How NAR spent its money in 2024
The organization brought in $360 million in revenue, primarily from member dues, and spent more than $76 million on compensation. Another big expense? Lobbying.
Key points:
- NAR’s top executives were highly compensated, including CEO Nykia Wright who received more than $2.55 million in total comp.
- PR and marketing contractors were another large expense, with $42.8 million going to Havas Media Group, the association’s highest-paid vendor.
- While this year’s tax details won’t be known for some time, NAR said it has made “significant progress” in 2025 in “strengthening fiscal discipline.”
The National Association of Realtors, the most influential lobbying force in housing and one of the largest trade groups in the country, reported more than $1.07 billion in total assets and $360.8 million in revenue in 2024 — including $303.5 million in member dues — according to its newly released IRS Form 990.
The filing, which NAR shared with Real Estate News and other trade media, offers a rare public window into how the embattled organization is spending its money as it faces ongoing legal, financial and reputational pressures.
The document illustrates an association trying to stabilize after a tumultuous year marked by a landmark class action settlement, mainstream media scrutiny and multiple leadership shuffles while continuing to pour tremendous resources into advocacy, advertising and executive leadership — the pillars that have long defined NAR's power in the real estate industry.
The high price of leadership
The powerful trade group, which boasts roughly 1.49 million members, not only has deep pockets for advocacy, but also for executive compensation.
According to the organization's 990 for 2024, NAR spent over $76.5 million on staff salaries and benefits. CEO Nykia Wright, who was hired two years ago as a transitional leader and moved into a permanent role in Aug. 2024, received $2.49 million in reportable compensation — including a bonus of $250,000 — and an additional $57,343 in other compensation, bringing her total to more than $2.55 million.
In comparison, 2024 President Kevin Sears received $357,216 in compensation for the year.
Several other top executives earned salaries and bonuses of half a million dollars or more, as well as $57,343 in additional compensation:
Chief Advocacy Officer Shannon McGahn: $1.16 million in reported compensation
SVP of Strategic Business Innovation & Technology Mark Birschbach: $1.26 million
Former General Counsel Katie Johnson, who departed in October 2024: $900,523
Chief Economist Lawrence Yun: $845,298
Chief Financial Officer John Pierpoint: $815,229
Former Chief Marketing and Communications Officer Suzanne Bouhia: $624,119
Former SVP of Member Development Marc Gould: $509,581
According to the form, there are 11 NAR staffers whose reportable compensation last year exceeded $200,000 and 242 total staffers whose salary was $100,000 or higher. NAR reported 365 people employed in the calendar year 2024.
Spending big on marketing and PR
The leading home search sites and brokerages aren't the only ones putting millions into marketing and advertising. NAR's 990 reveals that consumer-focused messaging is a major source of expenditures at the organization. Last year, the association paid Havas Media Group more than $42.8 million for marketing and communications work — its largest contract with any vendor. It also paid over $15.4 million to Brunswick Group for public relations work and $7.9 million to Uncommon Creative Studio for global branding.
In an era where the value of the Realtor brand faces heightened scrutiny — from both a legal and a public relations perspective — the scale of these contracts illustrate NAR's efforts to protect and reinforce its brand and identity. In total, NAR paid more than $66 million to its top three independent contractors for media, marketing, PR and communications services.
Legal expenses declined, but lobbying costs surged
NAR continued to battle litigation in 2024 and reported paying $5.67 million to Cooley LLP — its principal outside counsel firm and one of its five highest-paid vendors. That's less than half of what the association paid Cooley LLP in 2023, however, when NAR was in the midst of the Sitzer/Burnett trial.
In February, nonprofit watchdog OpenSecrets pegged NAR's lobbying spending in 2024 at $86.3 million — the largest amount spent by a single organization to influence elections and policy, according to OpenSecrets. The 990 form appears to align with this estimate: NAR reported $86.1 million in dues-funded expenses as nondeductible because they were used for lobbying or political activity — well above the $52.1 million it spent in 2023.
NAR making 'significant progress' toward 'fiscal discipline'
Both within and outside of the industry, NAR has been scrutinized and criticized for its spending — and for what has been perceived as a lack of transparency.
In April, a panel of brokers representing roughly 100,000 agents formed with the goal of keeping the association accountable. Dubbed the Pro-Agent Restore Trust in NAR Working Group, one key area of focus is NAR's "bloated" balance sheet, according to United Real Estate CEO Dan Duffy, the group's representative.
But NAR says it's committed to doing better for members — and for its bottom line.
"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," an NAR spokesperson said in a statement shared with Real Estate News over email.
"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 as preview the steps we will take in 2026 to further improve how NAR operates and delivers for members moving forward," they added.