The Rise of the Sort-of-Famous Real-Estate Agent

Kelly Killoren Bensimon, once a model and jewelry designer, found herself pivoting to a more traditional career path in the real estate industry. Having completed an M.B.A. and honed her negotiation and branding skills, Bensimon earned her real-estate license in 2021 and sold $110 million worth of homes within her first three years working at the brokerage Douglas Elliman.

With the real estate market becoming increasingly saturated, numerous celebrities and athletes have taken up the profession in recent years. Notable examples include Nēv Schulman, Vanilla Ice, Emma Slater, Joseph Baena, and several retired NFL and NBA players. These individuals may have prior business experience or a strong social media presence, making the transition into real estate relatively more manageable for them.

However, the rise of inexperienced agents has raised concerns about the quality of service provided to renters, homebuyers, and sellers. In the early 1900s, the industry faced challenges due to underqualified agents, who were dubbed "curbstoners" and faced negative public perception. The National Association of Realtors (NAR) was formed in 1908 to establish a code of ethics and raise professional standards.

Despite early efforts, membership in NAR grew exponentially in the mid-20th century, reaching more than 700,000 by 1980, with the help of franchise brokerage firms and the inclusion of lower-level sales associates.

The influx of agents has made selling houses akin to gig work, requiring minimal schooling and enabling individuals without traditional business backgrounds to enter the field. While this may provide flexibility for some, it also poses a risk for consumers seeking the best deal on a major financial transaction.