I interviewed a former mortgage consultant who was forced to leave her job due to the economic downfall. Her name is Etty Paladini and she worked in Modesto and surrounding areas. She helped many people with their home purchases and loans including my girlfriend, which is how I know her. She is very well known and is greatly appreciated by the people who were able to get a home with her help and the help of others. Unfortunately, at this moment she is not working in the real estate industry but she is returning to school to receive a Masters in Real Estate Law while the economy and real estate improves. After sharing with me a little bit about her professional and personal life, she answered a couple of my questions.
- What was your educational background?
-BA degree in International Finance at CSU Long Beach
- How long did you worked in the real estate industry?
- What was the most rewarding aspect of your job, least rewarding?
-Most rewarding, being able to help people achieve their dream of homeownership, least rewarding, seen how the market turned and seen so many foreclosures.
- Would you choose this career again?
-Yes, I am planning to go back as soon as I receive my masters
- What obligations does your work put on you outside of the actual job? What are some lifestyle considerations for this career?
-This career requires commitment, there are no set working hours or days for that matter, a Real Estate agent or Loan officer must be available to answer any questions from their clients at any given time 24/7. A life style is up to the individual, to be able to meet clients the person must be outgoing.
- What kind of an individual (skills and personality) is best suited your real estate position?
-Always a pleasant smile, to be able to sell any type of services an individual must sell him/herself, customer services is a must, a positive attitude and always think of the clients needs to achieve success.
- What is the best educational preparation for a career in this field? Which classes and experiences would be most helpful to obtain while still in college?
-Must take courses related to the Real Estate Industry, for example Real Estate Principals, Real Estate Finance, Real Estate Appraisal and other courses related to it.
- What have you found to be a major weakness of new hires in this field?
-The inexperience of dealing with clients and afraid of obtaining new business in a daily basis.
- How can you move from position to position or other areas of the field? What are typical policies about promotions from within?
-This career is self motivated it. A person can promote itself by continually achieving sales, and being informed about changes in the Real Estate market. Education does not end once a license is obtained, education is continued since laws may change and knowledge of such is a must.
- What is the typical career path from entry to top management?
-Top sales, be able to be a self motivator and also to motivate others. Management skills and ethic behavior since it is a field in which a person encounters different types of cultures and individuals. Must be able to adjust him/herself to others.
- How do people usually find out about full-time openings in this field?
-By meeting with different Real Estate brokers and discussing the career itself. Basically networking.
- What do you think affected the business in the real estate industry? What do you believe the downfall of the market was due to?
-Buyers and sellers, greed within the industry. People wanting to pay any amount to have a home without thinking of the commitment that such responsibility takes. The downfall was caused by Financial Institutions wanting to obtain financial gains based on the consumer demands of homeownership.
- Do you think real estate economy is going to get better or if the jobs in real estate are going to increase in a near future?
-The Real Estate economy will improve, there is always a need of new agents, During 1970-1980 there was a similar situation with the exception that the interest rates where much higher 14-17%. As long as the Financial Institutions do not raise the interest rate the economy will improve. Once new jobs are created people will have the spending power and we will see an increase in the Real Estate Industry.
- What do you use to stay informed about the real estate Industry?
-By watching any news related to the finance field. The Wall Street Journal, financial news on TV, the internet. It’s all available to anyone who is interested in the economy, since this industry is driven by the economy itself.