Winning in Real Estate with Kelly Killoren Bensimon
In this episode of the Money Rehab podcast, Nicole Lapin welcomes Kelly Killoren Bensimon to discuss her successful real estate career. Kelly shares insights from her experience closing lucrative property deals, including a $110 million total in 2021 and a record $42 million all-cash sale. She explains how she leverages strategies like staging and publicity to curate lifestyles rather than simply sell spaces.
The conversation explores Kelly's perspectives on the resilient real estate market amidst economic changes. Kelly also reflects on her time on The Real Housewives TV series, including the challenges of managing public perceptions and cast dynamics. Additionally, she offers advice for achieving financial independence and proactively teaching children about personal finance.
This is a preview of the Shortform summary of the Dec 31, 2024 episode of the Money Rehab with Nicole Lapin
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1-Page Summary
Kelly's real estate career and success
Kelly Bensimon stumbled into real estate after helping sell her family's properties when her mother fell ill. However, she quickly found great success, building a track record that includes closing $110 million in sales in 2021 and a $42 million all-cash apartment sale, the top sale of the year. According to Kelly, this success is due to diligent work, not luck.
Kelly's multifaceted background in business, lifestyle, and working with investors prepared her well for real estate. She capitalizes on her acumen by curating lifestyles, not just selling spaces, through strategies like staging and publicity - an approach that resonates with her affluent clientele.
Insights on the current real estate market
Kelly observes a resilient real estate market with strong rental activity and consistent high-end property sales, even during slower periods like the holidays. She notes that while stock market volatility gives some buyers pause, determined buyers are still willing to pay asking prices for desirable properties. For instance, Kelly sold an apartment for $4.1 million - a significant jump over $2.9 million for a similar property.
Kelly's experience on the Real Housewives show
Kelly expresses gratitude for the opportunities and raised profile the Real Housewives show provided, but wishes she had showcased her business and financial acumen more. She reveals reluctance to discuss cast compensation details, citing potential for conflict, but acknowledges that unfair pay can provoke intense reactions.
According to Kelly, some cast members' financial troubles stem from living beyond their means, caught up in portraying luxury lifestyles. However, the reasons fans connect with cast members often contrast with such excess.
Advice on Personal Finance and Relationships
Kelly advocates for financial independence over relying on a partner for support. She experienced insecurity when past partners asserted they would provide for her financially.
Kelly advises diversifying investments beyond a single asset class like real estate. She prioritizes "a little for me, a little for Uncle Sam, and then a little to put away" - balancing personal expenses, taxes, and savings.
Kelly encourages financial proactivity in her family, proudly noting her daughters held jobs and managed their own finances in college. She aligns with living below one's means for empowerment, though acknowledges this isn't feasible for everyone.
1-Page Summary
Additional Materials
Clarifications
- Kelly Bensimon's multifaceted background in business, lifestyle, and working with investors provided her with a diverse skill set that she could apply to real estate. This background helped her understand the needs and preferences of affluent clients, allowing her to curate lifestyles and not just sell properties. By leveraging her experience in various fields, Kelly was able to implement strategies like staging and publicity to enhance the value of the properties she sold.
- In real estate, staging involves arranging a property to enhance its appeal to potential buyers by showcasing its best features and creating a welcoming atmosphere. Publicity in real estate involves promoting a property through various marketing channels to attract attention and generate interest from potential buyers. These strategies aim to increase the perceived value of the property and expedite the selling process by making it more attractive and visible in the market.
- Stock market volatility can influence real estate by affecting buyer confidence and investment decisions. When the stock market experiences fluctuations, some potential real estate buyers may hesitate due to uncertainty about their financial stability. However, determined buyers may still proceed with real estate transactions, especially for properties considered desirable or safe investments. Overall, stock market volatility can introduce a level of unpredictability into the real estate market, impacting buyer behavior and property values.
- Kelly Bensimon gained visibility through her appearance on the reality TV show "The Real Housewives." She felt grateful for the exposure the show provided but wished she had showcased her business skills more prominently. Kelly also mentioned concerns about discussing cast compensation openly due to potential conflicts, emphasizing the impact of unfair pay in such environments.
- Financial troubles among Real Housewives cast members often stem from portraying lavish lifestyles on the show, leading to pressure to maintain appearances. Some cast members have faced challenges with overspending and debt due to the desire to showcase opulence. The discrepancy between their on-screen portrayal of wealth and their actual financial situations can sometimes lead to public scrutiny and criticism. This dynamic highlights the complexities of managing personal finances in the public eye.
- Fans connect with Real Housewives cast members due to the mix of drama, luxury lifestyles, and personal stories showcased on the show. The cast members' authenticity and vulnerability in sharing their lives resonate with viewers, creating a sense of relatability and entertainment. Additionally, the conflicts and dynamics among the cast members often mirror real-life relationships and social situations, drawing viewers in for the emotional rollercoaster. The aspirational aspect of the cast members' glamorous lives also captivates audiences, offering a glimpse into a world of wealth, fashion, and opulence.
- Kelly Bensimon advises on financial independence, emphasizing the importance of not relying solely on a partner for support. She also recommends diversifying investments beyond a single asset class like real estate. Additionally, she stresses the significance of balancing personal expenses, taxes, and savings. Kelly encourages proactive financial habits, such as living below one's means for empowerment.
Counterarguments
- While Kelly attributes her success to hard work, it's also possible that timing, market conditions, or connections played a significant role.
- A diverse background is beneficial, but it doesn't guarantee success in real estate, which often requires specific knowledge and skills.
- Curating lifestyles may resonate with affluent clients, but this approach might not be as effective in different market segments or during economic downturns.
- The resilience of the real estate market can be cyclical, and strong rental activity or high-end sales may not be sustainable indicators of overall market health.
- Willingness to pay asking prices could be a sign of a bubble or overvaluation in the market, which could lead to financial risks for buyers and the market as a whole.
- While showcasing business acumen on a reality show could be beneficial, it may not align with the entertainment-focused format that attracts viewers.
- Financial troubles among reality TV stars could be due to a variety of factors, not just living beyond their means, such as poor financial advice or unexpected expenses.
- Advocating for financial independence is valuable, but it may not acknowledge systemic barriers that prevent some individuals from achieving it.
- Diversifying investments is sound advice, but the best investment strategy can vary greatly depending on individual circumstances and market conditions.
- The advice to balance expenses, taxes, and savings is sound, but it may not be practical for individuals with low income or high debt.
- Encouraging financial proactivity is positive, but not all individuals have the same opportunities or resources to manage their finances effectively.
- The concept of living below one's means is empowering, but it may not take into account the challenges faced by those with limited income or in high-cost living areas.
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Kelly's real estate career and success
Kelly Killoren Bensimon's foray into real estate was an unexpected consequence of a family situation but has led to a notable career studded with impressive sales.
Kelly stumbled into real estate after having to help sell her family's properties, but quickly found great success
When Kelly's mother fell ill, she stepped in to help sell their family properties. The experience propelled her into the world of real estate, prompting her to fast-track her licensure. She didn't just stumble onto success; instead, she built it methodically. Now she's a distinguished agent with a track record that includes closing over $110 million in sales in 2021. Her biggest triumph was the all-cash transaction of an apartment at 150 Charles Street in New York City for $42 million, the top sale of the year. However, Kelly addresses a common misconception that her success was instant — particularly with the $42 million deal — and clarifies that her achievements are the result of diligent work and strategic insight.
Kelly's background in business, lifestyle, and working with investors prepared her well for a successful real estate career
Kelly brings to her real estate practice a multifaceted background in business and lifestyle. With an education from Columbia and an MBA, Kelly's acumen spans across launching a magazine dedicated to lifestyle, which spe ...
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Kelly's real estate career and success
Additional Materials
Clarifications
- Kelly Killoren Bensimon transitioned into real estate after assisting with selling her family's properties due to her mother's illness. She rapidly obtained her real estate license and strategically built her career, achieving notable success. Kelly's background in business, lifestyle, and working with investors equipped her with the skills to excel in the real estate industry. Her approach involves not just selling properties but curating lifestyles for her affluent clientele through unique strategies and comprehensive services.
- Kelly's background in business, lifestyle, and working with investors showcases her experience in various fields that have contributed to her success in real estate. Her education from Columbia and an MBA provide her with a strong foundation in business. Her work with lifestyle-focused publications and companies demonstrates her understanding of consumer preferences and trends. Additionally, her experience working with investors has honed her strategic thinking and ability to identify lucrative opportunities in the real estate market.
- Kelly's education from Columbia and ...
Counterarguments
- While Kelly's success is impressive, it's important to note that success in real estate often involves market conditions that are beyond an individual's control, and timing can play a significant role.
- The claim that Kelly's success was not instant but the result of diligent work, while likely true, does not account for the possibility of other contributing factors such as networking, market trends, or initial capital that may have given her an advantage.
- The emphasis on Kelly's background in business and lifestyle, including her education and MBA from Columbia, might imply that such credentials are necessary for success in real estate, which could be discouraging to aspiring agents without similar backgrounds.
- The narrative that Kelly curates lifestyles for her clients may not resonate with all potential buyers, as some may prefer a more straightforward, less stylized approach to purchasing real estate.
- The focus on high-profile sales, such as the $42 million transaction, may not reflect the everyday reality of most real estate agents, incl ...
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Insights on the current real estate market
Kelly offers her findings on the bustling real estate market, emphasizing continuous interest in high-end properties, especially from large cash buyers.
The real estate market remains strong, with many large cash buyers interested in high-end properties
Kelly observes the real estate market's resilience reflected in New York's rental market's strength and the consistent activity in high-end property sales, even during traditionally slower periods.
Even during the holiday season, Kelly's team saw a surge of activity with 14 contracts over $4 million, 4 of which were over $20 million
The holiday season, typically a slower time for real estate transactions, has been bustling with activities for Kelly’s team. They have managed 14 contracts on properties priced over $4 million, with four exceeding $20 million. This surge underscores the strength of the market and the interest from cash buyers in premium properties.
While some buyers are hesitant due to stock market volatility, Kelly advises that if a buyer wants a property, they will pay the asking price
Despite concerns about the stock market's instability influencing buyer sentiment, Kelly notes buyers ...
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Insights on the current real estate market
Additional Materials
Counterarguments
- The strength of the high-end market may not reflect the overall health of the real estate market, which could be more nuanced with different segments experiencing varying levels of demand and supply.
- The robust activity in New York's rental market might be localized and not indicative of national trends, where other regions could be experiencing a slowdown or different challenges.
- The surge in activity during the holiday season could be an anomaly or driven by specific factors that may not be sustainable in the long term.
- The willingness of buyers to pay the asking price, despite stock market volatility, might not account for a broader range ...
Actionables
- You can start a real estate interest group with friends or community members to share insights and monitor market trends. By pooling knowledge and resources, you can stay informed about the market's movements and identify potential investment opportunities. For example, create a monthly meetup where each person shares findings on property sales, rental market conditions, and investment strategies.
- Consider setting up a savings plan specifically for real estate investment to capitalize on market opportunities. Determine a percentage of your income to save each month, and research investment vehicles that can grow your savings until you're ready to invest. For instance, you might explore high-yield savings accounts, certificates of deposit, or low-risk mutual funds that can offer better returns than a standard savings account.
- Engage with a loca ...
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Kelly's experience on the Real Housewives show and the financial challenges faced by some cast members
Kelly Killoren Bensimon reflects on her time on the Real Housewives show, its impact on her life, and the financial entanglements that come with cast member compensation.
Kelly is grateful for the platform the Housewives show provided, as it significantly raised her profile and opened up new opportunities
Kelly expresses profound gratitude for the opportunities that the Real Housewives show and Bravo created for her. She explains that the show transformed her from being relatively small in New York City to a much more widely recognized figure.
Kelly wishes she had shown more of her business and financial acumen on the show, rather than just the "fun" side
However, Kelly shares a retrospective wish that the show had highlighted more aspects of her life, specifically her business and financial savvy. She feels it was a disservice to single women and her fans to not fully represent her financial independence and her capability in providing for her family.
Kelly is reluctant to discuss specifics of Housewives cast members' compensation, citing concerns about the competitiveness and potential for conflict
When it comes to discussing her fellow Real Housewives cast members' compensation, Kelly exercises caution. She expresses that discussing how much the cast is paid can cause unnecessary competition and emotional conflict, which could contribute to the turmoil the producers of the show may strive to avoid.
Bensimon points out that it's not evident who will become the breakout star of the show, hinting that earnings do not always align with a cast member’s popularity or impact. She agrees with interviewer Nicole Lapin on the importance of ...
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Kelly's experience on the Real Housewives show and the financial challenges faced by some cast members
Additional Materials
Counterarguments
- While Kelly is grateful for the platform, some might argue that reality TV can also have negative impacts on personal life and mental health that should not be overlooked.
- It could be contended that the responsibility to showcase one's business and financial acumen on a reality show also lies with the cast member, who can choose what to share and emphasize.
- Discussing compensation openly could be seen as a way to promote transparency and fairness in the industry, rather than fostering competition and conflict.
- There might be a perspective that popularity and impact should be reflected in earnings, as they can directly contribute to a show's success and revenue.
- Some could argue that disparity in pay is a reality in many industries and that it can motivate individuals to strive for better performance.
- While financial scandals are often highlighted, it's possible to argue that they do not represent the majority of the cast members and that fo ...
Actionables
- You can reflect on your own career and identify areas you'd like to be more publicly recognized for by writing them down and setting goals to highlight these skills in your professional network. For instance, if you're skilled in project management but your role doesn't showcase this, volunteer to lead a project at work or in a community group to gain visibility.
- Create a personal budget that aligns with your actual income and not the lifestyle you see portrayed by others, especially on social media or television. Use free budgeting apps or templates to track your expenses and savings goals, ensuring you live within your means and avoid the trap of overspending for appearances.
- Practice negotiating by role-playi ...
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Advice on Personal Finance and Relationships
Kelly Killoren Bensimon shares her thoughts on the intersection of financial independence and relationships, emphasizing the importance of not being dependent on a partner for financial support.
Kelly believes in the importance of financial independence and not relying on a partner for financial support
Personal Financial Independence and Relationship Dynamics
Kelly Killoren Bensimon experienced insecurity in relationships with men who were assertive about taking care of her financially. She interprets such offers as undermining her own ability to be self-sufficient and take care of herself and her daughters. Kelly feels that being a supportive spouse is key and that relationships should be about give-and-take, not about becoming financially dependent—or as she puts it, becoming a "little stump."
Approach to Finances and Investment Strategy
As for managing finances, Kelly advises against putting all resources into a single investment, like real estate, because it limits opportunities to grow wealth in other areas. She advocates for diversifying assets and ensuring financial resources are not restricted. Highlighting the importance of having a plan for one's finances, Kelly says "there's a little for me, a little for Uncle Sam, and then a little to put away." This reflects her balanced approach to managing money, including taking care of basic needs like shelter, setting aside portions for herself, and contributing to savings and investments.
Encouraging Financial Proactivity in Family
Kelly points out the importance of instilling both good values and financial proactivity in her children, proudly sharing that her daughters have held jobs and managed their own finances throughout college. Reflecting her beliefs about personal finance, she insists on raising her family to value independence and exert control over their economic circumstances.
Perspectives on Prenuptial Agreements
Discussing prenuptial agreements, Kelly reveals she did not have one wi ...
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Advice on Personal Finance and Relationships
Additional Materials
Clarifications
- Kelly Killoren Bensimon is a public figure known for her appearances on reality television, including "The Real Housewives of New York City." She has also worked as a model, author, and editor. Kelly has been vocal about her views on financial independence, relationships, and the importance of personal empowerment. Her experiences and perspectives have shaped her approach to managing finances and relationships, as highlighted in the text.
- Kelly Killoren Bensimon's experiences with men offering financial support in relationships led her to feel that such gestures undermined her self-sufficiency. She believes in the importance of maintaining financial independence and not becoming reliant on a partner for support. Kelly's perspective emphasizes the value of mutual support and a balanced give-and-take dynamic in relationships, rather than one-sided financial dependency. Her stance reflects a desire for autonomy and self-reliance in both personal and financial matters.
- Kelly advises against putting all resources into a single investment because diversifying assets can help mitigate risks and maximize opportunities for growth. By spreading investments across different asset classes, industries, or regions, one can potentially reduce the impact of a downturn in any single investment. This strategy aims to balance risk and reward, offering a more stable and potentially higher return on investment over the long term. Kelly's approach underscores the importance of prudently managing financial resources to build wealth sustainably and protect against unforeseen market fluctuations.
- Kelly advises against putting all resources into a single investment, like real estate, to avoid limiting opportunities for wealth growth in other areas. She emphasizes the importance of diversifying assets and ensuring financial resources are not restricted. Kelly advocates for having a financial plan that includes allocating funds for basic needs, taxes, personal expenses, and savings/investments. Her approach reflects a balanced strategy that prioritizes financial independence and prudent management of resources.
- Kelly did not have a prenuptial agreement with her ex-husband because she states that her marriage was not financially motivated. Her divorce was pursued to have the freedom to raise her children as she intended, emphasizing her focus on autonomy and aligning financial decisions with her values and family's well-being.
- Livi ...
Counterarguments
- While financial independence is important, some couples may consciously choose a single-income household due to personal values, child-rearing preferences, or other reasons, and this can work well with mutual respect and trust.
- Relationships can have different dynamics, and for some, financial dependence does not necessarily equate to a lack of give-and-take or mutual support.
- Diversifying assets is generally sound advice, but for some individuals, focusing on a single investment, such as real estate, may align with their expertise or investment strategy and can be successful if managed wisely.
- Having a financial plan is crucial, but the specifics of that plan can vary greatly depending on individual circumstances, risk tolerance, and life goals.
- Encouraging children to be financially proactive is beneficial, but it's also important to recognize that each child is different, and the approach to teaching financial responsibility should be tailored to individual needs and learning styles.
- Prenuptial agreements can be a practical tool for protecting assets and clarifying financial expectations in a marriage, and choosing not to have one does ...
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