A Publication of the Memphis Area Association of REALTORS®
March 28, 2008
Volume 13, Number 13

In this Issue

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

Did You Know?

Consumer Brochures on Tennessee Agency Law Now Available
As a service to TAR members, the Tennessee Real Estate Educational Foundation (TREEF) has produced two consumer brochures on TN's agency law: one for buyers and one for sellers. The brochures are FREE for you to use and distribute! The two brochures - "When Buying Your Next Home," and "When Selling Your Home" - are in printable PDF format. Both firms and individual members may reprint them for prospective clients and customers.

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for March 27 and change from previous week:

MAARket Snapshot

Pending sales recorded and total active listings according to MAAR MLS for week ending March 23 and change from previous week.

In the News

MAAR NEWS

NAR 2008 Quadrennial Ethics Requirement: Are You in Compliance?
Click here to see if you're in compliance with NAR's 2008 Quadrennial Ethics requirements. This list is current as of March 26. If you are not on the list, please refer to the FAQs for more information or visit www.maar.org/ce to register for one of the recently added ethics classes that satisfy the requirement.

EcoBroker Designation Discount Ends Monday
Earn the EcoBroker Certified® Designation and help clients market properties with green features, save money, and live comfortably through energy efficiency and environmentally sensitive choices. MAAR is now offering the EcoBroker Designation online at a $50 discount for a limited time. You can complete the required study at your own pace. Get the details online and go green today! Use code MAAR107 in the promo code box to activate the discount pricing. The discount is only valid through March 31.

Youth Villages 5K Applications Available
Stop by MAAR today to pick up your Youth Villages 5K application and register for the race. The 5K run/walk is on Saturday, April 19, at Ridgeway Center. T-shirts are for sale in the MAAR store for $15 each. Contact Katie Shotts at (901) 818-2435 or katie.shotts@maar.org for more information.

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.

NAR's Leadership Academy Seeks Applicants
Structured around national meetings, the Leadership Academy is a nine-month, five-state training and development program designed to identify and develop potential leaders for the National Association of REALTORS®. REALTOR® members who are interested in pursuing leadership opportunities at the national level but have not yet been actively involved in leadership positions are encouraged to apply. Applicants must have some formal leadership training experience either through a local or state REALTOR® association or another program, such as a military or community leadership program. The application process must be completed online between March 24 and April 28. NOTE: Last' week's Weekly REALTOR incorrectly stated that the MAAR Education Foundation would assist with expenses for any MAAR member selected; the Foundation is considering this at its April meeting. We apologize for the error.

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.

INDUSTRY NEWS

Joining Bullish Consumers in Their Optimism March 27, 2008
Even in the face of skepticism over the nation’s economy, more consumers are seeing opportunity in today’s housing market, according to a new survey.

More Consumers Ponder Home Purchase March 26, 2008
The number of people who say they plan to buy a home in the next six months rose slightly this month, despite an overall drop in consumer confidence.

How to Survive in a Buyer's Market March 26, 2008
If life were a TV show, this would be "Real Estate Survivor."Whether you get voted off the island or not will depend on how quickly you adopt the following five key "Survival Strategies" you will need to survive this buyer's market.

Existing Home Sales Rise in February March 24, 2008
Market activity has been relatively stable since September.

When Media Coverage, Industry Interests Clash March 21, 2008
Market news draws wrath of real estate professionals.

Upcoming Education and Events

Talk Shoppe Presents "Buying Real Estate at a City of Memphis Tax Sale"
Pamela Pope Johnson of Linebarger Goggan Blair & Sampson, LLP, will present this free seminar on Wednesday, April 2, 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.

Rookie Resource: Increase Your Sales by Understanding Credit Scores and FHA
Understanding the basics of credit scoring will ultimately help you to help your clients, as well as help you manage your own credit. On Wednesday, April 2, from 2 to 5 p.m., Lisa Reid, loan officer with Magna Bank, will get you up to speed on how credit scores are calculated, what the scores mean, what impacts scores, how to dispute inaccuracies, your rights as a consumer, and how to raise a credit score. Following that, Lisa will bust myths and weigh in the facts about FHA financing, which is estimated to represent up to 50 percent of anticipated sales in our lending area. To register, please e-mail nicci.lundquist@maar.org. The cost is free for MAAR members.

RPAC Presidential Reception on April 3
The Annual RPAC Presidential Reception honoring members who have contributed $250 or more to RPAC in 2007 and/or 2008 will be held on Thursday, April 3, at the private residence of MAAR members Frank and Grace Uhlhorn from 5 to 7 p.m. The address is 8559 Dogwood in Germantown – just a few minutes from MAAR! You must make a reservation to attend the reception. Please call (901) 818-2423 or e-mail aubrie.kobernus@maar.org to RSVP.

WHM: Avoiding the Predators
Join Memphis Area Legal Services Attorney Webb Brewer, on Friday, April 4, from 2 to 4 p.m. at MAAR for this 2-hour CE credit course that teaches you how to identify common predatory lending practices and characteristics, including applicable laws and important loan documents. The cost is $20 for MAAR members and you can register online.

Good Ethics = Good Business (NAR Ethics)
This course gives the history and development of the NAR Code of Ethics, as well as the duties owed to fellow REALTORS®, your clients and customers. Ethical and unethical behavior is defined through examples and progressive discussion to ensure the public interest is protected through your service.  Good Ethics = Good Business is Monday, April 7, from 8:30 to 11:30 a.m. at the Germantown Center (1801 Exeter) and is free for MAAR members and approved for 3 hours CE.  This course will satisfy your 2005-2008 NAR Quadrennial Ethics Requirement.  Register online.

If You Don't List, You Don't Last: How to Master Listings
"How to Master Listings" is a lively presentation designed to help you discover new prospecting methods, how to get the appointment, prepare and deliver the listing presentation, and verify you have a listing that will sell!  This course is being held at MAAR from 1 to 4 p.m. on Monday, April 7, for 3 hours CE credit.  The cost is $30 for MAAR members and $50 for non-members.  Register online.

GRI 2: Smart Marketing
This two-day (16-hour) program highlights the skills and tools needed to enhance residential listing and sales success - including communications skills, prospecting and farming strategies, competitive market analysis (the CMA), more effective listing presentations, how to better prepare a property for the marketplace, new marketing tools and activities, personal promotion (in person, in print, and online), target marketing, working more effectively with new home builders, time management, and goal-setting for results!  The class is April 8 and 9 at MAAR for 16 hours CE.  The cost is $210, but if you register by April 1 you’ll receive a $20 discount.  To register, visit www.tarnet.com.

April Membership Luncheon: Navigating the Changing Mortgage Landscape
In today’s changing environment, it's more important than ever for REALTORS®, home builders, and mortgage lenders to work together to find the right financing solutions for their clients’ individual situations. Fran Warner of First Tennessee Home Loans and West Beibers of Delta Mortgage will review recent changes in the lending marketplace and how they will affect your day-to-day business. The luncheon will be Wednesday, April 9, starting at 11:45 a.m. at The Esplanade, 901 Cordova Station Avenue. Register online or by calling (901) 818-2444 no later than 5 p.m. Friday, April 4. If you have a question you'd like our speakers to consider addressing during their presentation, please e-mail it to communications@maar.org. Sponsored by Mid South Title.

SRES: Senior's Real Estate Specialist
The SRES Designation course seeks to instill knowledge and understanding of 50+ clients and customers – the fastest growing market in real estate.  As an SRES designee, you will be able to: evaluate your market attractiveness to the 50+ market; master the vocabulary range of housing options for the 50+ market; develop business building outreach and counseling methods; assemble a team of experts; learn about reverse mortgage issues and recognize loan scams that victimize 50+ borrows; identify key life stages affecting housing choices; develop services that win and sustain client and customer relationships and trust; plus a whole lot more.  MAAR is offering the SRES on April 10 and 11, from 9 a.m. to 4:30 p.m. both days for 12 hours CE credit.  The cost is $399.  Register online.

IREM Luncheon Meeting
IREM Memphis will hold its regular monthly luncheon meeting on Thursday, April 10, at noon at The Tower Room. Guest speaker Danny Buring of The Shopping Center Group will discuss the Ridgeway Trace development. Cost is $25 for guests. Register online at www.irem-memphis.org.

TransactionDesk Basics
The purpose of this course is to explain the benefits and uses of the Tennessee Association of REALTORS® TransactionDesk online forms management program.  A live internet demonstration on TransactionDesk features will accompany the presentation so students will be able to visualize the process and mechanics of the system, and apply them to their own usage. The course will be held Monday, April 14, from 9 to 11 a.m. for $10.  Register online.

MLXchange & Technology

New Required Fields in MLXchange
Effective Monday, March 31, the Directions and For Appt. Call fields will be required on all listings in MLXchange. These fields must be completed for any new listings or on any existing listings that are changed (including status and price changes) in order for the changes to be saved.

MLXchange Tip of the Week - Statistics
Have you noticed the Statistics button at the bottom of the Search Criteria or Search Results windows? The Statistics feature in MLXchange can quickly provide you with data on the properties in your search results. The Statistics printout reports the high, low, average, and median statistics for the number of bedrooms and baths, list price, sale price, days on market, and price per square foot. Click here to view an example of the Statistics Report.

MLS Rules & Etiquette Reminder: Reporting Resolution of Contingencies
The listing broker shall report to the MLS within forty-eight (48) hours that a contingency on file with the MLS has been fulfilled or renewed, or the agreement canceled. 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