A Publication of the Memphis Area Association of REALTORS®
February 15 , 2008
Volume 13, Number 7

In this Issue

• MAAR News
• Industry News
• Education & Events
• MLXchange & Technology
• Technology Classes

Did You Know?

In the Memphis area, upscale siding replacements and midrange wood deck additions provide the largest return of any remodeling projects. Find out where other projects rank in the Remodeling Magazine Cost vs. Value report.

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for Feb. 14 and change from last week:

In the News

MAAR NEWS

Lockbox Burglar Suspect Arrested
A man suspected to be the "lockbox burglar" was arrested on February 4 and is in custody. The police are contacting witnesses of break-ins for the purpose of identifying the man and his truck. Because of the efforts of our members in distributing the suspect's description and an alert property owner in the Macon/Graham area, the suspect was spotted. The property owner called 911; and after chase, the police apprehended the suspect. Of the 51 reported break-ins, 41 occurred at vacant properties. In one instance the listing agent received a call prior to the break-in inquiring whether the property was vacant. In another, with no apparent connection to a break-in, a man falsely using the name of one of our members called a listing agent about showing her property. Agents and appointment desks should review what property information is being given to callers and be guarded about the acknowledgement that a property is vacant.

MLS/IDX/CommLink Fees Due Today
Invoices for semi-annual MAAR MLS, IDX, and/or CommLink fees for March through August have been posted to user accounts and are due no later than 5 p.m. on Friday, February 15, to avoid late payment fees. Invoices can be viewed and paid securely online or payment can be made in person at the MAAR office or mailed.

It's Education Money Time!
Are you interested in attaining or finishing a Professional REALTOR® Designation? If so, fill out an application to receive a MAAR Education Foundation Scholarship. It’s easy! You need to be a MAAR member for at least one year to apply, must have your managing broker sign, and must provide a brief written statement detailing your education ambitions and volunteer experience. The scholarship is merit-based and will award up to $250 toward the course of your choice. For commercial practitioners, check out our Newman Cross, CCIM Memorial Scholarship, which will award recipients full tuition to one CCIM course. Applications are available online and much be submitted by March 31, 2008.

Community Service Awards Call for Nominations
Know someone who works tirelessly for others? Let’s recognize him or her! Applications for the Community Service Awards are now available. The application form has been streamlined this year to make it easier for you to nominate someone deserving. Applications are due by 5 p.m. on April 11. 

Community Involvement Committee Delivers School Supplies
A big thank you to the following members of the Community Involvement Committee for volunteering to deliver school supplies to one of our partner schools, Springdale Elementary: LaToya Clark, Debby Harris, Pat Lichterman, Kathy Pierce, Tommy Prest, and Sally Summerlin. The group purchased supplies based on a teacher wish list, packaged them up, and dropped them off to teachers on February 13. They also brought in donuts, cupcakes and orange juice to thank the teachers for all that they do. The Springdale staff was so thrilled and enjoyed having our MAAR representatives there.

INDUSTRY NEWS

THDA to Fund Foreclosure Counseling Feb. 14, 2008
The Tennessee Housing Development Agency (THDA) is trying to head off a crisis by funding foreclosure counseling for the first time and sending out letters to tens of thousands of homeowners in Tennessee whose adjustable rate mortgages will reset soon.

New TREC Rules Effective February 16 Feb. 14, 2008
New rules adopted by the Tennessee Real Estate Commission (TREC) that take effect February 16 include rules affecting licensing of individuals with criminal records, fees and penalties, and E&O insurance standards, among others.

Stimulus Package Helps Homeowners Feb. 13, 2008
President Bush signed into law a $152 billion economic stimulus bill that includes provisions to allow Fannie Mae, Freddie Mac, and the Federal Housing Administration to guarantee mortgages up to $729,750 in some high-cost markets.

Lenders Team Up to Curb Foreclosures Feb 12, 2008
Six major lenders have agreed to allow seriously overdue home owners to suspend foreclosures for 30 days, giving them time to work out affordable loans.

Upcoming Education and Events

Rep. Cohen Hosts Foreclosure Workshop
Rep. Steve Cohen (D-9th) will host a Foreclosure Assistance Workshop on Saturday, February 16, from 10 a.m. to noon at the Renaissance Center Boys and Girls Club, 990 College Park (off Walker). The workshop will give homeowners the opportunity to meet with counselors to discuss their individual circumstance and available options. Those interested in attending should contact Rep. Cohen's district office at (901) 544-4131.

WHM: Down Payment Assistance Programs
On Tuesday, February 19, from 2 to 4 p.m., MAAR is offering the Welcome Home Memphis Affordable Housing Certification course on Down Payment Assistance. This course will provide you with the information you need to advise your clients on the City of Memphis' Down Payment Assistance (DPA) products designed for first-time homebuyers, Memphis City School teachers, Memphis police officers, Memphis Housing Authority residents, and Section VIII recipients. The cost is $20 for members and $40 for non-members, and the course is approved for 2 hours CE credit. Register online.

Talk Shoppe Presents "Five Stepping Stones to Balanced Success"
Charlie Fewell of Charlie Fewell & Associates will present this free seminar on Wednesday, February 20, from 9 to 10 a.m. at the Better Business Bureau, 3693 Tyndale (one block east of Forest Hill Irene off of Winchester). For more information, call sponsor Jo Garner at First Tennessee Home Loans at (901) 759-7808.

Join the "Kindness Revolution" at the Membership Luncheon
Ed Horrell, author of the best-selling book "The Kindness Revolution," will present findings of his recently completed Memphis Kindness Survey and how those findings pertain to the real estate market in Memphis at the first membership luncheon of 2008. Ed will also deliver techniques for displaying and practicing values-based service to your clients. The luncheon will be Wednesday, February 20, from 11:45 a.m. to 1 p.m., at the Esplanade Memphis, 901 Cordova Station Avenue. Register online or by calling (901) 818-2444 by 5 p.m. Friday, February 15. Sponsored by Magna Bank.

Don't Miss the Commercial Property Forecast Summit
Mark your calendar for the commercial real estate event of the year on Thursday, February 21, at the Commercial Property Forecast Summit. Once again the MAAR Commercial Council has lined up an outstanding group of presenters to provide authoritative commercial economic projections from a global, national, and local perspective. The event begins at 8 a.m. with a continental breakfast and the presentations should end no later than noon at the Hilton Memphis, 939 Ridge Lake Blvd. Cost is $40 for MAAR Commercial Council members, $60 for the general public. Download the registration form today.

REALTORS® Needed for Whitehaven High School Career Fair
Whitehaven High School has invited REALTORS® to participate in their Career Fair on Thursday, February 21, from 9:30 a.m. to 12:15 p.m. Their goal is to expose their students to as many professions as possible to ensure they will have an opportunity to make the best choice for their future. If you are interested in setting up a table, representing the real estate profession for a few hours, and doing some good for the community, contact Katie Shotts at (901) 818-2435 or katie.shotts@maar.org and she will coordinate the details.

GRI 1: Professionalism in Real Estate
What better way to start off the year than to get professional! This two-day course (February 21 and 22) covers both the ethical and legal standards for true professionals in today’s real estate industry. Using the REALTOR® Code of Ethics and Standards of Practice, the course examines the REALTOR’s® responsibilities to clients and customers, to the public, and to fellow-REALTORS®. In addition, the course covers state laws relating to agency, property condition disclosure, antitrust, fair housing, lead-based paint disclosure, and other risk-reduction issues. Beyond the Code of Ethics, the course examines the whole issue of professional courtesy and the need to practice it every day, in every transaction! This course will satisfy your 2005-2008 NAR Quadrennial Ethics Requirement. For registration information, visit www.tarnet.com.

Youth Villages 5K Kick-off Party
Time to get out the sneakers, start dreaming up your theme team and get ready for the Youth Villages 5K! We’re kicking off the 26th Annual Race on Thursday, February 28, in the MAAR Education Center. The event begins at 5 p.m. with mingling and cocktails, followed by the Lion Heart presentation at 6 p.m. The party honors past Lion Hearts, Race Directors, volunteers, and the fabulous sponsors. Let’s get pumped up! 2008 Race information, including registration forms, will be available shortly at www.youthvillages5k.com.

MLXchange & Technology

MLXchange Tip of the Week - Sentrilock Reports
Two SentriLock reports are now available to users in MLXchange 4.0. The SentriLock Access Report, which is viewable by all MLXchange users, shows the hours that a specific lockbox assigned to a listing is available. The SentriLock Showing Report, which is only accessible to the listing agent and his or her broker, gives the history of all entries into a lockbox after that box has been assigned to a listing. Click here for more information on the SentriLock reports available to you through MLXchange.

MLS Rules & Etiquette Reminder: Reporting Sales
Closed sales must be reported to the MLS by the listing office within forty-eight (48) hours. The cooperating office and cooperating agent shall be reported as the Selling Office and Selling Agent. The listing office and listing agent shall be reported as the Selling Office and Selling Agent only if the sale was not a cooperative sale. Click here for definitions and more details on this.

Updates for Your Computer
Does your computer have the most current Windows updates? If you are running Windows XP or Vista, Microsoft released several critical security patches and updates this week. Click here to visit the Windows Update site and download any necessary files for your computer.

MLXchange FAQ Sessions Every Monday at 10 a.m.
Need some help with MLXchange? Why not attend a question and answer session to quickly address your MLXchange questions. Sessions are offered in the MAAR computer training lab every Monday from 10 to 11 a.m. No appointment necessary, but do come prepared to ask questions! This is not a formal MLXchange class. For questions, call (901) 818-2455 or e-mail TechSupport@MAAR.org.

Upcoming Technology Classes