The National Association of Realtors or NAR is the biggest real estate organization. Being a huge organization, the members carry out activities like buying and selling real estate properties as brokers, sales agents, property managers, counselors, and more. What are some of the benefits of a realtor membership?
The benefits available with Realtor Membership are business tools like marketing resources, real estate market data, educational opportunities, and discount programs from FedEx, Car rentals, insurance, Quickbooks, and more. REALTORS are different from regular real estate agents.
Read on to learn more about some of the benefits available with realtor membership as well as what it takes to become a member of The National Association of Realtors.
What Is the National Association of Realtors?
NAR is an organization that deals with activities related to residential and commercial real estate. It started as the National Association of Real Estate Exchanges in 1908, with one state association, 120 members, and 19 boards. The organization was to standardize real estate practice and unite the individuals in real estate in the U.S.
The members of NAR are referred to as REALTORS, and they belong to different local associations and boards in over 50 states. It’s mission after rebranding was to ensure members became more successful and profitable. The goal was to shape and influence the real estate industry, advocate for use and transfer of real estate property, and also advocate for the right to own real estate property.
The term REALTOR refers to a real estate professional or broker who is a member of NAR. It’s a registered trademark that shows someone if a member of the real estate association. He/she needs to abide by the set code of conduct and code of ethics as these standards are set to make sure that the real estate person uses his experience and knowledge to represent the client’s interests.
The organization that has over a million members offers an environment for the exchange of information, research, and professional development. NAR is not only open to members but also the public and government. Their work is to ensure every person or business is entitled to own real estate property.
Who Can Join the National Association of Realtors?
No non-principal can join a realtor association unless the principal of the real estate firm joins. The principals can be branch office managers, corporate officers, sole proprietors, partners in a partnership acting in place of a principal.
Once the principal joins a realtor association, appraisers, brokers, and agents affiliated or licensed with the principal can join as members of the association.
That means if the principal of the real estate firm doesn’t join a realtor association, none of the firm members can become members of the association. The members of the local association get membership in the national association of realtors.
Annual National Association of Realtor membership fee is $120 and members incur a $35 assessment for the NAR’s Consumer Advertising Campaign. All these are billed through local associations. Any dues attributable to political activities and lobbying are considered non-deductible at State and Federal levels for income tax purposes.
Real Estate Market Data
As a member of the National Association of Realtors, you have access to the Realtors Property Resource also known as RPR. This is a national database of information on each property in the United States. The data is built from assessment data and public-record data.
That includes facts on the mortgage, permits, zoning, schools, and a database of foreclosures.
NAR provides a range of business tools with its The Right Tools, Right Now initiative. It was launched in 2009 with the aim of making new and existing NAR business resources available at a discount or for free.
This program includes resources and products from all areas of the Association and that include digital tools for marketing and transactions, webinars to help with finance management, educational courses to expand your skills, and market reports to inform clients and businesses.
Access to educational opportunities is some of Lowes’s realtor benefits. As a REALTOR, you have the opportunity to boost your client base and salary with specialty knowledge and continuing education. NAR offers a huge selection of real estate training courses.
Some of these courses include:
- REALTOR Association Management – Under Realtor Association Management, realtors have access to courses and resources that can help them improve their skills and knowledge in REALTOR association management.
- Leadership Development – The courses focus on volunteer leadership, helping realtors excel on the board of directors, and perform in association leadership positions. C2EX enhances and develops a REALTOR’s commitment to data privacy, advocacy, ethics, technology, and customer service.
- Financial Wellness – The Center for Realtor Financial Wellness is a course designed to meet the financial planning needs of REALTORS.
- Certification and Designations – As a member of the organization, you get awarded by NAR and its affiliates. These certifications are designed to acknowledge expertise and experience in real estate.
Joining The National Association of Realtor comes with discounts that may entice you. With more than 1.3 million members, hundreds of companies are willing to jump in and provide discounts to the members.
According to NAR, more than 800,000 members saved over $60m through their benefits program.
Some of these discounts include:
- Insurance Marketplace-REALTORS Insurance Marketplace is a unique platform that NAR has created for its members to access health insurance. Members get special rates for HSAs, HMOs, and PPOs.
- American Home Shield-Members get 50% discounts on warranties for their properties.
- Adwerx-The program provides REALTORS with an extra 15% in ad impressions at no additional cost.
- Quickbooks-NAR members get QuickBooks Self-Employed at half the price.
- Car Rentals-REALTORS get a 25% discount on car rentals from companies like Hertz, Budget, and Avis. The National Association of Realtors provides exclusive savings, which include a $500 cash allowance on the lease or purchase of select FIAT, Ram, Jeep, Dodge, and Chrysler Models.
- Cyber Liability Insurance Program-NAR members have access to a customized cyber liability insurance program where you get discounts on premiums on a monthly basis CyberPolicy partners with NAR to create a comprehensive and customized cyber liability insurance program.
- Liberty Mutual Insurance-Members enjoy savings on home, renters, and auto insurance as members of the state association of realtors.
- FedEx-FedEx provides REALTORS with a 20% discount on different services. What’s more, you get 26% off shipping services as a NAR member.
- DocuSign-As a Realtor, you can make your work easier and affordable with Docusign’s 20% discount.
- Placester-Creating websites can be a major hassle and a costly expense. However, as a REALTOR under NAR, you can get your site up and running with the help of Placester.
- Lenovo-Thinking of buying a new laptop? That’s all possible thanks to Lenovo that provides a 35% discount. it’s an excellent way to save money.
When dealing with discounts, ensure that you hold on to the receipts and bills whether you got a discounted rate or paid the full price. That’s because as.a real estate agent, you are entitled to price deductions during the tax season, which means you can deduct all your expenses like realtor coupons for clients and NAR membership fees.
Being a NAR member entitles you to different benefits like the realtor affinity program, marketing tools, health insurance benefits, excellent rates on car rentals, cyber liability insurance, among other benefits. All these are designed to help you save more as a REALTOR. If your firm hasn’t joined NAR yet, it’s time to reconsider as you may be missing out on some perks.