A Publication of the Memphis Area Association of REALTORS®
July 18, 2008
Volume 13, Number 28

In this Issue

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

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for July 17 and change from previous week:

MAARket Snapshot

Pending sales recorded and total active listings according to MAAR MLS for week ending July 13 and change from previous week.

Join MAAR online at:

In the News

MAAR NEWS

June Market Report Released; Several Areas Show Pricing Gains
MAAR released the June Market Report on July 16 showing pricing gains in several areas in Shelby County as well as in all of Fayette and Tipton Counties. Download the complete report that details market performance for June.

Shelby County General Election: Early Voting Begins Friday, July 18
MAAR has been busy over the last month interviewing candidates running in the upcoming Shelby County election.  The election will be held on Thursday, August 7, with early voting from Friday, July 18, to Saturday, August 2.  MAAR invited all candidates running for office to participate in the candidate interview process.  Before voting, download the list of MAAR-recommended and RPAC-supported candidates.

New TV Show Promotes Local Homes for Sale Through Cooking
This House is Cooking, a new TV program created by MAAR member Karen Moore, will showcase local homes for sale while offering viewers a full cooking demonstration in the home's kitchen. While Karen Moore will provide a tour of the home, her actress/cook daughter, Aryen Moore-Alston will prepare Italian, Asian, American, and Southern cuisines in the home's kitchen. The first episode will air on Saturday, July 26, at 2 p.m. on WPTY-ABC 24.

Annual Cost vs. Value: Take the Survey
REALTOR® magazine, in cooperation with Remodeling magazine, is surveying real estate practitioners for the 2008 Cost vs. Value report. Tell us about the returns that sellers in your market can expect from home remodeling projects, and you'll be entered into a raffle for one of four $500 prizes. Take the online survey.

Save the Date and Wine Down for Habitat!
This year's Habitat Kick-off Party is on Thursday, August 21, at 5:30 p.m. in the MAAR Education Center. Tickets are on sale now for $25 each for the Wine Tasting at 4:30 p.m.  Or, get a team of four together and register for the Wine Race, beginning at 4:30 p.m.  We are also seeking donated items for our silent auction, all proceeds of which go toward the MAAR/Mortgage Bankers Association Habitat house.  If you need more information, would like to purchase a ticket to the Wine Tasting, register for the Wine Race, or contribute an auction item, please contact Katie Shotts at (901) 818-2435 or katie.shotts@maar.org.

Wanted: REALTORS® Interested in Reaching Out to Memphis' International Community
United Housing is looking for REALTORS® interested in reaching out to Memphis' immigrant community to join a focus group for discussion. Interested members should contact Aubrie Kobernus at (901) 818-2423 or aubrie.kobernus@maar.org for more details.

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.

INDUSTRY NEWS

Home Buyers Hopeful About Market July 16, 2008
Nearly half of survey respondents believe real estate opportunities will improve after the presidential election.

Fed Issues New Lending Rules July 15, 2008
The Federal Reserve on Monday adopted new rules designed to protect home buyers from the kind of loans that drove many into foreclosure. Read about the new lending requirements.

Feds Give Fannie, Freddie Access to Capital July 14, 2008
Crisis in confidence not affecting mortgage markets.

Restoring the Housing Market July 14, 2008
Perspective: The real estate rule of law.

Finding the Right Niche July 12, 2008
In today’s challenging real estate market, having a niche in is a way to differentiate yourself and reach certain buyers and sellers with greater success.

Nonprofit Opens Vast Database to Public July 11, 2008
PolicyMap shows real estate, lending, demographic trends.

Many Underestimate Credit Score Importance July 11, 2008
Credit scores are critical when applying for a mortgage but new research shows that many Americans don't understand how the system works. Is it time you have a credit score talk with your customers?

Upcoming Education and Events

The New Negotiating Edge - A Five-Step Behavioral Strategy
Participants will leave this seminar with not only a complete understanding of the most current, innovative and effective negotiation strategies, but also with specific real estate applications for their day-to-day negotiations with and for their clients.  Course content includes the fundamental axioms of negotiating; the barriers to agreement and how to break through; the ASK-LISTEN-LEARN-LEAD sequence; uncovering a client's true motivation; how your client communicates and "PLAYS THE GAME;" how to handle the most common seller objections (commission-ectomies, pricing); and how to handle the most common buyer objections (waiting for the perfect house, waiting for the "good deal" or writing low ball offers).  The New Negotiating Edge is approved for 8 hours CE credit and will be held Tuesday, July 22, from 8:30 a.m. to 5 p.m.  The cost is $95 through July 15; $115 after.  For members acquiring their CRS designation, this course will satisfy 1 CRS elective unit.  Register online.

Pathways to Professionalism (Code of 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. This course will satisfy your 2005-2008 NAR Quadrennial Ethics Requirement. "Pathways to Professionalism" is being held Wednesday, July 23, from 9 a.m. to noon for 3 hours CE credit. The cost is $15. Register online.

Talk Shoppe Presents "How to Buy Bank-Owned Real Estate Property"
Rob Stone of Real Estate Professionals will present this free seminar on Wednesday, July 23, 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.

Exclusively By Referral
This session focuses on developing and implementing client-centered strategies designed to create a large and steady flow of referrals.  The benefits of this exclusively by referral business model are more trusting, less resistant clients, more profit, and more free time to enjoy it!  "Exclusively By Referral" will be held Wednesday, July 23, from 1 to 5 p.m. for 4 hours CE credit.  The cost is $40.  Register online.

Selling Real Estate in Mississippi
The Northwest Mississippi Association of REALTORS® together with MAAR is offering a one-day seminar for the Tennessee agent desiring to do business in Mississippi. "Selling Real Estate in Mississippi" is designed to give the Tennessee licensee an understanding of the customs, rules, regulations and laws of a real estate transaction in Mississippi with special emphasis on agency and representation.  This course will help the Tennessee licensee avoid legal pitfalls.  If you are planning to do business in Mississippi this week or this year, this course is a must attend.  Please join us Wednesday, July 23, from 9 a.m. to 5 p.m. at the Northwest Mississippi Association (a mere 30-minute drive from Memphis).  The cost is $25.  Register online or call (662) 449-3553.

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 (800) 621-7027. For more information call (901) 681-0933. You don't want to miss this one!

July Member Luncheon: A Conversation with Rep. Steve Cohen
In this pivotal election year you won't want to miss this opportunity to hear an insider's perspective from first-term Rep. Steve Cohen of Tennessee’s 9th Congressional District, who will talk about real estate and what Congress is doing to improve the industry. Prior to his election to the U.S. House of Representatives, Rep. Cohen served 24 years in the Tennessee State Senate and two years as a Shelby County Commissioner. The luncheon will be Monday, July 28, starting at 11:45 a.m. at the University of Memphis Holiday Inn, 3700 Central Avenue. Register online or by calling (901) 818-2444 no later than 5 p.m. on Wednesday, July 23. Non-members, walk-ups, and no-shows will be charged $15. Sponsored by Repair USA. Bring an item for the Aug. 21 silent auction to benefit Habitat for Humanity and you'll be entered into the drawing for a bottle of wine!

Owner/Manager Forum: The U.S. Economy and Emerging Trends in Real Estate
In this exciting session, Dr. John Tuccillo, former NAR chief economist, will review the U.S. economy and how it affects the way we do business today and in the future. He will look at a Memphis-specific market analysis and share some surprising issues that impact our local economy. In addition, he’ll cover why the market is changing, where future growth is projected, and how it impacts your real estate business. The program includes enlightening forecasts that may change the way you think about your marketing and prospecting. The forum will be Wednesday, July 30, starting at 8:30 a.m. at the Fogelman Executive Center at the University of Memphis. Call (901) 818-2435 or e-mail katie.shotts@maar.org to register. Sponsored by First American Home Warranty.

MLXchange & Technology

MLXchange 4.3 will arrive in August!
MLXchange will undergo its next upgrade on Wednesday, August 6. While this is not an entire version upgrade, MLXchange 4.3 is a significant enhancement that will correct some existing issues in the systems as well as provide many new features, including broker level Web site capabilities, improved IDX search features, customized reports stationery, and much more. Click here for a complete list of the new features. Also, don't forget to keep your eye on the Weekly REALTOR® for upcoming tips on how to make the most of the MLXchange 4.3 enhancements.

MAARdata Taxes & MLXchange Autopop Updated
REALTORS® with city of Memphis listings, city taxes were reduced for 2008 from 3.43 to 3.25. Re-autopopping will edit the city tax field.

Start Your Search Here!
Recent studies have indicated that 78 percent of all buyers use the Internet to search for a home. Are you providing consumers this capability on your Web site? MAAR’s IDX solution is a property search feature that can be added to an MLXchange or personal web page that allows members of the public to search the majority of the local MLS listings, and the leads come back to you! For $8 a month, you can provide this invaluable feature to visitors of your site. To enroll, contact MAAR Technology Services at (901) 818-2455.

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