A Publication of the Memphis Area Association of REALTORS®
August 29, 2008
Volume 13, Number 34

In this Issue

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

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for August 28 and change from previous week:

MAARket Snapshot

Pending sales recorded, total active listings, and total new listings according to MAAR MLS for week ending August 24 and change from previous week.

Join MAAR online at:

In the News

MAAR NEWS

MAAR Commercial Council and Xceligent Partner for New Commercial Database System
The new commercial database system, MAAR CDX, will debut on Monday, September 1. Right now, Xceligent researchers are calling every company in the market that has commercial listings and gathering that listing information so that every listing is included in the new system and is represented as accurately as possible. Including your listings is absolutely FREE, regardless of whether or not you sign up for service. Please respond to Xceligent’s requests for information. For more information about the new system, call (901) 818-2423 or (901) 818-2428.

MAAR Begins Advertising First-Time Buyer Tax Credit
This past Sunday, MAAR began running ads in the Commercial Appeal highlighting the first-time buyer tax credit provisions of the recent housing legislation. This credit is an excellent opportunity for for buyers who have either never owned a home or have not owned a principal residence in the past three years. The ads will continue for the next two months. We encourage you to download the ads and share them with your clients and prospects. In addition to these ads, MAAR is supporting the Memphis Area Home Builders Association in advertising the tax credit and the expiration of seller-funded down payment assistance on several area radio stations. You can download and listen to the radio spot.

MLS Rules & Regulations Amended
The Board of Directors recently adopted two significant changes to the MLS Rules & Regulations:

(1) An increase on the maximum fine for violations of Section 8 (Lockboxes and SentriCards), Sections 10.3, 10.4, and 10.5 (Login ID or Password), Section 13.1 (MLS Download and IDX Server Restrictions) to $15,000. Said change allows a hearing panel to recommend, among other NAR-approved sanctions, a fine of up to $15,000 for anyone who, after a Professional Standards hearing, is found to have violated any of the aforementioned Sections.

(2) Restrictions on the use "MLS" and "Multiple Listing Service." Said change prohibits MLS Participants, Subscribers and licensees affiliated with Participants from using "MLS" or "Multiple Listing Service" in the name of their firm, their URLs, their e-mail addresses, their website addresses, or in any other way to represent, suggest, or imply that the individual or firm is an MLS, or that they operate an MLS. Additionally, MLS Participants, Subscribers and affiliated licensees are prohibited from representing, suggesting, or implying that consumers or others have direct access to MLS databases, or that consumers or others are able to search MLS databases available only to Participants and Subscribers. Said change does not prohibit MLS Participants, Subscribers and affiliated licensees from representing that any information they are authorized under MLS rules to provide to clients or customers is available on their websites or otherwise. Violations of the above-described prohibitions could be the basis for an ethics complaint alleging violation of Article 12 of the REALTOR® Code of Ethics, which requires that "REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations."

To familiarize yourself with more MAAR MLS rules, click here.

Donate $100 or more to RPAC and get a gourmet Chocolate Extravaganza Cake!
For the months of September and October, if you give $100 or more to RPAC, you will receive a gourmet Chocolate Extravaganza Cake made just for you by Ryan Guess, a MAAR-member, mortgage broker, and gourmet chef!  Please click here for more details.

Habitat Fall Build Begins September 12
Please plan to join us at the MAAR/Mortgage Bankers Association Habitat build site, located at 5157 Chantilly in Northaven from September 12 through October 25. We are offering two Thursday build dates for the first time this year in addition to the Saturday morning and afternoon shifts. Please consider giving your time and energy to help build a house for this deserving family! For more information, please contact Katie Shotts at (901) 818-2435 or katie.shotts@maar.org. To sign up, please complete the volunteer registration form.

Semi-Annual MLS Fees Now Past Due
MLS fees for the period September 2008 through February 2009 are now past due. You can view your invoice and pay securely online. MLS users whose payments are made online or received in the MAAR office after 5 p.m. on September 2 will be assessed a $50 late fee and individual MLS services could be suspended. Suspended MLS service could take up to 2 business days to reactivate. Please allow 5 business days for mail delivery and processing of payments.

City of Memphis Getting Tough on Enforcing Sign Ordinance
The City of Memphis is cracking down on the illegal sign ordinance which specifies that no sign or advertising can be displayed on public property. This includes "House for Sale" signs and directional signs that are posted on a street corner, median, or in the grassy area between a sidewalk and the street in front of a property. Violation of the ordinance will not only result in having your sign confiscated, but after 10 offenses, you face of fine of $500 and court costs on each of the 10 offenses. 

Call for 2009 President-Elect Candidates
Former and outgoing Directors interested in serving as the 2009 President-Elect, should complete the nomination form and return to MAAR no later than 5 p.m. Tuesday, September 9. Interviews all President-elect candidates will be conducted on Friday, September 12 at 1:30 p.m. Per the MAAR Bylaws, it is possible that the Directors will vote the same day as the interviews; however, if the Directors feel they need more time, a subsequent special-called meeting will be scheduled. For more information, contact carol.culpepper@maar.org.

Education Scholarships Available
The MAAR Education Foundation is accepting applications for the Professional Designation Scholarship and the Newman Cross, CCIM Memorial Scholarship.  For an application and application criteria, visit www.maar.org/ce/scholarships.asp. Those awarded a Professional Designation Scholarship will receive $250 towards the designation course of their choice.  Those awarded a Newman Cross, CCIM Memorial Scholarship will receive full tuition to the CCIM course of their choice.  Take advantage of this great opportunity!

INDUSTRY NEWS

Long-Live Full-Service Commissions Aug. 27, 2008
Perspective: How technology can work to secure your value.

Add Firepower to Real Estate Presentations Aug. 26, 2008
Perspective: An arsenal of ideas for agents.

Sellers May Want to Offer Assumable Mortgage Aug. 26, 2008
A buyer who can qualify with the lender can step into a mortgage without having to come up with a down payment or closing costs.

Existing Home Sales Hit Five-Month High Aug. 25, 2008
Sales in July picked up significantly in several Florida and California markets, helping to boost existing-home sales 3.1 percent over the prior month.

Home Prices are Down, But Stabilizing Aug. 22, 2008
Despite a rise in foreclosures, U.S. home prices appear to be stabilizing, according to a mortgage analysis company.

Finding a Pulse in Local Real Estate Markets Aug. 22, 2008
National stats can overlook micro trends.

Upcoming Education and Events

TN RLI Chapter Membership Meeting
The Tennessee Chapter of RLI will hold a membership meeting on Tuesday, September 2, from 2 to 4 p.m. at MAAR. Contact Glenn Bascom at (901) 867-7988 for more information.

Talk Shoppe Presents "Powers of Persuasion: Keys to Understanding How to Help Others Make Quick Decisions"
John Sylvester of JMS Strategies will present this free seminar on Wednesday, September 3, 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.

MAAR Rookie Resource: Tech Tools for New REALTORS®
Come to this two-hour session from 2 to 4 p.m. on Wednesday, September 3, to gain a better understanding of the types of technology tools agents can utilize to better service their clients and increase business productivity. Some of the technologies discussed will include: MLXchange, Web sites, IDX, domain names, laptops, smart phones, MAARdata, digital photography, social networking, and more! Register online.

Appraisal Institute Quarterly Meeting
The Memphis Chapter of the Appraisal Institute will hold its quarterly chapter membership meeting on Thursday, September 4, at noon at the University of Memphis Holiday Inn. The program will feature a presentation on Appraisal Fraud by FBI Memphis Agent Howard Marshall. Cost is $25 for guests. RSVP to aimemphis@centurytel.net by noon, Thursday, August 28. For more information call (901) 218-0782.

MAAR Annual Meeting and Election
Balloting for 2009-2010 Board of Directors members and amendments to the MAAR Bylaws will take place Thursday, September 4, at the Annual Meeting and Election. Polls open at 3:30 p.m. until a quorum in established. The Annual Meeting begins around 4 p.m. followed by a reopening of the polls and a celebration party with food, drinks, and live entertainment. Back by popular demand is the RPAC dunk tank - come dunk your broker or a MAAR board member to raise money for RPAC. Polls close at 6 p.m. and winners will be announced shortly thereafter. Information on candidates and proposed Bylaws amendments and other action needed at the meeting are available online. If you can't attend please download and submit an absentee ballot no later than noon on Thursday, September 4.

RLI Land 101
Whether you are interested in attaining the Accredited Land Consultant Designation, or if you need 16 hours of CE and would like to learn more of the "ins and outs" of selling land, please consider joining the Memphis-based Tennessee REALTORS® Land Institute Chapter on September 11 and 12 for the Land 101 class. Tennessee's own Keith Morris, ALC, current vice president of the National REALTORS® Land Institute and the incoming 2009 National president, will be the instructor for the class. This two-day course covers land types, the fundamentals of land brokerage, tax deferred 1031 exchanges, determining market value, property rights and restrictions, subdivision and assemblage, and environmental and regulatory issues. Click here for a detailed course outline. Class will be held September 11 & 12 from 8:30 a.m. to 5 p.m. both days at MAAR. Register online or call (901) 218-0782 for more information.

CI 101: Financial Analysis for Commercial Investment Real Estate
This flagship CCIM course offers an array of financial analysis concepts and calculations to help you make sound commercial investment real estate decisions. You will learn the fundamentals of profitable investing and apply these concepts to commercial properties. Advanced analyses covered throughout the course include the real estate cash flow model and time value of money. In addition, you'll learn how to accurately measure investment value and performance of a given property. The course concludes with two comprehensive case studies in which you apply your newly acquired knowledge and skills to real-world scenarios. Class meets September 15-19 from 8:30 a.m. to 5:30 p.m. each day at MAAR. Visit www.ccim.com for more information or to register.

MLXchange & Technology

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