NAR President Kevin Sears Offers HGAR Members Frank Assessment of Industry, Markets Going Forward at RPAC Event
WHITE PLAINS—National Association of Realtors President Kevin Sears met with HGAR members and guests on Oct. 7 at the Kanopi Restaurant atop The Opus in Downtown White Plains and provided the latest updates on the NAR settlement, discussions with the U.S. Department of Justice, proposed budget cuts for 2025 and his views of the real estate market going forward.
The second-generation Realtor from Springfield, MA, told the gathering of more than 50 Realtors that “2025 is going to be a big year” no matter the outcome of the Presidential election in November. Sears took over as NAR President in January 2024. The more than 30-year real estate veteran has traveled far and wide during his tenure. A few months in office, Sears and NAR staff were successful in settling a multi-billion-dollar commission lawsuit for $418 million.
Sears, who will be serving as 2025 NAR President, told the HGAR crowd that NAR is hoping to secure court approval of the settlement in November and will likely make the first payment in connection with the settlement—approximately $197 million—sometime during the first quarter of 2025. He said the funds would come out of NAR’s reserves and the current proposed 2025 budget that will be presented to the NAR Board of Directors next month does not call for an increase in dues.
He related that in 2026, 2027 and 2028, NAR will pay approximately $72 million each year to satisfy the settlement.
“If approved (by the court) on Nov. 26, we can finally put this in our rearview mirror,” Sears said.
Among some of the highlights of his presentation, Sears said that NAR is budgeting for a 10% decrease in membership in 2025. He said that most of the drop in membership is due to market conditions and the drop in transactions, with minimal membership decline related to the NAR settlement and the practice changes that have resulted since then.
“The National Association of Realtors will be a little bit leaner and meaner,” Sears said, noting that the proposed budget calls for a $20-million reduction in expenditures that would result in a net-zero budget for the year. He noted that its advocacy budget, if approved, would be cut by $9 million.
“This is going to hurt us all, but we can’t cripple any one (department),” he related.
Sears also said that despite some frustrations, he is hopeful that future discussions with the U.S. Department of Justice over NAR’s practices will be fruitful.
When discussing his views on the market going forward, Sears in an apparent swipe on those who predict Artificial Intelligence will replace the Realtor in the years to come, related that going forward, “One thing that I believe will be constant… is that Realtors will remain at the center of the transaction.”
He said because there are too many variables, such as the outcome of the Presidential election and the party that controls Congress, interest rates and national and international events, it is difficult to predict just how the market will be in 2025.
Sears also stressed the importance of advocacy and RPAC. He noted that people are mistaken who say that RPAC buys votes. Instead, he related RPAC “gives Realtors a seat at the table. It gives us a seat in the room where decisions are being made,” he said.
He later noted a quote by Thomas Jefferson in relation to RPAC’s efforts, saying, “We are not ruled by the majority. We are ruled by the majority who participate.”
RPAC of New York congratulated HGAR for raising funds for RPAC ($17,750) at the cocktail reception with NAR President Sears and acknowledged HGAR RPAC Co-Chairs, Anthony Domathoti and JP Endres for their efforts. NYSAR leadership that attended the event were 2024 President-elect Jacqlene Rose and Treasurer Ron Garafalo, along with NYSAR Political Affairs Coordinator Derick King.
Sponsors of the program were: Platinum sponsor, UNMB Home Loans, Gold sponsor, OneKey MLS, and Silver sponsors, Richard Haggerty, CEO OneKey MLS and Lynda Fernandez, HGAR CEO.
