A groundbreaking platform named Unlisted Homes is redefining the initial stages of the residential real estate journey, connecting homeowners with eager prospective buyers long before properties formally enter the market. This innovative approach, which recently earned Unlisted a coveted spot as a Top 20 Startup Battlefield finalist at TechCrunch Disrupt 2025, promises to revolutionize how individuals discover and secure their ideal living spaces, moving beyond the traditional limitations of listed properties.

The Genesis of an Idea: A Personal Quest

The inspiration behind Unlisted Homes stems from a deeply personal experience of its founder, Katie Hill. Like many seeking a specific dwelling, Hill found herself captivated by a neighbor’s property—a smaller home with a desirable pool, perfectly suited for her future plans of downsizing as her children embarked on their adult lives. The challenge, however, was that this ideal home was not, and likely would not be for some time, available for sale. This familiar scenario, where a potential buyer identifies a perfect home that remains off-market, often leads to frustration and missed opportunities.

Driven by a bold impulse, Hill initiated a conversation with her neighbor, expressing her interest should he ever consider selling. To her pleasant surprise, the neighbor, contemplating retirement, responded positively, leading to a preliminary agreement: Hill would have a right of first refusal when the time came. This casual interaction, blossoming into a potential future transaction, illuminated a significant void in the real estate ecosystem. Hill realized that countless others likely harbored similar aspirations, quietly coveting properties within their communities that were not yet listed, and wished for a structured way to express this interest. This "lightbulb moment" catalyzed the development of Unlisted Homes, transforming a personal desire into a comprehensive solution for a widespread market need.

Navigating the Unseen Market: How Unlisted Operates

Unlisted Homes operates on a premise distinctly different from conventional real estate portals. While platforms like Zillow and Redfin aggregate properties currently on the market, Unlisted delves into the vast, untapped potential of homes that are not yet officially for sale. The company leverages extensive public records to generate detailed "profiles" for approximately 21 million residential properties. These profiles contain similar fundamental data points one would expect from a listed property, such as property size, estimated value, recent sales history, and tax information, providing a foundational understanding of each home.

The core innovation lies in its "waitlist" feature. Prospective buyers, captivated by a specific home that catches their eye—perhaps a charming house down the street, a property in a sought-after school district, or a unique architectural gem—can add themselves to a digital waitlist for that property. This action serves as a clear, quantifiable expression of interest. Crucially, Unlisted then proactively notifies the homeowner that there is a growing waitlist for their property, prompting them to engage with the platform. Homeowners, in turn, gain the ability to enrich their property’s profile with additional details, photographs, and even initiate direct, private conversations with interested parties on their waitlist. This creates a bridge between passive admiration and active, pre-market engagement, fostering a new channel for communication in a traditionally opaque segment of the market. The recent announcement at TechCrunch Disrupt 2025 of an iOS app launch further enhances accessibility, making this pre-market discovery process more seamless and mobile-friendly for both buyers and sellers.

Disrupting the Traditional Real Estate Landscape

The emergence of Unlisted Homes represents a significant evolution within the broader proptech movement, which has steadily reshaped the real estate industry over the past two decades. Historically, real estate transactions were almost entirely mediated by agents, with information flow tightly controlled through the Multiple Listing Service (MLS) and local broker networks. The advent of internet portals like Realtor.com in the late 1990s, followed by Zillow and Redfin in the early 2000s, democratized access to listing data, empowering consumers with unprecedented transparency. However, these platforms primarily focused on active listings.

Unlisted Homes takes the next logical step, addressing the "dark matter" of the housing market—properties that are not yet listed but hold immense potential. This concept of "off-market" or "pocket listings" has always existed, typically facilitated through word-of-mouth, agent networks, or direct neighbor-to-neighbor inquiries. What Unlisted does is formalize and scale this informal process, leveraging technology to make pre-market interest visible and actionable. This has the potential to mitigate some of the common frustrations in competitive housing markets, such as intense bidding wars or the feeling of constantly missing out on desirable homes. By allowing buyers to express interest earlier, it could lead to smoother, more negotiated transactions that benefit both parties by avoiding the public frenzy of a traditional listing. It also offers a level of privacy for sellers who might be testing the waters without fully committing to the public sale process.

A New Paradigm for Buyers and Sellers

For prospective buyers, Unlisted offers a strategic advantage. Instead of waiting for a property to hit the market and compete with numerous other bidders, they can proactively signal their interest in specific homes or neighborhoods. This could lead to more tailored opportunities, potentially securing a dream home without the intense pressure and emotional toll of a hot market. It empowers buyers to define their search parameters more broadly, looking at homes not just by what’s available now, but what might be available soon.

Sellers, on the other hand, gain unparalleled flexibility and control. They can gauge genuine interest in their property without the immediate need for staging, open houses, or the significant marketing investment associated with a traditional listing. For homeowners who are merely contemplating a move in the distant future, or who prefer a more discreet sale, Unlisted provides a low-pressure environment to explore their options. It allows them to understand the market’s appetite for their specific property, potentially accelerating a decision to sell or informing their future plans. This shift towards a more proactive, demand-driven model could reshape seller expectations and streamline the initial stages of property disposition. The platform’s success in generating waitlists for 5,700 homes, representing an estimated $4 billion in potential real estate transactions since its waitlist feature launched in June, underscores the significant demand for such a service.

The Business Model: Beyond Transaction Fees

In a market often dominated by commission-based models, Unlisted Homes has chosen a distinct revenue strategy, opting not to directly facilitate real estate transactions. This decision acknowledges the complexity and existing infrastructure of the transaction process, which involves legal contracts, escrow, and financial services, areas already well-served by established professionals. Instead, Unlisted focuses on being the "matchmaker" and information conduit, creating value through connections.

Its primary revenue stream is derived from selling sponsorships on individual ZIP codes to real estate agents. These sponsored agents are then prominently featured as local experts for every home within their designated ZIP code, linking their information directly to property profiles. This model positions Unlisted as a valuable lead generation tool for agents, connecting them with motivated buyers and potential sellers before their competition even knows a property is in play. The company has already seen success in this area, attracting its first mortgage company as a sponsor, indicating the broader appeal of its pre-market lead generation capabilities. Looking ahead, Unlisted plans to expand this sponsorship model to a wider array of local service providers, such as roofers, electricians, and home renovation contractors, effectively creating a localized marketplace for all home-related needs. This approach aligns with the understanding that while real estate is a national industry, its execution and associated services remain inherently local.

Strategic Growth and Industry Recognition

Founded in 2022 by Katie Hill, Unlisted Homes began as a passion project, initially developed during nights and weekends with the assistance of a single engineer. Hill’s dedication eventually allowed her to transition to full-time leadership, and the company quickly garnered significant early support. It successfully raised nearly $1 million from angel investors, validating the market’s belief in its innovative concept. A pivotal moment in its growth trajectory came with a subsequent $2.25 million funding round led by HearstLab, an investment initiative specifically focused on backing early-stage companies founded by women. This not only provided crucial capital but also brought strategic backing from a major media and information services conglomerate.

A key factor in Unlisted’s rapid ascent has been the invaluable mentorship received from seasoned technology veterans. Hill’s proactive outreach to Paul English, co-founder of the highly successful travel search engine Kayak, proved instrumental. Intrigued by her vision, English connected her with Bill O’Donnell, Kayak’s former chief architect, who subsequently joined Unlisted as an angel investor and board member. This connection brought a wealth of experience in scaling technology platforms and navigating complex market dynamics. The Kayak team’s history of taking a company public for $2 billion and then private again for a similar valuation provides Unlisted with an unparalleled level of strategic guidance, offering insights into every stage of a startup’s lifecycle.

The Road Ahead: Challenges and Opportunities

While Unlisted Homes presents a compelling vision, its path to widespread adoption and sustained success will entail navigating several challenges. Data accuracy, particularly for unlisted properties, remains crucial. Maintaining comprehensive and up-to-date public records for millions of homes is an ongoing endeavor. User adoption, for both homeowners and potential buyers, will depend on the platform’s ease of use, perceived value, and the effectiveness of its marketing efforts. Building trust in a market segment traditionally characterized by agent-client relationships will also be vital.

Furthermore, Unlisted operates in a complex regulatory environment. While it explicitly avoids facilitating transactions, its role in connecting parties for potential future sales necessitates careful consideration of state-specific real estate licensing laws and consumer protection regulations. The company’s focus on connecting individuals to local experts, rather than acting as a brokerage itself, is a strategic move to manage this complexity.

The opportunities, however, are immense. As housing markets continue to evolve, marked by fluctuating inventory levels and varying levels of competitiveness, a platform that empowers proactive engagement holds significant appeal. Unlisted Homes has the potential to cultivate a more transparent and efficient pre-market ecosystem, benefiting both sides of the transaction by reducing friction and increasing optionality. Its future expansion into a broader network of local home service providers could further solidify its position as a central hub for all things residential, transforming it from a simple matching service into a comprehensive community resource. As a finalist at TechCrunch Disrupt 2025, Unlisted Homes stands poised to capture significant attention, signaling a new chapter in the digital transformation of real estate.