nar 2012 annual report

7/28/2019 NAR 2012 Annual Report

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N A T I O N A L A S S O C I A T I O N O F R E A L T O R S

A N N U A L R E P O R T


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L E T T E R F R O M

While our accomplishments in 2012 are as varied as the one million members

we serve, our story and mission are clear and direct. The National Association

o REALTORS works to ensure the success o its members through the

advancement and protection o homeownership and real estate investment.

It was time or the Annual Report to reect the bold, orward-thinking

dynamic o the association itsel and the members we serve so proudly. We

hope you enjoy the new look.

NAR achieved so much in 2012, but one event clearly defned the year,

the REALTOR Rally to Protect the American Dream o Homeownership.

For the frst time in the 105-year history o the Association, thousands o

REALTORS gathered beneath the towering Washington Monument and

became one nation, a rally nation dedicated to protecting the promise o

homeownership. Now, that historic moment is commemorated as the theme

o this Annual Report.

O course, our accomplishments did not stop when the rally ended. The long-

sought fve-year reauthorization o the National Flood Insurance Program

became law in June, bringing certainty to real estate transactions across the

country. NAR also pressed or legislation to ensure aordable homes or

our nations veterans and encourage oreign investment in real estate, which

were signed into law.

As part o the overall deal on the budgetary fscal cli, mortgage cancellation

relie was extended, itemized tax deduction limitations were repealed, cost

recovery or leasehold improvements was renewed, and capital gain on a

principal residence was protected. Members understood the signifcance o

this legislation by sending a record number o letters to Capitol Hill urging

Congress to Do No Harm to housing.

D A L E S T I N T O N N A R C E OM O E V E I S S I 2 0 1 2 N A R P R E S I D E N T

The REALTOR Party powered NARs advocacy eorts with one o its critical

components, the REALTORS Political Action Committee, raising more than

$7 million to support candidates at the local, state and ederal level.

We also sought to harness the power o 75 million homeowners with new

technology and connect with consumers through our national advertising

campaign that continues to be among the most popular o NARs programs.

Defning our industry played a critical role or NAR throughout the year

with our cutting-edge research examining real estates broad reach or

our members, our communities and our national economy. In 2012, NAR

Research conducted profles o home buyers and sellers, members and

international buyers.

NAR worked tirelessly to ensure that our members enjoy many o the

business advantages o being a REALTOR. In 2012, NAR oered a wide

array o benefts, business tools, educational opportunities and discount

programs to promote member success. We joined with several new partners,

including Sprint, Xceligent and Chrysler, to provide unparalleled benefts that

ar surpass those o comparable associations.

Through all these means and more, NAR met this years goals o protecting

the interests o REALTORS and homeowners; along with the value ohomeownership, commercial real estate and private property rights.

Thank you or everything you do on behal o NAR and the real estate industry.

Its because o you that REALTORS are the Heart o the Deal!

Moe Veissi Dale Stinton2012 NAR President NAR Chie Executive Ofcer

We are proud to present you with the 2012 National Association o REALTORS Annual Report, Rally Nation.


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L E A D E R S HIP

T E A M

Gary ThomasMoe VeissiPresident-ElectPresident

Steve Brown Bill ArmstrongFirst Vice President GRI

Treasurer

Ron Phipps

Dale Stinton

GRI, CRS, ABR, GREEN,

e-PRO, SFR

CAE, CPA, CMA, RCE

Immediate Past

President

Scott LouserCRS, CRB, ABRM, GRI,SFR, e-PRO

Vice President &

Liaison to Government

Aairs

Vice President &

Liaison to Committees Chie Executive Ofcer

Dairell J . Snapp


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R E G IO N A LVIC E P RES ID EN T S

Douglas C. AzarianABR, SRES, e-PRO

Region 1Connecticut, Maine,

Massachusetts, New Hampshire,

Rhode Island and Vermont

J . Gregory Connors

Region 2New Jersey, New York and

Pennsylvania

Richard F. Brogan, Jr .CRS, GRI, ABR

Region 3Delaware, District o Columbia,

Maryland, Virginia and West

Virginia

Milton M. ShockleyCRS, GRI, CRB, CDPE,e-PRO

Region 4Kentucky, North Carolina, South

Carolina and Tennessee

Cynthia S. JoachimCRS, GRI, ABR, ABRM,CIPS, RSPS, e-PRO, TRC

Region 5Alabama, Florida, Georgia,

Mississippi, Puerto Rico and the

Virgin Islands

Brad KnappGRI, ABR, CRB

Region 6Michigan and Ohio

Jo JenkinsGRI, ABR, CRB, CRS

Region 8Iowa, Minnesota, Nebraska, North

Dakota and South Dakota

Paul G. Wyman

Region 7Illinois, Indiana and Wisconsin

Theresa D. StewartGRI

Region 9Arkansas, Kansas, Missouri and

Oklahoma

Avis Wukasch

Region 10Louisiana and Texas

Michael LaboutCRS, GRI, e-PRO, CIPS

Region 11Arizona, Colorado, Nevada, New

Mexico, Utah and Wyoming

Gail M. HartnettPMN, ABR, CRS

Region 12Alaska, Idaho, Montana, Oregon

and Washington

William E. BrownCRS, GRI, e-PRO, CIPS

Region 13Caliornia, Guam and Hawaii

S E N IO R S T A FF

Dale StintonCAE, CPA, CMA, RCE

Chie Executive Ofcer

Janet BrantonCAE, CIPS

Senior Vice President,

Global Business &

Alliances

Jerry GiovanielloSenior Vice President,

Government Aairs &

Chie Lobbyist

Bob Goldberg


Sales & Marketing,

Business Development &

Strategic Investments,

Commercial Services,Proessional

Development,

Conventions

Pamela Geurds Kabati


Communications

Doug Hinderer


Human Resources,

AE & Leadership

Development

Mark Lesswing

Senior Vice President &

Chie Technology Ofcer

Laurie Janik


General Counsel, Law

& Policy

Frank Sibley


Consumer Relations

Walt Witek


Community & Political

Aairs

Lawrence Yun


Research & Chie

Economist


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pg .

T H E N A T I O N A L A S S O C I A T I O NO F R E A L T O R S I N 2 0 1 2 :


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375,793 66,634267,149 total members in thegroup at the end o 2012.

89% increaseover 2011.

LINKEDIN


TWITTER


FACEBOOK

total ollowers at the

end o 2012.

total ollowers at

the end o 2012.

R E A L T O R S C O N N E C T I N G


7/36pg .

M A K I N G

O U RV O I C E S

H E A R D .


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May 17, 2012, was a beautiul spring

day in the nations capital. It was also

a historic day or homeownership

and investment in real estate, as

thousands o REALTORS gathered at

the oot o the Washington Monument

to make our voices heard in the halls

o Congress.

A M E R I C A N D R E A M O F

H O M E O W N E R S H I P

0 8

REALTORS

attended the rally.

virtual rally

attendees.

media impressions.

tweets directed at

U.S. Senators.

photos uploaded

to Flickr.Facebook posts.

tweets.

U.S.

Senators.

U.S. members

o Congress.

in media exposure.

MILLIONMILLION

15 , 600

4

7

1 1 .8 $2.33,000

1,5002,500

5,000

R A L L Y T O P R O T E C T T H E

13 ,800


9/36pg .

Tom Salomone, 2012 Director o REALTOR

Party Activities

Gerardo Ascencio, 2012 President, National

Association o Hispanic Real Estate

Proessionals

Moe Veissi, 2012 NAR President


10/36pg .

F O S T E R I N G

V I B R A N TC O M M U N I T I E S .


11/36pg .

IN 2012, NAR ADVOCATED FOR POLICY INITIATIVES

THAT WILL RESULT IN THE CONTINUED CREATIONOF A FUNDAMENTALLY SOUND AND DYNAMIC

U . S . R E A L E S T AT E M A R K E T .


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On July 6, the National Flood Insurance

Program was reauthorized, bringingcertainty to real estate transactions

nationwide, where ood insurance is

required or a mortgage.

1,421 / PER DAY

When NFIP lapsed or 33 days in 2010, 6% o

REALTORS had at least one delayed or cancelled

home sale, amounting to 46,886 transactions during

that 33-day period or 1,421 per day.

5.6 MILLIONbusiness- and homeowners

rely on the NFIP.

2,100communities

impacted.

1 2


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On August 6, PresidentObama signed into law

a bill reinstating the

higher Veterans Aairs

loan limits through 2014,

making the VA Adjustable

Rate Mortgage programs

permanent.

E N S U R I N G

A F F O R D A B L E

H O M E O W N E R S H I PF O R A M E R I C A S

V E T E R A N S

On September 28,President Obama

ratifed the three-year

reauthorization o the

EB-5 Regional Center

Pilot Program. EB-5

regional centers allow

oreign investors to

channel investment

unds into Americanbusiness, development

and home purchasing,

stimulating the economy

and creating job

opportunities at no cost

to U.S. taxpayers.

S P U R R I N G

F O R E I G N

I N V E S T M E N TI N U . S . R E A L

E S T A T E

1 3


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H O M E O W N E R S H I P I N C E N T I V E SA N D R E A L E S T A T E I N V E S T M E N T

P R O T E C T E D I N F I S C A L C L I F F L E G I S L A T I O N .As part o the Fiscal Cli deal signed by President Obama on January 2, 2013:

MORTGAGE

CANCELLATION

RELIEF WAS

EXTENDED FOR ONE

YEAR, THROUGH

JANUARY 1, 2014.

OF TAXPAYERS

ARE PROTECTED

THROUGH THE

PERMANENT

REPEAL OF

ITEMIZED TAX

DEDUCTION

LIMITATIONS.

THE 15-YEAR

COST RECOVERY

FOR LEASEHOLD

IMPROVEMENTS IS

RENEWED THROUGH

DECEMBER 31, 2013,

AND IS RETROACTIVE

TO COVER 2012.

CAPITAL GAIN ON

THE FIRST $250,000

FOR INDIVIDUALS

AND THE FIRST

$500,000 FOR JOINT

FILERS ON THE SALE

OF A PRINCIPAL

RESIDENCE REMAINS

IN PLACE.

1 4


15/36pg .

B U I L D I N GR E A L T O R P A R T YS T R E N G T H

In 2010, then-NAR President

Vicki Cox Golder launched the

REALTOR Party to galvanize the

strength o NARs one million

members in three very specifc

ways: VOTE, ACT and INVEST.

Since that time, the REALTOR

Party has orged a new path in

NARs advocacy eorts.


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V O T E $ 4.6 MILLION

54%

46%

36 OUT OF 3889%

In 2012, the vote

component o the

REALTOR Partyworked to elect

pro-REALTOR

Party candidates

who supported

legislation that

helps build

REALTORS

businesses and

strengthens ourcommunities.

RPAC disbursed $4.6 million in direct contributions to ederal

candidates, leadership PACs and national political party committees,

making RPAC the top PAC in candidate contributions in 2012.

RPAC supported 96 Opportunity

Race candidates in 2012;RPAC won 76 races or a win

percentage o 79%.

84% o RPAC-supported

candidates won Senate races.

RPAC won 8 out o 9

Independent Expenditure

races or a win rate o 89%.

There were 242 independent

expenditure races in 38

states; 10 times more than

any other previous year.

94% o RPAC-supported

candidates won House races.

Presidents Circle-targeted

races were victorious.

54 % OF RPAC DISBURSEMENTSWENT TO REPUBLICANS, WHILE

46% WENT TO DEMOCRATS.


17/361 7

A C T C A L L F O R A C T I O N ( C F A )The Act component

o the REALTOR

Party encouragedREALTORS

to support

public policies

that promote

homeownership and

investment in real

estate in 2012. There

are many ways we

did this, includingresponding to Calls

or Action at every

level o government

and ostering

relationships

that build vibrant

communities.

6 . 2 %Preserve Access to Sae and Aordable Mortgages

Member response rate:

Average Advocacy Participation Rate Comparing

NAR vs. Other Nonprofts

1 1 . 6 % Keep Housing Recovery on Track

1 8 . 9 % Do No Harm to Housing

NAR Avg.

14

0

7

2007 2008 2009 2010 2011 2012


18/36

$7,194,110

600

4,718

RPAC raised

in 2012 a 17% increase over 2011.

RPAC has 4,718 Major Investors

up 35% rom 2011.

Presidents Circle has 600 ully paid

members 30% ahead o last year.

INVESTIn 2012, the Invest

component o

the REALTORParty encouraged

REALTORS to

support pro-

REALTOR Party

candidates at the

local, state and

ederal levels by

investing in the

REALTORS PoliticalAction Committee

and Presidents

Circle.

Members participating in

RPAC increased rom

27%

30%

I N 2 0 1 1 T O

I N 2 0 1 2 .


19/36

52 Issue Mobilization grants were

distributed in 2012; fve times more

than in 2011.

C O M M U N I T Y R E L A T I O N S H I P SF O S T E R

550 STATE AND LOCAL ASSOCIATIONStapped into nearly 3,000 resources.

2012

2011

COMMUNITY OUTREACH MOBILIZATION GRANTS:

2012

194 housing opportunity, diversity and

smart-growth grants were distributed in

2012; up rom 99 last year.

194

992012 2011

1 9


20/36

pg .

CONSUMERSAs part o NARs Second Century Initiativesstrategic plan, the National Association o

REALTORS determined that building a long-

term relationship with consumers was essential

to support REALTORS, homeownership, real

estate investment and the uture o the real estate

industry. The Consumer Outreach Program is the

inrastructure that will ampliy and augment NARs

communications, building and strengthening the

NAR/REALTOR-Consumer relationship.

CONNECTING WITH


21/36

21

3 BILLION

RANKS #1

1.57 BILLION

IMPRESSIONS

200 STATIONS

5.2 MILLION

HOUSELOGIC REAL ESTATE TODAY RADIO SHOW

The Public Advocacy Campaigns Moving

Pictures advertisement debuted in 2012,reaching consumers with positive messages

about the benefts o homeownership to

children, amilies and communities. The

advertising materials portray the advantages

o homeownership rom a childs perspective

and explain that REALTORS are working

hard to protect the American Dream o

homeownership.

NAR created two consumer-ocused

communications vehicles to ensure message

discipline when talking with consumers

about the importance o homeownership andreal estate investment.

consumer impressions

generated each year.

generated per year by

HouseLogic.com.

or more than 1,000 search terms.

The show runs in the top 25 media

markets and on 200 stations.

BOUGHT MEDIA

OWNED MEDIA

THE PUBLIC ADVOCACY CAMPAIGN IS ONE OF THE MOST POPULAR PROGRAMS AMONG NAR MEMBERS.

In 2012, 95% o REALTORS avored the advertising

program; the same percentage believes the ads are

appropriate or the current political climate.

CO NNECTING WITH CO NS U MERS

monthly listening audience.


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75 MILLION7 MILLION RENTERS

8 BILLION IMPRESSIONS

646 MILLION MESSAGES

In late July 2012, NAR launched the frst o

a three-part campaign using e-mails andbrowser ads to make homeowners aware o

the value o homeownership.

NARs Media Communications department

worked every day in 2012 to educate the

nations leading broadcast, print, radio

and Internet media outlets about the

positive impact homeownership and real

estate investment play in building ournational economy.

U.S.

homeowners

contacted.

750 million positive

media impressionsabout homeownership

generated versus 410

million negative media

impressions since

September 2010, when

the Homeownership

Matters campaign was

launched.

improvement

revealed in open and

click-thru rates in

emails localized in

a Virginia pilot study

in December 2012.

aspiring to become homeowners contacted.

generated each year through earned news stories in newspapers

and magazines and on websites, blogs, radio and TV shows.

delivered to targeted homeowners layered across channels.

L E V E R A G E D M E D I A

E A R N E D M E D I A

CO NNECTING WITH CO NS U MERS

22

POSITIVE

MEDIA

IMPRESSIONS

NEGATIVE

MEDIA

IMPRESSIONS


23/36

pg .

D E F I N I N G

O U RI N D U S T R Y .


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24

E X I S T I N G H O M E S A L E S

2 0 1 2 H O M E B U Y E R & S E L L E RP R O F I L E D A T A

provides our

members with

cutting-edgeresearch that

deines real estates

broad reach or

our members, our

communities and our

national economy.

In 2012, NARs

Research

Departmentassessed the

signiicance o

several vital aspects

o the industry, such

as a proile o who

is buying and selling

in todays real estate

market, identiying

the members o theNational Association

o REALTORS

and a proile o

internationally

buying clients.

In million unitssold in USD

In 2012, 89% o buyers used real estate agents, up

steadily rom 69% o buyers in 2001.

88% OF BUYERS said they were very

satisfed with their agents knowledge

o the purchase process.

20122001

88% OF SELLERS used agents or

brokers to sell their homes.

Annual prices,

2007

5.03

$219K

2008

4.11

$198K

2009

4.34

$173K

2010

4.19

$173K

2011

4.26

$166K

2012

4.66

$177K

00

5

250

MILLIONU

NITS

USD

INT

HOUSAN

DS

THE NATIONAL

ASSOCIATION

OF REALTORS


25/36

pg .

2 0 1 2 M E M B E R P R O F I L E 2 0 1 2 C O M M E R C I A L M E M B E R P R O F I L E

In 2011, the typical agent had 10 transactions;

up rom 8 transactions in 2010.

Commercial members completed a median o 7

transactions in 2011; up rom 5 transactions in

2010 and 2009.

The typical agent had a sales volume o $1.3

million in 2011; up rom $1.1 million in 2010.

The median gross income orcommercial members was $86,000 in

2011; up since the past 2 years.

The median gross income o REALTORS was

$34,900 in 2011; up rom $34,100 in 2010.

64% o commercial members derived

more than 50% o their income rom

commercial real estate.

REALTORS with 16 or

more years experience had

a median gross income o

$50,020.

The median age o a

commercial member

is 57.

The typical REALTOR is a

56-year-old, white emale

who attended college and is

a homeowner.

76% o commercial members

are male; emale commercial

membership is on the rise.

M E M B E R P R O F I L E S

10 TRANSACTIONS I 2011

$1.3 MILLION I 2011

$34,900 I 2011



$1.1 MILLION I 2010

$34,100 I 2010



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pg .

I N T E R N A T I O N A L R E A L T O R . C O M / P R O F I L E O F

I N T E R N A T I O N A LH O M E - B U Y I N G A C T I V I T Y

$982.2 BILLION.

3,700% INCREASE

REALTOR.COM/INTERNATIONALreceives more than 1 MILLIONnon-U.S. unique visitors every month.

International clients accounted

or 4.8% o total U.S. sales

divided evenly between two

dierent types o internationalclients or the 12 months

ending March 2012.

Total U.S. market estimated at

Total sales volume to international clients

is estimated at $82.5 billion or the 12

months ending March 2012, up rom an

estimated $66.4 billion or the 12 months

ending March 2011.

since December 2011, shortly ater the

site launched.MARCH 2O12 MARCH 2O11


27/36

pg .

S T R E N G T H E N I N GR E A L T O R S B U S I N E S S

A D V A N T A G E

The National Association

o REALTORS worked to

ensure members have access

to a wide array o benefts,

business tools, educational

opportunities and discount

programs designed to help

members succeed in 2012.


28/36

28

In April 2012, NAR created the Member Value Plus

(MVP) Program to encourage members to take actions

that will beneft NAR and its members, as well as to

reward members or being active participants in theirassociations. Every two weeks, a new MVP oer is posted.

Members who complete the specifed action within the

two-week timerame are rewarded. In September 2012,

an MVP program was launched ocusing exclusively on

Association Executives.

On November 1, Realtors Property Resource, a

REALTOR-only national database o property inormation,

launched nationwide, providing REALTORS with access

regardless o multiple listing service status with the site.

Now, every member will be able to access RPRs Realtor

Valuation Model, which is an authoritative tool or

property value research that uses tax inormation, saleshistory, comps and other data sets.

Credit union members are now able to take advantage o NWFCUs

expanded products and services, including:

R E A L T O R S F E D E R A L C R E D I T U N I O N M E R G E SW I T H N O R T H W E S T F E D E R A L C R E D I T U N I O N

M E M B E R V A L U E P L U S P R O G R A M L A U N C H E D

R E A L T O R S

P R O P E R T Y R E S O U R C E

( R P R )A V A I L A B L E N A T I O N W I D E

4 9 3

7 1 %

MLS Partners

o REALTORS covered by

RPR.

VEHICLE LOANS

PERSONAL

& BUSINESS

CHECKING

FIRST MORTGAGE

& HOME EQUITY

LOANS

BUSINESS

LOANS

STUDENT

LOANS

INVESTMENT

PRODUCTS &

SERVICES


29/36

pg .

T H E R E A L T O R B E N E F I T S P R O G R A MP R O V I D E D N A R M E M B E R S W I T H A N A R R A Y O F V A L U E - A D D E D O F F E R S A N D S A V I N G S W I T H N E W P A R T N E R S A D D E D , I N C L U D I N G

S P R I N T , X C E L I G E N T , A N D T H E C H R Y S L E R G R O U P L L C .

The premier gathering o

real estate proessionals and

their guests rom around

the world occurs every

year at the REALTORS

Conerence & Expo. In 2012,

REALTORS and their guests

met in Orlando, Florida, November 912. The dynamic speaker lineup

eatured real estates top experts and industry leaders. Their valuable

knowledge and insight helps members stay ahead o the competition by

being ully inormed on opportunities and challenges in their markets.

500,000

18,000+ 400

3 MILLION

INDUSTRY-LEADING

COMPANIES IN 2012.

T H E D E L L P R O G R A ME X P A N D E D .

D R U G C A R D A M E R I C AP R O G R A M L A U N C H E D .

members take advantage o

the benefts program.

attendees. trade show exhibitors.

member experiences

were created.

More than 17,000 people liked the REALTORS Conerence & Expo

page on Facebook.


30/36

pg .

C R E A T I N GP R O S P E R I T Y .


31/36

3 1

SALE OF NARS EPROPERTY DATA TO XCELIGENT

RPR COMMERCIAL ANNOUNCED

Second Century Ventures, the strategic investment arm o

the National Association o REALTORS, sold ePropertyData

(ePD) to Xceligent creating a game-changing partnership,

that oers a competitive national alternative or commercial

real estate inormation.

Realtors Property Resource expanded its ocus to

include commercial properties. Just as RPR compiled

vital data sets important or REALTORS in residential

practice, so now RPR commercial assembled important

eatures to help our commercial practitioners.


32/36

pg .

NAR ocused on the

uture o the industry

and our association

in innovative ways to

ensure that REALTORS

will stay a step ahead in

the ast-changing real

estate landscape.


33/36

3 3

RESTRUCTURING NARS COMMITTEES

REALTOR UNIVERSITY LAUNCHED

RETHINK INITIATIVE KICKS-OFF

The real estate industry is constantly changing to meet the needs o an

evolving society. To keep pace, the National Association o REALTORS

undertook a comprehensive review o the committee structure or the frst

time in 20 years. To ensure that NARs committees best reected the current

needs o our members and the industry, key recommendations were adoptedby NARs Board o Directors at the REALTORS Conerence & Expo in Orlando,

Florida, in November 2012.

The National Association o REALTORS continues to

build new opportunities to deliver the uture o real

estate by expanding real estate education throughREALTOR University, the ONLY institution o higher

education ocused exclusively on real estate. On

February 27, 2012, the university launched its frst

courses leading to a Masters o Real Estate degree.

The ReThink Initiative is a resh, new approach to NARs strategic-planning

process. Launched at the Leadership Summit in August 2012, it seeks to include

as many voices and opinions as possible to shape the uture o our industry and

our association. The initiative applies a crowd-sourcing technique to ensure that

every voice has an impact in shaping our uture.

16

26

2

10

45

RPAC

25 70

new groups created.

students rom the U.S. and Canada.

year process.

approximate orum sunsets.

average age o a student.

Real estate practitioners with PhDs

teach the courses.

oversight groups re-aligned.

youngest

student.

oldest

student.


34/36

pg .

As an NAR member, you receive

incredible business benefts, as well

as the support and guidance o more

than one million other real estate

proessionals and world-class sta, all

ocused on helping you succeed. Not

one penny o members dues goes to

the leadership and governance o NAR.

All dues go to advocacy, programs,

products and services.

B R E A K D O W N O F H O W Y O U R M E M B E R S H I P D U E S A N D A S S E S S M E N T S A R E U S E D :


35/36

3 5

Total 2012 dues and

assessments

B R E A K D O W N O F H O W Y O U R M E M B E R S H I P D U E S A N D A S S E S S M E N T S A R E U S E D :

B R E A K D O W N O F H O W N O N D U E S R E V E N U E I S U S E D :$35

$40

$32

$18

$14

$14

$0

$22

$22

+$36

Public Advocacy Campaign

(2,000 television/5,000 radio

spots annually, advocating

or REALTORS and

homeownership)

REALTOR Party (targeted

state and local real estate

advocacy, mobilization, and

grant unding)

Gross nondues revenue (rent, interest,

income, royalties, ad sales)

Cost o producing revenue

Net income rom nondues revenue

Association leadership and governance:

midyear meetings, annual conerence,leadership summit, committees, ofcers/

leadership costs, special meeting costs

Total paid by members or

leadership and governance

Note: $45 is a per-member representation

o nondues revenue.

Government Aairs, Political

Aairs, Economics & Research,

Regulatory Aairs, RPAC,

Public Aairs

Second Century Initiatives:

Realtors Property Resource,

HouseLogic, Real Estate Today

Radio, new real estate domain,

Commercial (eProperty Data)

All the rest o NARs services

(Legal, Communications,

International Policy, Commercial,

Education, Marketing, Afnity

Partners, Business Specialties,

Wholly Owned Subsidiaries,

Center or REALTOR Technology)


36/36

430 NORTH MICHIGAN AVENUE CHICAGO, IL 60611-4087 800.874.6500

500 NEW JERSEY AVENUE, NW WASHINGTON, DC 20001-2020 800.874.6500

Design By Column Five

WWW.REALTOR.ORG

FACEBOOK.COM/REALTORS @REALTORS

nar 2012 annual report

Documents