Many people use the terms real estate agent and Realtor synonymously. However, Realtor is actually a specific term for a member of the National Association of Realtors. Therefore, all Realtors may be real estate agents, but not all real estate agents may be classified as true Realtors. With this in mind, you may be reading an NAR membership review to determine what the membership dues are for this association. Or if this is a trade association you want to join and support in your effort to retire by the age of 37. After all, you need to make the best career and financial decisions possible if you want to achieve your goal.
What Is NAR?
Because your goal is to retire by the age of 37, you simply cannot afford to make poor financial or career decisions. When you read through an NAR membership review, you need to determine if the financial expense associated with the fee is worthwhile. This is in comparison to the benefit that membership can provide to you over the course of the year. NAR, or National Association of Realtors, has more than 1.1 million members across North America, and it is the leading real estate agent trade organization in the area. While many real estate agents have chosen to pay the membership dues, you need to make a correct personal decision.
NAR has both residential and commercial sectors. It is affiliated with state real estate associations across the country as well. In many cases, you will have to pay both state and national dues rather than simply joining the national association. Each state is unique with regards to this, so you should carefully research this possible requirement for your state before you make a final decision regarding membership. This potentially combined fee can vary by state, but you can reasonably expect to pay between $400 to $500 per year for both state and local membership dues.
How Does It Work?
Whether you are new to the real estate world or you are simply not familiar with the National Association of Realtors, you may be reading through an NAR membership review and wondering what tangible benefits you can receive in exchange for the annual membership fee. After all, saving and investing a few hundred dollars each year rather than paying this money toward a membership fee may help you to achieve your early retirement goal more quickly and easily. Therefore, as you read through an NAR membership review, pay close attention to the many benefits as well as risks associated with your membership in this organization.
As you explore an NAR membership review in greater detail, you will see that the benefits that its members receive are plentiful, and this organization may help you to achieve your early retirement goals in different ways. For example, members can use the website to easily network with other Realtors and to research different markets. In this way, you may be able to grow your career and increase profitability substantially.
As a member, you will also have access to an extensive range of discounts through numerous leading vendors and providers that can help you to save money on various expenses. In fact, you may discover that your savings more than pays for the cost of the membership each year.
You can also enjoy access to a huge library of educational resources free of charge online when you are an NAR member. This means that you can greatly increase your knowledge base in a variety of real estate topics. Some real estate professionals do not intend to work in the field after retiring, but others may have plans to use passive income from real estate investments for several decades or longer after retiring early. The knowledge that you glean from this library can be truly beneficial.
Your membership dues also pay for lobbying efforts at the federal level. The federal government passes numerous laws that can impact property values, taxation, financing and more. The lobbying efforts work in your favor to protect your interest as a real estate investor and practitioner.
If you are reading through an NAR membership review, you may be wondering what the potential risks are. The most significant risk you may face with regards to paying a few hundred dollars per year relates to inactivity. If you are not actively participating in real estate the fee may become burdensome and non-beneficial for you. You can remain active through a very passive real estate investment activity.
However, even those who rarely participate actively may still benefit financially from the membership. Due to the incredible discounts that you could qualify for through an NAR membership. Therefore, as long as you actively use the discounts available through your membership, you will have minimal risk. You will also have considerable benefits associated with being a member of the National Association of Realtors.
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Consider, for example, if a successful real estate agent may have earned enough money to retire at a young age. He may no longer own or plan to use his estate license. The NAR membership may have been beneficial at one point for research, networking and more. However, if the individual is not participating in real estate, the only real benefit relates to using the discounts. The discounts are available for everything from insurance and auto-related expenses to travel and more. So it may make sense to keep the membership active and to continue to support the industry.
Another example is a real estate investor, who retires by 37, using passive real estate income to support her lifestyle. This individual may have a real estate license and may use NAR’s online library to keep up-to-date with the market. More than that, the individual may also make use of the lobbying activities and discounts.
Many people who read an NAR membership review may actively be participating in the real estate industry through work activities. The benefits associated with NAR membership for this type of daily activity are obvious. After you retire at the age of 37, your NAR membership may continue to provide you with substantial benefits.
Individuals who plan to retire by the age of 37 must make savvy and thoughtful financial decisions. An NAR membership may only seem like a few hundred dollars per year, but the reality is that this is a substantial amount of money. It could steer you off course if you do not use it wisely. While paying this membership fee means you cannot invest the money, this NAR membership review shows it can have benefits. In fact, you may actually save more money through this membership than you pay on the fee itself.