Sometimes your dream home isn’t on the MLS, and that’s because it may not be for sale…yet.
For Katie Hill, founder of Unlisted, the home she had her eye on was her neighbor’s, but it wasn’t for sale, at least not yet.
Her dream of downsizing and being able to lounge in a backyard pool, combined with a casual conversation sharing her interest with her neighbor about his off-market home, sparked an idea that would become a platform reshaping how agents engage with nearly the entire real estate market.
Unlisted is setting out to unlock opportunity in what Hill calls the “gray space”—the 66% of homes that aren’t listed for sale but could be, under the right circumstances.
Not an off-market listing platform
Unlisted doesn’t do off-market listings or private exclusives and it is not a brokerage, clarifies Hill.
“Mostly everything else that’s out there is trying to drive towards the transaction, like actively, and it’s taking a piece of the transaction. We don’t do that,” she adds. “We see ourselves as more of an information platform, allowing people to explore beyond what’s for sale to the homes that are ‘not for sale,’ and really focusing on the 66% of the market that is not ‘for sale,’ but not ‘not for sale’…they’re in this gray space.”
A good chunk of the population is, in fact, “not for sale”—people in their forever homes. But Unlisted is focusing on homeowners who might move for the right price, are planning to sell their homes in the near future or are just keeping their options open.
The point is not to push people into moving, but to give them the information they need to fully understand what their options are and “maybe move them into a faster transaction,” Hill tells RISMedia. “Our goal is to move those transactions into this entire industry that we have at our fingertips—that’s very adept at taking care of that transaction and getting it over the finish line.”
The waitlist feature: Where agents become the bridge
Launched in June, the waitlist feature enables interested buyers to make the first move by “Waitlisting” properties, essentially expressing interest in homes that are not on the market—giving homeowners feedback about the marketability of their homes without ever needing to lift a finger.
“It’s a win-win-win,” Hill says. Buyers are able to express interest in homes not for sale. Homeowners get feedback without lifting a finger. And agents can guide both sides on what to do with this information and how to move forward.
When a buyer joins the waitlist for a home, they provide their timeline to move and share what they like about the property. Real estate agents can then qualify that interest, verify pre-approval status and facilitate meaningful conversations between interested buyers and homeowners considering a move.
Though still in the works, there will be a process for homeowners to qualify their waitlist, differentiating between casual browsers and more serious buyers.
“It’s not fully baked yet, but the homeowner will be able to click a button that says ‘Qualify My Waitlist,’” says Hill, explaining how Unlisted will be partnering with various providers to find out who is pre-qualified and making sure the homeowner or their agent has access to that information.
The platform also features a chat function, allowing the parties to delve deeper into the seriousness of interest.
Agent territories and zip code exclusivity
Recognizing the importance of agents in this equation, Unlisted offers exclusive opportunities for agents in their respective zip codes, allowing them to essentially “Own the off-market” in their zip code.
Agents who sign up can claim individual zip codes and become the designated expert for that area on the platform. To qualify, they must demonstrate genuine expertise and transaction history in their targeted zip codes.
Currently, Unlisted maintains a one-agent-per-zip-code policy for at least the next 12 months under current contracts. However, any homeowner can feature their own preferred agent on their property profile.
“We’ve been working very closely with real estate agents to keep iterating on the model…to make sure it’s serving their needs, while at the same time keeping homeowners at the center of it, so we’re always kind of balancing that,” Hill says.
How Unlisted sources its data
Unlisted does not use MLS or Zillow data, but instead sources all property information from county assessor public records. The platform uses Google Street View photos and AI to tie all the data together and “bring it to life.”
The idea is to create compelling property profiles that feel more like editorial content than a typical real estate listing, explains Hill.
Homeowners who claim their profiles can update photos, correct details and add custom features not captured in public records, like an outdoor kitchen, fire pit or other amenities.
The platform’s AI assists by generating initial property descriptions that homeowners can then refine or edit as desired.
What’s next
The company is also expanding beyond real estate agents, with Hill showing interest in companies and services that serve homeowners or buyers.
Home service providers—roofers, plumbers, HVAC technicians, etc.—could eventually offer their services directly to homeowners considering a move. Home decor specialists and other homeowner-focused businesses are also potential partners, Hill adds.
She explained that it would be a similar structure to agents who own a zip code.
“A mortgage lender can sit in front of everybody in a zip code, exactly like a real estate agent can, and we are planning on also offering that same exposure for home service companies,” Hill says.
