It’s no secret that the National Association of Realtors (NAR) is a powerful lobbying force for housing and the real estate industry, with some strong financial power behind it.
The trade organization had more than $1.07 billion in total assets and $360.8 million in revenue in 2024, according to IRS Form 990, which was recently released to industry media upon request.
The form details the organization’s expenses, revenue and assets during a year in which it faced intense scrutiny over agent commissions, and ultimately settled landmark class-action lawsuits that would transform the industry.
NAR’s financial resources were largely poured into executive salaries, marketing and PR, and lobbying in 2024, showing how it tackled a tumultuous year from a financial standpoint.
Executive salaries
The trade organization spent more than $73 million on all staff salaries and benefits in 2024, according to the Form 990.
CEO Nykia Wright, who first joined NAR in November 2023 in an interim role and was named full-time CEO in August 2024, earned a salary of $2.49 million in 2024 and received an additional $57,343 in other compensation, plus a bonus of $250,000.
Other top earners at the organization included Mark Birschbach, senior vice president of strategic business innovation and technology, and Shannon McGahn, the organization’s chief advocacy officer.
Birschbach and McGahn earned $1.26 million and $1.16 million for their base salaries, respectively that year, and each also received an additional $57,343 in other compensation, like Wright.
Meanwhile, Katie Johnson, NAR’s former general counsel, received $900,523 for her base salary in 2024. NAR Chief Economist Lawrence Yun earned $845,298 for his salary, and the organization’s chief financial officer, John Pierpoint, earned $815,229 for his salary. Former Chief Marketing and Communications Officer Suzanne Bouhia earned a salary of $624,119. All four also received additional compensation of $57,343.
That year, NAR President Kevin Sears earned $357,216 in compensation.
The marketing and PR push
During the years surrounding NAR’s commission lawsuit settlement, the association had a big task ahead of it when it comes to rebuilding trust in Realtors and the industry as a whole, and that work continues today.
The Form 990 shows that NAR paid marketing and PR firms more than $66 million in 2024 to boost the association’s image. Marketing and communications firm Havas Media Group received more than $42.8 million from NAR, while PR firm Brunswick Group received more than $15.4 million and Uncommon Creative Studio received $7.9 million from the association for its branding services.
That sum shows just how much NAR values maintaining a brand that is trustworthy to consumers.
Lobbying and legal costs
In addition to its advocacy work, NAR spends a great deal of time and money lobbying lawmakers for legislation advantageous to the industry.
In 2024, NAR reported $86.1 million in dues-funded expenses that were allocated for lobbying or political activity, Form 990 shows. That figure is fairly close to nonprofit watchdog OpenSecrets’ estimate that the trade organization had spent $86.3 million that year on lobbying, which would have been the largest amount spent by any single organization on lobbying in 2024, according to the watchdog.
NAR’s legal expenses in 2024 were less than half of previous years, when it was actively involved in the Sitzer | Burnett trial. In 2024, the association paid $5.67 million to Cooley LLP for legal representation, according to the Form 990.
Since Wright took over as CEO, she has placed an emphasis on cleaning up shop at NAR and tightening its budget. A spokesperson for the association said that when it releases a report early next year, members will see what steps NAR is taking to improve operations.
“Since the Form 990 only captures 2024 data, it does not reflect the significant progress NAR has made this year enhancing member value, modernizing the association, and strengthening fiscal discipline,” a spokesperson for NAR said in a statement sent to Inman.
“In an annual report we are publishing in the first quarter of 2026, we will transparently show the impact of our work to improve the association and its usefulness to members, as well preview the steps we will take in 2026 to further improve how NAR operates and delivers for members moving forward.”
