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The American Association of Realtors is absorbing a New York City real estate trade association to launch its first local chapter, the association tells Inman exclusively.
According to its website, the group is called the New York Resident Agent Continuum (NYRAC) and has 176 members from prominent New York-based brokerage firms, including Compass, Douglas Elliman, and Serhant, among others. He claims to be participating.
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Terms of the deal were not disclosed. But as part of the deal, which will close at the end of the first quarter of 2025, no funds were exchanged between the organizations, Jason Haber, co-founder of the National Association of Realtors, told Inman. NYRAC will be incorporated under the umbrella of the US REA.
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“We are excited to welcome NYRAC as our first local chapter,” Haber said in a statement.
“This combination not only strengthens our presence in New York City, but also lays the foundation for our broader vision to establish regional offices across the country.
“By partnering with organizations that share our commitment to advancing the real estate profession, we aim to provide unparalleled support and resources to real estate agents across the country.”
The industry group said this is its first local chapter and will serve as a model for future chapters of REA America, which has more than 5,000 members and is part of a plan to open local chapters across the country.
“The thing about NYRAC is that most of New York City’s top agents are members, so while it’s not a large group in terms of number of agents, in terms of prestige and weight in the New York City brokerage community. It’s huge,” Haber said.
Membership in American REA will be voluntary for NYRAC members, Haber said.
“We would like them to join federal trade associations as well, but there will be no requirement to do so,” he said.
“We believe in choice and that is the founding principle of our association,” he added grimly. “We have seen, [acrimony] Across the country, when agents have no choice in joining NAR. ”
Haber added the requirement that agents and brokers must join the three local and state Realtor associations in addition to NAR if they wish to join one.[W]We know that agents don’t like the mandatory dues that come with tripartite agreements, and we hear from agents across the country that this is creating tension between agents and NAR. ”
American REA says that by partnering, members of both organizations will gain “enhanced resources, expanded networking opportunities, and a stronger collective voice in the real estate industry.”
REA plans to use the NYRAC merger to “revitalize and organize” New York City’s real estate industry, which “continues to be misunderstood and maligned by policymakers,” Haber added. .
REA previously joined the Real Estate Board of New York (REBNY) in opposing the FARE Act, a recently enacted law that requires landlords to pay brokerage fees rather than pass them on to tenants.
NYRAC will help American REA realize its vision of a “more affordable, sustainable and vibrant” New York City, Haber said.
“I fully expect NYRAC to take a leadership role on behalf of New York City’s resident agents, who have felt the disdain and anger of local elected officials for far too long.” he stated.
Haber said American REA will continue to work with NYRAC’s existing Board of Directors and Executive Committee, all of whom will remain affiliated with the organization and advance NYRAC’s mission to advance ethical standards and advocate for agents and consumers. He says he will continue to do so.
“We are excited to lead the way as the first local chapter of the National Association of Realtors and look forward to collaborating on initiatives that will benefit both real estate professionals and consumers.” Co-founder of NYRAC said Heather Domi, president and CEO. statement.
NYRAC will keep its name, but the transitional brand name will refer to the U.S. REA, Haber said.
“[O]“The national trade association name is integrated into all collateral, marketing, online information, etc., so it is clear that NYRAC is the New York Chapter of the National Association of Realtors,” he said.
The combined industry group’s first action will be a town hall meeting in February with “very important New York City officials,” whom Haber declined to name.
“This event will bring together top real estate industry and city officials to discuss Yes City’s zoning and what it means for the real estate industry,” Haber said, referring to the city’s initiative launched in 2022 by New York Mayor Eric Adams. We plan to discuss what that means.” It aims to increase affordable housing and environmental sustainability.
“This is part of NYRAC’s efforts to bring more modern education and information to the agent community,” he added.
Editor’s note: After publication, Mr. Haber said that Inman American REA had acquired NYRAC, but clarified that no money was exchanged in the transaction. The story has been corrected. Inman regrets his mistake.
Email Andrea V. Brambilla.
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