The National Association of REALTORS®’ highest governing body took up several key matters, including Code of Ethics Article 7’s disclosure requirements, at the conclusion of NAR NXT, The REALTOR® Experience, in Houston.
NAR's Board of Directors, a more than 900-person assembly, oversees big-picture goals and strategy of the association.
Here are the highlights of their Houston meeting.
Board Actions
The Board acted on four recommendations from the Professional Standards Committee, three of which pertained to language in the Code of Ethics following the settlement agreement.
One of those recommendations sought to establish that REALTORS® must disclose to their own client or clients only when compensated by more than one party.
The practical result is that there is no obligation to disclose the contents of a buyer-broker agreement to sellers or their brokers if compensation is paid by a combination of both sides of the transaction.
“This Committee believes it is not necessary that the seller and their broker know what is contained in a contract in which they are not parties,” Todd Beckstrom, chair of the committee, explained.
The Board voted 863–36 in favor of the change. The Delegate Body passed the measure with overwhelming support.
Another measure that sought to expand transparency around real estate referral fees to clients and customers passed the Board of Directors but ultimately failed, by a slim margin, to pass the Delegate Body.
Many delegates voiced support for transparency, but thought the measure needed further review and development at the committee level.
The measure failed to pass the two-thirds threshold by less than half a percent, with 66.3% voting in favor.
A Plan in Place
Directors heard a report on NAR’s 2026–2028 Strategic Plan, unanimously approved just one day before by the Executive Committee.
The plan, which relied on feedback from more than 150,000 members, details NAR’s commitments to members, the real estate industry, partners and consumers.
“Our strategic plan reflects the voices of our members and our partners, and the result of listening to the REALTORS® and stakeholders across every level of the association and the industry,” Dawn Ruffini, chair of NAR’s Strategic Planning Committee, said. “With those perspectives, we shaped a plan that truly serves our members’ needs.”
“Our strategic plan is our North Star for the next three years,” she added.
Adam Watkins, vice chair of the committee, explained how NAR will be held accountable to implement the plan.
The plan’s eight commitments are expanded into initiatives and further detailed in projects. NAR staff’s group leaders will have ownership over completing those projects, with metrics to track success. The plan addresses how to anticipate and deliver member value in a rapidly changing marketplace.
“We're building feedback methods and adaptability so the plan stays dynamic and relevant,” Watkins said. “We see this happening in three main ways, keeping our eyes on the strategic horizon because we can’t only look down at the plan we have. We have to look out and see what’s coming down the track so that we can adapt to that.”
While elements of the plan have already been executed, full implementation starts in 2026, with toolkits and resources available for national, state and local association leaders.
Gratitude to NAR’s Longest-Serving President
Former President Kevin Sears is the second president to serve two years at the helm, and the first to do it in this century.
NAR CEO Nykia Wright paid special tribute to Sears, whom she said stood “in the fire” with her and delivered hope during chaos.
“People will properly remember Kevin for helping stave off bankruptcy, managing the settlement decision, managing the transformation of member experience, balancing two budgets, [and] getting the strategic plan passed to lead us into the next three years and beyond,” Wright said. “However, I will remember Kevin and the team he chose for carrying the association through its most turbulent and darkest period.”
New Leadership Team Sworn In
In a changing of the guards, new NAR leaders were officially installed: liaisons, regional vice presidents and leadership team.
“It takes a lot of people to run the nation’s largest trade association,” said Vince Malta, a REALTOR® in San Francisco, and NAR’s second-longest serving Leadership Team member. “Our success is truly a team effort.”
NAR’s 2026 President Kevin Brown, broker and owner of Better Homes Realty, Rockridge in Oakland, Calif., was officially sworn in Sunday night.
Brown, a second-generation REALTOR® and the association’s 118th president, has extensive experience in residential and commercial transactions, as well as investment property management.
Another Balanced Budget
NAR membership stood at 1,491,126 as of Sept. 30, about 6.5% higher than the 1.4 million members the association budgeted for.
“The organization will continue to be committed to resolving outstanding obligations while maintaining operational stability,” said NAR Treasurer Craig Sanford.
Despite the higher-than-budgeted member number, NAR’s 2026 budget was developed to remain balanced even if membership falls to 1.2 million.
Membership typically lags economic trends by one to two years. For the last few years, home sales have dipped to levels seen during the 2008–2011 financial crisis, when NAR membership dropped to a low of 1 million.
To ensure NAR continues to be able to serve members and the industry while also continuing to make settlement payments without raising membership dues, NAR’s Board of Directors approved a leaner budget—by about $41 million—during its last meeting in June.
“We all know that the market’s been a little tough,” Sanford said. “Sales have been slow for the last three or four years, and so we’re trying to be proactive in making certain that we don’t overestimate our numbers so that we can maintain our financial stability.”
“Fiscal responsibility is a key part of securing our future,” he added.
