What started as a small experiment in Salt Lake City has blossomed into a nationwide initiative that connects college athletes with opportunities in real estate licensing and mentorship.
Katy Cookston, now leading NIL Real Estate from her Keller Williams office in Salem, Virginia, explained that the program was initially piloted with students at the University of Utah and Brigham Young University. The initiative helps college athletes obtain real estate licenses and pairs them with seasoned agents who provide mentorship as they develop referral businesses while still in school.
Athletes can earn referral fees when they connect clients to agents who complete transactions, all while gaining a credential that will benefit them post-graduation.
After the first year, the organizers reached out to other universities across the U.S.
“After a year, they realized that if something works once, it can be replicated,” Cookston told HousingWire. “So, they expanded and contacted various schools nationwide. Many expressed interest, and about 10 to 15 decided to participate in the test program to collaborate with student athletes.”
Virginia Tech was one of these institutions. Cookston, one of several local agents interviewed, stepped up to take part, leading to the program’s expansion beyond individual markets.
Since its inception, Cookston noted that over 1,400 student-athletes from more than 325 universities have participated, with over 200 joining just this year.
An NIL Opportunity, Not an NIL Deal
The program’s framework sets it apart from typical name, image, and likeness (NIL) agreements.
Participants receive mentoring and fulfill the requirements to become licensed real estate referral agents.
“We provide mentorship to student-athletes at all levels, which is crucial,” Cookston stated. “They earn their real estate license and become licensed referral agents, enabling them to earn referrals throughout their collegiate careers and beyond.”
“That’s why I always emphasize that we’re not an NIL deal; we’re an NIL opportunity.”
Participants can earn money by referring individuals interested in buying, selling, or investing in real estate and collecting payments upon transaction completion.
However, referral income isn’t simply compensation for passing on a name. Participants complete licensing requirements and are expected to cultivate relationships, identify genuine opportunities, and generate business as licensed referral agents.
“They can earn referral fees between [$3,000, $4,000 and $5,000],” Cookston noted. “They’ve earned it because they are actual licensed real estate agents. They’re not receiving a check just for showing up.”
Many of the participating athletes use these referral payments to assist with college expenses, as they may not be receiving significant NIL deals or having their educational and living costs fully covered. According to NCAA NIL Assist data for 2025, the average NIL deal is $5,594, a far cry from millions of dollars. “The average is skewed by outliers,” states Student Athlete Insights, revealing a median total athlete earnings around $1,031.
A Career Opportunity Beyond College
The license continues to hold value after an athlete’s collegiate career. Cookston highlighted this as a significant difference from standard NIL agreements, which typically have defined timeframes.
“This sets them up for success after school, as they retain their real estate license,” Cookston emphasized. “A typical NIL deal concludes the day they graduate.”
The license remains valid as long as the agent fulfills continuing education requirements, she added.
Cookston believes the program also equips young adults with practical knowledge about housing and transactions, irrespective of whether they pursue real estate as a career.
“When you think about a 20-year-old, they will eventually buy a home,” she explained. “Their parents may sell, and their friends will look to purchase homes. This knowledge will make them more informed than the average buyer.”
Moreover, the program’s focus on college athletes addresses a demographic gap in real estate. The National Association of Realtors reported in its 2025 Member Profile that the median age of its members is 57, with 44% aged 60 or older.
For Cookston, introducing athletes to the industry creates practical advantages beyond immediate referral opportunities. “I help families secure condos and townhomes in Blacksburg [Virginia] regularly,” she noted. “I’m able to do several transactions each year thanks to this program.”
A Unified National Program Supported by Keller Williams
NIL Real Estate isn’t structured as a network of independent branches.
Cookston manages the program from Salem, while Keller Williams agents across the country serve as mentors, with corporate support facilitating operations.
She estimated that over 40 agents were involved nationwide during the interview period.
Future goals include increasing the number of Keller Williams agents willing to participate. Cookston noted that demand from student-athletes is already strong.
“I would like to continue expanding our agent network across Keller Williams nationally,” she said. “Attracting athletes isn’t the problem, as evidenced by over 200 joining this year. The challenge lies in getting agents to recognize the value of this mentoring program.”
“There’s no guarantee regarding return on investment. However, I can assure you that there is potential for returns through engagement, as I frequently receive referrals due to the program. Not all agents, however, are inclined to mentor student-athletes; this requires a unique individual.”
Participating agents must be willing to mentor students and invest time into compliance with both college athletics and real estate regulations. “There’s much involved behind the scenes,” she explained. “We must remain compliant with NCAA regulations and real estate laws, and merging the two is a considerable undertaking.
“Our program caters to those who genuinely want to mentor the upcoming generation and contribute positively. We are fortunate to have extraordinary agents across the country who share this vision.”
