National Association of Realtors (NAR) the largest trade association in America

Boston Condos for Sale and Apartments for Rent

National Association of Realtors (NAR) the largest trade association in America

Realtors are members of the National Association of Realtors and this is who we are:

REALTOR® Demographics

• Sixty-five percent of REALTORS® were licensed sales agents, 22 percent held broker licenses, and 17 percent held broker associate licenses.
• The typical REALTOR® is a 55-year-old white female who attended college and is a homeowner.
• 65% of all REALTORS® are female, and the median age of all REALTORS® is 55.
• Real-estate experience of all REALTORS® (median): 10 years
• 73% of REALTORS® were very certain they will remain active as a real estate professional for the next two years.
• Median tenure at present firm (all REALTORS®): 5 years
• Most REALTORS® worked 35 hours per week in 2023.
• The median gross income of REALTORS®—income earned from real estate activities—was $55,800 in 2023, a decrease from $56,400 in 2022.
• Median number of transaction sides in 2023:
  • Residential sides for all REALTORS®: 10
  • Residential sides for residential specialist broker/broker associates only: 12
  • Residential sides for residential specialists only: 10
  • Residential sides for commercial specialists only: 3
  • Commercial sides for commercial specialists only: 4
• Formal education of REALTORS®:
  • Some college: 27%
  • Bachelor’s degree: 34%
  • Graduate degree and above: 13%
  • Associate degree: 13%
  • Some graduate school: 5%
  • High-school graduate: 7%
• REALTOR® affiliation with firms:
  • Independent contractor: 88%
  • Employee: 5%
  • Other: 8%

Source: 2024 NAR Member Profile (National Association of REALTORS®)

You would never guess that 65% of Realtors are women. The “leaders” are mostly men as are the experts. The large corporations that own the large real estate companies are run by men. The median age of Realtors is 55. That means half of all members are over 55 and half are under 55.  A few years ago that median age was 57.

National Association of Realtors (NAR) the largest trade association in America

Perhaps not for long. Under the most likely scenarios, the firm said it expects agent count to decline by as much as 80 percent over time, with members of the National Association of Realtors falling from about 1.6 million today to between 300,000 to 600,000 members.

The lawsuit against the NAR, for their commission split agreements started last week. The class action lawsuit claims that the long-standing commission-sharing system used by real estate agents is anti-competitive.

The argument is that requiring sellers to pay for both the listing agent and the buyer’s agent violates antitrust laws and drives up transaction costs for consumers. Even though the case just started, jury selection was last week, but already there have been some effects on the real estate industry.

Last week, the NAR announced that they were changing their “participation agreement” to allow the buyer’s commission to be any amount (even $0) in a listing. 

NYC’s predominant broker organization, The Real Estate Board of New York (REBNY), announced this week that they will now be prohibiting listing brokers from paying the buyer’s agent.

The new policy in NYC is that buyer’s agent will be paid directly by the seller. I just spoke with a well respected Beacon Hill broker who thinks Boston will follow NYC lead to avoid any potential litigation. 

However:

The NAR is confident that they will win the lawsuit.

Updated: Boston condo for sale website 2023

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So where does this non-profit association spend its money? The answer I think its on lawyers.

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