Unlisted Aims to Disrupt $4B in Pre-Market Real Estate Deals

According to TechCrunch, Unlisted Homes has created waitlists for 5,700 properties representing approximately $4 billion in potential real estate transactions since launching its waitlist feature in June 2025. Founded in 2022 by entrepreneur Katie Hill, the startup was inspired by her personal experience of expressing interest in a neighbor’s home before it was officially for sale. The company, which recently raised $2.25 million led by Hearst Lab and previously secured nearly $1 million from angel investors, uses public records to create profiles for 21 million homes and allows prospective buyers to join waitlists for properties they admire. Unlisted announced at TechCrunch Disrupt 2025 that it’s launching an iOS app to complement its web platform, having earned a Top 20 Startup Battlefield finalist position. This emerging approach to real estate matchmaking represents a significant shift in how property transactions might begin in the future.

The Psychology Behind Pre-Market Real Estate

What makes Unlisted particularly compelling is how it addresses a fundamental gap in residential real estate psychology. Most homeowners have at least considered selling at some point, and many prospective buyers have admired homes in their neighborhoods, yet until now there was no structured way to connect these latent interests. The traditional entrepreneurship model in real estate has focused on transactions that are already in motion, leaving what could be years of preliminary consideration completely unaddressed. By creating a low-friction way for people to express interest without the pressure of immediate commitment, Unlisted taps into what behavioral economists call “pre-commitment bias” – the human tendency to value something more once we’ve expressed interest in it.

The Business Model Hurdles

While the concept shows promise, Unlisted faces significant monetization challenges that could determine its long-term viability. The decision to avoid facilitating transactions directly means the company must build sustainable revenue through alternative channels like ZIP code sponsorships for real estate agents. This approach risks creating conflicts of interest if multiple agents compete for visibility in the same geographic areas. Additionally, the platform’s value proposition depends heavily on achieving critical mass – a waitlist with only one or two interested parties provides little leverage for homeowners, while robust waitlists could potentially drive prices higher than market value. The company’s planned expansion into connecting homeowners with service providers like roofers and electricians suggests they recognize the limitations of their current revenue model and are seeking additional monetization streams.

Broader Industry Implications

Unlisted’s emergence comes at a time when the entire real estate industry is undergoing digital transformation, but most innovation has focused on streamlining existing processes rather than creating entirely new market segments. Traditional platforms like Zillow and Realtor.com dominate the listed property space, but Unlisted has identified a white space that could potentially complement rather than compete with these giants. The timing is particularly interesting given recent industry shifts and economic uncertainty that have made both buyers and sellers more cautious about formal commitments. If successful, Unlisted could force established players to develop their own pre-market offerings, potentially through acquisition or internal development.

The Scaling and Privacy Question

One of the most significant challenges Unlisted will face involves scaling while maintaining user trust and addressing privacy concerns. The platform’s use of public records to create profiles for 21 million homes raises questions about how homeowners will react to discovering their property has a waitlist they didn’t authorize. Unlike traditional startup companies that build user bases through direct acquisition, Unlisted must navigate the delicate balance of creating value for both passive homeowners and active waitlist participants. The company’s success will depend heavily on its ability to communicate benefits to homeowners who may initially feel their privacy has been invaded by having their property listed without consent.

Realistic Market Adoption Timeline

Given the $4 billion in potential transactions already identified, Unlisted has demonstrated clear demand from the buyer side, but the true test will come in converting waitlists into actual pre-market conversations and transactions. The involvement of experienced mentors like Kayak’s former leadership provides valuable guidance, but real estate remains an intensely local and relationship-driven business. Success will likely come market by market rather than through rapid national adoption. The most probable outcome is that Unlisted either becomes a valuable acquisition target for larger real estate platforms seeking to expand into pre-market services or evolves into a specialized platform serving specific geographic markets where it achieves critical mass first.