REALTORS and Sustainability 2018 Report

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1 REALTORS and Sustainability 2018 Report National Association of REALTORS Research Group

2 REALTOR Sustainability Program The National Association of REALTORS (NAR) is a leader in the dialogue on real estate sustainability among real estate agents, brokers, trade associations, and consumers. Identifying the growth of sustainability in real estate, the REALTOR Sustainability program conducts outreach to members, trade associations, and agencies to raise awareness and engagement in NAR sustainability efforts. The program coordinates association benefits and resources for its members. It also introduces corporate social responsibility and triple bottom line concepts into NAR s decision-making practices, allowing NAR to educate and support sustainability in real estate through environmental, social, and economic contexts. Vision Statement: REALTORS thrive in a culture of sustainability that promotes viability, resiliency, and resource efficiency. Member Mission: Provide leadership and strategies on topics of sustainability that benefit members, REALTOR associations, and communities. To find out more, visit REALTORS and Sustainability Report

3 Residential Executive Summary In February 2018, NAR surveyed its members pertaining to sustainability issues facing the industry. The findings are as follows: Residential Highlights: Forty percent of respondents reported their MLS has green data fields, and respondents typically used the green data fields to promote green features and energy information. Seventy-one percent said energy efficiency promotion in listings was very or somewhat valuable. Sixty-one percent of respondents found clients were at least somewhat interested in sustainability. Forty percent of homes with green certifications spent neither more or less time on market. Eighty percent of respondents said properties with solar panels were available in their market. Thirty-nine percent said properties with solar panels increased the perceived property value. The home features clients listed as very important to their agent or broker included a comfortable living space, proximity to frequently visited places, and windows, doors, and siding. Eleven percent of brokerage firms had experience working with residential building repurposing REALTORS and Sustainability Report Residential

4 Multiple Listing Service Forty percent of respondents reported that their Multiple Listing Service (MLS) had green data fields, compared to 15 percent that did not have green data fields. Among respondents who did have MLS green data fields, 37 percent used them to promote green features, 27 percent to promote energy information, and 16 percent to promote green certifications. MLS Green Data Fields % 46% MLS has green data fields MLS does not have green data fields Don't know Uses of MLS Green Data Fields % Don't use the green MLS data fields 37% Promote green features 27% Promote energy information 16% Promote green certifications 7% Other Note: Respondents were permitted to select as many responses as they felt applicable. The percentage distribution may therefore sum to more than 100 percent REALTORS and Sustainability Report Residential

5 Value of Energy Efficiency Promotion in Listings A majority of agents and brokers (71 percent) said that energy efficiency promotion in listings was very or somewhat valuable. Value of Energy Efficiency Promotion 5 25% 46% 25% 2 Very valuable Somewhat valuable Neutral 5% Not very valuable 2% 3% Not at all valuable Depends on the listing 2018 REALTORS and Sustainability Report Residential

6 Solar Panels A majority of agents and brokers (80 percent) said that properties with solar panels were available in their market. Thirty-nine percent said properties with solar panels increased the perceived property value, compared to 32 percent that said they had no effect. Solar Panels in Market Solar panels located in market No solar panels in market 13% 7% Don't know Solar Panels Perceived Effect on Property Value % 32% 11% 19% Increase value Decrease value No effect Don't know 2018 REALTORS and Sustainability Report Residential

7 Perceived Time on Market with Solar Panels Forty-three percent of agents and brokers said that the time on market was neither longer or shorter for properties with solar panels. Thirty-three percent believed the difference of time on market due to the solar panels was unclear. Perceived Time on Market with Solar Panels 45% 3 43% 15% 33% 12% 3% Much more time A little more time Neither more or less time 7% 1% A little less time Much less time Unclear 2018 REALTORS and Sustainability Report Residential

8 Wind Farms Thirteen percent of respondents said that wind farms were available in their market. Nine percent said wind farms increased the perceived property value, compared to 34 percent that said they had no effect. Wind Farms in Market % 2 13% Wind farms in market No wind farms in market 11% Don't know Wind Farms Perceived Effect on Property Value 45% 3 15% 32% 34% 25% 9% Increase value Decrease value No effect Don't know 2018 REALTORS and Sustainability Report Residential

9 Tiny Homes Twenty-three percent of brokers said that tiny homes were available in their market, compared to 61 percent that reported tiny homes were not yet available. Tiny homes are defined in the survey as homes that are 600 square feet or less. Tiny Homes (600 sq. ft. or less) in Market 75% 5 61% 25% 23% 16% Tiny homes located market Tiny homes are not located in market Don't know 2018 REALTORS and Sustainability Report Residential

10 Time on Market Homes with Green Certifications Forty percent of respondents said that they believed homes with green certifications, such as LEED, Energy Star, or NGBS, spent neither more or less time on market. Six percent of respondents said they believed homes with green certifications spent a little less or much less time on the market. Homes With Green Certifications Time on Market 5 25% 49% 4 1% Much more 3% A little more Neither more or less 5% 1% A little less Much less Unclear 2018 REALTORS and Sustainability Report Residential

11 Home Features The home features that REALTORS believe are most important to clients include a comfortable living space (69 percent), proximity to frequently visited places (40 percent), windows, doors, and siding (40 percent), and a home s utility bills and operating costs (28 percent). Importance of Home Features to Clients Comfortable living space 69% 26% 4% 1% Proximity to frequently visited places (e.g. grocery store, school, highway, etc) 4 47% 9% 2% 1% Windows/Doors/Siding (e.g. age, quality) 4 48% 9% 2% 11% A home's utility bills/operation costs 28% 5 14% 6% 1% Commuting costs 17% 39% 21% 14% 8% A home s efficient use of lighting (e.g. Energy Star fixtures, LED bulbs) 11% 36% 33% 15% 4% Smart/connected home 7% 32% 38% 16% 6% Green community features (e.g. bike lanes, green spaces, placemaking, etc) 7% 29% 33% 21% 9% Landscaping for water conservation 7% 24% 35% 23% 11% Renewable energy systems (e.g. solar, geothermal, etc) 3% 22% 42% 23% Very important Somewhat important Neutral Not very important Not at all important 2018 REALTORS and Sustainability Report Residential

12 Neighborhood Features The neighborhood features that clients looked for included access to schools (79 percent), access to shopping (74 percent), parks and outdoor recreation (59 percent), and affordable housing (40 percent). Neighborhood Features Clients Look For % 74% 59% % 32% 7% 8% 6% Note: Respondents were permitted to select as many responses as they felt applicable. The percentage distribution may therefore sum to more than 100 percent REALTORS and Sustainability Report Residential

13 Transportation and Commuting Features The transportation and commuting features that clients listed as very or somewhat important included easy access to highways (82 percent), commute times and distance (81 percent), and walkability (51 percent). Importance of Transportation and Commuting Features to Clients Commute times/distance 38% 43% 11% 5% 3% Easy access to highways 32% 5 12% 4% 2% Walkability 15% 36% 26% 17% 7% Public transportation 9% 23% 29% 24% 14% Bike lanes/paths 7% 32% 34% 18% 9% Very important Somewhat important Neutral Not very important Not at all important 2018 REALTORS and Sustainability Report Residential

14 Public Transportation Eight percent of respondents frequently had clients who requested to see properties close to public transportation, 22 percent sometimes had clients who made the request, and 27 percent rarely had clients who made the request. Clients Request to See Properties Close to Public Transportation 45% 3 42% 15% 22% 27% 8% 2% Frequently Sometimes Rarely Never Don't know 2018 REALTORS and Sustainability Report Residential

15 Residential Building Repurposing Eleven percent of brokerage firms had experience working with residential building repurposing. Repurposing occurs when markets reuse space in buildings that once served a different purpose altogether, such as factories which have been converted to lofts or apartments. Residential Building Repurposing 75% 5 61% 25% 28% 11% Brokerage has experience working with residential building repurposing Brokerage does not have experience working with residential building repurposing Don't know 2018 REALTORS and Sustainability Report Residential

16 Perception of Consumer Interest in Sustainability Over half of agents and brokers found that consumers (52 percent) were somewhat interested in sustainability and nine percent were very interested. Perception of Consumer Interest in Sustainability Very uninterested, 4% Very interested, 9% Somewhat uninterested, 1 Neither interested or uninterested, 25% Somewhat interested, 52% 2018 REALTORS and Sustainability Report Residential

17 Market Issues and Considerations Market issues and considerations that agents and brokers listed included understanding lending options for energy upgrades or solar panels (36 percent), improving energy efficiency of existing housing stock (34 percent), and lack of information and materials provided to REALTORS (30 percent). Issues and Considerations in Market Understanding lending options for energy upgrades or solar Improving the energy efficiency of existing housing stock Lack of information and materials provided to REALTORS Valuation of solar panels on homes Understanding how solar panels impact a transaction Lack of MLS data about home performance and/or solar install Liability of misrepresenting a property with green features Valuation of green certified homes Rising coastlines or floodplains 19% 18% 2 36% 34% 3 29% 29% 28% Inability to search for green properties Lack of information and materials provided to other professionals Tiny homes (600 sq ft or less) 1 13% 13% 2 4 Note: Respondents were permitted to select as many responses as they felt applicable. The percentage distribution may therefore sum to more than 100 percent REALTORS and Sustainability Report Residential

18 Comfort with Clients Questions About Home Performance Eighteen percent of respondents had clients ask for advice about energy efficiency upgrades very often or often. Thirty-nine percent of respondents were extremely comfortable or comfortable answering clients questions about home performance, while 26 percent said they were uncomfortable or extremely uncomfortable. Comfort Answering Clients Questions About Home Performance Extremely comfortable, 5% Not sure, 36% Comfortable, 34% Extremely uncomfortable, 5% Uncomfortable, 21% 2018 REALTORS and Sustainability Report Residential

19 Confidence of Connecting Clients with Green Lenders Forty percent of respondents were extremely confident or very confident with connecting a client to a lender who could provide lending products that encourage energy efficient improvements to existing homes. Twenty-two percent of respondents were not so confident or not at all confident with connecting clients to lenders. Connecting Clients with Lenders % 38% 16% 8% 6% Extremely confident Very confident Not sure Not so confident Not at all confident 2018 REALTORS and Sustainability Report Residential

20 Regional Breakouts Rooftop Solar Panels in Market Region: Northeast Midwest South West Rooftop solar panels in market No rooftop solar panels in market Don t know 92% 71% 75% 91% 6% 2 15% 6% 2% 8% 9% 3% Rooftop Solar Panels Affect on Property Values Region: Northeast Midwest South West Increase value 31% 35% 39% 43% No effect 33% 35% 34% 32% Decrease value 15% 11% 9% 11% Don t know 21% 2 18% 14% Homes Time on Market with Rooftop Solar Panels Region: Northeast Midwest South West Much more 4% 3% 2% 5% A little more 17% 1% 9% 15% Neither more or less 39% 41% 46% 44% A little less 6% 6% 7% 9% Much less 1% 1% 1% 2% Unclear 32% 38% 35% 25% 2018 REALTORS and Sustainability Report Residential

21 Regional Breakouts Value of Energy Efficiency Promotion in Residential Listings Region: Northeast Midwest South West Very valuable 25% 24% 26% 24% Somewhat valuable 49% 48% 45% 46% Neutral 16% 19% 2 2 Not very valuable 6% 4% 5% 5% Not at all valuable 1% 2% 2% 1% Depends on the listing 2% 3% 2% 3% Experience with Residential Building Repurposing Region: Northeast Midwest South West Experience with Residential Building Repurposing No Experience with Residential Building Repurposing 15% 13% 11% 7% 55% 64% 59% 64% Client Interest in Sustainability Topics Region: Northeast Midwest South West Very interested 11% 8% 8% 11% Somewhat interested Neither interested or uninterested Somewhat interested 51% 52% 49% 54% 27% 24% 28% 23% 9% 12% 11% 8% Very interested 3% 4% 5% 3% 2018 REALTORS and Sustainability Report Residential

22 Commercial Executive Summary In February 2018, NAR surveyed its members pertaining to sustainability issues facing the industry. The findings are as follows: Commercial Highlights: Twelve percent of respondents reported that their Commercial Information Exchange (CIE) had green data fields, and the CIE green data fields were used to promote energy information, green features, and green certifications. A majority of agents and brokers (70 percent) said that energy efficiency promotion in listings was very or somewhat valuable. Twenty-nine percent of buildings with green certifications, such as LEED, Green Globes, or Living Building Challenge, spent neither more or less time on market. Forty percent of brokerage firms had experience working with commercial building repurposing, such as converting empty malls into technical schools. Fifty-six percent of respondents were extremely comfortable or comfortable answering clients questions about building performance. The building features that commercial agents believe are most important to clients included utility/operations costs, indoor air quality, efficient use of lighting, and having a smart or connected building REALTORS and Sustainability Report Commercial

23 Commercial Information Exchange Twelve percent of respondents reported that their Commercial Information Exchange (CIE) had green data fields, compared to 36 percent that did not have green data fields. CIE Green Data Fields % 2 36% 12% CIE has green data fields CIE does not have green data fields Don't know 2018 REALTORS and Sustainability Report Commercial

24 CIE Green Data Field Uses Among those respondents who did have CIE green data fields, 32 percent used them to promote energy information, 25 percent to promote green features, and 17 percent to promote green certifications. Uses of CIE Green Data Fields 45% 3 43% 15% 32% 25% 17% 7% Don't use the green CIE data fields Promote energy information Promote green features Promote green certifications Other Note: Respondents were permitted to select as many responses as they felt applicable. The percentage distribution may therefore sum to more than 100 percent REALTORS and Sustainability Report Commercial

25 Value of Energy Efficiency Promotion in Commercial Listings A majority of agents and brokers (70 percent) said that energy efficiency promotion in listings was very or somewhat valuable. Value of Energy Efficiency Promotion 5 25% % 5% 1% 4% Very valuable Somewhat valuable Neutral Not very valuable Not at all valuable Depends on the listing 2018 REALTORS and Sustainability Report Commercial

26 Green Building Certifications Respondents were most familiar with LEED (82 percent), ENERGY STAR for buildings (62 percent), the BOMA 360 Performance Program (22 percent), and IREM Certified Sustainable Property (20 percent). Familiarity With Green Building Certifications LEED 82% ENERGY STAR for buildings 62% BOMA 360 Performance Program IREM Certified Sustainable Property 22% 2 Zero Net Energy WELL Building ASHRAE beq Green Lease Leaders Green Globes Passive House Living Building Challenge Other 1 6% 4% 3% 3% 3% 2% 3% 15% 3 45% 6 75% 9 Note: Respondents were permitted to select as many responses as they felt applicable. The percentage distribution may therefore sum to more than 100 percent. Among those green building certifications, respondents typically had experience working with LEED (36 percent), ENERGY STAR for buildings (23 percent), and the BOMA 360 Performance Program (five percent) REALTORS and Sustainability Report Commercial

27 Time on Market Buildings with Green Certifications Twenty-nine percent of REALTORS perceived buildings with green certifications, such as LEED, Green Globes, or Living Building Challenge, spent neither more or less time on market. Ten percent of respondents perceived buildings with green certifications to spend a little less or much less time on market. Buildings With Green Certifications Time on Market % 2 29% 2% 6% 9% 1% Much more A little more Neither more or less A little less Much less Don't know 2018 REALTORS and Sustainability Report Commercial

28 Commercial Property Values Forty percent of REALTORS perceived buildings with green certifications, such as LEED, Green Globes, or Living Building Challenge, had increased commercial property values. Thirty-one percent of respondents perceived buildings with green certifications have no effect on the commercial property value. Buildings With Green Certifications Property Values % 28% Increase value No effect Decrease value Don't know 1% 2018 REALTORS and Sustainability Report Commercial

29 Commercial Building Repurposing Forty percent of brokerage firms had experience working with commercial building repurposing, such as converting empty malls into technical schools. Commercial Building Repurposing % 2 4 9% Brokerage has experience working with commercial building repurposing Brokerage does not have experience working with commercial building repurposing Don't know 2018 REALTORS and Sustainability Report Commercial

30 Comfort with Clients Questions About Building Performance Twelve percent of respondents had clients ask for advice about obtaining a green building or sustainability certification. Thirty-seven percent of respondents had clients ask for advice on improving energy efficiency in their building or space. Fifty-six percent of respondents were extremely comfortable or comfortable answering clients questions about building performance, while 15 percent said they were uncomfortable or extremely uncomfortable. Comfort Answering Clients Questions About Building Performance Extremely comfortable, 7% Not sure, 29% Comfortable, 49% Extremely uncomfortable, 3% Uncomfortable, 12% 2018 REALTORS and Sustainability Report Commercial

31 Building Features The building features that REALTORS believe are most important to clients include utility/operations costs (40 percent), indoor air quality (28 percent), efficient use of lighting (20 percent), and having a smart or connected building (18 percent). Importance of Building Features to Clients Utility/Operations Costs % 4% 3% Indoor air quality 28% 34% 27% 7% 4% Efficient use of lighting 2 44% 25% 7% 4% Smart/Connected building 18% 32% 31% 11% 7% Windows/Doors/Furnishings 17% 41% 29% 8% 3% Landscaping for water conservation 9% 26% 35% 2 8% Renewable energy systems (e.g. solar, geothermal, etc) 7% 28% 36% 19% 1 Green building features (bike racks, green space, indoor plants, electric vehicle parking) 7% 25% 37% 21% 11% 5 10 Very important Somewhat important Neutral Not very important Not at all important 2018 REALTORS and Sustainability Report Commercial

32 Market Issues and Considerations Market issues and considerations agents and brokers listed as important included improving the energy efficiency on existing buildings (51 percent), lack of property data about building performance history (34 percent), and understanding lending options for energy upgrades (29 percent). Issues and Considerations in Market Improving the energy efficiency on existing buildings Lack of property data about building performance history Understanding lending options for energy upgrades Valuation of green/sustainability certified buildings Lack of information and materials provided to REALTORS Valuation of solar panels on a building Understanding how solar panels impact a transaction None of the above Lack of information and materials provided to other professionals Liability of misrepresenting a property with green features Inability to search for green properties Rising coastlines or floodplains 34% 29% 27% 26% 24% 22% 19% 15% 14% 13% 13% 51% 2018 REALTORS and Sustainability Report Commercial Note: Respondents were permitted to select as many responses as they felt applicable. The percentage distribution may therefore sum to more than 100 percent.

33 Perception of Client Interest in Sustainability Half of agents and brokers found clients (50 percent) were somewhat interested in sustainability and eight percent were very interested. Perception of Client Interest in Sustainability Very uninterested, 6% Very interested, 8% Somewhat uninterested, 9% Somewhat interested, 5 Neither interested or uninterested, 27% 2018 REALTORS and Sustainability Report Commercial

34 Buildings Sustainable and Tenant has not requested building's sustainability certifications, 73% Green Features Either as a landlord or tenant representative, 22 percent of respondents had requests from prospective tenants in an RFP or other pre-loi documents asking for a building's sustainability certifications, green building features, or energy rating. Among those respondents who requested documents, 77 percent were energy efficiency information, 50 percent requested green certification information, and 40 percent requested recycling program information. Requests About Buildings Sustainable and Green Features Don't know, 6% Tenant has requested buildings' sustainability certifications, 22% Whether the building had any energy efficiency features Whether the building had any green certifications Whether the building offered a recycling program Whether the building offered any bicycle parking or other alternative transportation offerings Whether the building was served by renewable energy or green power Buildings Feature Requests The building s energy score None of these 6% 24% 29% 28% % Other 5% 2018 REALTORS and Sustainability Report Commercial 15% 3 45% 6 75% 9 Note: Respondents were permitted to select as many responses as they felt applicable. The percentage distribution may therefore sum to more than 100 percent.

35 Financing Building Improvements Seventeen percent of respondents had clients ask for advice on financing sustainability or energy efficiency building improvements. Among options for financing energy efficiency or renewable energy investments, respondents were most familiar with PACE (Property Assessed Clean Energy) at 33%, and ESA (Energy Services Agreement) at 25%. Advice on Financing Building Improvements Clients have not asked for advice on financing sustainability or energy efficiency building improvements, 8 Don't know, 3% Clients have asked for advice on financing sustainability or energy efficiency building improvements, 17% Familiarity of Financing Options PACE (Property Assessed Clean Energy) 33% ESA (Energy Services Agreement) 25% PPA (Power Purchase Agreement) EPC (Energy Performance Contract) MESA (Managed Energy Services Agreement) Other 22% 18% 15% 24% 2018 REALTORS and Sustainability Report Commercial 15% 3 45% Note: Respondents were permitted to select as many responses as they felt applicable. The percentage distribution may therefore sum to more than 100 percent.

36 Energy Efficiency Incentives and Requirements Among privately-owned buildings requiring energy benchmarking, 11 percent of respondents were aware of city requirements, five percent were aware of state requirements, and four percent were aware of county requirements. Thirty-eight percent of respondents had clients who owned buildings that were subject to city, county, or state energy benchmarking requirements. Of the incentives and rebates available, respondents were most commonly aware of utility rebates (78 percent), federal tax incentives (55 percent), and state tax incentives (41 percent). Energy Efficiency Incentives and Rebates % 55% 2 41% 28% Utility rebates Federal tax incentives State tax incentives Local tax incentives Note: Respondents were permitted to select as many responses as they felt applicable. The percentage distribution may therefore sum to more than 100 percent REALTORS and Sustainability Report Commercial 7% Other incentives

37 Knowledge of Energy Efficiency and Sustainability Management Respondents typically described their knowledge of energy efficiency and sustainability management for commercial properties as being average (39 percent), or low (36 percent). Knowledge of Energy Efficiency and Sustainability Management 45% 3 36% 39% 15% 15% 9% 1% Very Low Low Average High Very High 2018 REALTORS and Sustainability Report Commercial

38 Regional Breakouts CIE Green Data Fields in Listings Region: Northeast Midwest South West CIE green data fields included in listings No CIE green data fields included in listings 19% 11% 9% 13% 36% 31% 41% 34% Don t know 45% 58% 5 53% Green Building Certifications Affect on Property Values Region: Northeast Midwest South West Increase value 57% 38% 36% 4 No effect 21% 32% 3 35% Decrease value * 1% 1% 1% Don t know 21% 29% 33% 25% * Less than 1% Buildings Time on Market with Green Certifications Region: Northeast Midwest South West Much more 1% 3% 2% 3% A little more 1 6% 3% 8% Neither more or less 32% 26% 29% 3 A little less 13% 8% 9% 9% Much less * * 1% 1% Unclear 43% 56% 56% 5 * Less than 1% 2018 REALTORS and Sustainability Report Commercial

39 Regional Breakouts Value of Energy Efficiency Promotion in Commercial Listings Region: Northeast Midwest South West Very valuable 26% 22% 17% 16% Somewhat valuable 53% 47% 56% 47% Neutral 16% 2 15% 25% Not very valuable 4% 4% 5% 7% Not at all valuable * 2% 2% 1% Depends on the listing * Less than 1% 1% 5% 4% 4% Experience with Commercial Building Repurposing Region: Northeast Midwest South West Experience with Commercial Building Repurposing No Experience with Commercial Building Repurposing 45% 4 41% 37% 48% 52% 49% 57% Client/Property Owner Interest in Sustainability Topics Region: Northeast Midwest South West Very interested 9% 9% 5% 9% Somewhat interested Neither interested or uninterested Somewhat interested 61% 47% % 29% 26% 6% 7% 12% 9% Very interested 4% 7% 5% 6% 2018 REALTORS and Sustainability Report Commercial

40 NAR Survey Respondents Among all of the respondents surveyed, the median age was 57 years 32 percent falling into the age bracket between 55 to 64 years, 23 percent between 45 to 54 years, 22 percent between 65 to 74 years, and 13 percent between 35 to 44 years. The primary functions of survey respondents were sales agents at 54 percent, followed by broker-owners at 23 percent. Respondents have been active as a real estate professional for a median of 15 years. The regional distribution of survey respondents was highest in the South (31 percent), West (29 percent), and Midwest (28 percent), and lowest in the Northeast (12 percent). Forty-two percent of survey respondents worked 40 to 59 hours per week, followed by 32 percent who worked 20 to 39 hours. Fifty-two percent of survey respondents worked in suburban areas, followed by 38 percent in urban and central city areas, and 28 percent in small towns. Eighty-six percent of respondents identified residential real estate as their primary business area, while 14 percent primarily work in commercial real estate. The median age among residential respondents was 56 years, and they had typically been active as a real estate professional for 14 years. Among commercial respondents, the median age was 61 years, and they had typically been active as a real estate professional for 26 years REALTORS and Sustainability Report

41 Methodology In February 2018, NAR invited a random sample of 112,220 active REALTORS to fill out an online survey. A total of 6,834 useable responses were received for an overall response rate of 6.09 percent. At the 95 percent confidence level, the margin of error is plus-or-minus 1.18 percent. The primary measure of central tendency used throughout this report is the median the middle point in the distribution of responses to a particular question or, equivalently, the point at which half of the responses are above and below a particular value National Association of REALTORS All Rights Reserved. May not be reprinted in whole or in part without permission of the National Association of REALTORS. For reprint information, contact 2018 REALTORS and Sustainability Report

42 The National Association of REALTORS, The Voice for Real Estate, is America s largest trade association, representing 1.3 million members, including NAR s institutes, societies and councils, involved in all aspects of the real estate industry. NAR membership includes brokers, salespeople, property managers, appraisers, counselors and others engaged in both residential and commercial real estate. The term REALTOR is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS and subscribes to its strict Code of Ethics. Working for America s property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. NATIONAL ASSOCIATION OF REALTORS RESEARCH GROUP The Mission of the National Association of REALTORS Research Division is to collect and disseminate timely, accurate and comprehensive real estate data and to conduct economic analysis in order to inform and engage members, consumers, and policymakers and the media in a professional and accessible manner. To find out about other products from NAR s Research Division, visit NATIONAL ASSOCIATION OF REALTORS Research Division 500 New Jersey Avenue, NW Washington, DC REALTORS and Sustainability Report

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