Greg Hrabcak, the treasurer of the trade organization, announced the proposal from the NAR Finance Committee on Sunday evening during NAR’s annual Legislative Meeting.
“NAR ended 2022 with a strong financial position with record high membership,” Hrabcak told attendees.
“With that said, the strength will be tested in the next few years under challenging conditions,” Hrabcak added. “Our chief economist Dr. Lawrence Yun predicts an estimated 15% decline in membership over the next couple of years. As a result, the association anticipates an estimated $10- $15 million budget deficit beginning in 2024.”
The trade organization ended 2022 with 1,580,971 members, a new record. However, NAR anticipates membership will drop to 1.5 million in 2023 and 1.38 million in 2024.
As it currently stands, annual dues for NAR members are $150, with an additional contribution of $45 to its consumer ad campaign fund.
If the proposal is approved during Thursday’s board of directors’ annual budget meeting, the likelihood of annual dues hikes would increase. However, Hrabcak noted that the increase would never exceed 4% rounded to the nearest whole dollar. Under the proposal, indexing would start in 2024.
“We understand the challenges members are facing and we are committed to meeting their needs and keeping NAR financially sound,” Hrabcak said.
If approved, membership dues would rise to $156 in 2024, a 4% increase from current dues.