Exit Interview Questions

1. What is your essential question?  What is the best answer to your question and why?

My essential question is "What is most essential in maintaining a profitable real estate business in an economic recession?" For my essential question a real estate business is defined as the dealing in land that is permanent, immovable and that has exclusive rights granted to the land itself. The other term for my essential question that must be defined is recession which is defined as three consecutive quarters of negative economic output. The best answer to my essential question is to become part of a professional real estate association or firm, such as the NRA (National Realtors Association), MBA (Mortgage Bankers Association), Century 21, RE/MAX, or Prudential. If marketing was secured as the primary asset in an economic recession, that would severely hinder the profitability of the realtor, marketing is important but not the most important. The same goes for expanding business ventures, although in a short term it might make the business more profitable, a room error greatly presents itself if the realtor decides to do so. Reason for that being my best answer if for all of the benefits that are given to the realtor for becoming part of a professional organization. The legal protection, timely and accurate information, and the network of available resources is the main reason for this being my best answer.           

2. What process did you take to arrive at this answer?

The field of real estate is vast and there are multiple aspects to choose from within the field. My best answer is mainly driven by my mentorship. My mentor Rosario Lopez is a member of a professional real estate firm and she is also associated with a professional association. Seeing how she benefited through these organizations and conducting research helped me arrive at this answer. The research consisted of reading up on many of the potential benefits of becoming a member of a certain group. For example, the NAR offer timely and accurate information and strongly encourages that realtors stay up to date with current market issue. These organizations provide the resources, so that the realtor may stay ahead of the fast pace market.  

3. What problems did you face?  How did you resolve them?

A major problem I encounter had to do with my health and I rather not get to into detail with this on the blog but will at the Exit Interview.

Another problem that I faced was with my mentorship. My mentor was being relocated, and did not know where she was being relocated to. The way I attempted to resolve this issue was to look for a new mentor, throughout the area, contacting several offices from cities like Rancho Cucamonga, Ontario, Chino, Pomona, West Covina, Walnut, Riverside and Upland. Finally when my mentor relocated, she moved to an office in Pasadena and was more than happy to mentor me in real estate.          

4. What are the two most significant sources you used to answer your essential question and why?

My most significant sources throughout the senior project came from a book titled, SELLING REAL ESTATE ESRVICES: Third Level Secrets of Top Producers by Robert A. Porter and an organization called the JCHS (Joint Center for Housing Studies of Harvard University). The reason those are my most important sources is because JCHS gave me articles upon articles of credible information on a wide range of topics, such as mortgaging, laws and policies, different real estate firms etc. SELLING REAL ESTATE ESRVICES: Third Level Secrets of Top Producers was a significant source because of the clear distinction it gave me between different styles of conducting business.     

5. What is your product and why?

One of my products of my senior project is a possible career for my future in real estate. The reason for this is because of the very interesting field of real estate, and my mentor and how she makes a living solely on real estate. My other product is a gained understanding of the economy. analyzing the economy and the recession it had, causes for recession and solutions to recession has made me more aware of my personal finances and prepared me for when I enter the housing market looking to by my home.