National Association of Realtors: Elevate Your Real Estate Journey
The National Association of Realtors (NAR) is a revered national organization of real estate professionals, commonly known as realtors. It was established to represent and enhance the real estate profession while fostering professional behavior among its members through its stringent code of ethics.
Strength in Numbers
As of 2021, the NAR boasts over one million members worldwide. The organization comprises 54 state associations (covering D.C., Guam, U.S. Virgin Islands, and Puerto Rico) and more than 1,600 national and international affiliates.
Key Takeaways
- Comprehensive Professional Network: The NAR serves as the premier organization for real estate agents and related professionals worldwide.
- Exclusive Member Benefits: Members gain access to numerous tools and resources designed to propel their real estate businesses.
- Advocacy and Influence: The NAR advocates for property rights, home ownership, and standard-setting policies at the federal level.
In-Depth Look at the NAR
The NAR is heralded as the largest trade association, representing nearly 1.4 million professionals such as brokers, salespeople, property managers, appraisers, and real estate counselors. Members belong to one of the 1,200 local boards and 54 state and territory associations or participate in one of the 87 international cooperating associations spanning 66 countries.
Founded as the National Association of Real Estate Exchanges in 1908 with 120 members, NAR’s primary mission is to establish standardized real estate practices and unite U.S. real estate professionals. The renowned NAR Code of Ethics was instituted in 1913.
Joining NAR: A Gateway to Success
To join the NAR, principals of real estate firms must first become members of a local realtor association. Consequently, all affiliated agents, brokers, and appraisers can opt to join. Membership stems from the local level and includes state and national associations.
Annual dues are billed through local associations and include a fee for the NAR’s Consumer Advertising Campaign. A portion of these dues is non-deductible, as stipulated by the Tax Reform Act of 1993, due to lobbying activities.
NAR members enjoy exclusive benefits like business tools, extensive market data, research, training opportunities, and discount programs. Notably, only realtors can access proprietary databases like the Realtors Property Resource (RPR), offering invaluable information on U.S. properties.
NAR’s Research Division: Your Source for Market Data
The research division accumulates and distributes vital real estate data and economic analyses through reports, press releases, and daily blog posts. Key statistics such as existing home sales, pending home sales index, and the housing affordability index are released regularly, alongside yearly comprehensive reviews and economical forecasts.
Moreover, in a 2024 landmark ruling, the NAR settled a lawsuit alleging commission inflation, agreeing to a pivotal change that might slash traditional commission rates, thereby helping homebuyers negotiate better deals.
Strategic Planning and Exclusive Rewards
Every year, NAR updates its strategic plan to navigate forthcoming industry challenges and opportunities over the next three to five years.
Membership offers an abundance of advantages, including advanced market data, ongoing education geared towards ethical business practices, and significant discounts.
The Role and Impact of the National Association of Realtors
The National Association of Realtors is more than just a trade association. It’s a vital entity that publishes insightful real estate market research, operates multiple listing services, and lobbies for member-benefiting public policies.
Is Membership Worth It?
For committed real estate professionals, NAR membership is invaluable, providing extensive market data, listing services, and connections within local realtor associations—all for an annual fee of $156. However, joining NAR isn’t mandatory for practicing real estate; you just need to meet your state’s licensing prerequisites.
Do You Need a Real Estate Agent?
While hiring a real estate agent isn’t compulsory for selling property, their knowledge of market intricacies and buyer-seller networks can make the process faster and more lucrative. Agents provide critical insights into the financial and legal facets of transactions, potentially forestalling future complications.
Empowering Real Estate Professionals
The National Association of Realtors unites 1.4 million agents, brokers, appraisers, and industry professionals as the leading trade association in the United States.
Related Terms: Real Estate Broker, Real Estate Agent, Property Management, Multiple Listing Service.
References
- National Association of Realtors. “Overview of NAR”.
- National Association of Realtors. “NAR at a Glance”.
- National Association of Realtors. “History”.
- National Association of Realtors. “National Policies & Structure”.
- National Association of Realtors. “Fair Housing”.
- National Association of Realtors. “Dues Information”.
- National Association of Realtors. “What Is the Realtors Property Resource (RPR)?”
- National Association of Realtors. “Background”.
- National Association of Realtors. “Housing Affordability Index”.
- National Association of Realtors. “National Association of Realtors Reaches Agreement to Resolve Nationwide Claims Brought by Home Sellers”.
