A Publication of the Memphis Area Association of REALTORS®
April 25, 2008
Volume 13, Number 17

In this Issue

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

Did You Know?

NAR Podcast Discusses Credit Market Changes
NAR President Dick Gaylord in his latest, podcast explains how REALTORS® can help their clients understand and leverage new underwriting policies of secondary mortgage market giants Fannie Mae and Freddie Mac, among other tips for navigating today's credit environment.

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for April 24 and change from previous week:

MAARket Snapshot

Pending sales recorded and total active listings according to MAAR MLS for week ending April 20 and change from previous week.

In the News

MAAR NEWS

Brokers: An Etiquette Presentation for Your Office
As part of MAAR's commitment to building an industry of professionals, the MAAR Education Foundation has made available for brokers' use a presentation on REALTOR® Etiquette.  Please feel free to download and use this complimentary presentation at your next sales meeting.  Included in the presentation are tips to provide excellent service, proper etiquette, and mutual respect and courtesy amongst REALTORS® and with your clients.  The presentation is available as a PowerPoint file or PDF.

April Real Trends Newsletter Available
The REAL Trends monthly newsletter is known as the trusted industry source for information on trends, strategies, analysis, people and news shaping the real estate industry of tomorrow. Through a special arrangement MAAR is able to provide Real Trends to our members at no charge. Click here for the April issue.

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 by April 28.

INDUSTRY NEWS

Lenders Stall Short Sales, Practitioners Say April 24, 2008
Some real estate practitioners say that mortgage lenders are worsening the housing downturn by taking months to make decisions on short sales.

Loan Servicers Treading Water April 23, 2008
Three quarters of seriously delinquent subprime borrowers were not headed for any loss mitigation outcome other than foreclosure at the end of January.

Think Twice Before Giving Up Home to Lender April 23, 2008
Many owners fail to grasp consequences of walking away from home.

New Rules for Borrowers with Foreclosures April 23, 2008
Fannie Mae will adopt higher minimum down payments and credit scores for borrowers with a foreclosure in their history.

Americans Bet High on Housing April 22, 2008
Survey: Despite troubles, more than half believe home ownership still attainable.

Rental Demand Pushes Rates Up April 22, 2008
Rise in rates is making rentals a less affordable alternative to owning.

Upcoming Education and Events

Pathways to Professionalism (Ethics)
This course will cover the background of the REALTOR® Code of Ethics, arbitration versus mediation, and your duties to the public, the property, and your peers. It will also address the new and revised articles for the Code of Ethics for 2008 and incorporate several different case studies. "Pathways to Professionalism" is being held Monday, April 28, from 1 to 4 p.m. at MAAR for $15 and 3 hours CE credit. This course will satisfy your 2005-2008 NAR Quadrennial Ethics Requirement. Register online.

Talk Shoppe Presents "The Mastermind Principle"
Come prepared to share your business goals, recent successes, and challenges at this free seminar on Wednesday, April 30, 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.

AI Quarterly Chapter Meeting
The Memphis chapter of the Appraisal Institute will hold its quarterly chapter meeting on Wednesday, April 30, at noon at the University Holiday Inn. Cost is $25 for guests. RSVP to aimemphis@centurytel.net by Friday, April 25.

MMDC Election Luncheon May 1
Join as we celebrate Turkey, this year's Memphis in May honored country, at the Multi Million Dollar Club Election Luncheon on Thursday, May 1, at The Racquet Club, 5111 Sanderlin. Polls open at 11:30 a.m. and will close at 12:30 p.m. Please make your reservation by April 29 online or by calling (901) 818-2444. If you cannot make it you may complete an absentee ballot and return it to MAAR no later than April 30.

Feeling Lucky?
Join WCR for a Night at the Races on Friday, May 2, at 5:30 p.m. in the MAAR Education Center! This event is a fundraiser to support WCR’s general membership education and scholarship funds. The line officers are selling tickets for $10 now, which gets you an Italian dinner and 5 betting chips to get you started. We’ll be showing several horse races throughout the evening and you can bet on your horse. Ladies - wear your derby hats!  Everyone is welcome. Sponsored in part by Home Surety Title. For more information, contact Jo Shaner at (901) 261-7919 or Ashley Krauch at (901) 374-0089.

HOPE NOW Homeownership Preservation Event
The City of Memphis, Shelby County Government, HUD, the Housing Counseling Network, and the Memphis Branch of the Federal Reserve Bank of St. Louis have teamed up with the HOPE NOW Alliance for a HOPE NOW Homeownership Preservation Event on Saturday, May 3, to allow borrowers to meet with their servicer or a counseling organization face-to-face to develop a workout solution that helps borrowers stay in their homes. The HOPE NOW Homeownership Preservation Event is FREE and open to the public and will be held from 11 a.m. to 5 p.m. in the Pipkin Building at the Mid-South Fairgrounds. Click here for more details.

WHM: Home Maintenance and Repair
"Home Maintenance and Repair" is a Welcome Home Memphis Affordable Housing Certification course about the responsibilities of home ownership, routine home maintenance, and repair loans. It is being offered Monday, May 5, from 2 to 4 p.m. for 2 hours CE credit at MAAR with instructor Bob Turner of Southern Properties. The cost is $20 for members and $40 for non-members. Register online.

Closings: From Start to Finish
Receive helpful hints and tips in negotiation, learn about the Mirror Image Rule and title insurance, and the steps taken after the contract is signed. "Closings" will be offered on Tuesday, May 6, from 1 to 4 p.m. at MAAR for 3 hours CE credit. The cost is free for MAAR members and $15 for non-members. Register online.

Rookie Resource: Skills for the Successful Agent of the Future
Do you have what it takes to succeed in today's marketplace? How about the marketplace of tomorrow? "Skills for the Successful Agent of the Future" will provide REALTORS with a solid "to-do" list to remain viable in the ever-changing world of real estate. Brand new agents will learn what’s needed to get started on the right foot in the business. This Rookie Resource Session will be held Wednesday, May 7, from 2 to 3 p.m. at MAAR. The cost is free. To register, please call (901) 685-2100 or e-mail nicci.lundquist@maar.org.

IREM Chapter Luncheon
IREM Memphis will hold its monthly chapter membership luncheon on Thursday, May 8, at noon at EP Delta Kitchen, 126 Beale St. Beth Flanagan, director of the Memphis Medical Center, will be speaking on the urban redevelopment in the downtown medical center and the $1 billion investment in the area. Click here to register.

WHM: Credit, Credit Scoring, and Credit Problems
This Welcome Home Memphis Certification course teaches you about the basics of credit and credit scoring, the Fair Credit Reporting Act, debt-to-income ratios, identification fraud, how consumers can improve their scores, and where consumers can go when they need professional help with their credit. The time is Thursday, May 8, from 2 to 4 p.m. at MAAR for 2 hours CE credit. The cost is $20 for members and $40 for non-members. Register online.

CCIM Portfolio Resume Workshop
The Memphis CCIM chapter will hold a portfolio resume workshop on Saturday, May 10, from 9 a.m. to 1 p.m. at MAAR to introduce new requirements and provide guidance on portfolio submission. CCIM candidates interested in attending should call (901) 218-0782 or e-mail memphisccim@centurytel.net to reserve a spot.

CPM Designation Course: Asset Analysis
IREM Memphis will hold the required CPM designation course "Asset Analysis Track" May 12 through 16 at MAAR. The Asset Analysis track is comprised of skill-based courses that, when taken in sequence, progressively build your knowledge of financing and valuation of real estate assets. You'll work hands-on with fellow participants to explore various models of financial analysis in three applications-based courses designed to help you capitalize on your real estate assets. Students will find the tools they learn here indispensable to the properties and the portfolios they manage. Click here to register. For more information call (901) 218-8221.

MLXchange & Technology

MLXchange Tip of the Week - Reporting Data Errors
When you notice errors in how a property is mapped or in the information provided in a listing, you can quickly report these problems to the MLS department at MAAR. From the Report Details page in MLXchange, click the Report Data Error link located on the left side of the window. This opens an e-mail dialogue box where you can type and send a short message describing the error. Having a system full of accurate data helps to create a better searching experience for everyone!

MLS Etiquette & Rules Reminder: One Day Codes
MAAR has a form for obtaining the home seller’s approval to activate the One Day Code. We strongly urge the use of this form. To access the form known as "LockBox Amendment and Supplement to Exclusive Listing Contract," go to www.maar.org, click Forms and Contracts, enter the password, and pick the form from the list. MLS rules do not restrict who may be given the code; however, the "LockBox Amendment and Supplement" gives the seller the option of allowing activation of the code 1) at any time without notice, 2) at any time with advance notice, or 3) only as expressly directed by the home seller.

e-PRO Informative Workshop Opportunity
Don't miss Paul Gaddes' free e-PRO Workshop at MAAR on Monday, April 28, from 9 to 10:30 a.m. Paul will teach you technology tips that will immediately help differentiate you from your competition! e-PRO is an online technology certification course which covers useful technology tips for agents. e-PRO is the only online technology certification course offered by the National Association of REALTORS® and it's NAR's fastest growing certification course. Attendees at this workshop will also have the opportunity to take advantage of the $25 discount for enrolling in the online e-PRO course. All existing e-PROs (and those currently enrolled in the course) who attend and bring a guest will receive an e-PRO pin ($25 value). Register online or by calling toll free 866-ePRONAR (866-377-6627).

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.

Donate Your Old Computers
If you have an old, but still functioning, computer in your closet or garage, recycle it! Dave Burns of Crye-Leike, REALTORS® is helping facilitate a computer recycling program offered through Covenant United Methodist Church, 8350 Walnut Grove Road. Simply take your computer to the church and qualified professionals will "flush" the hard drive and recondition the computer for use by organizations that need, but cannot afford, computer equipment (including inner-city churches and after-school programs). You can drop your used computer by the church gymnasium between the hours of 9 a.m. and 5 p.m. Monday through Friday (inquire at the reception desk about computer recycling). If you have a large number of computers, call Dave at (901) 619-2122 to arrange for pickup. Also, if you know of an individual or group in need of a donated computer, please let Dave know. They currently have about 15 computers waiting to be placed and since the project began, they have placed more than 200 computers with local organizations. Thanks to all REALTORS® who have donated computers.

Upcoming Technology Classes