdfunding is a modern form of financing. The main feature of crowdfunding
is that it renders traditional financing unnecessary (Silver et al., 2016). Crowdfunding is
an initiative to raise capital for new projects by amassing small to medium-six
investments from several sources (Ordanni et al., 2011). Investors invest directly in
projects to meet the funding needs of developers. Investors also bear the risk and or
reward if the projects succeed. Crowdfunding corporations provide a digital platform and
website to connect developers with prospective investors (Morozova, 2015). Once a
project idea originates, the next step is to obtain financial support to bring the idea to
fruition. As a result, crowding uses an accumulation of investors to invest directly in the
project. Crowdfunding also mimics social media by providing a platform where project
owners and prospective investors share information and knowledge and endorse new
initiatives (Ordanni et al., 2011).
Venture Capitalists (VCs) are fund managers that invest in projects or ventures
with high growth potential (Jones & Mlambo, 2013). VCs typically invest in projects
25
with little performance history and great potential to achieve financial returns (Holmberg
et al., 1993; Silver et al., 2016). Fund managers are essentially employees that provide
information, make decisions, and meet deadlines and targets for the rate of returns on
behalf of the owner(s) (Dutta & Folta, 2016). VCs are not always interested in getting
involved in day-to-day operations but may interfere if management is a problem
(Bygrave, 1988). Nevertheless, despite the benefits, VCs generally only invest in a small
number of projects.
Angel investors are wealthy individuals that invest in the very early stages of a
project's development. Shane (2009) defined an angel as someone who provides capital in
the form of debt or equity, with his/her own money, to a private business owned and
operated by a neutral third party. In addition to providing financial resources, Angel
investors provide supervision and monitoring roles, resource acquisition roles, and
mentoring roles (Macht & Robinson, 2009). Unlike a venture capitalist whose
investments are profit-driven, an Angel investor may invest for profit or passion
regarding a cause or industry of preference (Shane, 2009). While venture capital or
Crowd funders tend to invest within a certain perimeter, Angel investors invest in a
broader range of industries.
Cost Overrun
Researchers found that over 59% of development projects experienced client-
related rework (CRR), which increased the project cost by 7% and caused over three
weeks of delays (Hwang, et al., 2014). The most critical risks to construction projects are
related to cost overrun (Jarkas & Haupt, 2015). During the conception and design phases
of the construction process, the factors that influence cost are examined, mainly based on
26
the cost-estimating practices of contractors (Akintoye, 2000; Cheung et al., 2008). Hicks
(1992) affirmed that irrespective of contractors' competence and financial strength,
accurate cost estimation at an early stage is the key to avoiding cost overrun in projects.
Cost overrun is an unanticipated change in the development budget that increases the
total project cost (Cheung et al., 2008).
Cost estimation is the process of forecasting expenditures, and success depends on
the exact integration of resources, project information, and implementation (Baloi &
Price, 2003). Akintoye (2000) noted that cost overrun happens for two reasons: 1)
Economic factors such as inflation or rising prices cause inaccuracies in project budget or
scope. 2) Technical causes involving flawed estimates or incorrect data gathering (Hicks,
1992). Reducing cost overruns is valuable to improving the performance of construction
projects and enhancing people's lives.
Social Media
The Internet has become a global phenomenon. From sharing electronic mail
between colleagues (Leiner et al., 2009), the Internet has evolved from computers to cell
phones, automobiles, watches, television, kitchen appliances, and a host of other
innovations. Social networking websites started in 1985 with the online community 'The
Well' and evolved into America Online Messenger in 1995 (Jones, 2015). America
Online Messenger transitioned to MySpace in 2003 and progressed into LinkedIn in
2003, Facebook in 2005, and Twitter in 2006 (Rizavi, et al., 2011). Social media has
changed the landscape of the Internet. Users can quickly create content, share
experiences, and build relationships (Hanna et al., 2011). More than 72% of Internet
users participate in social media, rising from 50% in 2010 (Pew Research Center, 2019).
27
Instagram, Facebook, and other social media platforms have become primary marketing
tools for businesses vying for prospects' attention and funding. Social media marketing
allows firms to communicate and interact with prospective clients and funders (Neti,
2011).
Current Content
Overview of Commercial Real Estate
Alternative assets represent an increasing share of pension fund assets, and real
estate is a cornerstone of that allocation (Carlo et al., 2021). A growing wall of money
managers is continuously searching for investment opportunities (Van Loon & Aalbers,
2017). Regarding real estate, these investigations show how opaque, local, non-
standardized goods, highly dependent on both local legislation and developments, have
been transformed into liquidity, globally traded financial assets (Van Loon & Aalbers,
2017). On average, the current pension fund allocation to real estate is 8.3%, with a 90/10
split between private and public real estate (Carlo et al., 2021). Pension funds deploy a
wide range of real estate allocation strategies, with intermediation growing in popularity
over the past decades (Carlo et al., 2021).
By analyzing Dutch institutional investors' real estate investment strategies since
the 1980s, Van Loon and Aalbers (2017) showed how a quantitative framework
increasingly provided the basis for institutional investors' real estate investment
strategies. Direct ownership of properties has been exchanged into shares of properties,
i.e., fictitious capital, creating an impetus for objectified numbers to measure the
performance of these indirect investments (Van Loon & Aalbers, 2017).
28
Based on the analysis of publicly available statistics, policy, and advocacy
documents, and 39 in-depth interviews with real estate professionals, Hofman and
Aalbers (2019) argued that the contemporary regime in the UK was a finance- and real
estate-driven regime. Like Fordism, the new regime would fuel the economy by propping
up consumption. However, unlike the Fordist regime, it did not seek to do so through job
creation or high and steady wages but rather through private money creation and real
estate price inflation (Hofman & Aalbers, 2019). Hofman and Aalbers indicated that the
reliance of the economy on private housing debt rather than public debt was a vital
element of the new regime. The state has not simply facilitated the rise of the new regime
but has put its faith in the financial and real estate sectors to prop up the economy
(Hofman & Aalbers, 2019).
Van Loon and Aalbers (2017) suggested that knowledge about real estate had
been outsourced, and Dutch institutional investors now perceived real estate increasingly
as just another asset class, thereby increasing leverage and volatility. Hofman and
Aalbers (2019) suggested that the finance- and real estate-driven regime created
economic growth. Hofman and Aalbers (2019) also suggested that the regime appeared
fragile during the financial crisis of 2007–2009; the neoliberal mode and its
accompanying finance- and real estate-driven regime was saved. The dominance of
finance and real estate deepened.
Carlo et al. (2021) investigated the trends in pension fund real estate investments
over the past 30 years, both private and public real estate, focusing on the performance of
the asset class for the ultimate asset owners. Carlo et al. (2021) showed that the
development of pension fund allocations to real estate differed across regions, with
29
allocations increasing in Canada, stationary in the United States, and shrinking in Europe.
More than 10% of the real estate exposure is through publicly listed vehicles. Within the
real estate portfolio, the authors observed a continuing increase in the use of external
fund managers. Carlo et al. (2021) also found investment costs were stationary, with
pension funds in the United States structurally paying more to their external private real
estate managers than their peers in Canada and Europe. The results showed that costs
relating to public real estate were equal across regions. In terms of performance, the
authors observed relatively stable total returns for private and listed real estate over the
past three decades, contrasting the volatile performance of private equity and
infrastructure.
Evidence suggests that, on average, pension fund allocation to real estate is 8.3%,
with a 90/10 split between private and public real estate (Carlo et al., 2021). Carlo et al.
(2021) suggested that real estate had provided stable returns over the past decades, with
gross returns like stocks and net returns between bonds and stocks. Carlo et al. (2021)
also suggested that intermediated investment management for private real estate was
costly, leading to disproportionately lower net returns. Commercial real estate as an asset
class is essential to the United States economy and other asset classes (Carlo et al., 2021;
Van Loon & Aalbers, 2017). Van Loon and Aalbers (2017) showed how finance
financialized itself by adopting a quantitative investment perspective. The authors also
offered an empirical account of how investment properties were transformed into
financial assets that pressure state agencies to mobilize urban planning to deliver more
such assets.
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Social Media
Social media refers to internet-based technologies designed and used by several
people to interact and share information simultaneously over a mobile phone or electronic
gadgets (Ostic, et al., 2021). Since its inception in the early 1990s, social media has
played a critical role in the survival of real estate. For instance, Primasiwi et al. (2021)
conducted a qualitative study to investigate the influence of social media on the
performance of Small and Mid-Size Enterprises (SMEs). A sample of 315 real estate
managers took part in the study. Data were analyzed through thematic analysis. The
study's findings identified that many SMEs depended on social media platforms to
market and advertised their products (Primasiwi et al., 2021). Two studies (Kongar &
Adebayo, 2021; Primasiwi et al., 2021) also conducted a quantitative review on the
influence of social media on real estate growth using a sample of 315 managers in the
United States. Data analysis was performed using SPSS. After analyzing the social media
activity responses (tweets) gathered from US-based retail stores, Kongar and Adebayo
(2021) found that social media played an essential role in contributing to the growth of
real estate as marketers could use different social media channels to engage customers,
retain them, and create new leads add to their current pace. Kongar and Adebayo (2021)
found that an increase in the customer base directly influences all performance indicators,
including profitability, whereby more customers become aware of the products and are
motivated to purchase them.
Chu et al. (2020) also sought to investigate the influence of social media on real
estate's growth regarding information sharing. A qualitative study was conducted using
700 managers in the United States. Data was collected using interviews and focus groups.
31
Chu et al. (2020) adopted a thematic analysis technique to analyze the study responses.
The findings indicated that real estate firms could use social media to share valuable
product information regarding features, technicalities, and performance (Chu et al.,
2020). By providing such vital information to potential consumers, Chu et al. (2020)
found that SMEs would increase their customer base as more consumers are convinced to
buy their products. Similarly, Dissanayake et al. (2019) used a qualitative systematic
literature review study to explore the role of social media in promoting customer
engagement and found that social media provides real estate firms with a platform to
engage customers and receive feedback on the performance of products. Dissanayake et
al. (2019) affirmed that customer feedback provides real estate firms with a critical
competitive edge that can improve products, introduce new products, rebrand, and
improve service delivery to customers, which are the major key performance indicators.
Thus far, the literature has suggested that social media is an essential tool for the survival
of real estate firms as it influences how customers are targeted, engaged, and
communicated to and how the company advertises its products for better success.
Real estate firms' leaders use different social network sites to engage with
customers, gain a competitive advantage, and gain visibility in the market. The social
platform sites used by real estate firm leaders include Facebook, Twitter, Instagram, and
Snapchat. Bakri (2017) confirmed after surveying 2000 real estate firms from different
countries through a quantitative study that most SME leaders use social media platforms,
such as Facebook and Twitter, to gain visibility in the market by targeting various
segments. Similar results to those of Bakri (2017) were reported by Manzoor (2017).
Manzoor (2017) explored the type of social networks real estate leaders use to engage
32
customers. Data were collected through interviews and analyzed thematically. Manzoor
(2017) established that 98% of all participants noted that they used Facebook, Twitter,
and Instagram to engage consumers directly or gain visibility in the market by advertising
their products online. Literature suggests that managers could use social sites such as
Facebook, LinkedIn, Twitter, and Instagram to build strong customer relationships and
brand loyalty among consumers.
Different social media sites provide business leaders in real estate with several
platforms for product promotion. For instance, like Manzoor's (2017) findings previously
discussed, Hardwick and Anderson (2019) conducted a systematic review of the types of
social media sites used to market predictions to engage customers in the United States.
Researchers reviewed 56 articles on social media and real estate firms in this systematic
review. Their systematic review results demonstrated that real estate business leaders
majorly use social media sites such as Twitter, Facebook, and WhatsApp to create
product awareness in the market, influence consumer behavior, promote brand
popularity, and attract new consumers (Hardwick & Anderson, 2019). Overall, the
evidence reviewed suggested that social media plays a vital role in the sustainability of
real estate firms by providing platforms through which customers can reach large and
medium customer bases, engage positively, market the products and services offered,
increase brand awareness, generate new leads, and retain the existing customer base.
Types of social media Used in Real Estate Marketing and Their Effectiveness
Facebook
The first social media marketing strategy included using Facebook to market
products and services. Ostic et al. (2021) conducted a quantitative survey of a sample in
33
2013 to investigate the population of Facebook. Data collection was done through a
questionnaire. Data analysis was conducted through SPSS quantitatively using
descriptive statistics. Ostic et al. (2021) found that Facebook was the most prominent
social media globally, with an estimated 2271 million active users as of 2019. Given its
popularity, Facebook has become one of the most renowned social strategies companies
use to market their products and services. Ostic et al. (2021) and Basri and Siam (2017)
conducted a study on the popularity of social media marketing strategies on a sample of
215 company leaders in the United States using qualitative research. Data collection was
conducted through semi-structured interviews. Thematic analysis was used to analyze
data and presented through descriptive statistics. After completing the data analysis, Basri
and Siam (2017) established that 98% of participants noted that Facebook marketing was
the primary social marketing strategy used by companies to market their products.
Company leaders could market their products using Facebook by sharing products
picture, video installations, and reviews from customers (Li et al.,2021). Such
information shared with a large group of people, as established by Mazzucchelli et al.
(2021), permits individuals to share and see which of their close friends and family
members like the products or has shared the same advertisement. The study findings
suggest that Facebook is the leading social media strategy companies use to increase
brand awareness in the market (Basri & Siam, 2017; and Mazzucchelli et al., 2021; Ostic
et al., 2021).
Ibisola et al. (2018) proposed investigating the impact of real estate marketing
using social media platforms. The questionnaires were used to collect data. Data were
analyzed, and the findings showed that well-implemented social media strategies for
34
marketing real estate could be an effective tool to attract many potential clients, as social
media platforms such as Facebook have made it easier to connect with the right audience
(Ibisola et al., 2018). Social media enables real estate agents to engage potential clients
and inform them of any property changes within the market. It effectively generates
traffic through real estate selling and buying (Ibisola et al., 2018). In another study,
Aytekin and Demírlí (2017) conducted a qualitative study to explore the effectiveness of
social media in real estate marketing in Turkey. Tracing and content analysis methods
were used in analyzing data. Social media tools such as Bizzsumo and retweet rank were
used in data collection. Aytekin and Demírlí (2017) found that there was a positive
relationship between web traffic and social media platforms such as Facebook and
Twitter, and effective social media networking increased web traffic for real estate
marketing (Aytekin & Demírlí, 2017). Facebook has transformed marketing in the real
estate field as it connected real estate agents with many clients by boosting sales and
Facebook adverts.
Likewise, Ying (2020) conducted a systematic review using 21 articles
investigating the benefits of real estate social media marketing in the real estate sector.
Ying (2020) established social media platforms to facilitate effective marketing and
communication tools that help save time for real estate agents. Social media marketing
has benefits for both the real estate sector and customers and includes customer benefits
as customers are satisfied with the provision of quality services; this increases sales
creation of a positive relationship between agents and customers as social media platform
provides clear and complete qualitative information to potential customers (Ying, 2020).
Another benefit was the outstanding performance of the estate agency and positive
35
outcomes because of the return on investment through brand building, trust, good
reputation, and cost-saving (Ying, 2020).
In a different study, Shi et al. (2018) explored the association between social
media marketing of real estate and increased sales. Data was collected from 400 real
estate firms in Orange County, California, USA. Linear regression technique was used to
analyze data. The findings revealed that social media platforms, especially Facebook,
significantly impacted the real estate business, as Facebook links, stories, and likes were
positively associated with increased sales (Shi et al., 2018). As evidenced by the above
analysis, it can be concluded that Facebook is the most used and influential platform in
marketing because of its massive followers, and it has helped real estate agents grow their
business through Facebook ads, likes on pages, and Facebook links which lead to
increased sales and profits.
Instagram
Instagram is another common emerging social media platform used in real estate
funding practices. Boudlaie and Moghadam (2021) pioneered a study exploring social
media's advantages on marketing in the real estate sector using qualitative research
methods. A total of 10 real estate agents were interviewed, and data were collected
through semi-structured interviews. The study's findings showed that social media
marketing effectively attracted customers as customers do their home searches on
platforms such as Instagram and Twitter with convenience without worries about
affecting the relationship between sellers and real estate customers (Boudlaie &
Moghadam, 2021). In addition, social media platforms helped save on marketing costs
and time for customers (Boudlaie & Moghadam, 2021). Furthermore, Li and Xie (2020)
36
proposed investigating the impact of using image content on social media in marketing
real estate products. Data analysis revealed that high-quality and professionally shot
pictures consistently lead to increased engagement associated with increased sales and
customers (Li & Xie, 2020).
Twitter
Twitter is another common emerging social media platform used in real estate
funding practices. Nwanekezie and Okeahialam (2019) intended to investigate the
relationship between social media real estate marketing and the flow of customers using
qualitative methods and a sample of 36 participants. Data were collected using
questionnaires and were analyzed using simple percentages and relative importance index
methods. Despite the challenges of high data costs and network problems in accessing the
Internet, the results showed that Twitter, Facebook, and WhatsApp were the most
effective social marketing platforms used by real estate agents in marketing as they
attracted a great audience of potential clients (Nwanekezie & Okeahialam, 2019).
Matidza et al. (2020) studied social media marketing strategies used by real estate
agents in marketing their products using quantitative methods. A sample of six real estate
companies participated in the research, and data was collected through questionnaires.
Matidza et al. (2020) established that the commonly most used platforms for marketing
by real estate companies include Facebook, Instagram, Twitter, and WhatsApp, which
helped them get recognized and generate more customers. However, they had challenges
of expensive charges from network providers. Given the literature above, social media
platforms such as Twitter have helped the real estate industry develop new business
37
models, increased the number of clients, drove demand, and created more brand
awareness, significantly benefiting real estate firms.
WhatsApp
Dabara et al. (2018) studied the effects of online marketing on real estate sectors.
Nineteen real estate managers participated in the research, and questionnaires collected
data. Descriptive statistical tools and relative importance index techniques were used in
analyzing data. Dabara et al. (2018) reported that Facebook, WhatsApp, and Twitter were
the most used in marketing and significantly positively affected the real estate industry.
Potential clients sourced properties and information through these platforms, which led to
increased sales (Dabara et al., 2018).
Furthermore, Yuvraj et al. (2018), exploring the role of social media marketing in
the real estate industry in India, established that using social media platforms for
marketing was convenient and timesaving for both the client and seller as most
information was shared online. In addition, marketing through social media platforms
such as WhatsApp, Facebook, and LinkedIn may lead to an increased audience by use of
ads, the distance barrier of reaching clients is reduced, and reduced cost of marketing as
social media platforms are less expensive as compared to other marketing platforms
(Yuvraj et al., 2018). Overall, WhatsApp's social media platform has millions of
audiences, making it a great marketing platform for real estate agents as they may attract
many potential clients.
LinkedIn
Real estate firms also use LinkedIn for marketing. Wu and Chen (2021) explored
the relationship between online marketing and performance in the real estate industry
38
using qualitative methods and a sample of 44 companies in real estate in China. The
findings indicated that there was a positive relationship between online marketing and
improved performance in real estate by using platforms like Facebook, LinkedIn, Twitter,
and real estate firms were able to disseminate information that reached a large audience
and, they got feedback conveniently from potential buyers (Wu & Chen, 2021). Ra'd
Almestarihi et al. (2021) conducted a systematic review using 26 articles on the effects of
social media marketing on brand promotion. After data analysis, the literature revealed
that social media marketing through Facebook, LinkedIn, and Twitter successfully
increases the value of brands by providing a unique value to businesses and customers
(Ra'd Almestarihi et al., 2021). In addition, there was a positive relationship between
social media marketing of real estate products and increased sales. Social media
platforms allow firms to interact with customers, gain feedback about their brands, and
understand clients' needs and wants (Ra'd Almestarihi et al., 2021). Furthermore, social
media marketing is cost-effective, attracts new customers, and may increase profit and
sales (Ra'd Almestarihi et al., 2021). Given the above literature, LinkedIn is gaining
popularity in marketing because most working-class individuals are on the platform and
can conveniently see real estate products, resulting in increased sales and improved
performance for real estate firms.
YouTube and Telegram
YouTube and Telegram are also used in real estate marketing and commercial
promotion. Schwemmer and Ziewiecki (2018) proposed investigating the impact of
product promotion on YouTube using qualitative methods. Schwemmer and Ziewiecki
(2018) found that product promotion via referral links and oral advertisement in YouTube
39
videos is the most effective strategy for reaching a large potential audience and
potentially generating sales and new customers in real estate firms. Similarly, Bala and
Verma (2018) conducted a qualitative study to explore the impact of internet marketing
on various industry sectors. After data analysis, the findings showed that internet
marketing creates awareness of a product that attracts new customers and positively
impacts business because of increased sales and profits (Bala & Verma, 2018). Social
media marketing platforms positively affect the real estate business by creating product
awareness that attracts new customers and increases sales.
How Emerging Social Media Activity Influences Funding Outcomes
Social media activities provide platforms for selling and marketing products or
services by any organization and may be linked to funding outcomes for startups in the
real estate sector. For instance, Ainin et al. (2018) and Sarwar et al., (2019) conducted a
quantitative study on the factors leading to the use of social media by SME startups and
its performance and funding outcomes in Malaysia. Data for the research were collected
using survey questionnaires from 259 SMEs in Malaysia. The study hypotheses were
tested by using Partial Least Square (PLS). After the data analysis, the study findings
revealed that social media usage strongly impacted SMEs' funding and financial
performance in the real estate sector (Ainin et al., 2018; Sarwar et al., 2019). The positive
effects contributing to improved funding included cost reduction in marketing and
customer service, improved customer relations, and improved investor information
accessibility (Ainin et al., 2018; Sarwar et al., 2019). Additionally, the factors such as
cost-effectiveness and interactivity made it more effective to use social media platforms
40
such as Facebook, LinkedIn, and Twitter to promote SMEs to attract potential investors
(Ainin et al., 2018; Sarwar et al., 2019).
Another quantitative research was conducted by Kim and Choi (2019) on the co-
creation of value through social media. A case study of a startup company in the US.
Data for the research was collected using a systematic review of articles and observation.
The study findings showed that social media activities provide core drivers of success,
such as prior experience by investors, satisfaction, and sharing of information on the new
investment opportunity about the startup (Kim & Choi, 2019). Furthermore, these factors
are enhanced by reducing the search costs related to the marketing of the startups to
potential real estate investors (Kim & Choi, 2019).
Further, Song et al. (2021) conducted a quantitative study on online social
networks and entrepreneurial processes. Data was collected from 273 entrepreneurs using
questionnaires. The study findings revealed that the funds for a startup could be accessed
through social media networks influenced by the low search costs and provide access to
information by investors regarding investment opportunities (Song et al., 2021). Overall,
social media activity by startups enhances reduced search costs and the discovery of
investment opportunities for potential investors in the real estate sector (Song et al.,
2021). The following paragraph discusses how social media activity acts as an
information channel for investor evaluation in startup funding.
Social Media Acts as an Information Channel for Investor Evaluation
Social media plays a crucial role in providing critical information to potential
investors in any venture. It may act as an information channel for investor evaluation
which may be linked to startup funding outcomes. For example, Sukumar et al. (2021)
41
conducted quantitative research on social media's influence on startup-stage
entrepreneurship in China. Data were collected using interviews with 25 young Chinese
entrepreneurs with startups and 100 survey questionnaires from young Chinese
entrepreneurs. The study findings demonstrated that social media such as Twitter,
Facebook, and Instagram provided crucial information to potential investors for their
investment evaluation before investing in their preferred business venture in real estate
(Sukumar et al., 2021). The results further revealed that social networks promoted
information collection regarding investment opportunities and facilitated sales and
promotions of a startup, which could provide information access to investors (Sukumar et
al., 2021).
Gloor et al. (2020) conducted a different study on social media presence impacts
and board member composition on new venture success in the USA. Data was collected
from 500 US-based technology startups using questionnaires. The study findings revealed
that startups with more venture capitalists on the member board and whose board
members are active on Twitter and other social media networks attract additional funding
from the investors in the sector (Gloor et al., 2020). Furthermore, the results indicated
that startups benefit from working with social media platforms because of the opportunity
to access additional funding from investors (Gloor et al., 2020).
Ante and Fieldler (2019) conducted quantitative research on the US's security
token offerings and cheap signals. Data was collected from 151 STOs using a systematic
review of databases. The results indicated that human capital and social media have been
used by projects and have a positive impact on funding success by providing information
to investors through social media marketing for investment evaluation, hence funding
42
success of the startups and the investor's interest protection (Ante & Fieldler, 2019).
Antretter et al. (2018) conducted quantitative research on predicting startup survival from
digital traces in a different study. Data was collected from 542 entrepreneurs. The results
showed that digital traces through social media enabled the prediction of the survival of
startups who used social media advertising for their startups or investor funding and those
who did not use social media to promote their startups (Antretter et al., 2018). The
findings also revealed that investors used social media digital tracing to find crucial
information for their investment evaluation (Antretter et al., 2018).
Generally, the research studies reviewed indicated that social media activities by
startups influence funding outcomes by sharing information on social media about their
startup businesses. The information shared promotes the marketing of these businesses to
potential real estate investors who evaluate the business for investments (Antretter et al.,
2018). The following section discusses how access to more potential investors through
social media marketing may influence startup funding outcomes.
Increase access to more potential investors through social media marketing
Marketing requires access to more potential investors in a business to buy a
product or service for that business. These investors can be reached through social media
marketing linked to startup funding in the real estate sector. For instance, Yang and
Berger (2017) conducted a quantitative study on the relationship between online social
media presence for startups and fundraising in the United States. Data were collected
using systematic review information from Facebook and Twitter between 2000 and 2013.
The study results showed that social media is vital for startups' success or failure in
fundraising (Yang & Berger, 2017). The results also revealed that investing energy into
43
utilizing online social media and exhausting all these platforms leads to the financial
success of startups (Yang & Berger, 2017).
Therefore, famous startups among online fans or followers may manage to raise
enough funds for the early stages of the business. The study also highlighted whether the
startup's social media presence could influence the investors' choices regarding the total
funding given to startups (Yang & Berger, 2017). The results also revealed that those
startups with innovative social media communications could benefit from funding from
investors (Yang & Berger, 2017). This benefit is achieved by focusing on valuable social
media metrics, enabling startups that use social media platforms like Facebook and
Twitter to receive more significant funding from investors.
Ullah et al. (2018) conducted a quantitative study on the drivers of and barriers to
using digital technologies and online platforms by intelligent real estate technology in the
US. The collected data used a systematic review of 213 published articles on the nine big
technologies known as Big9. The research findings revealed the potential use of
technology or addressing customer needs and reduced customers' regrets about investing
in the startup (Ullah et al., 2018). Furthermore, the results showed that high-quality
information through social media regarding the startup might bridge the gap between real
estate consumers and other real estate stakeholders and raise the sector state to a level
where its customers have no regrets or have fewer regrets (Ullah et al., 2018).
Furthermore, social media enhanced access to more potential investors because of ease of
access to information or their decision-making on investment choices.
Similarly, Clough et al. (2019) conducted quantitative research on how
entrepreneurs mobilize resources to exploit opportunities in the US. Data were collected
44
using a systematic review of articles on entrepreneurs' mobilization of resources. The
results revealed that resource mobilization was critical to the growth of the startups
(Clough et al., 2019). The resources, such as human resources for the business and
financial resources, required strategic plans to actualize the startup's goals (Clough et al.,
2019). In addition, the findings revealed that social media activity by these startups
enhanced improved resource mobilization, such as funding from investors (Clough et al.,
2019).
Further, another quantitative research was conducted by Altrecht et al. (2020) on
the behavior of blockchain ventures on Twitter as a determinant for startup funding
success in the United States. Data for the study was collected using a systematic review
of 144,492 tweets from 522 ventures. The study findings indicated that positive language
and information sharing on social media, such as Twitter, enhanced a high, steady level
of interactivity with the community of investors, which improved the higher funding of
startups (Altrecht et al., 2020). Furthermore, the information provided on social media
activities by the startups led to access to potential investors by the startup businesses
(Altrecht et al., 2020). Overall, the studies reviewed reveal that startups' social media
activity enhances access to more potential investors for funding through social media
platforms such as Facebook, Twitter, Instagram, and LinkedIn, which improves sales
promotion of real estate services to potential investors in the sector (Altrecht et al., 2020).
The following paragraph discusses how social media marketing activities and techniques
influence investors.
45
Social Media Marketing Activities Influence on Investors
Social media marketing activities such as sales promotions can influence investors
and may be linked to startup funding by investors. For example, Banerji and Reimer
(2019) conducted quantitative research on LinkedIn connections and startup founders in
the USA. Data was collected using a systematic review of two extensive databases of
Crunchbase.com, which still needed to be studied together in the previous research.
Crunchbase provides information on the startup companies' financial success and
LinkedIn and provides the social network information of the startup founders (Banerji &
Reimer, 2019). After the analysis, the study findings demonstrated that numerous
variables in the social media platforms, such as LinkedIn profiles, were positively
correlated with the amount of financing raised by the founders of these startups (Banerji
& Reimer, 2019). This correlation established a relationship between the social network
of these startups and the entrepreneurial success in funding outcomes. Furthermore, the
study also established that the average number of fans or followers the founders of
startups had on their LinkedIn profile was the most vital determinant of the number of
funds the founder raised for their startup companies (Banerji & Reimer, 2019). This
correlation implied that the more followers the startup had, the more attracted the
potential investors had to that startup because of the assumption that investors go after the
best in the industry.
Pakura et al. (2020) conducted a similar quantitative research study on how
entrepreneurs use social media PR to build brand and reputation for startups in Germany.
Data was collected using questionnaires with 453 German startups. The study findings
established that social media PR contributed to communication results in building up the
46
startup brand and the startup's reputation. According to the findings, adopting public
relations (PR) may increase the success of new ventures by enhancing the improved
brand of the startup to the investors who are more attracted to the best brand of
investment for funding (Pakura et al., 2020). The results also indicate that the startups'
perceived relevance and long-term planning attracted potential investors (Pakura et al.,
2020). In summary, the review of research indicated that social media marketing might
influence potential investors to invest in real estate startups by funding their business
investments in the sector (Pakura et al., 2020). Furthermore, social media marketing
activities enhanced the promotion of investment brands of startups and information on the
startups' size of interested investors following its business strategies; this attracted more
investors to invest in those startup companies (Pakura et al., 2020).
Approaches to Commercial Real Estate Performance
Explicit discounted cash flow methods are used in many countries to assess the
value of real estate investments, or their likely rate of return given a special price (Crosby
et al., 2018). These are typically supplemented by simpler models to estimate market
value, leading to debate about different approaches (Crosby et al., 2018). Initial Rate of
Return (IRR) measures the average annual return they have either realized or can expect
to realize from a real estate investment over time, expressed as a percentage (Crosby et
al., 2018). Return on Equity (ROE) is a percentage measure of the return received on a
real estate investment property related to the property's equity or total net income divided
by total equity capital (Baker et al., 2021; Magni, 2021). Return on Investment (ROI) is
obtained as the ratio of total operating profit (NOPAT) to total invested capital or,
47
equivalently, as the ratio of net cash flow to total invested capital (Magni, 2021; Riley &
Kim, 2019).
In the United Kingdom (UK), development sites, cash flow appraisals, and more
straightforward residual valuations are used to assess site values (Crosby et al., 2018).
Crosby et al. (2018) explored the relationship between the profit and interest allowances
used in traditional residual valuations and the internal rates of return that they appeared to
imply. Crosby et al. (2018) found that published residual valuations typically allowed for
profit using a simple proportionate relationship between the required profit and the cost
or final value of a scheme. The analysis also showed limited variation in their profit
assumptions, which implied significant differences in expected IRRs.
Alam (2021) examined how housing sector volatilities affected real estate
investment trust (REIT) equity return in the United States. Alam (2021) proposed and
constructed a factor-based housing risk index as an additional factor in asset price models
that used the time-varying conditional volatility of housing variables within the United
States housing sector. The findings of Alam (2021) showed that the proposed housing
risk index was economically and theoretically consistent with the risk-return relationship
of the conditional Intertemporal Capital Asset Pricing Model (ICAPM), and the index
predicted an average maximum of 5.6% of risk premium in REIT equity return. In
subsample analyses, Alam (2021) found that the positive relationship was not affected by
the sample periods' choice but showed higher housing risk beta values for the 2009-2018
sample period. Further, the results revealed that the relationship remained significant
after controlling for VIX, Fama-French three factors, and a broad set of macroeconomic
and financial variables.
48
Magni (2021) proposed a genuinely internal approach to project valuation and
decision-based on the average ROI, obtained as the ratio of total operating profit
(NOPAT) to total invested capital or, equivalently, as the ratio of net cash flow to total
invested capital. Magni indicated that the approach enabled decomposing the economic
value created into the project scale, i.e., total capital invested and the economic
efficiency, obtained as the difference between average ROI and a suitably adjusted
weighted average cost of capital (WACC). The author showed that a project's average
ROI was equal to the weighted mean of the average ROE and the average Return on Debt
(ROD), i.e., total interest expenses to total debt outstanding. Magni also showed that the
average ROE correctly measured shareholder value creation compared with a suitably
adjusted cost of equity.
Conducting simulated examples, Crosby et al. (2018) illustrated the implications
of applying standard profit-on-cost rates to schemes of different lengths and with
different levels of land value. The findings of Crosby et al. (2018) suggested that for
project duration, lower IRRs were implied for longer projects, though this relationship
was not necessarily rational. Magni (2021) suggested that the internal average-based
approach presented was also valid under the more general assumption of the time-varying
cost of capital.
IRR, ROE, and ROI are among the most common approaches to commercial real
estate valuation ((Baker et al., 2021; Crosby et al., 2018; Magni, 2021; Riley & Kim,
2019). Alam (2021) argued that unexpected changes in housing variables could be a
source of aggregate housing risk. The first principal component extracted from the
volatilities of United States housing variables could predict the expected REIT equity
49
returns. The proposed housing beta by Alam (2021) accurately forecasts the United
States' macroeconomic and financial conditions.
Theoretical Framework
Chaffey and Ellis-Chadwick's social marketing theory was used to support the
framework of this study. The theory was proposed in (2012) by Chaffey. As for the social
media marketing theory, Chaffey's theory considers social media marketing as an
informal marketing strategy. Consequently, communication and networking are at the
center of human behaviors (Crowston et al., 2015). In this case, customer behavior.
Social media marketing, therefore, capitalizes on this relationship to influence potential
customers. Albrecht, Lutz, and Neumann (2020) noted that social media marketing
utilizes different platforms to influence people's opinions on products and services. The
intention is to lead them into making actual purchases ultimately and even becoming
loyal to the brand. Chaffey (2018) proclaimed that social media is based on relationship-
building practices. After building solid relationships, sellers are likely to benefit from
such meaningful relationships by influencing their clients, shareholders, and funders
(Jayamaha & Matisek, 2019),
Chaffey's (2018) and Chaffey and Ellis-Chadwick's (2012) theories could provide
new perspectives regarding the impact of social media marketing on business
performance, especially the financial performance of real estate companies. By focusing
on building long-term relationships with clients, real estate companies are likely to
benefit from such relationships in terms of increased sales or funding from potential
investors (Liang et al., 2021). Therefore, the theory provides an excellent platform to
support commercial real estate type, and real estate funding degree of success for real
50
Marketing Equities theory was the second framework included as part of the
framework supporting the study. Kim and Ko (2012) formulated the theory. The theory
assumes that different social media activities directly impact the performance of
organizations. The pioneers of this theory majorly used it to investigate the impact of
social media marketing on the financial performance of luxury brands. According to
marketing Equities theory, social media may affect the financial performance of
companies in terms of brand equity, customer equity, purchase intentions, value equity,
and equity linkages. In addition, pioneers of Marketing Equity theory believe that
frequent customer interactions allow companies to interact with stakeholders by sharing
information that would freely affect their business interests. The theory applies to this
study because the study seeks to investigate the relationship between social media
marketing and funding success or performance of real estate projects.
Methodology Literature
The research methodology for this study is quantitative research. A quantitative
research method is a formal, objective, and systematic process to describe and test
relationships and examine the relationships between study variables (Grove et al., 2013).
Quantitative research emphasizes objective measurements and the statistical,
mathematical, or numerical analysis of collected data (Polit & Beck, 2017). The
independent variables are the kind of social media platforms and category of commercial
real estate, and the dependent variable is the degree of success in financing new real
estate projects.
51
Quantitative research has been widely applied to economics studies (Dinh et al.,
2020). By data collection method through statistics, analysis, synthesis, and comparison,
quantitative analysis can generate qualitative comments and discussion (Dinh et al.,
2020). Using an econometric method to perform regression equation and evaluate
quantitative results, Dinh et al. (2020) analyzed and evaluated the impacts of seven
macroeconomic factors on the stock price of a joint stock commercial bank, Sacombank,
in Vietnam in the period of 2014-2019, both positive and negative sides. Data were from
observations (10 observations in total). Data were estimated based on commercial banks'
exchange and lending interest rates, such as Vietcombank, BIDV, Agribank, and
Vietinbank (Dinh et al., 2020). S&P 500 Index data is from the USA Stock exchange, and
the data source was from the Bureau of Statistics. The econometric method was used with
the software Eview results for policies for businesses and authorities (Dinh et al., 2020).
Quantitative research was suitable for researching commercial real estate and
property valuation (Aliyu et al., 2018; Carlo et al., 2021; Sibor, 2019; van Loon &
Aalbers, 2017). Employing quantitative research, van Loon and Aalbers (2017) analyzed
Dutch institutional investors' real estate investment strategies since the 1980s. They
showed how a quantitative framework increasingly provided the basis for institutional
investors' real estate investment strategies. Using a quantitative research method with a
survey design, Aliyu et al. (2018) conducted a study on mortgage valuation by ranking
the factors that influenced mortgage valuation inaccuracy in the Kaduna Residential
property market. Aliyu et al. designed structured closed-ended questionnaires and
administered them to 57 registered Estate Surveying and Valuation firms in the Kaduna
metropolis and collected data from 51 firms. Adopting a simple random sampling
52
technique and using a 5-point Likert scale as the measurement scale, the authors ranked
the causative factors using the Relative Importance Index. Analyzing the data using
percentages, the findings of Aliyu et al. (2018) indicated that data inadequacy, an
imperfection in the property market, and clients' pressure were the most trending in the
absence of a unified valuation approach.
Sibor (2019) conducted a quantitative study using Granger causality testing to
explore how cross-border transactional volume impacted and interacted with commercial
real estate prices within the four largest metropolitan real estate markets in the United
States and on an aggregate nationwide basis. Employing a quantitative research method,
Carlo et al. (2021) investigated the trends in pension fund real estate investments over the
past 30 years, both in private and public real estate, focusing on the asset class's
performance for the ultimate asset owners. Carlo et al. (2021) showed that the
development of pension fund allocations to real estate differed across regions, with
allocations increasing in Canada and stationery in the United States. The results showed
that costs relating to public real estate were equal across regions. In terms of
performance, the authors observed relatively stable total returns for private and listed real
estate over the past three decades, contrasting the volatile performance of private equity
and infrastructure. The results suggested that intermediated investment management for
private real estate was costly, leading to disproportionately lower net returns. Based on
the research results of social media platforms, commercial real estate, and funding,
employing a quantitative method seemed appropriate to examine if a correlational
relationship between independent variables kind of social media platforms and category
53
of commercial real estate, and the dependent variable is the degree of success in funding
new commercial real estate projects.
Research Design Literature
The research design for this study is quantitative correlational research. A
quantitative correlational design seeks to examine the extent to which the changes in the
characteristics of one variable influence the changes in the characteristics of the other
variable (Creswell & Creswell, 2017). In quantitative correlational research, the strength
of the relationship is conveyed as a mathematical coefficient that does not suggest
causality between the two types of variables (Johnson & Christensen, 2016). To avoid a
false logic from the interpretation of the mathematical coefficient or correlation
coefficient, the relationship's dynamic must be explored through a structural equation
modeling in the form of analysis of variance (ANOVA). A correlational research design
method was chosen to investigate the strength or degree of a relationship among the study
variables (Johnson & Christensen, 2016).
Sibor (2019) conducted a quantitative study using Granger causality testing to
explore how cross-border transactional volume impacted and interacted with commercial
real estate prices within the four largest metropolitan real estate markets in the United
States and on an aggregate nationwide basis using CPPI data from Q1 of 2002 through
Quarter 2 of 2018 for 12 companies. Performing rigorous testing and visual analysis of
historical price indices and cross-border volume, the results of Sibor (2019) revealed
unidirectional causality in all markets tested but in different directions. Sibor found that
causation flowed from price to cross-border volume for the United States and New York
City. In Washington, DC, Los Angeles, and San Francisco, causation appeared to flow
54
from cross-border volume to price (Sibor, 2019). The results indicated that each direction
of causality might support various strands of conventional wisdom regarding cross-border
capital flows into the United States. However, the geographic specificity of the results
suggested that the lessons of any one market were rarely applicable to another (Sibor,
2019).
A quantitative correlational research design was appropriate for this study. In this
study, the purpose was to determine the relationships between independent variables, i.e.,
the social media platforms and category of commercial real estate, and the dependent
variable, the degree of success in funding new commercial real estate. Quantitative
correlational research was a feasible venue for conducting this study because the research
design has been applied to studying the real estate and commercial real estate market
(Sibor, 2019; Waldron, 2018).
Conclusions
Scholarly interest has increased, and abundant studies on social media and
crowdfunding in real estate have been conducted. As an illustration, Pourkhani et al.
(2019) examined the effect of social media on business performance in the United States
through a qualitative approach, suggesting that social media is linked to business
performance as it influences how products are designed and marketed to potential
customers. Stocchi et al. (2021) explored how mobile marketing influenced product
penetration and acceptance in the market, thereby, its sales volume. The researchers
found that mobile marketing offered customized marketing techniques that could attract
more leads and traffic to the company with a possible sale, thus influencing firms'
financial performance. The authors suggested that future research should focus on the
55
influence of social media on the performance of existing and emerging real estate firms
as far as funding for different projects is contextualized.
Ogunbiyi and Oladokun (2022) explored real estate funding performance
indicators for different commercial projects. The findings suggested companies using
social media to market, promote and position real estate products were likely to have
more leads that could increase the financial performance of real estate firms as many
potential funders. Given the evolution and changing nature, the authors suggested future
research should focus on the relationship between social media and the funding success
of real estate commercial projects.
The theoretical framework for grounding this study was Chaffey's and Marketing
Equities theories. The theoretical framework was selected because they focus on the
impact of social media on the performance of organizations (Kniesner & Viscusi, 2019).
The research methodology for this study was quantitative research. The quantitative
method was selected because it could provide structure to capture quantitative data
aligned with intended measurable outcomes (Polit & Beck, 2017). Quantitative research
was also used because the research method has been widely applied to economics and
commercial real estate studies (Aliyu et al., 2018; Carlo et al., 2021; Dinh et al., 2020;
Sibor, 2019). Moreover, the research design for this study was correlational research.
Quantitative correlational research was a feasible venue for conducting this study because
the research design has been applied to studying the real estate and commercial real estate
market (Sibor, 2019; Waldron, 2018).
Researchers have investigated commercial real estate performance, and links to
social media activities have highlighted significant gaps in research and recommended
56
further studies. Billio and Varotto (2020) recommended that future research delve into
the dynamics of crisis, values, and trade-offs in greater detail when using social media to
attract funders for real estate projects. Ling et al. also highlighted that little evidence
existed on how social media platform type, commercial real estate development, and real-
estate funding degree of success relate. Marona and Tomal (2020) highlighted that it
remains to be seen to what extent social media platform type, commercial real estate
development, and real-estate funding degree of success relate, given the increased use of
social media platfoUPVWRDWWUDFWIXQGHUVIRUFRPPHUFLDOUHDOHVWDWHPDUNHW7DQUÕYHUPLú
(2020) emphasized that there was not enough work to estimate how social media
activities influence funding outcomes in real estate commercial projects, a gap that this
study seeks to address.
Further, a comprehensive review of the literature reveals that few attempts have
been made to assess the relationship between social media platform type, commercial real
estate development, and real-estate funding degree of success. In response to addressing
this gap in research and continuing the research efforts as highlighted by (Billio &
Varotto, 2020; Ling et al., 2020; Marona & Tomal, 2020; & 7DQUÕYHUPLú, 2020), this
study could advance knowledge and contribute to the scholarship of commercial real
estate studies. As such, leaders and scholars in commercial real estate, real estate
valuation, and funding management could benefit from the results of this study.
Chapter Summary
Chapter 2 provided a strong foundation in social media and commercial real
estate. Chapter 2 comprises in-depth information from various scholars regarding the
purpose of the study. To build a foundation for the research and reveal the gap in
57
research, the researcher searched existing literature for peer-reviewed dissertations and
referred journal articles and began with the school library and academic databases such as
ScienceDirect and SAGE journals. Existing literature was obtained by locating articles
relevant to the identified themes, topics, and subtopics and applying various alternative
search terms. A comprehensive review of the literature on the research problem under
study emerged major themes with sub-topics. Chapter 3 provides an overview of the
research method and design, including a discussion of the proposed instrument and the
sample to be measured in the study.
58
Chapter 3
Research Methodology
and profitability. The discussion in the previous chapter assessed the current and
germinal literature to provide research and analysis related to social media platforms and
their relationship to funding success for commercial real estate developers. The
independent variables include (a) the kind of social media platforms (or factors?) used to
submit for a financial loan package and the (b) category of commercial real estate (ex:
office building, rental, shopping center, etc.). The dependent variable is the degree of
success in funding new commercial research estate projects. Social media marketing is a
modern business strategy marketers use to increase their unique products to consumers in
the market.
Given the huge population size of the users, social media platforms provide
abidance opportunities for real estate firms to promote their products in the market in
their interactive platforms for funding purposes (Jin et al., 2017). However, it remains to
be seen how social media platform type, commercial real estate development, and real-
estate funding degree of commercial real estate success in the Northeast Illinois region
interrelate (Montgomery et al., 2018). The study focused on the research problem by
addressing this gap through a quantitative correlational research design to explore the
59
extent to which social media platform type, commercial real estate development, and
real-estate funding degree of commercial real estate success in Chicago, IL.
Chapter 3 focused on the research methodology for conducting this study. Chapter
3 covers the sections and discussions of the research method and design appropriateness,
the research questions with hypotheses, the population and sample, the informed consent
and confidentiality, the instruction, the pilot study, the validity and reliability, the data
collection, the data analysis, and a chapter summary. The method and design of this study
is quantitative correlational research.
Research Method and Design Appropriateness
A quantitative correlational design was used to determine the association among
commercial real estate, social media platforms or types, and the degree of funding
success. The quantitative research method is a formal, objective, and systematic process
to describe and test relationships between study variables (Grove et al., 2013).
Quantitative research emphasizes objective measurements and the statistical,
mathematical, or numerical analysis of collected data (Polit & Beck, 2017). The
independent variables of this study are the kind of social media platforms and category of
commercial real estate, and the dependent variable is the degree of success in funding
new commercial research estate projects.
Quantitative research has been widely applied to economics studies (Dinh et al.,
2020). Quantitative research is also suitable for researching commercial real estate and
property valuation (Aliyu et al., 2018; Carlo et al., 2021; Sibor, 2019; van Loon &
Aalbers, 2017). A quantitative research method was appropriate for this study because the
researcher examined the relationship between independent variables, the kind of social
60
media platforms, and the category of commercial real estate. The dependent variable is
the degree of success in funding new commercial research estate projects. A quantitative
method was ideal because it provided structure to capture quantitative data aligned with
intended measurable outcomes (Polit & Beck, 2017). Quantitative research was used
because the research method has been widely applied to economics and commercial real
estate studies (Aliyu et al., 2018; Carlo et al., 2021; Dinh et al., 2020; Sibor, 2019).
Alternative research methods were considered. A qualitative research
methodology is used when researchers intend to collect subjective data on a phenomenon
using participants' thoughts, feeling, and perceptions. In addition, qualitative researchers
collect nonnumerical or nonquantifiable data. Park and Park (2016) affirmed that
researchers use qualitative analysis to investigate and understand participants'
experiences. Furthermore, qualitative researchers collect data from participants using
open-ended questions through an induction perspective (Seeram, 2019). In this study,
quantitative data were collected to investigate the relationship (if any) among social
media platform type, commercial real estate development, and real-estate funding degree
of success. Consequently, a qualitative research methodology was not appropriate for this
study.
Design Appropriateness
The research design for this study was quantitative correlational research. A
correlational research design sought to find relationships between independent and
dependent variables after an action or event had already occurred (Salkind, 2010). In
correlational research, the researcher's goal is to quantitatively measure and determine the
relationship between two or more variables.
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A quantitative correlational research design was suitable for studying real estate
and commercial real estate markets (Sibor, 2019; Waldron, 2018). A quantitative
correlational research design was appropriate for this study because, in this study, the
purpose was to determine the relationships between the independent variables and
dependent variables. In this case, the kind of social media platforms and the category of
commercial real estate is the independent variables, and the dependent variable is the
degree of success in funding new commercial research estate projects.
A comparative quantitative research design was also considered for this study's
appropriateness. Curtis et al. (2016) noted that researchers use comparative research
designs to investigate similarities or differences between study variables. Therefore, a
comparative quantitative research design may be used when no other study has been
conducted on the relationship between study variables. Apuke (2017) also emphasized
that a comparative research design is appropriate when investigators intend to compare
social media platforms, commercial real estate type, and real estate funding degree of
success. This study is designed to establish relationships rather than similarities or
differences; subsequently, a comparative design was inappropriate for the current study.
This study intended to investigate the difference between two or more groups on one or
more variables.
The causational quantitative design was also evaluated as a potential quantitative
design for this current study. Apuke (2017) noted that a causation research design is used
by researchers when at least one previous study findings exist in which there is a
considerable degree of relationship among the study constructs or variables. According to
Seeram (2019), causation quantitative research design is used to evaluate if one or more
62
study variables are likely to cause a change in one or more of the other study variables.
This study sought to explore the relationship between variables and not how certain
variables cause a change to other variables, making causation quantitative research design
inappropriate.
The quantitative data from the research was analyzed using the software package
for statistical analysis (SPSS) software. Independent variables included the kind of social
media platforms used to submit for a financial loan package and the category of
commercial real estate (office building, rental, shopping center, etc.). The dependent
variable was the degree of success in funding new commercial real estate projects. This
study's data analysis included variance analysis (ANOVA) and student's t-test (t-test). An
ANOVA was utilized to determine the impact of the kind of social media platforms used
to submit for a financial loan package and the category of commercial real estate on the
degree of success in the funding of a new commercial research estate. A few assumptions
were made for using ANOVA in the data analysis. These assumptions included data
representing normal population distributions, samples possessing homogeneity of
variance, data samples drawn independently of one another, no significant outliers among
the dependent variable, and data measured on an interval/ratio scale.
The research question governed this study:
R1. What is the relationship between social media platform type, commercial real
market share and profitability? Two research hypotheses were formulated to answer the
63
research question. Each hypothesis will be tested for a meaningful statistical relationship
between the variables. The hypotheses are listed below.
Hypotheses
A claim or a testable assertion addressing the relationship among research
variables is called a hypothesis (Kenneston, 2012; Kerlinger & Lee, 2000). Hypothesis
tests are statistical analysis that utilizes sample data to examine a research claim about the
population (Larson & Farber, 2014). Two hypotheses were developed to answer the
research question. Each hypothesis was tested to determine if there was a relationship
between or among the variables. The null and alternative hypotheses for this study are
below:
Table 1 below provides the relevant variables of the study as well as how and
where they are utilized in the research questions. The independent variable social media
type platform was measured at the nominal level and consisted of four categories 1=
Facebook, 2= Twitter, 3= Instagram, and 4= Other. The independent variable commercial
real estate type was measured at the nominal level and consisted of five categories: 1=
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Office space, 2=Industrial, 3=Multi-family rentals, 4 = Retail, and 5 = Other. The
dependent variable funding success was measured at the interval level of measurement
and was operationalized as the degree of success in funding new commercial research
estate projects.
Table 1
Operationalization of Variables
Variable/Level of Type Operationalization

Measurement
Social media platform Independent 1= Facebook
type (Nominal) variable 2= Twitter
3= Instagram
4= Other
Commercial real estate Independent 1= Office space 2=Industrial
type (Nominal) variable 3= Multi-family rentals
4= Retail
5 = Other
Funding success/Interval Dependent Degree of success in the funding of a
variable new commercial real estate project
Population and Sample
Nwenyi (2013) affirmed that the population of a study is the participants of
interest to a researcher. The target population for this study was leaders of a Northeast
region of Illinois commercial real estate association, together with real estate
professionals looking for funding, lenders or financiers who provide funding, and
members of a funding association of commercial real estate in the Northeast region of
Illinois. In the Northeast Illinois region, there were over 2,105 commercial real estate
properties as of July 2021 (PropertyShark, 2021). It was not feasible to study the entire
population of the Northeast region of Illinois real estate associations; therefore, a sample
was appropriate. The sample participants were leaders from real estate associations in the
65
Northeast region of Illinois, along with lenders and members of funding institutions. The
research sample represents the population and allows for generalizations.
The sample size was 328 commercial real estate Leaders in the Northeast region
of Illinois. This study's sample size of 328 was determined because a sample size
between 30 and 500 is generally sufficient for further quantitative correlational research
(Delice, 2010). A priori power analysis using G*Power 3 statistical software to assess the
minimum sample size requirement based on the proposed illative analysis (Faul et al.,
2014). An a priori power analysis detected the minimum sample size for research, given
the expected effect size and power. Multiple linear regression with two predator variables
makes up the primary inferential analysis. An alpha level (a) of .05, a power (1-b) of .90,
and a medium effect size of .16 determined the minimum sample size. To facilitate the
data collection for variables in the correlational study, a sample size of 328 would be
required. The power analysis inferred that by sampling 328, there is a 10% chance of not
obtaining significance and a 90% chance that the sample size would be significant for an
accurate correlation in the population.
A random sample from the collected data was extracted to conduct the pilot study.
No hypotheses were tested, as the purpose of this pilot study was to assess the validity of
the survey. Thirty participants were sampled and recruited through fliers that contained
jargon about the study. Participants were selected if they met the following criteria:
1. A member of the Northeast region of Illinois commercial real estate association
2. Looking for funding OR those provide funding
3. Are age 18 or older
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Participants were informed that the activities for the pilot study would include providing
information on:
1. The kind of social media platforms used to submit for a financial loan package
2. The category of commercial real estate (office building, rental, shopping center,
and others)
3. The degree of success in funding new commercial research estate projects
Informed Consent and Confidentiality
All research must take ethical factors into account. The ethical considerations that
researchers must address are described in the Belmont Report (US Department of Health
and Human Services, 1979). Researchers must all adhere to respect for persons,
autonomy, justice, and beneficence while working with vulnerable subjects. The study
used simple random sampling, and no personally identifiable information was collected.
Participants' names, IP addresses, or emails were not included in the data gathered by
Survey Monkey.
Informed consent was sought before data collection. The first page of the survey
included a consent form (See Appendix B), which contained an overview of the study
and potential risks to the participant, which are minimal due to the anonymous nature of
the data received by the researcher. The informed consent process included a form with a
button labeled, I accept the terms, for participants to push and sign electronically to
demonstrate a willingness to participate. The investigator designed the survey (See
Appendix C) to gather information on the independent and dependent variables. Data
collection was accomplished through Survey Monkey, a third-party survey hosting
company. The participants then had the option to agree or disagree with the terms of the
67
consent form. Volunteers who agreed to the terms of the consent form were used as the
participants, whereas those who disagreed with the terms of the consent form were not
allowed to proceed with the survey. After agreeing to the terms of the consent form,
participants were directed through the questions on the survey.
Participants could withdraw from the study at any time without consequence or
reason. If a participant exited the survey before completing and submitting the responses,
no data were collected. However, if a participant completed the survey but later chose to
be excluded, the data were available through SurveyMonkey and deleted based on the
date and time of submittal.
The data collected consisted of demographic variables of age, gender, length of
employment, and position within the company as well as the independent and dependent
variables of the study. Independent variables included the kind of social media platforms
used to submit for a financial loan package and the category of commercial real estate
(office building, rental, shopping center, etc.). The dependent variable was the degree of
success in funding new commercial research estate projects.
Commercial real estate developers in the Northeast region of Illinois were
consulted during the research. An informed consent was developed to obtain individual
consent before asking for demographic and survey responses. Creswell and Poth (2018)
identified ethical considerations, including using IRB, consent forms, and the
confidentiality of records. This study was conducted when IRB approval was given, and
each commercial real estate developer completed individual informed consent. Data were
collected when IRB approval was granted. Completed surveys remained secure, with
measures in place to ensure confidentiality and anonymity. The implementation of
68
appropriate computer security technology protected the respondents' identity pre and
post-survey completion, with electronic security protocols, passwords, and encryption to
limit unauthorized access to the data. All electronic and paper records were stored in a
private, secure, password-protected computer. Three years after the completion of the
study, the provisions for the destruction of the files include deleting text files and
incineration so that data may no longer be legible or accessible.
Instrumentation
A survey was more suitable for this research than other research techniques. The
investigator designed a survey to gather information on the independent variables of the
type of social media platforms used to submit for a financial loan package, the category
of commercial real estate (office building, rental, shopping center, etc.), and the
dependent variable of the degree of success in the funding of a new commercial real
estate (Appendix C). The survey instrument opened with a clear list of intent and
instructions. An informed consent screen was presented to the participants before
accessing the survey. The development of the survey paralleled with the research
question and the research purpose. The electronic survey contained two sections:
demographic profile and survey questions. The first section of the survey included four
questions about demographics, i.e., age, gender, length of employment, and position
within the company. The second section of the survey was composed of four questions
addressing the independent and dependent variables of the study. Independent variables
included social media platforms used to submit for a financial loan package and the
category of commercial real estate (office building, rentals, shopping center, etc.). The
dependent variable is the degree of funding success.
69
Table 2
Instrumentation Alignment to Research Question
Research Question Survey

Questions
(Appendix C)
R1. What is the relationship between social media platform type, Survey questions
commercial real estate development, and real-estate funding 5,6,7, and 8
degree of success for real estate developers to address securing
enough funds, stalled projects, and cost overruns that reduce
their market share and profitability?
Information about real estate firms and data relating to their findings was
collected through Survey Monkey, a third-party hosting company. A link to the survey
instrument was emailed to companies comprising investors, incubators, and startups. This
study focused on social media platforms, commercial real estate types, and the real estate
funding degree of success for real estate development companies from 2017-2020. The
data collected included the status of the company, data on fundraising, and social media
platforms used. The independent variable included social media platforms used to submit
for a financial loan package and categories of commercial real estate such as office
buildings, rentals, and shopping centers. The dependent variable included the degree of
success in funding new commercial real estate projects.
Pilot Study
A pilot study was conducted using an investigator-developed survey to assess the
study's survey instrument. Only descriptive statistics were performed for this pilot study.
No additional survey has been conducted separately for this pilot study. A simple random
70
sample of commercial real estate leaders in the Northeast region of Illinois was sampled
to conduct the pilot study. No hypotheses were tested in the pilot study, as the purpose of
the pilot study was to assess the validity of the survey. A sample of 30 participants was
recruited through fliers that contained information about the pilot study. The survey
comprised eight questions, of which four related to the variables. The additional four
questions captured demographic information that helped describe the participants. Pilot
study members were not included in the original study.
The pilot study consisted of 16 (53.3%) males and 14 (46.7%) females. Ages
ranged from 21 to 79 years (M = 42.97, SD = 14.15), and length of employment ranged
from 0.50 to 30 years (M = 9.75, SD = 6.99). Regarding the type of real estate they
wished to receive funding, most participants stated office space, 13 (43.3%). This was
followed by multi-family rentals, seven (23.3%); some other type, four (13.3%);
industrial, three (10.0%); and retail, three (10.0%). Regarding the type of social media
platform used, 11 (36.7%) people stated some other type besides Facebook seven
(23.3%), Instagram seven (23.3%), or Twitter five (16.7%).
Funding success was measured on a Likert scale ranging from 1 = very
unsuccessful; 2 = Somewhat unsuccessful; 3 = unsuccessful nor successful; 4 =
Somewhat successful; 5 = Very successful. Most participants stated somewhat
successful, 10 (33.3%). This was followed by neither unsuccessful nor successful, eight
(26.7%); very unsuccessful, six (20.0%); very successful, four (13.3%); and somewhat
unsuccessful, two (6.7%). The mean of the responses was M = 3.13 (SD = 1.33).
Funding success by social media type was calculated. The greatest mean funding
success was with Instagram. Funding success by real estate type was then calculated, and
71
it was determined that the greatest mean funding success was with retail. The objectives
of a pilot study in quantitative research include gathering data to guide the research
procedures and instruments (Malmqvist et al., 2019). A pilot study helps critically
interrogate how researchers can most effectively conduct research and use a theoretical
framework as a tool of analysis (Malmqvist et al., 2019). A carefully organized and
managed pilot study can increase the research quality (Malmqvist et al., 2019).
In terms of external validity, the results cannot be generalized to other
populations. Internal validity was assessed by verifying parametric tests required for
statistical analysis. The parametric assumptions were all met, as detailed in Chapter 4.
The pilot study participants were also asked if any of the items needed to be clarified. All
participants stated that they had no issues were the question items. The results of the pilot
study suggested that there may be significant mean differences between the successes of
funding, social media type used, and commercial real estate type. The results further
justified the feasibility of the study.
Validity and Reliability
To ensure the quality of research findings, a researcher establishes the reliability
and validity of a study, the goal of which is to reduce biases (Yin, 2014). The reliability
and validity of the measures are important indicators of the quality of a research
instrument (Mohamad et al., 2015). Validity and reliability analysis are vital elements to
consider for the instrument used in this study (Spector, 1981). Instrument validity is the
degree to which an instrument measures what it is supposed to measure (Zaccagnini &
White, 2017). Face validity means an instrument looks like it measures what it is
supposed to measure (Polit & Beck, 2017).
72
Instrument reliability is the degree of consistency with which the instrument
measures the variable it is supposed to measure (Zaccagnini & White, 2017). One type of
reliability is stability across time, measured using the test-retest approach. To examine
test-retest reliability, careful consideration must be made about the time over which
stability can reasonably be expected (Zaccagnini & White, 2017). Inter-rater reliability is
the degree to which two or more evaluators agree upon the obtained measurement value
(Zaccagnini & White, 2017). This type of reliability becomes more relevant in assessing
methods or measuring values with a higher degree of subjectivity.
A pilot study was conducted to assess the validity of the study's survey
instrument. No additional survey has been conducted separately for this pilot study. A
random sample from the collected data was taken to conduct the pilot study. Only
descriptive statistics were performed for this pilot study. No hypotheses were tested in the
pilot study, as the purpose of the pilot study was to assess the validity of the survey. A
sample of 30 participants was recruited through fliers that contained information about
the pilot study. Participants were told that the activities for the pilot study would include
providing information on age, length of employment, type of real estate in which they
wished to receive funding, the type of social media platform used, and funding success
obtained. There were no issues with the wording of the survey items, as all participants
agreed that the survey was worded correctly.
Data Collection
All documents were approved by the Institutional Review Board (IRB) to for this
study. The permission was granted to utilize the online platform Survey Monkey for this
study. IRB approval was received, and permission granted for using Survey Monkey, a
73
flyer was sent to potential participants through email, handouts, text messages, etc.,
providing a link to the survey, which resided on Survey Monkey, a third-party survey
hosting company. The flyer (both electronic and hard copy) provided detailed
information about the study's purpose, confidentiality, and anonymity (Appendix A). A
link to the survey hosted on Survey Monkey was included. The first page of the survey
included a consent form (Appendix B), which contained an overview of the study and
potential risks to the participant, which were minimal due to the anonymous nature of the
data received by the researcher. The volunteer then had the option to agree or disagree
with the terms of the consent form. Volunteers who agreed to the terms of the consent
form were used as the participants, whereas those who disagreed with the terms of the
consent form were not allowed to proceed with the survey. After agreeing to the terms of
the consent form, participants were directed through the questions on the survey. The
survey consisted of a demographics survey that asked for the participant's gender, age,
position at the company, and length of employment. This was then followed by the
primary survey that included questions that pertained to the independent variables of the
kind of social media platforms used to submit for a financial loan package and the
category of commercial real estate (office building, rental, shopping center, and others.),
as well as the dependent variable of the degree of success in the funding of new
commercial real estate.
To ensure a greater response rate, the researcher generated an email reminder to
send weekly to all participants as a reminder to complete and submit the survey during
the time frame the survey was open. The survey (Appendix C) was exported from Survey
74
Monkey directly into an SPSS package compatible with IBM SPSS (Version 23). The
data was then configured for further analysis.
Data Analysis
The resulting quantitative data were provided using the statistical software suite
Statistical Package for the Social Sciences (SPSS) version 23. The results were analyzed
to be able to present the findings. Independent variables included the kind of social media
estate (office building, rental, shopping center, and others). The dependent variable was
the degree of success in funding new commercial real estate projects. The data was
cleaned by examining the dataset for missing data (Osborne, 2013). If a value was
missing, the entire case was removed from the analysis (listwise deletion). In listwise
deletion, a case is dropped from the analysis because it has a missing value in at least one
of the specified variables. The analysis is only run-on cases that have a complete set of
data. Descriptive statistics of the data for the predictor and dependent variables will be
reported. Frequency and percentages summary were obtained for categorical variables,
while the central tendencies of means, standard deviations, and minimum and maximum
values were measured for continuous variables.
The following research questions and hypotheses were tested in the data analysis
process:
estate development, and real-estate funding degree of success?
75
estate developers.
estate developers.
The data analysis for this study also included a two-way analysis of variance
(ANOVA). An ANOVA was utilized to determine the impact and kind of social media
estate on the degree of success in funding new commercial real estate projects. ANOVA
can be considered a linear regression case (used in correlational designs) in which all
predictors are categorical. The difference between linear regression and ANOVA is how
results are reported in all standard Statistical Software. ANOVA and multiple regression
are identical mathematically (Field, 2018). The researcher used two-way ANOVA to see
if there were any significant mean differences in the dependent variable (degree e of
success in the funding of a new commercial real estate) across different levels of two
components. The two factors in this scenario were social media marketing platforms and
commercial real estate type.
Before conducting ANOVA, the following parametric assumptions were tested:
x Independence of observations means that there is no relationship between
the observations in each group of the independent variable or between the
groups themselves.
x There should be no significant outliers in any cell of the design.
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x The dependent variable (residuals) should be approximately normally
distributed for each cell of the design.
x The variance of the dependent variable (residuals) should be equal in each
cell of the design.
The first step used in conducting the 2-way ANOVA is verifying the assumptions.
The first assumption of independence mainly depended on the study design, i.e., making
sure there was no relationship between the observations in each group or between groups.
Outlier detection was assessed by examination of standardized scores. Standardized
scores outside -3/+3 are considered an outlier (Field, 2018). Normality was assessed by
examination of skewness and kurtosis statistics where values within -3 to +3 are
considered acceptable ranges for normality. Additionally, normality was evaluated by
examining histograms and PP plots of standardized residuals (Tabachnick & Fidell,
2013). Equality of variances is tested by Levene's test of equality of variances. A non-
significant (p > .05) test indicates that the assumption is not violated.
Once the assumptions were tested and verified, the two-way ANOVA was
conducted using SPSS, precisely the General Linear Model "Univariate" procedure. This
procedure moved the dependent variable and factors (independent variables) to their
respective fields. The interaction term's p-value is checked first. If the p-value is less than
the alpha (usually < .05), then both factors impact the outcome, and the impact of
changes in one factor depends on the level of the other. Suppose the interaction p-value is
greater than .05. In that case, an inference can be made that there is no significant
interaction effect. Re-run the analysis without the interaction term, interpreting each p-
value as one-way ANOVA.
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Chapter Summary
Chapter 3 encompassed an intricate dialog for the research methodology and
design appropriateness. In addition, chapter 3 covered the sections and addressed the
research questions with hypotheses, the population and sample, the informed consent and
confidentiality, the instruction, the pilot study, the validity and reliability, the data
collection, the data analysis, and a chapter summary. The method and design of this study
were quantitative correlational research. The target population of interest includes
funders and those looking for funds for commercial real estate in the Northeast region of
Illinois. The instrumentation for data collection included a survey designed by the
researcher hosted on Survey Monkey. The data analysis for this study included ANOVA
and t-tests using SPSS.
The contents of Chapter 4 contains the results of the statistical tests used for this
study based on the survey responses from the participants. Chapter 4 includes the
validation of the hypothesis, outcomes of the research question, and evidence of the
strength, if any exists, of the relationship between the variables.
78
Chapter 4
Analysis and Results
and profitability. The dependent variable was the degree of success in funding new
commercial research estate projects. This study's data analysis included variance analysis
(ANOVA). ANOVA was utilized to determine the impact kind of social media platforms
used to submit for a financial loan package and the category of commercial real estate on
the degree of success in the funding of new commercial research estate projects.
The following is a discussion of the study's research questions, hypotheses, and
data collection, as well as a demographic description of the sample. Demographic reports
included frequencies and percentages for categorical (nominal) variables and mean and
standard deviations measured at the interval level of measurement. Also presented are the
testing of parametric assumptions for the statistical analysis and the results of statistical
testing. This chapter concludes with a discussion of the results of this study that answer
the research question.
The following research questions and hypotheses were addressed in this study:
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market share and profitability?
H2 O : There is no significant relationship between social media marketing
H2 A : There is a significant relationship between social media marketing
Data Collection
The target population for this study was leaders of the Northeast region of Illinois
commercial real estate associations, together with real estate professionals looking for
funding, lenders or financiers who provide funding, and members of a funding
associations of commercial real estate in the Northeast region of Illinois. The study used
simple random sampling, and no personally identifiable information was collected. Once
IRB approval was received and permission granted for the use of Survey Monkey, a
recruitment flyer was created and sent it to leaders by email, handouts, and text messages,
providing a link to the survey which resides on Survey Monkey, a third-party survey
hosting company. The flyer (both electronic and hard copy) provided detailed
information about the purpose, confidentiality, and anonymity of the study. A link to the
survey hosted on Survey Monkey was included.
80
Informed consent was sought prior to data collection. The first page of the survey
included a consent form, which contained an overview of the study and potential risks to
the participant, which were minimal due to the anonymous nature of the data received.
Volunteers had the option to agree or disagree with the terms of the consent form.
Volunteers who agreed to the terms of the consent form were used as the participants,
whereas those who disagreed with the terms of the consent form were not allowed to
proceed with the survey. After agreeing to the terms of the consent form, participants
were directed through the questions on the survey. The survey collected demographic
characteristics of age, gender, length of employment, and position within the company as
well as the independent and dependent variables of the study. Independent variables
included the kind of social media platforms used to submit for a financial loan package
and the category of commercial real estate (office buildings, rentals, and shopping
centers). The dependent variable is the degree of success in funding new commercial real
estate projects. The information was downloaded as an Excel spreadsheet and imported to
SPSS for data cleaning and statistical analysis.
Data cleaning consisted of assigning meaningful variable names to the study
variables, removing respondents who did not consent to proceed with the survey, and
removing incomplete survey responses. Once this was completed, frequencies and
percentages were generated for the categorical demographic variables and means, and
standard deviations were generated for each variable measured at the interval level of
measurement. After data cleaning, N =300 participant surveys were accepted for analysis.
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Demographics
Historically, some groups have been left out. Displaying demographic data helps
with transparency, equity, and inclusion. There were 343 responses to the survey;
however, 26 people did not consent and were removed from the data set. Additionally, 17
individuals provided incomplete responses. These incomplete cases were removed from
the dataset, which resulted in N =300 complete cases for analysis. There were 157
(52.3%) males and 142 (47.3%) females in the sample. One individual preferred not to
respond to the gender question (Table 3).
Table 3
Gender
Frequency Percent
Male 157 52.3
Female 142 47.3
Prefer not to answer 1 0.4
Total 300 100.0
The participants ranged from 18 to 82 years of age (M = 42.30, SD = 13.38). Length of
employment ranged from 0 to 50 years (M = 8.69, SD = 8.34). This information is
provided in Table 4.
Table 4
Age and Length of Employment
N Minimum Maximum M SD
Age 293 18.00 82.00 42.30 13.38
Length Of Employment 237 0 50 8.69 8.34
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Forty-Five percent of the participants used some other social platform other than
Facebook, Instagram, or Twitter, 137 (45.7%). This was followed by Facebook, 97
(32.3%); Instagram, 39 (13/0%); and Twitter, 27 (9.0%). Table 5 depicts this information.
Table 5
Social Media Platform Utilized
Frequency Percent
Facebook 97 32.3
Instagram 39 13.0
Other 137 45.7
Twitter 27 9.0
Total 300 100.0
Seventy-eight (26.0%) people designated office space as commercial real estate. This was
followed by multi-family rental, 64 (21.3%); industrial, 43 (14.3%); and retail, 28 (9.3%).
Twenty-nine percent of participants stated some other type of commercial real estate. See
Table 6.
Table 6
Commercial Real Estate Type
Frequency Percent
Industrial 43 14.3
Multi-family rental 64 21.3
Office space 78 26.0
Other 87 29.0
Retail 28 9.3
Total 300 100.0
Participants were asked, "On a scale from 1 (Very Unsuccessful) to 5 (Very
successful), how successful is the funding new commercial real estate?” Table 7 provides
the frequencies and percentages of responses. Thirty-two percent of the participants
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stated neither unsuccessful nor successful, 96 (32.0%). This was followed by somewhat
successful, 72 (24.0%); very successful, 64 (21.3%); very unsuccessful, 35 (11.7%); and
somewhat unsuccessful, 33 (11.0%). The bar chart in Figure 1 provides a visual
representation of these frequency counts.
Table 7
Frequency of Levels of Success
Frequency Percent
Very unsuccessful 35 11.7
Somewhat unsuccessful 33 11.0
Neither unsuccessful nor successful 96 32.0
Somewhat successful 72 24.0
Very successful 64 21.3
Total 300 100.0
Figure 1.
Bar Chart representing the Frequency of Counts for Level of Success in Funding
84
Although this variable was ordinal, it was measured at the interval level of
measurement and served as the dependent variable. Since the scale ranged from 1 to 5,
there was no issue in making this assumption. The mean response to the level of funding
success was M = 3.32 (SD = 1.25). This indicated that the overall level of success of
funding was between a neutral and somewhat successful response.
The level of success by type of commercial real estate type is given in Table 8.
The most success was with multi-family rentals (M = 3.52, SD = 1.21). This was
followed by office space (M = 3.51, SD = 1.27); industrial (M = 3.42, SD = 1.55); retail
(M = 3.39, SD = 1.26); and some other type (M = 2.94, SD = 1.04).
Table 8
Level of Success by Commercial Real Estate Type
Commercial Real Estate Type M SD

Office space 3.51 1.27
Industrial 3.42 1.55
Multi-family rentals 3.52 1.21
Retail 3.39 1.26
Other 2.94 1.04
The level of success by social media platform utilized is provided in Table 9. The
greatest funding success was found with Facebook (M = 3.57, SD = 1.38). This was
followed by Instagram (M = 3.49, SD = 1.21); Twitter (M = 3.22, SD = 1.67); and some
other social media platform (M = 3.12, SD = 3.12).
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Table 9
Level of Success by Social Media Platform Utilized
Social Media Platform M SD

Facebook 3.57 1.38
Twitter 3.22 1.67
Instagram 3.49 1.21
Other 3.12 1.03
Testing of Parametric Assumptions for ANOVA
Before analyzing variance (ANOVA), the parametric assumptions of normality,
absence of outliers, and homogeneity of variances were tested. The skewness and kurtosis
index was used to identify the normality of the data. The results suggested that the
deviation of data from normality was not severe. DDWDLVQRUPDOLIVNHZQHVVLVEHWZHHQဨ
WRDQGNXUWRVLVLVEHWZHHQဨWR7DEOHV10 and 11 provide skewness and kurtosis
values by commercial real estate type (Table 15) and social media type (Table 16). All
skewness and kurtosis values were within acceptable limits to support approximate
normality.
Table 10
Skewness and Kurtosis by Commercial Real Estate Type
Commercial Real Estate Type Skewness Kurtosis
Office space -.541 -.604

Industrial -.508 -1.234
Multi-family rentals -.316 -.953
Retail -.462 -.569
Other -.330 -.017
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Table 11
Skewness and Kurtosis by Social Media Type Utilized
Social Media Platform Skewness Kurtosis
Facebook -.527 -.978

Twitter -.487 -1.562
Instagram -.203 -.893
Other -.334 -.048
The level of success scores was standardized to assess outliers (Field, 2018).
There were no standardized values outside the three standard deviations. The ranges of
standardized values were from -2.08 to 1.98. Thus, there were no issues with outliers.
Tables 12 and 13 provide this information.
Table 12
Ranges of Standardized Level of Success by Commercial Real Estate Type
Commercial Real Estate Type Minimum Maximum

Office space -1.98 1.17
Industrial -1.56 1.02
Multi-family rentals -2.08 1.23
Retail -1.90 1.28
Other -1.87 1.98
Table 13
Ranges of Standardized Level of Success by Social Media Platform Utilized
Social Media Platform Minimum Maximum

Facebook -1.86 1.04
Twitter -1.33 1.06
Instagram -2.05 1.25
Other -2.06 1.82
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The assumption of homogeneity (equality) of variances was tested by conducting
Levene's test for equality of variances. The test was significant for both the level of
commercial real estate type (p < .001) and social media platform utilized (p < .001). This
indicates that there is a violation of the equality of variance assumption. Consequently,
Games-Howell post hoc comparisons were conducted with ANOVA. This is a
nonparametric post hoc analysis approach for performing multiple comparisons and does
not assume homogeneity of variances or equal sample sizes (Field, 2018).
Pilot Study
A pilot study was conducted to assess the study’s survey instrument. No
additional survey has been conducted separately for this pilot study. A random sample
from the collected data was taken to conduct the pilot study. Only descriptive statistics
were performed for this pilot study. No hypotheses were tested in the pilot study, as the
purpose of the pilot study was to assess the validity of the survey. A sample of 30
participants was recruited through fliers that contained information about the pilot study.
Participants were selected if they met the following criteria:
5. Looking for funding OR those provide funding.
6. Are age 18 or older.
Participants were informed that the activities for the pilot study would include providing
information on:
4. The kind of social media platforms used to submit for a financial loan package.
and others)
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6. The degree of success in funding new commercial research estate projects
The pilot study consisted of 16 (53.3%) males and 14 (46.7%) females (Table 14).
Table 14
Gender (N = 30)
Frequency Percent
male 16 53.3
female 14 46.7
Total 30 100.0
Ages ranged from 21 to 79 years (M = 42.97, SD = 14.15) and length of employment
ranged from 0.50 to 30 years (M = 9.75, SD = 6.99). Table 15 provides this information.
Table 15
Age and Length of Employment (N = 30)
Minimum Maximum M SD
Age 21.00 79.00 42.97 14.15
Length of Employment .50 30.00 9.75 6.99
Regarding the type of real estate that participants want to receive funding, most
participants stated office space, 13 (43.3%). This was followed by multi-family rentals,
seven (23.3%); some other type, four (13.3%); industrial, three (10.0%); and retail, three
(10.0%). See Table 16.
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Table 16
Commercial Real Estate Type (N = 30)
Frequency Percent
Office space 13 43.3
Industrial 3 10.0
Multi-family rentals 7 23.3
Retail 3 10.0
Other 4 13.3
Total 30 100.0
Regarding the type of social media platform used, 11 (36.7%) participants stated some
other type besides Facebook, seven (23.3%); Instagram, seven (23.3%); or Twitter, five
(16.7%). See Table 17.
Table 17
Social Media Platform
Frequency Percent
Facebook 7 23.3
Twitter 5 16.7
Instagram 7 23.3
Other 11 36.7
Total 30 100.0
Funding success was measured on a Likert scale ranging from 1 = very unsuccessful; 2 =
Somewhat unsuccessful; 3 = Neither unsuccessful nor successful; 4 = Somewhat
successful; 5 = Very successful. Most participants stated somewhat successful, 10
(33.3%). This was followed by neither unsuccessful nor successful, eight (26.7%); very
unsuccessful, six (20.0%); very successful, four (13.3%); and somewhat unsuccessful,
two (6.7%). The mean of the responses was M = 3.13 (SD = 1.33). See Table 18.
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Table 18
Funding Success*
Frequency Percent
Very unsuccessful 6 20.0
Somewhat unsuccessful 2 6.7
Neither unsuccessful nor successful 8 26.7
Somewhat successful 10 33.3
Very successful 4 13.3
Total 30 100.0
*Likert Scale ranged from 1 = Very unsuccessful; 2 = Somewhat unsuccessful; 3 =
Neither unsuccessful nor successful; 4 = Somewhat successful; 5 = Very successful.
Funding success by social media type was calculated (Table 19). The greatest mean
funding success was with Instagram (M = 3.86, SD = 0.90). This was followed by Twitter
(M = 3.80, SD = 1.64); some other social media platform (M = 2.91, SD = 1.38); and
Facebook (M = 2.29, SD = 2.29).
Table 19
Funding Success by Social Media Type (N = 30)
Social Media Platform N Minimum Maximum M SD

Facebook 7 1.00 3.00 2.29 .95
Twitter 5 1.00 5.00 3.80 1.64
Instagram 7 3.00 5.00 3.86 .90
Other 11 1.00 4.00 2.91 1.38
Funding success by real estate type was calculated (Table 20). The greatest mean funding
success was with retail (M = 4.33, SD = 0.58). This was followed by multi-family rentals
(M = 3.29, SD = 1.11); Office space (M = 3.31, SD = 1.18); Industrial (M = 3.00, SD =
2.00); and some other commercial real estate type (M = 1.50, SD = 1.00).
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Table 20
Funding Success by Commercial Real Estate Type (N = 30)
Commercial Real Estate Type N Minimum Maximum M SD

Office space 13 1.00 5.00 3.31 1.18
Industrial 3 1.00 5.00 3.00 2.00
Multi-family rentals 7 1.00 4.00 3.29 1.11
Retail 3 4.00 5.00 4.33 .58
Other 4 1.00 3.00 1.50 1.00
Results of the pilot study suggested that there may be significant mean differences
between the successes of funding, social media type used, and commercial real estate
type. The results further justified the feasibility of the study. What now follows is the
data collection procedure for the study.
Data Analysis
The resulting quantitative data were provided using the statistical software suite
Statistical Package for the Social Sciences (SPSS) version 23. The results were analyzed
to present the findings. Independent variables included the kind of social media platforms
used to submit for a financial loan package and the category of commercial real estate
(office building, rental, shopping center, and others.). The dependent variable was the
degree of success in funding new commercial real estate projects.
The following research questions and hypotheses were tested in the data analysis
process:
estate development, and real-estate funding degree of success?
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H O : There is no significant relationship between social media marketing
estate developers.
H A : There is a significant relationship between social media marketing platforms,
commercial real estate type, and real estate funding degree of success for real estate
developers.
Two-way ANOVA was utilized to determine the impact and kind of social media
estate on the degree of success in funding new commercial real estate projects. A two-
way ANOVA was employed to see if there were any significant mean differences in the
dependent variable (degree of success in funding new commercial real estate projects)
across different levels of the two components. The two factors in this scenario were
social media marketing platforms and commercial real estate type. The two-way ANOVA
was conducted using SPSS, specifically, the General Linear Model "Univariate"
procedure. This procedure moves the dependent variable and factors (independent
variables) to their respective fields.
The interaction term's p-value was checked first. The p-value was greater than the
alpha (p > .05) thus, it was inferred that there was no significant interaction relationship,
F (12, 280) = 1.336, p = .197. Therefore, the analysis was re-run without the interaction
term, interpreting each of the p-values for one-way ANOVA separately.
Results
One-way ANOVAs were conducted to address this research question and
hypotheses:
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Regarding levels of success in funding by social media marketing platforms
utilized, the results of ANOVA were significant, F (3, 299) = 2.703, p = .046. Results of
Games-Howell multiple comparisons indicated that the mean level of success of funding
was greatest while utilizing Facebook compared to other social media platforms (Mean
difference = 0.443, SE = 0.166, p = .041). There were no other significant mean
differences. Table 21 provides this information.
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Table 21
Games-Howell Multiple Comparisons of Levels of Success in Funding by Social Media
Marketing Platforms Utilized
(I) Social Media (J) Social Media Mean SE p 95% Confidence

Platform Platform Difference (I-J) Interval
Lower Upper
Bound Bound
Twitter .345 .351 .760 -.60 1.29
Facebook Instagram .080 .239 .987 -.55 .71
Other .443* .166 .041 .01 .87
Facebook -.345 .351 .760 -1.29 .60
Twitter Instagram -.265 .376 .894 -1.27 .74
Other .098 .334 .991 -.81 1.01
Facebook -.080 .239 .987 -.71 .55
Instagram Twitter .265 .376 .894 -.74 1.27
Other .363 .213 .331 -.20 .93
Facebook -.443* .166 .041 -.87 -.01
Other Twitter -.098 .334 .991 -1.01 .81
Instagram -.363 .213 .331 -.93 .20
*. The mean difference is significant at the 0.05 level.
Regarding levels of success in funding by commercial real estate type, the results
of ANOVA were significant, F (4, 299) = 2.992, p = .019. There was a significant mean
difference in the success of funding between office space and some other types of
commercial real estate (Mean difference = 0.570, SE = 0.193, p = .028). Additionally,
there was a significant mean difference in the success of funding between multi-family
rentals and some other types (Mean difference = 0.573, SE = 0.204, p = .051). No other
significant differences were found (Table 22).
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Table 22
Games-Howell Multiple Comparisons of Levels of Success in Funding by Commercial
Real Estate Type
(I) Commercial (J) Commercial Mean SE p95% Confidence

Real Estate Type Real Estate Type Difference (I- Interval
J) Lower Upper
Bound Bound
Industrial .094 .235 .995 -.55 .74
Multi-family -.003 .209 1.000 -.58 .57
Office space rentals
Retail .120 .272 .992 -.63 .87
Other .570* .193 .028 .04 1.10
Office space -.094 .235 .995 -.74 .55
Multi-family -.097 .244 .995 -.77 .57
Industrial rentals
Retail .026 .300 1.000 -.80 .85
Other .476 .231 .238 -.16 1.11
Office space .003 .209 1.000 -.57 .58
Multi-family Industrial .097 .244 .995 -.57 .77
rentals Retail .123 .280 .992 -.65 .89
Other .573* .204 .041 .01 1.13
Office space -.120 .272 .992 -.87 .63
Industrial -.026 .300 1.000 -.85 .80
Retail Multi-family -.123 .280 .992 -.89 .65
rentals
Other .450 .269 .451 -.29 1.19
Office space -.570* .193 .028 -1.10 -.04
Industrial -.476 .231 .238 -1.11 .16
Other Multi-family -.573* .204 .041 -1.13 -.01
rentals
Retail -.450 .269 .451 -1.19 .29
*. The mean difference is significant at the 0.05 level.
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Chapter Summary
Chapter 4 included a comprehensive report on the research purpose, the data
collected, demographic analysis, pilot study, data analysis, results of the research, and
chapter summary. The results of ANOVA revealed that the mean level of success of
funding was greatest while utilizing Facebook compared to other social media platforms.
There was a significant mean difference in the success of funding between office space and
some other types of commercial real estate. Additionally, there was a significant mean
difference in the success of funding between multi-family rentals and some other types.
What follows in Chapter 5 is a discussion of how the results of this study are interpreted in
the context of the theoretical framework. Any limitations of the results of the study will be
provided. Additionally, recommendations for future research will be discussed.
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Chapter 5
Conclusions and Recommendations
The problem addressed in this study was commercial real estate developers in the
Northeast region of Illinois having limited understanding regarding the relationship
among social media, commercial real estate type, and real-estate funding success causing
challenges in securing enough funds, stalled projects, and cost overruns that reduce their
market share and profitability (Tsakiridou & Karanikolas, 2019). Shi et al. (2018)
established that nearly 32% of commercial real estate agents do not use social media
platforms as part of their funding strategy leading to a significant loss in market share.
Business leaders who failed to use modern marketing strategies lost nearly 30% of their
market share in 2018 (Shi et al., 2018). Given this gap in the literature, this quantitative
correlation research method was used to examine the relationship among social media,
commercial real estate type, and real estate funding success (Montgomery et al., 2018).
relationship, if any, existed among social media marketing platforms, commercial real
and profitability. This study was conducted in the Northeast Region of Illinois. Social
media platforms (SM) and commercial real estate type (CRE) were the predictors
(independent) variables, while real estate funding degree of success (REF) was the
criterion (dependent) variable. Scholars and real estate leaders are intensely interested in
the relationship between the study variables (Tsakiridou & Karanikolas, 2019).
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Predictor variables represent attributes that can influence the criterion variable
(Park & Park, 2016). This study intends to establish an association among the three study
variables presented in table one. The study aimed to determine the likelihood of change
in the variables; predictor and criterion variables are justified. More notably, leaders
could benefit from the study by understanding how social media platforms and types of
real estate projects influence the projects’ funding success and align their marketing
strategies to improve the real estate funding success rate. Social media is dominant in
these times. Therefore, a better understanding of ways it can be leveraged to obtain funds
was crucial. This study could determine if there was a relationship between social media
variables and commercial real estate investors' ability to obtain funding.
The target population for this correlational study was leaders of the Northeast
region of the Illinois commercial real estate associations. Participants include those
looking for funding, those who provide funding, and those who are members of a funding
association of commercial real estate in Northeast Illinois. A simple random sample was
the most appropriate for this study to capture that group of participants. The sample
consisted of real estate leaders looking for funds and investors for different real estate
projects. An original survey instrument was the primary data source for the study, and
ANOVA analysis was adopted in this study.
Results of ANOVA revealed that the mean funding success level was greatest
while utilizing Facebook compared to other social media platforms. Additionally, there
was a significant mean difference in the success of funding between office space and
some other types of commercial real estate. Further, there was a significant mean
difference in the success of funding between multi-family rentals and some other types.
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Chapter 5 presents the research questions/hypotheses and discusses how the results of this
study are interpreted in the context of the theoretical framework. Any limitations of the
results of the study will be provided. Additionally, recommendations for future research
will be discussed.
The research questions and hypotheses that guided this study were:
Two-way ANOVA was used to determine the impact and kind of social media
estate on the degree of success in funding new commercial real estate. A two-way
ANOVA was the statistical test used to see any significant mean differences in the
dependent variable (degree of success in funding new commercial real estate projects)
100
across different levels of two components. The two factors in this scenario were social
media marketing platforms and commercial real estate type. The two-way ANOVA was
conducted using SPSS, specifically, the General Linear Model “Univariate” procedure.
This procedure moves the dependent variable and factors (independent variables) to their
respective fields. The interaction term's p-value was checked first. The p-value was
greater than the alpha (p > .05); thus, it was inferred that there was no significant
interaction effect, F (12, 280) = 1.336, p = .197. Consequently, the analysis was re-run
without the interaction term, interpreting each p-value for one-way ANOVA separately.
Discussion of Findings
The chapter compares the results from quantitative analysis with previous studies
reviewed in chapter two of this dissertation. The discussion and interpretation of findings
were based on the research question discussed below.
Regarding levels of success in funding by social media marketing platforms
utilized, the results of ANOVA were significant and indicated that the mean level of
success of funding was greatest while utilizing Facebook compared to other social media
platforms. The findings imply that using social media, precisely Facebook, leads to a high
level of success in funding. The use of social media platforms enabled real estate
developers to access more funding for their stalled projects.
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Chaffey and Ellis-Chadwick’s (2012) social media theory was used to support the
framework of this study. The results of this study infer that levels of funding success are
increased through the use of social media. Chaffey’s (2018) and Chaffey and Ellis-
Chadwick’s (2012) theories shared perspectives on impacting business performance and
financial performance using social media. Chaffey (2018) declared social media is
centered around relationship-building practices. The study result and the research
findings confirm social media’s ability to influence clients, shareholders, and funders.
The findings revealed in this study have been reported in other studies regarding
the use of social media marketing platforms and the success of fundings real estate
project among real estate developers. Datta et al. (2019) indicated that social media
marketing platforms such as Facebook significantly influence funding success in the
context of existing small and medium size businesses. Other studies have also revealed
that social media provides investors and stakeholders with new information and resources
to support their investment decisions by comparing the information provided (Datta et al.,
2019; Jin et al., 2017). Yang and Berger (2017), found that the social network extends
geographic boundaries, thereby increasing the flow of information and interested
investors in different real estate projects. Understanding how social media influences
funding outcomes in real estate is crucial as it provides valuable knowledge on how such
companies can reach potential supporters or funders (Gloor et al., 2020). These findings
concur with the study findings indicating that social media platforms such as Facebook
contribute to increased funding success in real estate investment.
Further, Yang and Berger (2017) established that social media could increase
social capital in an organization. In addition, Montgomery et al. (2018) noted that most
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investors who participate in venture capital depend on social media to monitor the
feasibility of different projects and gauge their success. Albercht et al. (2020) and Datta
et al. (2019) have shown that real estate firms may increase funding success for projects
from potential investors by using social media to facilitate crowdfunding. As such, Yang
and Berger (2017) recommended further research focused on the influence of social
media on real estate funding success. Gloor et al. (2020) examined the role of social
media in funding decisions among investors and suggested additional research on how
social media activities influence funding outcomes in real estate.
The new opportunities of emerging social media platforms such as Facebook,
Twitter, Instagram, and LinkedIn need to be researched more in-depth because they have
shifted how real estate companies communicate and interact with stakeholders, especially
as far as funding is concerned (Datta et al., 2019). In addition, social media platforms
offer real estate firms a new opportunity of accessing information and finance resources
from a pool of investors (Albrecht et al., 2020). Real estate funding success has become
an issue of concern among commercial developers, investors, and community leaders,
given the alarming rate of project stalls. Albrecht et al. (2020) discovered that nearly 30%
of real estate commercial projects stall yearly due to limited funding or the inability of
the real estate agents to integrate appropriate methods for attracting new investors.
Montgomery et al. (2018) recommended the need for stakeholders in the real estate sector
to explore new ways for target communication, such as social media platforms, including
Facebook, to attract potential investors to fund real estate projects. One of the best ways
to maintain communication with investors, according to Gloor et al. (2020), was to
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market their project prospects to potential investors using different social media
platforms.
Roettgers (2015) indicated that social media platforms have effectively attracted
investors when valuable information is given to them about the prospects and feasibility
of the projects. The first social media marketing strategy includes using Facebook to
market products and services. Li and Xie (2020) found that Facebook was the most
prominent social media globally, with an estimated 2271 million active users as of 2019.
Given its popularity, Facebook has become one of the most renowned social strategies
companies use to market their products and services. Li and Xie (2020) and Basri and
Siam (2017) established that Facebook marketing was the primary social marketing
strategy used by companies to market their products. Company leaders could market their
products using Facebook by sharing pictures, video installations, and customer reviews.
Such information shared with a large group of people, as established by Mazzucchelli et
al. (2021), permits individuals to share and see which of their close friends and family
members like the products or has shared the same advertisement.
The study findings presented by Basri and Siam (2017), Li and Xie (2020), and
Mazzucchelli et al. (2021) suggested that Facebook is the leading social media strategy
used by companies to increase brand awareness in the market. Ibisola et al. (2018)
revealed that well-implemented social media strategies for marketing real estate could be
an effective tool to attract many potential clients, as social media platforms such as
Facebook have made it easier to connect with the right audience. Social media enables
real estate agents to engage potential clients and inform them of any property changes
within the market. It effectively generates traffic through real estate selling and buying
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(Ibisola et al., 2018). Aytekin and Demírlí (2017) found that there was a positive
relationship between web traffic and social media platforms such as Facebook and
Twitter, and effective social media networking increased web traffic for real estate
marketing (Aytekin & Demírlí, 2017). Facebook has transformed marketing in the real
estate field as it connected real estate agents with many clients by boosting sales and
Facebook adverts, thereby increasing funding success for real estate developers (Aytekin
& Demírlí, 2017).
The study findings also supported Ying's (2020) findings which established that
social media platforms facilitate effective marketing and communication tools that help
save time for real estate agents. Social media marketing has benefits for both the real
estate sector and customers, and they include customer benefits as customers are satisfied
with the provision of quality services; this increases sales creation of a positive
relationship between agents and customers as social media platforms provides clear and
complete qualitative information to potential customers (Ying, 2020). Another benefit
was the outstanding performance of the estate agency and positive outcomes because of
the return on investment through brand building, trust, good reputation, and cost-saving,
thereby improving funding success among real estate developers (Ying, 2020). The
findings have added to the current empirical literature by establishing that using social
media, precisely Facebook leads to a high level of success in funding.
Concerning levels of success in funding by commercial real estate type, the
findings of ANOVA were significant, indicating a significant mean difference in the
funding success between office space and some other types of commercial real estate.
Additionally, there was a significant mean difference in the success of funding between
105
multi-family rentals and some other types. The findings imply that commercial real estate
type of office space and multi-family rentals enhanced funding success among real estate
developers. Investors are more interested in viable projects such as office space and
multi-family rentals, thereby improving funding success.
The results above are consistent with the previous literature. Carlo et al. (2021)
demonstrated that the development of pension fund allocations to real estate differed
across regions, with allocations increasing in Canada and stationery in the United States.
The results showed that costs relating to public real estate were equal across regions. In
terms of performance, the authors observed relatively stable total returns for private and
listed real estate over the past three decades, contrasting the volatile performance of
private equity and infrastructure (Carlo et al., 2021). The results suggested that
intermediated investment management for private real estate was costly, leading to
disproportionately lower net returns (Carlo et al., 2021). Alternative assets represent an
increasing share of pension fund assets, and real estate is a cornerstone of that allocation
(Carlo et al., 2021). Van Loon and Aalbers (2017) showed how a quantitative framework
increasingly provided the basis for institutional investors’ real estate investment
strategies. Direct ownership of properties has been exchanged into shares of properties,
i.e., fictitious capital, creating an impetus for objectified numbers to measure the
performance of these indirect investments (Van Loon & Aalbers, 2017).
Carlo et al. ((2021) found that investment costs were stationary, with pension
funds in the United States structurally paying more to their external private real estate
managers than their peers in Canada and Europe. The results showed that costs relating to
public real estate were more equal across regions. In terms of performance, the authors
106
observed rather stable total returns for private and listed real estate over the past three
decades, contrasting the volatile performance of private equity and infrastructure. The
above literature findings contradicted the current study results, demonstrating that
commercial real estate type of office space and multi-family rentals enhanced funding
success among real estate developers. Investors are more interested in viable projects
such as office space and multi-family rentals, thereby improving funding success. The
findings have contributed to the past literature by establishing that commercial real estate
type of office space and multi-family rentals increased funding success among real estate
developers.
Limitations
The first limitation was found in the pilot study. The pilot study was not
conducted using separate surveys. A simple random sample from the collected data was
taken (post hoc) to conduct the pilot study. No measures were created utilizing several
items to form a construct; thus, there are no reliability measures. Participants were not
experts. Therefore, the pilot study not being reviewed and tested by experts could impact
the findings.
Another limitation was that participants’ bias toward social media may have
influenced their responses. Response bias could have provided the researcher with
misleading or socially acceptable responses. A further limitation of the study was that
data collection was limited to the population within the Northeast region of Illinois, thus
limiting the generalizability of findings to other geographical settings. Commercial real
estate agents and potential investors outside the Northeast Region of Illinois were not
included in the study. Lastly, only data from leaders of the Northeast region of Illinois
107
commercial real estate associations professional body through an online survey
instrument was used, limiting generalizability.
Recommendations to Leaders and Practitioners
Commercial real estate leaders may use this study's findings to learn from the
identification of the relationship between social media platforms such as Facebook and
the degree of funding success, including how different social media platforms can
influence funding success for real estate. The results indicated that the social media
platform type of Facebook could be more appropriate for marketing real estate business.
In this regard, the findings could assist industry leaders in understanding the impact of
incorporating specific social media platforms in their financing practices through
marketing to increase funding success. The results from this study identified Facebook as
a social media platform that could be used to increase the likelihood of funding success.
This may help real estate developers to improve their marketing strategies through social
media platforms for enhanced funding success.
In addition, the study findings provided stakeholders with valuable information on
the real estate category, such as office buildings, rental, and shopping centers, which
attract more funding through social media. The findings indicated that commercial real
estate office space and multi-family rentals improved funding success. Industry leaders
and investors could use these findings to understand the best commercial real estate type
for investment. The study findings are recommended for industry leaders because they
provide valuable information and insights to real estate managers on appropriate
marketing strategies for attracting or positively influencing funding outcomes for new
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projects, such as using social media platforms, including Facebook, to market real estate
investment plans to investors.
Recommendations for Future Research
The following recommendations have been advanced for future research:
First, there is a need for further research to be conducted regarding the
relationship between commercial real estate type and funding success. The research
should be conducted with real estate managers in a qualitative study design to understand
their perceptions and views regarding their interest in different commercial real estate
types in the industry and the factors considered for their investment in such real estate
portfolios.
Second, more research should be conducted using a large sample size with
different geographical locations or states to permit the generalizability of findings.
Further quantitative research should be conducted with data from diverse states of the
United States to understand various funding strategies for real estate developers. This
may extend and contribute to existing literature related to commercial real estate
developers having limited understanding regarding the relationship among social media,
commercial real estate type, and real-estate funding success causing challenges in
and profitability (Tsakiridou & Karanikolas, 2019). Because what works in the Illinois
region may not work in other states.
The third recommendation is that future research should consider investigating
other real estate marketing and funding avenues other than the social media platforms
such as Facebook. This study contributed to the literature regarding the relationship
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between social media and the degree of success in real estate funding. More research is
needed to understand various marketing strategies to improve funding success among real
estate developers. Another proposal is an improved survey tool that measures differences
between groups using a different quantitative design for comparison. Factor analysis is
used to identify unobservable variables, defined as factors, based on observable variables.
These factors represent underlying concepts that a single variable cannot adequately
measure. The purpose of factor analysis is to uncover underlying factors that explain
correlations among multiple outcomes. It is essential that the variables studied be
correlated. The purpose should convey that the study will identify the factors that
represent the concepts underlying the study variables.
Chapter Summary
This quantitative correlational research explored the relationship among social
media marketing platforms, commercial real estate type, and real estate funding degree of
success for real estate developers to address securing enough funds, stalled projects, and
cost overruns that reduce their market share and profitability. The findings of this study
implied that using social media, particularly Facebook, leads to a high level of success in
funding. The use of social media platforms enabled real estate developers to access more
funding for their stalled projects. The results of this study revealed the mean funding
success level was greatest while utilizing Facebook compared to other social media
platforms. Leaders, stakeholders, and scholars may use this study's findings to learn from
identifying the relationship between social media platforms such as Facebook and the
degree of funding success, including how different social media platforms can influence
funding success for real estate. Industry leaders and investors could use these findings to
110
understand the best commercial real estate type for investment. The findings answered
the research question by establishing that social media platforms such as Facebook
significantly impact the funding success of real estate development projects. Based on the
findings, a recommendation for further research should be conducted in a qualitative
study design to understand investors' perceptions regarding the choice of commercial real
estate type in the industry.
111
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Appendix A
RECRUITMENT
My name is _______________, and I am a doctoral student at the University of Phoenix.

I am conducting research to investigate the relationship between social media marketing
estate developers. I am recruiting individuals that meet these criteria:

8. Looking for funding OR those provide funding.
9. Are age 18 or older?
The activities for this research project will include providing information on:
etc.)
9. The degree of success in funding of a new commercial research estate
Your participation in this study is voluntary. The data will remain completely
anonymous.
All information you supply during the research will be held in confidence. There is no
compensation or direct benefit to you. However, your participation in this research will
help to increase the body of knowledge in the subject area. If you are interested in
participating in this study, please contact me via email:
Thank you!
130
Appendix B
INFORMED CONSENT: PARTICIPANTS 18 YEARS OF AGE AND OLDER
Greetings,
My name is _______________- and I am a student at the University of Phoenix working

on a doctorate. I am conducting a research study to explore to what extent a relationship,
if any, exists among social media marketing platforms, commercial real estate type, and
real estate funding degree of success for real estate developers. I am conducting a
research study entitled RELATIONSHIP AMONG SOCIAL MEDIA, COMMERCIAL
REAL ESTATE TYPE, AND REAL-ESTATE FUNDING SUCCESS:
QUANTITATIVE CORRELATIONAL STUDY. I am seeking your consent to
participate in this study.
The purpose of the research study is to explore to what extent a relationship, if any, exists
among social media marketing platforms, commercial real estate type, and real estate
funding degree of success for real estate developers. Your participation will involve
participating in an online survey that will take approximately 10 minutes to complete.
The survey items will involve providing information on:
etc.)
12. The degree of success in funding of a new commercial research estate
It is the goal of this researcher is to obtain at least 109 eligible participants for this study.
You can decide to be a part of this study or not. Once you start, you can withdraw from
the study at any time without any repercussions. The results of the research study may be
published but your identity will remain anonymous, and your name will not be made
known to any outside parties.
In this research, there are no foreseeable risks to you. You can still skip any question you
do not wish to answer, skip any activity, or stop participation at any time.
Although there may be no direct benefit to you, a possible benefit from your being part of
this study is an increase the body of knowledge in the subject area of this study.
If you have any questions about the research study, please call me at xxx-xxx-xxxx or
email me at xxxxx@xxedu.com. For questions about your rights as a study participant, or
131
any concerns or complaints, please contact the University of Phoenix Institutional
Review Board at IRB@phoenix.edu.
As a participant in this study, you should understand the following:
1. You may decide not to be part of this study, or you may want to withdraw from
the study at any time. If you want to withdraw, please call me at xxx-xxx-xxxx or
email me at x.xxxxx@gmail.com. Your data will be permanently erased from the
survey.
2. Your identity will be kept anonymous.
3. Shamus Wright, the researcher, has fully explained the nature of the research
study and has answered all your questions and concerns.
4. Any/all applicable COVID-19 protocols/guidelines will be followed to minimize
potential health risks to participants.
5. Data will be kept secure by saving the file in a password protected computer in
which only the researcher, Shamus Wright, knows the password. The data will be
kept for three (3) years, and then destroyed by… permanently deleting it from the
hard drive.
6. The results of this study may be published.
By signing this form, you agree that you understand the nature of the study, the possible
risks, and benefits to you as a participant, and how your identity will be kept anonymous.
When you sign this form, this means that you are 18 years old or older and that you give
your permission to volunteer as a participant in the study that is described here.
( ) I accept the above terms. ( ) I do not accept the above terms.

(CHECK ONE)
Signature of the research participant ____________________________________ Date

_____________
Signature of the researcher _____________________________________ Date

_____________
132
Appendix C
Survey
Demographics Section
1. What is your sex?

1=Male
2=Female
3=Other
2. What is your age?
3. What is your position at the company?
4. What is your length of employment at current position?
Main Survey
5. What type of social media platform do you use to submit for a financial loan
package?
1 = Facebook
2 = Twitter
3 = Instagram
4 = Other
6. What type of commercial real estate?
1 = Office Space
2 = Industrial
3 = Multi-family Rentals
4 = Retail
5 = Other
7. One a scale of 1 to 5, how influential was the social media platform used on your
ability to fund the project(s)?
1 = Very Unsuccessful
2= Somewhat Unsuccessful
3 = Neither successful nor unsuccessful
4 = Somewhat successful
5 = Very successful
8. On a scale from 1 to 5, how successful is the funding of a new commercial real
estate venture?
1 = Very Unsuccessful
2= Somewhat Unsuccessful
3 = Neither successful nor unsuccessful
4 = Somewhat successful
5 = Very successful
133
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RELATIONSHIP AMONG SOCIAL MEDIA, COMMERCIAL REAL ESTATE TYPE,

AND REAL-ESTATE FUNDING SUCCESS:

QUANTITATIVE CORRELATIONAL STUDY

A Dissertation Presented in Partial Fulfillment

of the Requirements for the Degree

Doctor of Business Administration