REALTOR(r) Brand Worth $32,000 to Every Member
CHICAGO, Aug. 26. 2005 - The REALTOR(r) brand generates an average of $32,000 in incremental income for every Realtor(r) during his or her membership in the National Association of Realtor(r) (NAR), according to a brand valuation study released today. Conducted by a leading, international brand valuation firm, the study calculated the marketplace advantage of the REALTOR(r) brand above and beyond all other benefits of NAR membership.
The longer a Realtor(r) is in business, the greater the benefits of the brand, according to the study. The average member, who has six to ten years experience, realizes $4,500 a year in incremental income due to the marketplace advantages the REALTOR(r) brand brings to his or her business.
“For the first time, we have calculated in dollars and cents the value of the REALTOR(r) brand. As the image of Realtors(r) continues to improve, the value of being a Realtor(r) will also continue to rise. Our brand is based on the trust more than a million Realtors(r) have established with consumers,” said NAR President Al Mansell of Salt Lake City.
According to consumer tracking studies conducted for NAR’s Public Awareness Campaign, consumer attitudes towards Realtors(r) improved 11 points, from 48 percent in 2002 to 59 percent last year. However, the same study found that less than half of all consumers who bought or sold a home in the past 12 months can recall whether the agent they worked with was a Realtor(r).
“Members receive the full value of their membership only if they tell every one of their customers that they are Realtors(r) and why it is important to work with a Realtor(r). Now we can prove that when members fail to do so, it’s money out of their pocket,” Mansell said.
In the months to come, NAR will be working closely with boards and brokerages to provide them with training materials to help members to communicate the benefits of working with a Realtor(r) to their customers.
The brand valuation study used an income approach based on an estimate of the relief from royalties that real estate professionals would have to pay for the marketplace advantages of the REALTOR(r) brand if it were not a free benefit of NAR membership. The study was conducted by absoluteBRAND LLC, an independent, international brand valuation firm, and it used data on industry licensing expenses and consumer attitudes towards Realtors(r) to compute the results.
AbsoluteBRAND’s valuations abide by the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers’ Business Valuation Standards, and the IRS business valuation guidelines.
The REALTOR(r) brand is a collective membership mark owned by the National Association of Realtors(r). It was first registered with the U.S. Patent and Trademark Office in 1947. The term REALTOR(r) and the “block R” REALTOR(r) logotype signify membership in NAR, and they have achieved a high level of recognition as marketing symbols that denote professionalism and adherence to NAR’s strict code of ethics.
The National Association of Realtors(r), “The Voice for Real Estate,” is America’s largest trade association, representing more than one million members involved in all aspects of the residential and commercial real estate industries.
REALTOR(r) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS(r) and subscribe to its strict Code of Ethics.
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