At its Nov. 9 meeting during NAR NXT in New Orleans, the National Association of Realtors®’ (NAR) board of directors approved a 2027 budget and installed new leadership.

The board approved an operating budget projecting approximately $280 million in revenue and $247 million in expenses. Under the new approach, NAR departments were required to evaluate expenditures from the ground up rather than simply carry forward previous spending levels, prioritizing initiatives and identifying measures of success. 

NAR Treasurer Craig Sanford described the approach as a significant step in the association’s financial modernization efforts. The board approved the budget by an overwhelming majority. Directors also approved the following financial recommendations:

• Consumer advertising campaign: Approximately $12 million in revenue and $13.7 million in program expenses for 2027
• Capital expenditures: $2.42 million for technology and $3.06 million for building needs

In his final board of directors meeting as NAR president, Kevin Brown highlighted progress on initiatives aimed at protecting members’ business interests, expanding housing opportunities and helping members adapt to a changing industry.

He also highlighted progress on MLS collaboration, including outreach to nearly 500 MLS executives and the formation of a work group to address emerging challenges and modernize policies. That work helped inform four policy recommendations approved by NAR’s Multiple Listing Issues and Policies Committee during NAR NXT, aimed at strengthening copyright protections for listing content, giving MLSs greater flexibility in setting local data feed requirements and clarifying permitted uses of MLS data. 

For Realtor® members, the changes address business concerns, including protecting the time and money invested in marketing properties, preserving access to their own listing information and establishing clearer rules for how listing data can be used and shared.

Brown also pointed to NAR’s advocacy surrounding the 21st Century ROAD to Housing Act, a housing package aimed at increasing supply, improving affordability and expanding homeownership opportunities. NAR’s attention is now turning toward implementation, including working with federal agencies and supporting state and local associations.

Other initiatives highlighted during the meeting included six “modernized” Center for REALTOR® Development courses scheduled to launch Dec. 1, more broker summits (on track for 85-plus by the end of the year) and continued advocacy, including for the bipartisan More Homes on the Market Act, which would increase the capital gains tax exclusion for homeowners selling their primary residences (something the Trump administration previously floated as well).

New NAR President Christine E. Hansen’s priorities include advancing NAR’s three-year strategic plan, improving awareness of member tools and resources, and restoring pride in the Realtor® brand.

The association’s 13 regional vice presidents were also installed.

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