A Publication of the Memphis Area Association of REALTORS®
March 14, 2008
Volume 13, Number 11

In this Issue

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

Did You Know?

Property owners in the Memphis area are being solicited by an organization offering to obtain a "certified copy" of the owner's warranty deed for a cost. Consumers who want a copy of their deed can get it for free from the Shelby County Register or the DeSoto County Chancery Clerk. Let your clients know not to fall for this scam.

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for March 13 and change from previous week:

MAARket Snapshot

Pending sales recorded and total active listings according to MAAR MLS for week ending March 9 and change from previous week.

In the News

MAAR NEWS

MAAR Scholarship Application Deadline Approaching
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 must be submitted by March 31, 2008.

FAQ Re: TAR's Various Listing Agreements
We have received inquiries about TAR's new listing agreements, which were modified in mid-February 2008. TAR now offers various listing agreements, which vary by the type of agency relationship a firm might establish with a seller. While MAAR strongly encourages the use of TAR's forms, this is one instance in which MAAR also offers a form. Either TAR's forms or MAAR's form is acceptable. MAAR's Exclusive Listing Contract is available at no charge to MAAR members. MAAR's Exclusive Listing Contract can be used to accommodate whichever agency your firm offers to sellers.

MAAR Leadership Library Expanding
The MAAR Leadership Library keeps growing and growing. Among the titles recently added are several audio CDs and companion workbooks by Darryl Davis. Davis was the featured speaker at this month’s owner/manager forum, and now our Leadership Library makes available some of Davis’s publications, including "Objection Handling Arsenal," "How to Double Your Income in 12 Months Or Less," "Voices of Experience," "Attitudes of a Top Producer," and "Get Your Listings Sold." Check them out today!

Look for Your Professionalism "DOs and DON'Ts" Card
In keeping with MAAR's goal of building an industry of professionals, complimentary "Professionalism DOs and DON'Ts" cards are being sent to all members. The card is designed to aid you in the offering of your services to clients and fellow REALTORS®. MAAR leadership thanks you for taking the time to help build an industry of professionals based on trust, confidence, and respect among all members. It is through your efforts that the whole will be affected. More, now than ever, it is important to maintain the level of professionalism and service expected of REALTORS®, MAAR leadership hopes you will use this card in your business and make 2008 a year of respect and confidence in the real estate profession. You can also refer to the detailed Pathways to Professionalism document available on the MAAR Web site. This project is underwritten by the MAAR Education Foundation.

Don't Overlook THDA for First-Time Buyer Financing Options
The Tennessee Housing Development Agency offers three mortgage options to first-time home buyers who meet certain income requirements. Current rates on THDA mortgage products are:

• Great Rate (no down-payment assistance): 5.45%
• Great Advantage (2% down-payment assistance): 5.95%
• Great Start (4% down-payment assistance): 6.45%

For more information on these products or the specific requirements for each, visit www.THDA.org.

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.

INDUSTRY NEWS

Rising Rates Put Dent in Refi Plans March 12, 2008
An abrupt rise in interest rates helped cut mortgage application volume by 1.9 percent last week, the Mortgage Bankers Association reported Wednesday.

New Blog Network Connects Women REALTORS®
March 12, 2008
California members of the Women's Council of Realtors are participating in a new blog network that combines content at a single Web site from bloggers throughout the state.

Lending Standards Will Remain Tight March 12, 2008
The Federal Reserve's plan to make available $200 billion to banks should help borrowers, but qualifying for loans will remain strict.

BizJournals Ranks Memphis as one of 10 Most Affordable Housing Markets March 10, 2008
Based on a comparison of median home payments and household income levels, Memphis is one of the 10 most affordable housing markets in the country.

Upcoming Education and Events

TDDI Hosts Housing & Mortgage Conferece
The Tennessee Diversity and Disparities Institute is hosting a Housing and Mortgage Conference on Saturday, March 15, from 9 a.m. to 2 p.m. at Hanley Elementary School, 680 Hanley Street. Click here for more details on the program and agenda.

CCIM Deal-Making Event
Commercial real estate brokers won't want to miss the Memphis Metro CCIM Deal-Making Event on Tuesday, March 18, starting at 11:45 a.m. at the University Club. Cost is $25 for guests. RSVP to memphisccim@centurytel.net by March 14. Call (901) 218-0782 for more information.

Commercial Broker Forum: Taxes & Reappraisals
"Property Taxes and Reappraisals" will be the topic of the first 2008 MAAR Commercial Council broker forum. The forum will be held on Wednesday, March 19, from 8:30 to 10 a.m. in the MAAR Education Center. Andy Raines of Evans & Petree will be the presenter for the forum and will cover tax assessments in a changing market, reappraisals, projected tax rates, and the appeal process. The forum is free to Council members and $15 for non-members. Call (901) 818-2428 or send an e-mail to melanie.blakeney@maar.org to make your reservation. Continental breakfast will be served.

SIOR Luncheon March 20
The SIOR Memphis chapter will kickoff 2008 with a membership luncheon on Thursday, March 20, at noon at Memphis Country Club. Cliff Lynch, with CF Lynch & Associates, will discuss railroad and inter-modal logistics and the Memphis industrial market. Cost for guests is $25. RSVP to chapters@centurytel.net by March 17. Call (901) 218-0782 for more information.

AI: What Clients Want Their Appraisers to Know
Appraisers check out this opportunity to better serve your clients. On Friday, March 21, the Memphis chapter of the Appraisal Institute will host "What Clients Want Their Appraisers to Know," a seven-hour class for appraiser continuing education. Cost is $200 for AI members; $225 for non-members. Register online or call (901) 218-0782 no later than March 12.

CI104: Investment Analysis for Commercial Investment Real Estate
This CCIM core course teaches students to analyze the critical aspects of the acquisition, ownership, and disposition of commercial investment properties. Class meets Monday, March 24, through Friday, March 28, from 8:30 a.m. to 5:30 p.m. each day at MAAR. Register online of call (800) 621-7027.

BOMA Brings Stephen Covey to Memphis
Stephen Covey, author of The Speed of Trust, will give a half-day presentation at the Cannon Center on why personal credibility is the foundation of trust and how you can create it. The course, which is approved for three hours of TREC continuing education credit, will be held on Thursday, March 27, from 8:30 to 11:30 a.m. In this engaging presentation, Covey demonstrates the leadership benefits of trust and teaches how to establish and grow a high-trust, high-performance organization. For tickets, call (901) 260-5959 or register online at www.bomamemphis.com.

MLXchange & Technology

MLXchange Tip of the Week - Change in Contact Information
Has your phone number changed? Do you need to update your e-mail address? Contact MAAR membership services with any changes to personal contact information so that the correct information will appear in MLXchange, MAARdata, and our internal database.

MLS Rules & Etiquette Reminder: Listing Status Changes
Any changes in the listing price or any other changes in the original listing agreement shall be made only when authorized in writing by the seller and must be filed with the MLS within forty-eight (48) hours. The entire set of MLS Rules and Regulations can be found on the MAAR Web site.

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