The National Association of Realtors’ (NAR) board of directors voted to leave member dues unchanged in 2025. The vote occurred Thursday during the final day of NAR’s midyear conference, the Realtors Legislative Meetings, according to Inman, which first reported the story.
During the meeting, NAR’s board approved a recommendation from its finance committee to keep annual dues at $156 per person in 2025.
In 2023, NAR announced a policy change that allows the finance committee to use the Consumer Price Index (CPI) “as a guide” to help it recommend an annual dues amount to the board of directors. When the policy was initially approved, the committee proposed that dues rise 4% with the CPI each year from 2025 to 2027.
In 2023, NAR raised dues from $150 to $156. Members also pay a special assessment for NAR’s consumer ad campaign, which was raised to $45 in 2022.
At the meeting on Thursday, NAR treasurer Greg Hrabcak told the board that “membership is tracking favorably to plan and is increasing each month.”
Hrabcak’s statement was in contrast to many of the recently reported NAR membership trends. In February 2024, which is the most recent time frame available, NAR’s membership numbers dipped below 1.5 million for the first time since May 2021. Additionally, NAR membership in 2023 decreased on a year-over-year basis for the first time since 2012.
Code of ethics changes
In addition to voting on membership dues, NAR’s board of directors also voted to amend Article 4 of the trade group’s code of ethics, in an attempt to clarify Realtors’ obligations when they have ownership interest in a property.
As these changes pertain to the code of ethics, however, they will only go into effect if NAR’s delegate body — which is made up of local board presidents who attend one delegate body meeting in their one year of service, and who only meet when changes to the NAR Constitution or the code of ethics are being considered — approves of them at NAR’s annual conference in November.
As it currently stands, Article 4 states: “Realtors shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner’s agent or broker. In selling property they own, or in which they have any interest, Realtors shall reveal their ownership or interest in writing to the purchaser or the purchaser’s representative.”
If the delegate body approves of the changes, Article 4 would read: “Realtors who have a present ownership interest in property for sale or lease, or contemplated interest to purchase or lease property, must disclose in writing the existence of such interest to all parties to the transaction prior to a party signing any agreement.”
Additionally, the board also voted to change Article 4’s first standard of practice, which currently reads: “For the protection of all parties, the disclosures required by Article 4 shall be in writing and provided by Realtors prior to the signing of any contract.”
If approved in November, the standard would be changed to:
“The present ownership interest in property for sale or lease, or contemplated interest to purchase or lease property, includes transactions in which Realtors:
1. represent themselves
2. represent a member of their immediate family
3. represent their firm or any broker or agent thereof
4. represent an entity in which the REALTOR(R) or member of their immediate family has a legal interest.”
In addition to these two proposed changes, NAR’s delegate body will also consider a new standard of practice the trade groups board voted to include.
The proposed standard states: “REALTORS(R) are not required to disclose the identity of the client or customer, nor the specific nature of the interest referred to in Article 4, but must disclose that an interest exists.”
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