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The headlines might suggest that National Association of REALTORS® (NAR) members are struggling to find common ground on many issues. But any hint of division was nowhere to be seen during Monday morning’s NAR Board of Directors meeting.
According to NAR president Kevin Sears, 886 directors attended the meeting at the NAR NXT annual conference in person, with another 100 directors attending virtually.
Although Sears has already acknowledged that 2025 may be a financially challenging year for NAR, the trade organization should be in good financial shape in the long term if the commission lawsuit settlement is approved later this month, said NAR treasurer Greg Hrabcak.
He said the 2025 budget will maintain NAR’s current reserve level, and there are no dues increases scheduled for the year.
“Through the budget reductions that were incorporated in the other proposal, there is minimal impact on our products, services and advocacy support,” Hrabcak said. “Nearly all areas of NAR contributed to the reductions, without any on area feel a disproportionate impact. The 2025 budget moves NAR forward on the path to settlement fulfillment in a very disciplined and responsible fashion.”
The positive news about NAR’s budget comes from the fact that the trade association’s anticipated big drop in membership has not materialized — it had 1.526 million members at the end of October, the fourth-highest all-time. NAR is forecasting 1.4 million members in 2025, an 8% decline but not nearly as stark has many outside observers have anticipated.
All three budget related proposals presented by Hrabcak easily passed with no discussion.