The National Association of Realtors is weathering tough times. Nathan Howard/Bloomberg via Getty Images
The National Association of Realtors has come under fire in recent months, with a jury in late October 2023 ordering the association to pay nearly $1.8 billion in damages to more than 250,000 home sellers. And I'm still upset. On Monday, the organization suffered another blow when Chairman Tracy Kasper announced his resignation, claiming he was being threatened in a matter so serious that he had contacted law enforcement.
According to NAR's statement regarding his resignation, the threat was to “reveal past personal, non-financial issues” as long as it did not jeopardize his position at NAR. Mr. Kasper was appointed in August of the previous year, but did not officially take office until late November 2023. Kasper was not immediately available for comment on this matter.
NAR has been at a loss since the bombing in August 2023. new york times The report revealed that former NAR President Kenny Purcell was accused of sexual harassment by three women who worked for the Chicago-based organization. The women described a “pattern of behavior that included inappropriate touching and lewd photos and texts,” the report said. Following Purcell's resignation, Kasper will take over several months earlier than planned.
“As chairman and as a long-time member of NAR, I have always put NAR's interests first,” Kasper said in a statement. “Given the importance of this moment for myself, my family, and the organization as a result of recent threats, the time has come for him to once again put NAR's interests first.”
She relayed the threat to NAR's leadership team, who said NAR is “deeply concerned about any attempt to undermine governance” and is “taking steps to protect the integrity of our organization,” but did not provide further details. Didn't make it clear.
Who will replace Tracy Kasper as NAR president?
Mr. Kasper will be succeeded immediately as president-elect by Kevin Sears, a Springfield, Massachusetts, real estate agent and broker and partner at Sears Real Estate. He specializes in single-family brokerage and property management, according to NAR.
Mr. Sears previously served as NAR's Presidential Liaison in 2019, NAR Vice President for Government Affairs in 2017, and is a past president of the Massachusetts Association of Realtors. His name is not mentioned in the sexual harassment allegations against NAR leadership.
Among other changes at the top of the organization, Nikia Wright has been appointed as the group's interim CEO following Bob Goldberg's resignation in early November 2023 following litigation over estate agent fees.
The October verdict involved NAR and the nation's largest real estate brokerage franchisors, including Berkshire Hathaway's HomeServices, and jurors found that the organizations conspired to artificially reduce home sales commissions paid to real estate agents. It was determined that the incident was targeted. Kasper is also a broker and owner of the Berkshire Hathaway HomeServices office in Boise, Idaho.
The outcome of this lawsuit could continue to be disruptive for NAR and the real estate industry as a whole.
“The results… could have a profound impact on the real estate industry and profession for years to come,” NAR Chief Legal Officer Katie Johnson said in an October 2023 podcast. “What's really at issue here is how the listing broker compensates the buying broker.”
[This report has been updated to clarify the timing of Kasper taking the NAR president role, before being fully sworn in, in August 2023.]
