Executive Compensation at the National Association of Realtors (NAR) 2023

The National Association of Realtors (NAR) is the largest professional trade association in the US. A non-profit tax-exempt 501 (c) (6) based in Chicago, Illinois, NAR represents 1.5 million members (although this number could greatly decline with the most recent judicial proceedings that eliminate rules on commissions, as agents leave the industry when faced with lower commissions) who belong to one or more of the 1,300 associations/boards and 54 state or territory associations.  Members can be residential or commercial brokers, sales people, property managers, real estate appraisers, counselors and others who work in the real estate industry.

NAR functions as a self regulatory agency, a lobbying organization, and as a provider of accreditation and certification of designations.

Key information to know about NAR include:

• NAR is based in Chicago with about 400 employees.
• NAR has more than 1,000 voting members of its governing body.
• NAR has historically. generated about $300 million annually, primarily through membership dues (which average about $200 a year for the 1.5 million members), all of which means NAR benefits greatly from a large base of members and increased membership.  This could change in the future with the most recent court proceedings, driving agents out of the industry if commissions decline (which many people predict will happen).
• NAR has historically spent less than they raise, allowing the organization to accumulate nearly $800 million in net assets by year-end 2022 but with the recent settlement ($443 million) on commission fees, net assets were $363 million at year-end 2023.
• In 2023, NAR reported total revenue of $358 million, most of which $310 million (87% of revenue) came from membership dues.
• Expenses totaled $309 million (not including $1- million in depreciation) – 86% of revenue – with the largest expense reported to be compensation ($76 million or 21% of revenue).
• In 2023, membership dues were spent on compensation and office-related expenses (31%),  fees for outside services (primarily a media company), advertising and promotion, public policy, and travel and conferences (46%), and grants and other expenses (9%). 14% was added to the general fund..

396 employees received $77 million or an average compensation of $194,000. NAR appears to have an error in reporting that 0 employees received more than $100,000 in compensation in 2023 (226 employees received more than $100,000 in compensation in 2022)  with the 10 most highly compensated employees in 2023 reported to be:

• $3,059,724:  Bob Goldberg, CEO (end 11/17/23)
• $1,167,089:  Katherine Johnson, General Counsel
• $1,127,003:  Shannon McGhan, SVP, Government Affairs
• $1,124,751:  Mark Birschbach, SVP, Strategic Business Innovation and Tech
• $  874,907:  Lawrence Yun, SVP Chief Economist
• $  851,296:  John Pierpoint, CFO
• $  581,042:  Victoria Gillespie, Chief Marketing and Communications Officer
• $. 763,655:  Marc Gould, SVP, Membership Development
• $  714,331:  Donna Gland, SVP Talent Development Resources
• $  484,589:  Nokia Wright, Interim CFO (beg 11/20/23)

The 10 most highly compensated employees received $10 million in compensation or an average compensation of about $1 million each.  If the 10 most highly compensated employees were excluded from the total amount of compensation paid, then 386 employees were compensated about $67 million, which equates to an average compensation of $174,000.

6 of the 10 most highly compensated employees are male while 4 of the 10 are female.

The most highly compensated employee was Bob Goldberg, the CEO who received $3.1 million in 2023 and $15 million from 2018-2023.  

From 2018-2023, the ten (10) most highly compensated employees received $50 million:

Bob Goldberg:  Total Compensation: 2018-2023:  $15 million

• 2023:  $3,059,724
• 2022:  $2,645,695
• 2021:  $2,573,144
• 2020:  $2,531,903
• 2019:  $2,281,240
• 2018:  $1,968,232

Mark Birschback:  Total Compensation:  2019-2023:  $5 million

• 2023:  $1,124,751
• 2022:  $1,103,491
• 2021:  $1,036,871
• 2020:  $  884,126
• 2019:  $  754,755

Shannon McGhan:  Total Compensation:  2019-2023:  $5 million

• 2023:  $1,127,003
• 2022:  $1,064,146
• 2021:  $1,011,086
• 2020:  $  912,174
• 2019:  $  825,663

Katherine Johnson:  Total Compensation 2018-2023:  $5.5 million

• 2023:  $1,167,089
• 2022:  $1,021,468
• 2021:  $  963,164
• 2020:  $  891,977
• 2019:  $  766,398
• 2018:  $  692,747

Lawrence Yun:  Total Compensation 2018-2023:  $4.5 million

• 2023:  $874,907
• 2022:  $815,223
• 2021:  $750,630
• 2020:  $736,724
• 2019:  $665,340
• 2018:  $659,163

John Pierpoint:  Total Compensation 2018-2023:  $4 million

• 2023:  $851,296
• 2022:  $782,290
• 2021:  $733,035
• 2020:  $705,983
• 2019:  $627,662
• 2018:  $599,026

Victoria Gillespie:  Total Compensation 2019-2023:  $3 million

• 2023:  $581,042
• 2022:  $663,355
• 2021:  $638,779
• 2020:  $634,974
• 2019:  $517,503

Marc Gould:  Total Compensation 2018-2023:  $3.5 million

• 2023:  $763,655
• 2022:  $613,453
• 2021:  $576,446
• 2020:  $606,144
• 2019:  $531,038
• 2018:  $494,320

Donna Gland:  Total Compensation 2018-2023:  $3.5 million

• 2023:  $714,331
• 2022:  $619,078
• 2021:  $565,322
• 2020:  $550,587
• 2019:  $495,493
• 2018:  $463,415

Nokia Wright:  Total Compensation 2023:  $0.5 million

• 2023:  $484,589

It is important to note Dale Stinton is the former CEO, who retired in 2017 but had a consulting agreement with NAR. According to the Form 990, Mr. Stinton worked 30 minutes a week for $250,000 annually, or about $5,000 a week up to 2022.  At $10,000 an hour, Mr. Stinton must have made quite a contribution to NAR although the Form 990 does not disclose what that contribution is or how long this consulting contract will continue.  He is not listed as one of the most highly compensated employees in 2023.

Dale Stinton:  Total Compensation:  2017-2022:  $7 million

• 2022:  $  250,000
• 2021:  $  250,000
• 2020:  $  250,000
• 2019:  $  250,000
• 2018:  $4,006,384
• 2017:  $1,900,680

NAR paid for first class travel, travel for companions, health or social club dues or initiation fees, and personal services (i.e. tax or legal services for certain SVP’s of the organization, and reimbursing the President for housing related costs while traveling for company business). In addition, NAR provided tax indemnification and gross up payments. For more information on these expenses, see the Form 990, Schedule J, Part III, Supplemental Information.

112 independent contractors received more than $100,000 in compensation with the five most highly compensated reported to be:

• $54 million:  Havas Media Group, of Chicago, IL for marketing and communications
• $ 6 million:  Projection Presentation Technology, of Springfield, VA for video production service
• $12  million:  Cooley LLP, of San Francisco, CA for legal counsel
• $ 6 million:  APCO Worldwide, of Washington, DC for public relations
• $ 3 million:  CSI DMC Inc, of Chicago, IL for event management services

To read the IRS Form 990 (2023), click here.