Chairman Mao had Tiananmen Square. Louis XVI had Versailles. Now, Realtors will have Realtor Plaza.
NAR’s latest stunt is a monument to their own high-handed hubris: they recently approved a 93-story, two million square foot redevelopment of their Chicago headquarters, according to Inman News. Groundbreaking is slated for late 2015 as architects draw up plans inspired by Rockefeller Center. The cost? A paltry one billion dollars.
Although the project is still in its infancy, NAR’s board currently favors a design that prominently features the Realtor ‘R’ near the entrance. NAR’s Treasurer Bill Armstrong shared his opinion:
Branding is paramount…That is something that we cannot relinquish. To position Realtors for generations to come with this asset, that is incredible.
Incredible indeed.
This one billion dollar development comes on the heels of a $40 dues hike and an announcement that NAR is no longer waiving dues for rank-and-file Realtors with 40+ years of loyalty to the NAR brand.
Perhaps most irksome for real estate agents and brokers is NAR’s delusional and unapologetic self-promotion in the midst of a still-troubled real estate market. While the trade association spouts unfounded optimism and drafts plans for an opulent billion-dollar compound, the homeownership rate continues its collapse.
NAR is committing the classic blunder of all over-bloated, obsolete institutions with too much money and power. They are mistaking image for substance, selling a brand rather than a valuable service. Never before has the Realtor leadership been this out of touch with the interests of its membership.
Are you fed up with NAR yet? Already retire your ‘R’? Let us know what you think in the comments section.
Why criticize NAR without any analysis? How much of the building will be offered to non-NAR tenants? Maybe its a money making endeavor. For a bunch of people in real estate to jump to the conclusion that its an ego trip to develop real estate that may improve an asset, create jobs and generate income is a bit short sighted. First Tuesday should be a bit more circumspect before getting the hen house cackling. Let’s see the business plan first, then we can criticize if warranted.
To the general public a Real estate agent –is –a Realtor –The term Realtor means nothing to them, except you sell real estate. I dumped Realtor 25 years ago. Seems they spend more on their Egos than lobbying for the betterment of the real estate cause. Same thing with C.A.R.
Maybe they should be required to take their own “ethics” course before squandering a billion dollars on this wasteful ego-sprint.
These people are totally out of touch with the hard working professionals in the business. I remember when only Brokers could call themselves Realtor. Then they let sales people in. More money for the cause, whatever that might be. I received my local association dues a short time ago. The NAR portion of the bill is $155.00. Way to much in this market. And they are no longer waving dues for 40 + years of membership. Well I have 54 years. Thanks a lot NAR for a kick in the butt. And good-bye to the R.
How sad! Realtor Plaza! What hubris! Why do we stand for this? Why are we so gullible? Take a good look, this is what happens with monopolies!
Wow, so this is where our dues go…….
All I can say is… wow!