A Publication of the Memphis Area Association of REALTORS®
June 27, 2008
Volume 13, Number 26

In this Issue

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

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for June 26 and change from previous week:

MAARket Snapshot

Pending sales recorded and total active listings according to MAAR MLS for week ending June 22 and change from previous week.

In the News

MAAR NEWS

Join the Conversation at MAARtalk - MAAR's New Blog
MAAR has joined the blogosphere with MAARtalk - our new blog that covers news, thoughts, and commentary about Memphis-area real estate. While geared toward MAAR members, the blog is open to the public and we hope you'll take a look and join in the conversation by making comments to posts you see. If you're interested in becoming a contributor and writing your own posts, review the short contributor guidelines and contact Scott Sherrin at scott.sherrin@maar.org or (901) 818-2434 for more information. In each Weekly REALTOR® we'll include highlights from the past week's conversation so you can get an idea of what your fellow REALTORS® and members of the public are talking about. This week there's a link to a great foundation article on short sales. Check out at www.maartalk.com.

Nominating Committee Seeks Director Candidate Recommendations
MAAR's Nominating Committee soon will begin their work to identify candidates for the 2009-2010 Board of Directors. If you or someone you know is prepared to commit your time, talents, and passion to make a difference by being a part of MAAR’s leadership team, please send an email to that effect to carol.culpepper@maar.org no later than Monday, July 7. All submissions will be shared with the Nominating Committee for their consideration. The Nominating Committee will contact only those persons who are selected as to run as Director candidates.

REALTOR® Prize Patrol Finds Third Winner
Of the members spotted wearing their REALTOR® pins during the week of June 16, Shannon Hoff of McWaters & Associates 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.

Lockbox Alert
The seventh lockbox was reported stolen on June 23, the first since May 1. Six of the seven houses were vacant, and nothing was stolen from four of them. The door knob was broken off of the last three with no sign of entry. Check your properties frequently and report lockbox break-ins to us immediately by calling Jules Wade at (901) 818-2414. The sooner a break-in is reported the greater the possibility a neighbor will remember noticing someone around the property.

TAR Accepting 2009 Committee Requests
TAR is now accepting requests for appointment to a 2009 TAR committee or task force. To be considered, complete the request form and submit it no later than August 15.

No Weekly REALTOR® Next Week
Due to the Independence Day holiday, the Weekly REALTOR® will not be published and the MAAR office will be closed next Friday. The Weekly REALTOR® will resume publication on Friday, July 11.

INDUSTRY NEWS

Existing Home Sales Show Modest Gain June 26, 2008
Housing inventory falls 1.4 percent to a 10.8-month supply.

More Signs Housing Near Bottom June 25, 2008
Plunging home prices have been exceeded by losses in the stock market. No wonder consumer confidence is at its fifth lowest rate ever. That's exactly why it's time to get happy.

New Plan Could Shape Uptown, Pinch Future June 25, 2008
The pace of development on the north end of Downtown Memphis, particularly in the neighborhood known as Uptown, has outgrown planning guidelines and a zoning framework for the area that are several years old.

Home-Value Web Sites Miss the Mark June 24, 2008
Though increasingly popular, computer-generated estimations don't reflect home conditions or improvements, and may not provide accurate property descriptions.

Home-Equity Loans Harder to Come By June 23, 2008
Lenders tighten rules as home values fall.

Hundreds Charged in Fraud Sweep June 20, 2008
A crackdown on mortgage fraud in recent months has led to charges against more than 400 developers, mortgage lenders, lawyers, real estate practitioners, and appraisers since March.

Tap Into Gen X, Gen Y Goldmine June 20, 2008
If you're not marketing listings with video, you're missing out.

Upcoming Education and Events

Talk Shoppe Presents "How to Do Real Estate Evictions"
Attorney Craig Beard will present this free seminar on Wednesday, July 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.

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.

CI Introduction to Commercial Investment Real Estate Analysis
Register now for the upcoming CI Intro course hosted by the Memphis Metro CCIM Chapter July 24 and 25 at MAAR. Enhance your knowledge! Introduction to Commercial Investment Real Estate Analysis provides an overview of every aspect of commercial real estate - from property inspection through follow-through after the property is sold. You will be introduced to the many ways to profit in the multi-faceted, dynamic field of commercial investment real estate. Learn with and from your peers and expand your contacts among commercial property practitioners. Every phase of commercial real estate analysis is represented through a real-world application to a real property. Cost is $350 for the two-day, 16-hour CE class. Register online or call the Chapter Office at (901) 218-0782 for more information. You don't want to miss this one!

MLXchange & Technology

One Day Codes and SentriLock Support
When giving out a one-day code to a contractor or other party, be sure to provide them with the SentriLock toll-free support number -(877) 736-8745 - so the contractor has someone to contact in the event they have trouble accessing the box. Also, let them know that they may have to "wake" the box prior to entering the code as after a period of inactivity the box does go into sleep mode to conserve battery power. You can wake the box by pressing and holding the "Enter" key or by inserting any card (driver's license, credit card, etc.) into the box card slot.

MLS Rules & Regulations Reminder
There seem to be some creative definitions of "variable commission" floating around in the marketplace. MLS Rules & Regulations define a dual or variable commission as one "in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker without assistance and a different commission if the sale/lease results through the efforts of a cooperating broker; or one in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker either with or without the assistance of a cooperating broker and a different commission if the sale/lease results through the efforts of a seller/landlord." Further, the existence of a variable commission "shall be disclosed by the listing broker by the Keyword required by the MLS. The listing broker shall, in response to inquiries from potential cooperating brokers, disclose the differential that would result in either a cooperative transaction or, alternatively, in a sale/lease that results through the efforts of the seller/landlord. If the cooperating broker is a buyer/tenant representative, the buyer/tenant representative must disclose such information to their client."

MLXchange Tip of the Week - Calculating Buyer's Closing Costs or Seller's Net Proceeds
Have you been looking for a way to calculate your buyer's closing costs or a seller's net sheet? Remember that links to these calculators are located under Smart Links in the Resources box on the MLXchange home page. The Buyer's Closing Costs and Seller's Net Sheet are now also available from "My Sidebar," which is available on the left side of any window in MLXchange. Whichever way you choose to access them, these calculators are designed specifically for the Memphis area and take into account local tax information and standard rates for many of the other services related to closing.

Got Questions? TAR's inFORM Tool Has Answers
When using TAR's online forms, are you uncertain what to place in a blank? Are you not sure what a paragraph really says or means? Do you need to know what other supporting forms to use in conjunction with a form you are using now? Take advantage of TAR's inFORM tool, which can be accessed once you are logged into TAR's TransactionDesk. It’s as simple as the click of a mouse.

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