A Publication of the Memphis Area Association of REALTORS®
September 5, 2008
Volume 13, Number 35

In this Issue

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

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for September 4 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 31 and change from previous week.

Join MAAR online at:

In the News

MAAR NEWS

New Board Members Elected, Bylaws Changes Passed at Annual Meeting
Congratulations to the following members elected to serve on the Board of Directors for 2009-10:

• Associate Director Randy Jefferson, Hobson Co.
• Director Steve Guinn, Highwoods Properties
• Director R. Darnell Tate, ERA Legacy
• Director Betsy Kelly, Hobson Co.
• Director Michael Green, John Green & Co
• 2009 Director/2010 Vice President Lanny Foy, Crye-Leike

Thanks to those members who agreed to run as candidates this year and to those who participated in voting. In addition to the board elections, members also passed the proposed Bylaws amendment and approved the request of the Board of Directors. You can read both here.

Be Cautious in Giving Out One-Day Codes to Agents
Several members have contacted MAAR regarding increased requests by other MLS subscribers for one-day codes for showing listed property. In all cases the requesting agent has had his/her MLS and SentriCard services suspended for non-payment of MLS fees. If contacted by another agent for a one-day code, please get their contact information and then call MAAR so we can verify his/her status before you provide them with a one-day code.

Church Offering Workshops, Leadership Summit to Help Transform Neighborhoods
New Direction Christian Church is offering a series of workshops and events throughout September to help community members revitalize and strengthen their neighborhoods. Details of each event and registration information is available online.

MAAR Advertising First-Time Buyer Tax Credit
MAAR is currently 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.

(2) Restrictions on the use "MLS" and "Multiple Listing Service." Said change prohibits MLS Participants, Subscribers and licensees affiliated with Participants from  (1) 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 and/or (2) 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. 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."

(3) The requirement that potential short sales be disclosed when reasonably known by the MLS Participant. At their discretion, Participants can advise other Participants whether and how any reduction in the gross commission established in the listing agreement, required by the lender as a condition of approving the sale, will be apportioned between listing and cooperating participants.

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 affiliate member and gourmet chef!  Please click here for more details.

Volunteers Needed for Afternoon Habitat Shifts
Thank you to everyone who has signed up to work at the MAAR/Mortgage Bankers Association Habitat build site, located at 5157 Chantilly in Northaven.  We have lots of volunteers already, but more are needed, especially for the afternoon shifts.  Join us on a Saturday or one of two Thursdays from September 12 through October 25. Please give 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.

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

Tax Break Will Help Many Homebuyers Sept. 4, 2008
Opinion from MAAR President John Snyder on the recently enacted first-time buyer tax credit.

Dear Seller: What's Your Plan B? Sept. 3, 2008
Can you make a seller happy even if their home doesn't sell? Columnist Jennifer Allan thinks so.

Apartment Vacancies Reach Record Levels Sept. 2, 2008
The number of vacant, for-rent housing units reached 2.063 million in the second quarter, as owners who were unable to sell put places up for rent.

Credit Pinch Forces Buyers to Save Sept. 2, 2008
Borrowers must get back to basics in building equity.

FHA Raises Upfront Premiums Aug. 29, 2008
Most borrowers will pay 1.75 percent of loan amounts, up from 1.5 percent, under a new "risk-based" pricing system.

Represent REOs with Caution Aug. 29, 2008
Dirty little secrets lurk in lender listing agreements.

Upcoming Education and Events

Celebrate REALTOR® Safety Week - Take a Course!
The week of September 8, MAAR is offering several courses to help keep you safe on the job, in the office and at home.  Check out our list of classes online.  Courses include the Real Estate Agent Safety Seminar, Meth Lab Awareness, and Disaster Awareness, Response and Recovery.  Please take advantage of these courses as MAAR cares about your safety and wants to help you avoid becoming the victim of a crime or natural disaster.

WHM: Foreclosure Prevention
This course provides attendees with information designed for the understanding of the HUD/FHA Loss Mitigation program, focusing on the five strategies and options to be considered in providing relief to borrowers in default.  The class is Tuesday, September 9, from 2 to 4 p.m. for 2 hours CE credit with instructor Marjorie Ann George of the U.S. Dept. of Housing and Urban Development.  The cost is $20.  Register online.

Talk Shoppe Presents "How to Purchase and Sell 108 Real Estate Investment Properties in 182 Days"
Kent Clothier of the Mid-South Real Estate Investors Association will present this free seminar on Wednesday, September 10, 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.

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.

IREM Chapter Meeting September 11
IREM Memphis will hold its September chapter membership meeting Thursday, September 11, at noon at Dan McGuiness located at 4698 Spottswood. John Lawrence with the Memphis Airport Area Development Corporation will speak on redevelopment of the airport area and Graceland neighborhood. RSVP by Tuesday, September 8, to irem20@bellsouth.net.

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 Tip of the Week - E-mail Templates
Have you been taking advantage of the numerous e-mail templates provided by MLXchange? When sending an e-mail from within the system, you can easily select a pre-written message from the E-mail Template drop-down box. These templates range in topic from the sending properties to after sale follow-up to appointment or showing confirmation and beyond. You can easily modify the text of any template to add a personalized touch. The newest e-mail template, "Your Private Web Page," will provide your clients with instructions for using their personalized MLXchange Web page. This is great to use when you send a client the link to their Web site for the first time.

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