U.S. Median Price of Homes Sold
The National Association of Realtors (NAR) has been revolutionizing the real estate industry for over a century. Established on May 8, 1907, in Chicago, the NAR is an American trade association for professionals working in the real estate sector. With over 1.5 million members, it is the largest trade association in the United States.
Shaping the Real Estate Landscape
The NAR plays a pivotal role in shaping the real estate landscape in the United States. Its members include residential and commercial real estate brokers, salespeople, property managers, appraisers, and counselors. These professionals are engaged in various aspects of the real estate industry and are required to have a state license to practice.
Upholding Ethical Standards
Since its inception, the NAR has been committed to upholding ethical standards and ensuring the highest level of professionalism in the industry. In 1913, the organization adopted a code of ethics and standards of practice that all members must abide by. This code of ethics promotes integrity, honesty, and fair dealings with clients and fellow professionals.
Multiple Listing Service (MLS) Systems
The NAR oversees hundreds of local Multiple Listing Services (MLSs), which are information exchanges used by real estate brokers across the nation. While some MLSs operate independently, many are affiliated with the NAR. These MLSs allow brokers to share property listings and collaborate with each other, ensuring a higher level of efficiency in the real estate market.
Embracing Technological Advancements
With the rise of the internet in the late 1990s, the NAR recognized the need to adapt to technological advancements. They introduced Internet Data Exchanges (IDX), allowing brokers to display a portion of their data on their websites and provide information to potential buyers. This move revolutionized the way real estate information was accessed and shared.
Championing Consumer Rights
The NAR is dedicated to advocating for consumer rights and ensuring a fair and transparent real estate market. In 2019, they introduced the Clear Cooperation Policy, which requires brokers to submit a property listing to the Multiple Listing Service within one business day of marketing it to the public. This policy enhances transparency and protects consumers' interests.
Influential Lobbying Power
As a leading lobbying organization, the NAR wields substantial influence in the legislative arena. Its Realtors Political Action Committee (RPAC) actively supports the election of pro-Realtor politicians across the United States. Through its lobbying efforts, the NAR strives to shape policies that benefit the real estate industry and promote homeownership.
Overcoming Challenges
Like any influential organization, the NAR has faced its fair share of challenges. Antitrust lawsuits have been filed against the NAR, alleging anti-competitive practices and violations of the Sherman Antitrust Act. However, the NAR has consistently worked to address these issues and has made efforts to ensure fair competition and consumer protection.
A Bright Future Ahead
As the real estate industry continues to evolve, the NAR remains at the forefront, embracing innovation and advocating for the best interests of its members and consumers. With its rich history and commitment to excellence, the NAR continues to shape the real estate industry, ensuring a bright future for professionals and homeowners alike.
References
- National Association of Realtors. (n.d.). Retrieved from www.nar.realtor
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