RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

To Best Serve Consumers, REALTORS® Must Have Their Own Financial House in Order

Home Best Practices
By Bob Goldberg
May 7, 2022
Reading Time: 3 mins read
To Best Serve Consumers, REALTORS® Must Have Their Own Financial House in Order

A quick look at the U.S. housing market earlier this winter indicated some cooling from the early days of the pandemic. In February, the National Association of REALTORS® (NAR) reported that existing home sales were down 7.2%. This came on the heels of a 5.7% month-over-month drop in January, as limited inventory and rising mortgage rates continued to hamstring affordability.

Much of NAR’s advocacy efforts are focused on these persisting, nationwide supply constraints. Fortunately, $25 billion for affordable housing production was recently secured in legislation moving through Congress, as was $1.75 billion in grants for other key inventory-related priorities, like zoning reform.

But while NAR’s advocacy team continues its work in Washington to ensure Americans from every background have access to homeownership, U.S. consumers are still seeking out property at historic levels. And, as monthly sales levels rise and fall, a lack of demand or desire is not to blame. There were, in fact, nearly five offers for every home sold in February, according to a recent REALTORS® Confidence Index Survey that exceeded numbers recorded in the months prior.

On top of that, NAR reported in March that middle-income Americans gained more than $2 trillion in household wealth over the past decade. Indeed, millions of younger Americans and first-time buyers continue to show an unrelenting appetite to capitalize on all the long-term benefits of property ownership.

Ultimately, REALTORS® exist to serve consumers; to remain the trusted source of real estate information at the center of every transaction; to hold unparalleled levels of community knowledge; and to serve as some of the most invested, engaged members of those communities.

REALTORS® work tirelessly in an unrelenting and ultra-competitive market to make the American Dream a reality for their clients. But that mission can only be executed if agents have every possible tool to secure and stabilize their own professional and personal lives. Here, too, is where NAR’s engagement is critical.

As part of a comprehensive toolkit of resources offered to REALTORS® through various association- and industry-wide initiatives, NAR has created the Center for REALTOR® Financial Wellness (CRFW). This offering was designed specifically to meet our members’ unique financial planning needs and to ensure their focus—day in and day out—remains on serving the clients who have put so much trust in their hands.

Nearly 25,000 REALTORS® are currently enrolled in the CRFW platform, which includes educational materials and resources for wealth building, business planning and investing in real estate—all at no additional cost. An added partnership with Morgan Stanley helps NAR members access discounted planning and consulting services in the pursuit of a stable financial future.

And while brokers can take advantage of these benefits in their own right, they also play an essential role in ensuring individual agents are positioned for success.

The FinancialWellness.realtor platform offers an onboarding tool for brokers with customizable budgeting spreadsheets and financial calculators. NAR also hosts monthly financial webinars that can take the place of brokerages’ team meetings or training sessions. A recent Tax Summit webinar, which provided in-depth guidance on the unique tax situations REALTORS® face, was attended live by some 2,000 NAR members.

If any single issue is particularly relevant or impactful to an individual brokerage, those brokers can also request to host their own virtual CRFW educational session by emailing FinancialWellness@nar.realtor.

Nearly nine out of 10 REALTORS® are independent contractors who face complex personal finance situations. Fluctuating income, complex taxation issues and the lack of salary cap require a different perspective. That’s why the opportunities offered to REALTORS® through CRFW—to assess their current financial profile, receive personalized retirement planning goals and practice financial planning decisions in a risk-free environment—are so critical. Brokers and agents can access the Center’s full library at FinancialWellness.realtor.

A March study from the National Association of Home Builders found that some 87.5 million U.S. households were unable to afford a median-priced new home in the opening months of 2022. Budgeting and prudent decision-making, of course, play a key role in helping people find freedom and achieve all of their long-term financial goals. And that’s true for REALTORS®, just as it is for every potential homebuyer in America.


Bob Goldberg is the chief executive officer of the National Association of REALTORS®.

 For more information, visit https://www.financialwellness.realtor/?redirect=%2Fhome

Tags: Center for Realtor Financial WellnessFeatureNAR
ShareTweetShare

Bob Goldberg

Related Posts

Becoming the Broker of Choice
Agents

Becoming the Broker of Choice

May 26, 2022
3 Key Factors for Identifying the Right Brokerage
Agents

3 Key Factors for Identifying the Right Brokerage

May 26, 2022
Window to the Law: How a .realtor Web Address Can Set You Apart
Agents

Window to the Law: How a .realtor Web Address Can Set You Apart

May 26, 2022
HUNT Real Estate Expands CNY Market Share With Acquisition of Procopio Real Estate
Agents

HUNT Real Estate Expands CNY Market Share With Acquisition of Procopio Real Estate

May 26, 2022
Reformers See Opening to Address Racist Appraisals
Agents

Reformers See Opening to Address Racist Appraisals

May 25, 2022
Buzzing 2021 Market Helps Real Estate Companies Join the Fortune 500
Agents

Buzzing 2021 Market Helps Real Estate Companies Join the Fortune 500

May 25, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Why You Need a Real Estate CRM

Discover how a real estate client relationship management tool can get you organized and maximize your lead generation, so you... Learn more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • Becoming the Broker of Choice
  • 3 Key Factors for Identifying the Right Brokerage
  • Window to the Law: How a .realtor Web Address Can Set You Apart

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.