NAR president works to rally ‘the boots on the ground’ 

BOSTON — NAR president Kevin Sears fired up the Realtor faithful on Friday with the same energy that he's brought to real estate's brutal year: humble real talk, fueled with a cup of location-appropriate Dunkin.

"We've gone through some years of change, some legal challenges and one of, if not the largest, industry shifts of our lives if not ever," Sears said, acknowledging some tough realities during the opening session of NAR NXT 2024, the trade association's annual gathering of its members.

"While there may be many challenges in front of us, I don't want to turn the page on this chapter without recognizing the resiliency, the effort and the hard work that so many of us have put in," Sears said.

That was supposed to be an applause line, he admitted after a quiet pause. It wasn't, though applause came later as Sears worked to unite the crowd around a shared sense of heroic purpose.

"We protect consumers," he said. And he said it again, and again. And will no doubt say it more as his extended term continues through 2025.

The National Association of Realtors was created "with the goal of making ownership simpler and safer," Sears said. That was the language from day one, he said. That is the message that he and others "have delivered to the Department of Justice, how we are here to protect the consumer." (Cue more applause.)

NAR's ask of the DOJ right now, Sears said, is to find common ground on such topics as Clear Cooperation, agent compensation and data sharing. "This is something that we are striving for and working toward … but it's a slow process and your patience, well, I appreciate it."

Lawsuits, settlements and a 'leaner' NAR

Rules changes related to the NAR deal to settle commissions lawsuits have been in effect since August, but Sears reminded the audience that final approval hasn't happened yet. That's in the hands of a judge, who will make the call on Nov. 26.

And then the first payment on the $418 million settlement is due 90 days after.

"So what does that look like? Well, we'll be leaner in how we operate," he said. "We will scrutinize the budget for instances that don't directly contribute to member value."

That means things like virtual vs. in-person meetings "where it makes sense." 

Sears did not discuss dues increases, but NAR has previously said that dues would remain at $156 per member in 2025.

Celebrating associations at all levels

Sears also used his time to promote NAR's layered structure, which is being challenged from within by real estate professionals who don't want to be forced to join state, local and national Realtor associations.

NAR, he told the crowd, has advocated for real-estate friendly rules for VA loans and provided data and context around the conversion of commercial space to residential space, and solutions to help members of underrepresented groups become homeowners.

But NAR can't do it alone, Sears said. To effectively represent the industry, "we need the local association partnership. Thank you, because you are the boots on the ground."

Sears didn't forget the state associations in his play to the crowd. "If anyone ever wants to really be impressed, talk to the state folks," Sears said. "They are currently involved in national issues. They're experts on state issues and often advisors to the locals."

The bottom line, he said — without mentioning the three-way agreement — is that "we need each other. We are all at our best when we work together."