The agreement is on track to be completed by the end of the first quarter of 2025, with co-founder Jason Haber confirming that no financial transactions are involved.
NYRAC boasts 176 members hailing from New York-based brokerages such as Compass, Douglas Elliman, and SERHANT, as indicated on its website.
American REA described the acquisition as a significant stride towards fortifying their commitment to serving and aiding real estate professionals throughout the industry.
By joining forces with NYRAC, American REA aims to offer members enhanced resources and tools, encourage deeper connections and collaboration, and establish a more unified voice to advocate for pertinent real estate issues.
“We are excited to collaborate with NYRAC and expand the American Real Estate Association,” Haber expressed in a social media video. “This marks the inception of our first local chapter, with plans to establish chapters nationwide. Our focus will be on issue advocacy, policy, education, and other crucial aspects for our residential agents in the real estate sector.”
Haber and Mauricio Umansky unveiled the American Real Estate Association in January 2024 as an alternative to the National Association of Realtors (NAR). As of January, American REA has garnered over 5,000 members. The group launched its membership program in August 2024, featuring two tiers — an annual membership priced at $20 and a 10-year founding membership at $1,500.