A Publication of the Memphis Area Association of REALTORS®
June 20, 2008
Volume 13, Number 25

In this Issue

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

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for June 19 and change from previous week:

MAARket Snapshot

Pending sales recorded and total active listings according to MAAR MLS for week ending June 15 and change from previous week.

In the News

MAAR NEWS

More Options Available for Reporting Pendings in MLS
It's easy to report a Pending to MLS and communicate if it's iffy. Unlike the good ole days, we have several options for the listing agent. Out of courtesy to your fellow REALTOR® who may be placed in an embarrassing situation by an Active that's not Active, follow the MLS rules and report the true status within 48 hours of any status change. If it's iffy, instead of selecting Pending, change the status to Active Contingency. Then, select one of the sub-statuses in the Contingency Type field at the bottom of the listing form. Have a foreclosure listing under contract or other unique situation? Choose the sub-status CLAGT (Call Agent*) or one of the other eight sub-statuses in MLXchange and explain the contingency in the REALTOR® Remarks. Providing this information up front is much more efficient than waiting for a call from a fellow REALTOR® and wasting their time and yours. Remember Standard of Practice 3-6 of Article 3 of the Code of Ethics: Realtors shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. Help each other out and clean up your listing statuses - it's the professional thing to do. Click here to learn more about changing a listing status.

ListHub Adds New Distribution Channel
Principal Brokers who are ListHub.net subscribers, you have a new distribution channel for your listings: Frontdoor.com. This is an online real estate listing and information service powered by HGTV, the No. 1 source for home-related media content. This site currently offers more than 1.5 million listings of homes for sale and partners with top real estate brokerages throughout the U.S. In addition, Frontdoor.com provides exclusive, original expert advice and videos featuring nationally known talent and a comprehensive library of engaging, interactive real estate tools, guides, and information. PLEASE NOTE: if you selected "subscribe to all" when creating your account, there is no action required to add the NEW Frontdoor.com site. Your listings will automatically begin to display on Frontdoor.com. If you opted to individually select the channels to advertise with then you will need to log in to your account, click "channels," and select Frontdoor.com. For questions about this or the Listhub service, please contact TechSupport@MAAR.org or call us at (901) 818-2455.

REALTOR® Prize Patrol Finds Second Winner
Of the 60 members spotted wearing their REALTOR® pins during the week of June 9, Gail Spinosa of RE/MAX on Track 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.

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.

INDUSTRY NEWS

How Top Producers Do Short Sales June 18, 2008
Short sales are the most expensive aspect of any real estate transaction, due to the negotiations involved. It is extremely important to ask for more commission and reduce your time invested. It can easily be done by being more selective with the short sales you choose to work.

Get Creative with Seller Financing June 17, 2008
Who says banks should say who gets to buy a home? Right now, banks are turning away good borrowers, choking home sales. What's the answer -- seller financing. Here's how to do it.

Greenspan Predicts Rise in Interest Rates June 16, 2008
The former Federal Reserve chief says a tighter monetary policy will be needed to keep inflation under control, and that will drive up rates.

FHA Waives 90-Day Waiting Period for Resales June 13, 2008
Change intended to help lenders get REOs off the books.

Forget Open Houses; Plan an Event June 13, 2008
One top-selling practitioner says it's smart to abandon traditional open houses and instead do a "Tour of Homes."

Fed: Lenders Still Tightening Standards June 13, 2008
Demand picks up in Philly, Cleveland, K.C., Dallas.

Finally, Financial Columnists Write Positive Housing Stories June 13, 2008
John Wasik, a columnist for Bloomberg News actually wrote a positive story about housing. Is the sun finally coming out for real estate?

Upcoming Education and Events

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.

Talk Shoppe Presents "The Mastermind Principle: Propelling Your Way to Success By Giving and Gaining Ideas"
Come prepared to share your business goals and recent successes and challenges at this free seminar on Wednesday, June 25, 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.

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.

TREC Core Course (07-08)
The 2007-2008 TREC Core Course covers communication issues with customers and clients, ethical and legal guidelines for dealing with cooperating agents and brokers, recent changes in Tennessee law and the REALTOR® Code of Ethics, common agency issues, responsibilities and liabilities of principal brokers, and what communication is and is not required in commercial transactions. This course is mandatory for all licensees required to have 16 hours of CE credit to renew their license. The next offering is Thursday, July 10, from 8:30 a.m. to 12:30 p.m. at MAAR for 4 hours CE credit. The cost is $20 for members. Register online.

MLXchange & Technology

MLXchange Tip of the Week - Search Expiration
Did you know that auto-notification searches in MLXchange are set to expire after 180 days? When a search is about to expire, a reminder appears in the Prospecting box on the MLXchange home page. You will also receive an e-mail reminder about searches expiring within five days. You can easily modify these saved searches to last an additional 180 days. Click here for detailed instructions.

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