NAR Releases Inaugural Report on Realtor Associations
Most local Realtor associations (74%) have less than 2,000 members, and 2 out of 5 (38%) allow non-Realtor MLS participation. Their top non-dues revenue? Late fees.
CHICAGO – The National Association of Realtors® (NAR) put out its inaugural report on Realtor associations across the U.S., and the vast majority of them (74%) are relatively small – less than 2,000 members each. The same percentage fully own their own multiple listing services (MLS).
NAR’s 2023 Association Profile, August 2023 also found that two out of five local associations (38%) allow non-Realtor participation in their MLS.
When it comes to finances, 39% maintain financial reserves for a one- to two-year timeline (39%), and 33% follow a 6- month (less than 1-year) timeline. And while dues make up most of their operating budget, secondary income comes from various sources with No. 1 being late fees (64%). It’s followed by Continuing Education (CE) courses (63%), affiliate programs and the local MLS.
When it comes to real estate, most associations put their money where their mouth is: 72% own the buildings they worked in before the pandemic, and they still own them today.
One thing almost all U.S. associations have in common? 94% have an award program for Realtor of the Year, though more than half (54%) have an awards program that honors service, community and/or charitable actions.
Other items of note:
- 19% of Realtor associations have a commercial division, group or committee and 5% have a commercial overlay board, while 77% have neither.
- A majority (85%) of associations have advocacy efforts for fair housing, property rights (80%), and housing affordability (73%).
- The typical association offers 12 continuing education (CE) courses and 20 total classes.
- The most common criterion for Board of Directors’ participation is a minimum tenure as an association member (52%), followed by a minimum tenure on committee(s) (41%).
© 2023 Florida Realtors®