Dear AAR Board of Directors,

I hope this letter finds you well. We are looking forward to seeing everyone at our second AAR Board of Directors meeting on Thursday, May 8, 2025 at 10:00 am. The meeting will be at the Alabama Association of REALTORS® Building at 522 Washington Avenue, Montgomery, AL. Sign-in will begin at 9:30 am.

The purpose of the meeting will be to receive the annual audit; review end of year financials; receive updates from the 2025 legislative session; discuss legal challenges affecting our members’ businesses; review economic trends and forecasts; consider governance proposals; update the board on pending projects; get feedback on future Association business; and conduct other Association business.

The resource page for the 2025 Board of Directors can be found here. Here is a brief overview:

• 2024 AAR End of Year Financials: The Association finished 2024 in a strong financial position with another good year. Revenues exceeded projections at $5.2 million and expenses met budgeted expectations at $4.4 million. The Association ended 2024 with a surplus of $806,829, which is the fifth best historically. (The 2024 AAR End of Year Financials may be found on the BOD Resource Page)
• 2024 AAR Audited Financial Statements: The Association received a good audit from the independent audit firm Aldridge Borden. The audit takes into account all of the related statement of activities, value of property, change in net assets, functional expenses, and cash flows of the Association. AAR’s total assets ended the year at $14.9 million and total liabilities of $1.1 million ending the year with total net assets of $13.8 million. AAR’s net assets increased by $920,375 in 2024, which is the sixth best historically. Please also make note of the updated statement of functional expenses which have been updated to better reflect the services provided by AAR on page 4 of the Audit. (The 2024 AAR Audited Financial Statements may be found on the BOD Resource Page)
• 2025 Membership - March: The Association's dues billing deadline ended March 15. The March membership numbers reflect 17,771 REALTOR® members, down from 18,399 last year; a difference of 628 of 3.4% which is consistent with budgeted expectations year to date. The Association is on track to meet membership projections and expectations in 2025. Some members renew into April and May each year. We should have an update on April membership numbers at the BOD meeting on May 8. You can read more here.
• 2025 March Economic and Real Estate Report: AAR’s Statewide Economic and Real Estate Report showed Alabama’s 6,214 home sales in March increased 1,171 over February; 5.6% month over month & 23.2% year over year. Alabama’s strong economy experienced the nation’s fifth highest growth rate in Gross Domestic Product during the fourth quarter of 2024. You can read more here.
• 2025 Legislative Session: The Association has had a good legislative session so far with five legislative days remaining. AAR’s License Law Bill 1 addressing Buyer Agreements passed earlier this session. The Association’s Business License Bill and update to Squatter Removal Bill remain in strong position for final passage. And AAR’s License Law Bill 2 and AREC’s License Law Bill 3 are in good position for final passage as the legislative session winds to a close. You can read more here.
• Motion 1: New Member Fair Housing Orientation: The proposed Bylaw would add the new mandatory requirement from National Association of REALTORS® (NAR) for New Member Fair Housing Training.  Please note the Board of Directors may approve amendments to the Bylaws that are mandated by NAR policy in accordance with AAR Bylaw, Article XVII, Section 2.  (Motion 1 can be found on the BOD Resource Page)
• Motion 2:Continuing Fair Housing Training: The proposed Bylaw would add the new mandatory requirement from National Association of REALTORS® (NAR) for Continuing Fair Housing Training. Please note the Board of Directors may approve amendments to the Bylaws that are mandated by NAR policy in accordance with AAR Bylaw, Article XVII, Section 2.  (Motion 2 can be found on the BOD Resource Page)
• Motion 3:Cybersecurity Policy: The proposed policy would add a Cybersecurity Policy to provide broad standards to safeguard association data. (Motion 3 can be found on the BOD Resource Page)

Please let us know if you will not attend the Board of Directors meeting. This meeting is for the 2025 AAR Board of Directors. Space and overflow seating will be limited. Parking will be available at the Association’s Parking lot at 502 Washington Avenue. The attire is business casual, and we will have lunch following the meeting at 12:00 pm for the AAR Directors in attendance.

Please reach out to Melissa Williams or me prior to the meeting if you have any questions, comments, or suggestions.

Thank you for your leadership, support, and service on the Board!

Warm regards,  

Jeremy Walker

Chief Executive Officer

Alabama REALTORS®