{"id":4324,"date":"2023-05-11T18:53:13","date_gmt":"2023-05-11T18:53:13","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2023\/05\/11\/nar-board-approves-proposal-to-index-membership-dues-with-inflation\/"},"modified":"2025-03-13T02:51:08","modified_gmt":"2025-03-13T02:51:08","slug":"nar-board-approves-proposal-to-index-membership-dues-with-inflation","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2023\/05\/11\/nar-board-approves-proposal-to-index-membership-dues-with-inflation\/","title":{"rendered":"NAR board approves proposal to index membership dues with inflation"},"content":{"rendered":"\n

The National Association of Realtors\u2019<\/strong><\/a> (NAR) board of directors voted Thursday<\/a> to approve a proposal tying its annual membership dues to a measure of inflation.\u00a0<\/p>\n\n\n\n

The proposal<\/a> was initially announced Sunday evening by Greg Hrabcak, the treasurer of the trade group. <\/p>\n\n\n\n

\u201cNAR ended 2022 with a strong financial position with record high membership,\u201d Hrabcak told attendees on Sunday.<\/p>\n\n\n\n

\u201cWith that said, the strength will be tested in the next few years under challenging conditions,\u201d Hrabcak added. \u201cOur chief economist Dr. Lawrence Yun<\/a> predicts an estimated 15% decline in membership over the next couple of years. As a result, the association anticipates an estimated $10- $15 million budget deficit beginning in 2024.\u201d<\/p>\n\n\n\n

The approved policy is slated to start in 2025, and NAR\u2019s Finance Committee will use the Consumer Price Index<\/strong><\/a>, \u201cas a guide\u201d each year when it recommends annual dues amount to the board of directors. The policy does not include a 4% increase cap like the initial proposal.\u00a0<\/p>\n\n\n\n

Despite this, the measure was approved 708-98 without any discussion on the floor. <\/p>\n\n\n\n

Separately, the board voted to increase annual dues by 4% in 2024 to $156. Annual dues currently stand at $150, plus a special assessment for its consumer ad campaign of $45. <\/p>\n\n\n\n

According to an exhibit provided with the proposal, NAR\u2019s operating budget for 2023 anticipates a net income of $8.4 million, but in 2024, the trade group expects a net loss of $14.2 million, even with the $6 increase in annual dues. The Finance Committee attributes this to an expected decline in membership<\/a> to 1.38 million in 2024. The trade group ended 2022 with a record 1,580,971 members. <\/p>\n","protected":false},"excerpt":{"rendered":"

NAR membership dues will rise to $156 in 2024 and will be indexed against the Consumer Price Index starting in 2025.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-4324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nNAR board approves proposal to index membership dues with inflation - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"NAR membership dues will rise to $156 in 2024 and will be indexed against the Consumer Price Index starting in 2025.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/preprod.realtrends.com\/blog\/2023\/05\/11\/nar-board-approves-proposal-to-index-membership-dues-with-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAR board approves proposal to index membership dues with inflation\" \/>\n<meta property=\"og:description\" content=\"NAR membership dues will rise to $156 in 2024 and will be indexed against the Consumer Price Index starting in 2025.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/preprod.realtrends.com\/blog\/2023\/05\/11\/nar-board-approves-proposal-to-index-membership-dues-with-inflation\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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