A Publication of the Memphis Area Association of REALTORS®
June 13, 2008
Volume 13, Number 24

In this Issue

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

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for June 12 and change from previous week:

MAARket Snapshot

Pending sales recorded and total active listings according to MAAR MLS for week ending June 8 and change from previous week.

In the News

MAAR NEWS

It's Time To Hop Off The Fence Again
Now more than ever, consumers need REALTORS® who accurately portray the condition of our local market and can help them evaluate what's really happening with Memphis-area real estate. To help increase consumer awareness, MAAR is re-launching our Hop Off The Fence campaign. While the main theme of our campaign has not changed, we've made some enhancements to the campaign Web site - www.HopOffTheFence.com - and have expanded our advertising efforts to include print, mall, and movie screen advertising in addition to radio, outdoor, and online avenues. But we need your help in spreading the word and educating your own clients. We once again have yard signs and table tents available for you to place in your offices, at home, or at listed properties. Stop by MAAR today to pick up your supply - there's no cost and no limit to how many you can get, but once they're gone, they're gone!

REALTOR® Prize Patrol Finds First Winner
Of the 60 members spotted wearing their REALTOR® pins during the week of June 2, JoAnn Hughes of Crye-Leike was the winner in the prize drawing for a $50 Visa gift card and a copy of "The Dip" by Seth Godin. Could you be next? Be sure to wear your pin for your chance to win - those spotted with their REALTOR® pin on may be awarded a prize by the REALTOR Prize Patrol. Don't have a REALTOR® pin? Pick one up in the REALTOR® Store - they are on sale for $5 in June.

Membership Application Forms Updated
MAAR membership applications have been updated. Updated forms can be downloaded from the MAAR Web site.

TAR Accepting 2009 Officer Applications
TAR is now accepting 2009 officer applications. MAAR members are eligible to apply for Divisional Vice President (two-year term). Applications must be received by TAR no later than Monday, July 7. Contact Carol Culpepper for application materials.

Register Today for the Online CommercialSource Convention
The REALTORS® Commercial Alliance hosts the only online convention and trade show exclusively for commercial real estate practitioners set for June 17 and 18.  Learn more about the convention or register online.

INDUSTRY NEWS

Foreclosures Become Maintenance Burden June 10, 2008
Figuring out who actually has responsibility for maintaining a foreclosed property is difficult, but if someone doesn't step in, the home can quickly become a neighborhood eyesore.

Good News Cautiously Follows Rocky Week June 10, 2008
Rocked by four dollar per gallon gas, rising unemployment to 5.5 percent and a steep stock market decline, the nation is ready for some good news, and it just might come from the housing sector.

No-Downpayment Loans Still Out There June 9, 2008
Some options from Fannie Mae and Freddie Mac are intended for teachers, firefighters, and members of the military.

Pending Sales Up 6.3% in April June 9, 2008
Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, NAR says.

Reconnecting with First-Time Home Buyers June 7, 2008
While the headlines might appear a bit scary to first-time home buyers, this market actually represents a wonderful opportunity for them to buy homes at value prices.

Media Create Foreclosure Hysteria June 6, 2008
Number of actual REOs much smaller than reported.

Upcoming Education and Events

Contracts 101: Purchase and Sale Agreement
Contracts 101 provides an in-depth analysis of the Purchase and Sale Agreement (Form 9), with emphasis on the terms of the Agreement. The course also explores the use of Counter Offer(s) (Form 8). Contracts 101 will be presented by attorney Ron Poe of The Poe Firm, PC, on Monday, June 16, from 2 to 5 p.m. for 3 hours CE credit. The cost is $15. Register online.

CCIM Luncheon
The CCIM membership luncheon will be Tuesday, June 17, starting at 11:45 a.m. at the University Holiday Inn. A representative from Xceligent, MAAR's new commercial data exchange provider, will be demonstrating a preview of the software. Cost is $25 for guests. RSVP to memphisccim@centurytel.net.

Talk Shoppe Presents "When Passion & Purpose Collide: Motivation for Women Who are Making a Difference with Their Business"
Tammy Gunnels of Ladies Who Launch will present this free seminar on Wednesday, June 18, 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.

Owner/Manager Forum - MAAR Forecast Through 2010: Helping Build the Recovery in Memphis
The second Education Foundation research project of 2008 is complete and researcher Anne Randolph will be at MAAR on Friday, June 20, to present the findings. The report includes a forecast of the overall housing and mortgage market, key local industry trends that may impact the market, and home sales, pricing, and population growth projections for the Memphis area. All managing brokers/owners are encouraged to attend this forum at MAAR from 10 to 11:30 a.m. on Friday, June 20. Register online.

The Functional Side of the Code of Ethics for the Everyday Real Estate Practitioner
This is not your grandfather's Code of Ethics course where the instructor covers each of the seventeen Articles of the NAR® Code of Ethics. Not even! This course was written from the bottom up by an everyday full-time real estate practitioner specifically for real estate practitioners. Curtis Hall, nationally renowned co-author of the original Accredited Buyer's Representative (ABR) course and frequent guest instructor for MAAR, brings a wealth of experience as an association mediator, Grievance & Professional Standards Committee member, and expert witness in matters of real estate law, ethics, and standards of practice. The course is steeped in the realities of life as a real estate practitioner coupled with risk management techniques from the author’s personal real estate practice, all of which are deeply rooted in the very core of the Code of Ethics. The "Functional Side of the Code" will be offered Wednesday, June 25, from 9 to noon and again from 1 to 4, for 3 hours CE. The cost is $15. This course will satisfy your 2005-2008 NAR Quadrennial Ethics requirement. Register online.

SRS: Seller Representative Specialist
This two-day program focuses on providing the REALTOR® practitioner with the tools necessary to represent seller clients in a variety of formats. Particular attention is given to differing listing models, office policies, field issues, legal and code ramifications, and representing sellers in today's changing environment. Topics include manual and electronic methods of procuring listings, securing the listing, staging the property and marketing venues, representing the seller client when converting consumer inquiries, co-brokering with cooperating agents, protecting the interests of the client when fielding multiple offers, negotiating the offer, inspection phase issues, and following the pending transaction to closing. The SRS designation class is being held June 26-27 for 12 hours CE credit at MAAR. The cost is $230 through June 12 and $260 after. Register online. Visit www.srscouncil.com for more information about the SRS Designation. The SRS Designation is not affiliated with the NAR designation family.

MLXchange & Technology

Technology Tip of the Week - SentriLock
Looking for answers to your questions about SentriLock cards or lockboxes? Not sure how to create a 1 Day Code? Wondering how to print a lockbox Access Report? Click here to log in and visit the SentriLock Technical Support site. This site offers FAQ documents, manuals, training videos, and tutorials for common SentriLock questions and problems.

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. The FAQ session on June 16 has been cancelled.

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