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Strategies for Residential Real Estate Professionals to Mitigate Declining Sales Raven Cornelius Walden University

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Strategies for Residential Real Estate Professionals to Mitigate Declining Sales Raven Cornelius Walden University Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2018 Strategies for Residential Real Estate Professionals to Mitigate Declining Sales Raven Cornelius Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Economics Commons, and the Finance and Financial Management Commons This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please contact [email protected]. Walden University College of Management and Technology This is to certify that the doctoral study by Raven Cornelius has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. Jaime Klein, Committee Chairperson, Doctor of Business Administration Faculty Dr. Brandon Simmons, Committee Member, Doctor of Business Administration Faculty Dr. Scott Burrus, University Reviewer, Doctor of Business Administration Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2018 Abstract Strategies for Residential Real Estate Professionals to Mitigate Declining Sales by Raven A. Cornelius MBA, Columbia Southern University, 2009 BGS, Fort Hays State University, 2006 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University April 2018 Abstract Real estate sales significantly declined during and after the 2008 mortgage crisis. In the United States, real estate sales dropped 35% after the mortgage crisis. Guided by the attention, interest, desire, and action (AIDA) model, the purpose of this multiple case study was to explore the strategies successful residential real estate organization managers use to mitigate sales decline in a postrecession environment. Three residential real estate organization managers in Southern Maryland and Northern Virginia participated in semistructured interviews. These participants are currently selling homes, worked in the real estate market before the 2008 mortgage crisis, and developed successful strategies to mitigate declining sales in a postrecession environment. The data collection process for this study included the semistructured interviews, review of archival documents, and member checking to explore successful strategies for mitigating declining sales for residential real estate organization managers. The data analysis included data coding, organizing, and making conclusions with the use of Yin’s 5 phase process. During analysis, the 4 themes to emerge were customer service, consistent work ethic, innovation, and market specialization. By implementing the identified successful sales strategies, these residential real estate organization managers were able to mitigate a decline in sales in a postrecession environment. Real estate professionals may use these findings to decrease the delays in the home buying process and increase employees’ sales performance. More home sales can improve local economies and the welfare of communities. Strategies for Residential Real Estate Professionals to Mitigate Declining Sales by Raven A. Cornelius MBA, Columbia Southern University, 2009 BGS, Fort Hays State University, 2006 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University April 2018 Dedication I dedicate my study to my wonderful family who supported me each step of this journey. To my husband Avon, thank you for experiencing this journey with me and I cannot wait to see both of us at graduation. To my children, Kiara, Javon, Kiana and Avon III, thank you for letting mommy spend countless hours fulfilling her dream of finishing this study and graduating. I would also like to give a special dedication to my in laws Avon Sr. and Dr. Judith Cornelius for helping with the children so Avon and I could do this journey together. I am grateful for all your support and motivation to push harder and finish. Acknowledgments I want to thank my chair Dr. Jaime Klein and my second committee member Dr. Brandon Simmons. I would like to personally thank you both for your support, encouragement, drive, and push throughout my doctoral journey. The moment I met both of you at my first residency, I knew we were the perfect fit. It was an honor to have the opportunity to work with both of you. Dr. Klein, thank you for keeping me on task and pushing me to stay focused. During this journey I gave birth to Avon III and did not miss a milestone because of your support. I gave birth on a Thursday and was submitting my assignment by Sunday. I am so thankful for your tough love and patience when I over analyzed processes. Dr. Simmons thank you for your words of encouragement after every review and reassurance that I was on track and would finish. Thank you for all your support! Table of Contents List of Tables ..................................................................................................................... iv List of Figures ......................................................................................................................v Section 1: Foundation of the Study ......................................................................................1 Background of the Problem ...........................................................................................1 Problem Statement .........................................................................................................2 Purpose Statement ..........................................................................................................2 Nature of the Study ........................................................................................................3 Research Question .........................................................................................................4 Semistructured Interview Questions ..............................................................................4 Conceptual Framework ..................................................................................................5 Operational Definitions ..................................................................................................6 Assumptions, Limitations, and Delimitations ................................................................6 Assumptions ............................................................................................................ 7 Limitations .............................................................................................................. 7 Delimitations ........................................................................................................... 8 Significance of the Study ...............................................................................................8 Contribution to Business Practice ........................................................................... 9 Implications for Social Change ............................................................................... 9 A Review of the Professional and Academic Literature ..............................................10 AIDA Model ......................................................................................................... 12 Evolution AIDA Model ........................................................................................ 20 i Supporting and Contrasting Theories ................................................................... 24 Literature Related to Qualitative Methodology .................................................... 30 Real Estate Market ................................................................................................ 32 2008 Mortgage Crisis ............................................................................................ 38 Residential Real Estate Organization Managers ................................................... 41 Summary ............................................................................................................... 44 Transition .....................................................................................................................45 Section 2: The Project ........................................................................................................46 Purpose Statement ........................................................................................................46 Role of the Researcher .................................................................................................47 Participants ...................................................................................................................49 Research Method and Design ......................................................................................52 Research Method .................................................................................................. 52 Research Design.................................................................................................... 54 Population and Sampling .............................................................................................56 Ethical Research...........................................................................................................59
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