NAR Who? What Do They Do for Me?

I often joke real estate has as many acronyms as the military. Whether we’re talking about designations and certifications or industry lingo such as FHA (Federal Housing Administration) loans, FMV (fair market value), or ARV (after repair value), it seems like Realtors have an abbreviation for everything.

After a while, many of these letters can blend, and we can forget their meaning. One of those that gets thrown around is for our National Association of Realtors or NAR. Occasionally, folks in my office ask, “What does NAR do for me?” If Realtors have questions about our national organization, I know the general public does, too. I admit when considering the scope of a national organization, we often overlook how it functions and or impacts Realtors, including our clients and customers.

First, let’s explore how Realtors fit into the hierarchy of our different organizations. To become a Realtor, one must hold a real estate license and belong to a local association. Realtors in the greater Chattanooga area belong to Greater Chattanooga Realtors, and depending on which state their office is located, they belong to a state association, either the Georgia Association of Realtors or Tennessee Realtors. Above the various state associations is, you guessed it, the National Association of Realtors.

Realtors often have a better grasp of the functions of their local and state associations. After all, these organizations provide continuing education and serve as “boots on the ground” for our local area. But what about NAR? How can an organization this large impact its nearly 1.5 million members nationwide?

While serving a diverse group of members working in various real estate disciplines – residential real estate brokerage, property management, commercial and industrial real estate brokerage, land brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate – NAR serves many functions to support its members all across the country. Some of NAR’s key roles include:

Advocacy and Representation: NAR represents Realtors at the local, state, and national level on issues relevant to the real estate industry, including public policy matters and legislation. They actively lobby on behalf of their members to promote and protect the interests of real estate professionals and property owners. For example, a few weeks ago a potential government shutdown was looming, and with it, a possible lapse of the National Flood Insurance Program (NFIP), which would impact 20,000 communities nationwide. NAR launched a massive advocacy blitz, which included a rare nationwide call for action, and Congress passed a last-minute spending deal on September 30 to avert a government shutdown and extend the NFIP. Other advocacy efforts in recent years include federal solutions to expand affordable housing options, enabling the redevelopment of under-utilized shopping centers, and expanding access to broadband in underserved areas.

Education: Complimenting the continuing education classes hosted by local associations, NAR and its affiliated institutes, societies, and councils empower Realtors to increase their professionalism, expertise, and ethical standards in specific disciplines. Through NAR, members can achieve 17 designations and 15 certifications. These training opportunities help Realtors better serve the public in an ever-changing market. Designation and certification courses focus on specific topics, including smart homes, short sales, investing, resorts and second homes, military relocation, and industrial and office space, to name a few.

Code of Ethics: Realtors pledge to uphold a strict Code of Ethics, which ensures they operate with integrity and fairness. NAR oversees the code enforcement process through policies and procedures for formal ethics complaints and arbitration requests, as well as mediation and ombudsman services provided by the Realtor’s local or state association. NAR’s dispute resolution options provide consistency as to how the Code of Ethics is enforced and helps ensure a high level of professionalism the public should expect.

Research and Data: NAR conducts and publishes research on various aspects of the real estate industry, providing valuable insights, statistics, and trends that help Realtors make informed decisions and understand the market. Why is this data important? From the Commercial Lending Survey and Analysis on Office-To-Housing Conversion to the Home Buyer & Seller Generational Trends and Migration Trends, NAR’s this trove of information helps REALTORS, and the clients they serve, get a more complete picture of the housing market in a local, regional, and national context.

Legal Support: NAR provides legal assistance and resources to help members navigate the complex regulations and potential liabilities they might face in their profession. This includes clarifications on emerging legal issues like drone usage or data privacy.

In short, the National Association of Realtors acts as a comprehensive support system for real estate professionals, aiming to promote the success, professionalism, and ethical behavior of all its members, regardless of where they’re located. Realtors have a network of organizations that help provide expert service in real estate to all those who are looking to be involved in real estate transactions. Regardless of where a Realtor may hang their hat, one constant is that they serve their clients and communities every day. That’s Who We R®.