The Chicago-based National Association of Realtors is laying off nearly 12% of its staff and eliminating 20 open positions, according to a news release posted on the organization’s website Friday.
The cuts affect 41 of NAR’s 344 employees and, with the elimination of open roles, hit various departments including public relations and communications, creative and content strategy, digital strategy, meetings and events, member development, human resources, member engagement, member experience, research, finance and IT.
“The industry is changing, and it is our responsibility to lead and change with it,” said NAR CEO Nykia Wright in the Friday news release. “As we continue managing our finances to meet the challenges of today and tomorrow, we need to invest in the best people, adopt the right processes, and apply the most advanced, cost-effective technology while remaining prudent financial stewards of the enterprise.”
The staffing cuts come as NAR is on the hook to pay $418 million to home sellers after the trade association and real estate brokerages nationwide agreed roughly a year ago to settle class-action antitrust lawsuits filed by home sellers who argued they were forced to pay inflated commissions to real estate brokers. NAR also agreed to change its rules for members as of August 2024 to require potential homebuyers to sign written agreements stating how their agents will be paid, a significant change to how homes are bought and sold.
