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WASHINGTON, D.C. (May 11, 2023)—The National Association of REALTORS® Board of Directors today approved the 2024 budget proposal for NAR’s Operating, Advocacy, and Consumer Advertising Campaign program. In a first for the association, every program is specifically linked to how it delivers on the association’s new Strategic Plan and Diversity, Equity and Inclusion Strategic Plan. The 2024 annual dues amount will be $156 per member; that does not include the $45 per member annual assessment for the “That’s Who We R” consumer advertising campaign.
The budget and dues level are built on a membership forecast of 1,380,000 for 2024.
Directors also approved a Finance Committee proposal that, beginning in 2025, the association use the consumer price index (CPI) as a guide in recommending an annual dues amount for approval by the Board of Directors. Each year, the Finance Committee will analyze the CPI as a point of information in recommending the annual per member dues amount. This approach gives the committee the ability to pause or reduce any increase based on the index after assessing NAR’s overall financial health and current economic conditions.
In determining the 2024 budget proposal and the new CPI approach, the Finance Committee factored in an expected 15% membership decline over the next two or three years, as well as cost increases that have been as high as 30% for some meetings and travel-based programs. “Those factors are contributing to expected budget deficits through 2027, despite cost cutting by the NAR staff under the direction of CEO Bob Goldberg,” says NAR Treasurer Greg Hrabcak. “The passage of this new budgeting tool will keep NAR financially healthy and strong and diminish the negative impact of inflation on our expenses.”