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NAR Steps-Up Campaign Against Banks Branching Into Real Estate

WASHINGTON, DC-As part of its multi-million dollar advertising campaign, the National Association of Realtors begins airing radio advertisements today in an effort to gain more support for legislation that will prevent banking conglomerates from entering the real estate brokerage and property management markets.

By Barbra Murray | Updated on March 18, 2002

WASHINGTON, DC-The National Association of Realtors (NAR) will augment its print advertising campaign to spur support for the Community Choice in Real Estate Act–legislation that would bar large banking institutions from entering the real estate brokerage and property management markets–with the addition of radio commercials. The effort debuts today with commercials being aired over radio airwaves in 40 congressional districts throughout the country.

Its multi-million-dollar campaign aside, NAR is not alone in its endeavor to keep banks from buying locally owned and operated real estate companies. A survey of the organization’s membership indicates that 90% of realtors are against banks entering the real estate business. While 189 congressional members are behind the legislation, NAR wants to garner the support of more legislators, as well as the public. “The radio campaign is one way we’re educating consumers and homebuyers about what could happen if big banks are allowed into real estate,” NAR’s Linda M. Johnson tells GlobeSt.com. “The proposed regulation would effect both residential and commercial real estate. This is a way of educating the public and Congress.”

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