The National Association of Realtors (NAR) has encountered significant challenges over the past few years, grappling with a sexual harassment scandal, navigating commission lawsuits, and implementing the resulting settlement. Additionally, the organization has been working towards creating a more accountable and responsible trade group. Despite these hurdles, NAR’s financial outlook for 2026 has proven more favorable than expected.

During the NAR’s 2026 NXT Board of Directors meeting, Treasurer Craig Sanford reported that as of the end of September, membership stood at 1,469,127, surpassing the 1.2 million members that had been projected, and showing a 1.5% decline compared to the previous year. He also noted that renewals for 2027 are tracking similarly to 2026.

Membership dues contributed approximately $220 million to over $250 million in total revenue reported by NAR by the end of September. Furthermore, Sanford mentioned that expenses had come in roughly $7 million under budget as of late September, though he anticipates some of these savings will be offset by increased advocacy spending in the fourth quarter due to the recent midterm elections. Nevertheless, he asserts that NAR’s cash flow and investments remain robust, enabling the organization to cover upcoming settlement payments while continuing to invest in new member services and products.

“In my two years as treasurer, I have witnessed the beginning of one of the most significant financial transformations in NAR’s history,” Sanford remarked. “We have put in place a new accounting system, revamped our accounting and budgeting tools, transitioned to monthly accrual accounting, selected and onboarded a new auditor, navigated considerable personnel changes, adopted zero-based budgeting, and we are now about to vote on our third consecutive balanced budget for board approval.”

However, Sanford emphasized that their efforts are just beginning.

2027 Budget Votes

The next phase of this transformation commenced with the board of directors approving the appointments of three budget committee members. Sanford highlighted that this budget underwent a meticulous review process for each department, resulting in a plan that aims to be more intentional and strategically aligned to support NAR’s core mission while ensuring financial discipline.

During the meeting, the board overwhelmingly approved an operating and advocacy budget for 2027 amounting to $280,169,801 in gross revenue and $246,952,390 in gross expenses. Additionally, more than 90% of the directors endorsed a consumer advertising campaign budget of $12 million in gross revenue, with expenses totaling $13.696 million. Furthermore, over 95% of the directors sanctioned a recommendation that identified capital expenditure needs for technology at $2.42 million and for building needs at $3.06 million for 2027.

Other Approved Measures

Along with budgetary approvals, the board also voted on proposed amendments to the bylaws affecting the institutes, societies, and councils. Brown highlighted that these amendments had been reviewed by NAR’s general counsel and found to be “not inconsistent with the policies and constitution” of NAR.

These proposed amendments received support from 864 directors, with only six opposing.

Aside from these votes, the meeting also featured the installation of the 2027 leadership team, which includes 2027 NAR President Christine Hansen, a HousingWire Woman of Influence, President-elect Colin Mullane, First Vice President Pete Kopf, and Treasurer Patti Fitzgerald. The board had previously approved these leaders during NAR’s Realtors Legislative Meetings in May.

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