The National Association of Realtors (NAR) is hosting its annual C5 + CCIM Global Summit from Sept. 17-19 at the Seminole Hard Rock Hotel & Casino in Hollywood, FL. This event will bring together a diverse group of professionals from the commercial real estate industry, including brokers and REITs. While some may be surprised by NAR’s involvement in commercial real estate, it is actually the largest organization for commercial members in the United States according to Johnny Noon, director of engagement for NAR’s commercial real estate division.
Currently boasting over 180,000 members engaged in CRE transactions, NAR is committed to raising awareness about its programs and services while continuously investing in providing value for its practitioners.
As a professional association with advocacy as one of its primary functions, it comes as no surprise that NAR is actively involved at both federal and state levels. With their status as the largest CRE member organization comes significant influence when advocating on behalf of this sector.
“Our lobbyists are working with legislators to educate them on issues affecting landowners and practitioners,” explained Noon. One example he gave was how they have been leading efforts to protect Section 1031 Exchanges.
While their work at federal level may be more visible than their efforts at state or local levels where they have also made an impact through initiatives such as reducing sales tax on commercial leases in Florida or preventing potentially harmful legislation from being passed altogether.
“It’s important that we inform lawmakers about potential unintended consequences before passing new laws,” said Noon regarding these efforts by their advocacy team based out Washington D.C..
In terms of technology adoption within the industry however residential agents seem ahead compared to those working within CRE but once again NAR has taken steps towards bridging this gap too through investments into proptech companies via Second Century Ventures which has so far invested into over forty firms serving not just traditional property markets but adjacent industries too like Notarize, Knock, Curbio and Occupier.
NAR’s focus is on leveraging technology to enhance the broker experience rather than replace it. “We want to help brokers be more productive in an efficient way,” said Noon.
For commercial brokers specifically NAR offers Realtors Property Resource (RPR) which according to Noon is their “secret weapon” that sets them apart from other organizations. This platform provides members with access to tools, data and resources that can give them a competitive edge when working with clients.
“Our goal is to be an essential business partner for our commercial practitioners,” concluded Noon who promises even more developments from NAR on the commercial front in future.
