Definition
The National Association of Realtors, whose member brokers are known as realtors, is a North American trade association for those who work in the real estate industry. It has over 1.1 million members, including NAR’s institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR also functions as a self-regulatory organization for real estate brokerage. The organization is headquartered in Chicago.
National Association of Realtors – NAR
What is ‘National Association of Realtors (NAR)’
The National Association of REALTORS (NAR) is a national organization of real estate brokers, created to promote the real estate profession and foster professional behavior in its members. The association has its own code of ethics to which it requires its members to adhere.
Explaining ‘National Association of Realtors (NAR)’
In 2015, the NAR’s membership increased to over 1.1 million. It claims to be the largest trade association, comprising real estate brokers, salespeople, property managers, appraisers, counselors as well as others in the real estate industry. Members belong to one or more of the 1,300 local associations/boards and 54 state and territory associations of Realtors or to one of 87 cooperating associations in 66 countries.
Research Division
There is a research division that collects and disseminates real estate data and conducts economic analysis. Delivery of this information takes place via press releases, reports, presentations, and daily blog posts about the overall economy and housing market.
Strategic Plan and Benefits
The NAR annually updates its strategic plan to reflect the challenges and opportunities that the association and the real estate industry expect to confront during the next three to five years.
Further Reading
- Markets and housing finance – www.sciencedirect.com [PDF]
- How housing booms unwind: income effects, wealth effects, and feedbacks through financial markets – www.tandfonline.com [PDF]
- Bank capital, nonbank finance, and real estate activity – www.jstor.org [PDF]
- Prices of single family homes since 1970: New indexes for four cities – www.nber.org [PDF]
- Technology and real estate brokerage firm financial performance – www.jstor.org [PDF]
- The accuracy of home owners' estimates of house value – www.sciencedirect.com [PDF]
- Technology and Realtor® income – link.springer.com [PDF]
- The central role of home prices in the current financial crisis: how will the market clear? – www.jstor.org [PDF]
