In the latest financial report, it was revealed that less than $9 million of the revenue came from member dues, while the majority of it was generated from investment income, showing an increase of approximately $20 million annually.
Despite a decrease in net income to $10.7 million in 2024 from $39 million the previous year, the association’s total liabilities decreased by $5 million annually to $690 million. Notably, $440 million of the liabilities were attributed to settlement litigation.
By the end of 2024, NAR’s net assets had increased to $387 million from $363 million in the previous year. This total includes $199 million in savings and temporary cash investments, with the trade association’s total assets amounting to $1.08 billion, which includes land, buildings, and equipment.
An NAR spokesperson mentioned in an email statement that the 2024 data did not reflect the significant progress made by the trade group in enhancing member value, modernizing the association, and strengthening fiscal discipline in 2025.
Salaries for executives are high
Regarding salaries and executive expenses, only three executives received compensation exceeding $1 million in 2024. NAR CEO Nykia Wright, who officially assumed the role in August 2024, received just over $2.5 million for her work, with $250,000 designated as an incentive or bonus. In comparison, her predecessor Bob Goldberg received a bonus of $642,000 from his total compensation of $2.6 million in 2022.
Other executives who earned over $1 million in 2024 include Mark Birschbach, the senior vice president of strategic business innovation and technology, and NAR’s chief advocacy officer Shannon McGahn. Both executives also earned over $1 million in 2023.
Kevin Sears, NAR’s 2025 president, received $357,000 for his service in 2024, while Leslie Rouda-Smith, the immediate past president, received $413,566 in 2023.
Travel expenses decreased by approximately $1.5 million from 2023 to $8 million.
Significant increase in public policy spend
Given that 2024 was a national election year, NAR’s public policy spending surged from $17 million in 2023 to $48 million in 2024, with total lobbying and political expenditures reaching $86 million.
Despite the legal challenges, NAR’s legal expenses with Cooley LLP decreased from $12.4 million in 2023 to $5.6 million in 2024. Total outside legal expenditures also dropped slightly.
In 2024, NAR invested heavily in communications and promotions, with Havas Media Group receiving a significant amount for their services. The trade group also allocated funds for advertising and promotion, as well as grants, including contributions to the American Property Owner’s Alliance.
NAR plans to release its new annual report in early 2026, highlighting the impact of their work in 2025 and outlining future steps to enhance operations and member benefits.
The organization has faced calls for increased transparency regarding its financial activities from a broker working group.