The Waitlist Revolution: UNLISTED and Pre-Market Real Estate Connections

Written by:

Steve Marcinuk

Date:

18 Jul 2025

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The real estate industry is experiencing a shift, moving beyond traditional listing models toward approaches that recognize nuanced homeowner intent and buyer interest. At the center is UNLISTED, a platform with a new “waitlist” feature designed to bridge the gap between buyers and homeowners who aren’t actively selling but might be open to the right offer.

Katie Hill, Founder and CEO of UNLISTED, explains: not all potential sellers are ready to list, but many buyers know exactly which properties they’d purchase if given the chance. “The idea is that a buyer can search every single home that exists, not just homes for sale, and then the ones that they like the best, they can click a button that says, join the waitlist,” Hill says.

Lowering the Stakes for Both Sides

The waitlist feature is a shift from UNLISTED’s original model, which required buyers to write personalized notes to homeowners. By reducing the effort to a simple button click, it is easier for buyers to express genuine interest while maintaining connection quality.

“We sort of lowered the effort required to express interest in a property to clicking a button,” Hill notes. “My instinct is that if you think you might be moving or you want to get into a new area, you should go ahead and put yourself on 20 waitlists.”

The system has built-in quality controls: buyers can join up to 40 waitlists and must answer survey questions about timeline and interest for each property. When someone joins a list, UNLISTED notifies the homeowner, who can view details about the interested party, including whether they’re a professional or everyday buyer.

“We’re getting feedback from buyers that it feels hopeful, like the idea that they can do something about a house that they really like, that isn’t necessarily currently available, but they can take an action on it,” Hill says. “For the homeowners, it should be a great feeling as well. It’s good to know somebody wants your house.”

The Professional Channel Strategy

UNLISTED works with real estate agents via exclusive zip code territories. Agents can purchase exclusive rights to operate in specific zip codes, but must meet criteria such as full-time status and market-based production levels.

“One hundred percent of the revenue that we generate from that goes back into marketing UNLISTED in that zip code,” Hill explains. “While we’re a national platform, we know that real estate is ultimately local, so we want to be driving traffic in areas where we have a professional there to catch them.”

Hill believes most people still prefer working with professionals. “It’s such a big transaction, we don’t do it that often. There’s a lot of moving pieces to it. Most people don’t want to have to become an expert in that, and would like to have someone there looking out for their best interest.”

This contrasts with some industry players who favor eliminating agents. Hill maintains that, with genuine choice, most would engage agents, so the industry should focus on earning that preference.

Clarifying the “Unlisted” Distinction

As debates circulate about off-market listings, Hill distinguishes UNLISTED from pocket listings or private exclusives. “Our definition of unlisted is the home is not for sale. It is not for sale. If you were to ask the homeowner, are you selling your house? They would say, not currently.”

UNLISTED targets homeowners at various stages: some planning to move in a few years, some waiting for specific events, and some who’d sell immediately but haven’t listed. “Those are the folks who are not for sale, but are interested in the idea of collecting interest so that whenever they are ready to sell, they have a head start.”

This is different from private exclusives, where homeowners have decided to sell and are testing the waters, or from public MLS listings.

Market Dynamics Driving Change

Hill identifies macro trends supporting UNLISTED, notably the weakening of the National Association of Realtors. “The biggest macro trend operating in UNLISTED’s favor is the weakening of NAR because of these giant judgments against them, which caused a lot of people to question NAR, where historically they just hadn’t been questioned.”

She notes that as NAR weakens, innovative approaches gain traction. The rise of AI and focus on agent technology have likewise increased industry openness to new methods. “Everybody sort of just had to take a hard look at what is actually happening in the market, and start to open their minds to doing things a little bit differently.”

Growth and Market Traction

UNLISTED is gaining momentum. SEO efforts are driving increased site traffic. The zip code product is attracting agents—about 25 have signed up across markets. The “claimed homes” feature, which lets homeowners update profiles, continues to grow. Hill also announced plans for a stronger direct-to-consumer campaign leveraging Hearst Lab and Hearst properties.

“We’re in that phase of putting it out there and learning, and then putting it out there and learning,” Hill explains, emphasizing commitment to iteration based on user feedback.

Team Building in a Remote World

As a remote company, UNLISTED held its first in-person team meeting in Chicago, working out of rented condos to foster collaboration.

“Getting to have dinner together and work in person together does kind of change the way that you show up when you come back to Slack,” Hill reflects. “Now I know who I’m messaging, who’s on the other side of this black box.”

The experience highlighted the ongoing evolution of remote work culture and the value of periodic in-person connection.

Looking Forward

UNLISTED’s approach reflects a shift toward recognizing the spectrum of seller intent and buyer interest beyond traditional models. By facilitating nuanced relationships, it stands at the intersection of transparency and consumer choice.

As Hill notes, “We offer both transparency and consumer choice, and we’re happy to sit in that place.” With industry dynamics evolving, platforms like UNLISTED may represent the future of real estate connections.

For buyers who know exactly which house they’d purchase if given the opportunity, and homeowners who might be open to the right offer at the right time, the waitlist approach offers a new way to connect that respects both parties’ timelines. As the industry continues to adapt, this pre-market engagement model may become increasingly relevant.

The platform continues to refine its approach based on feedback, with plans for expanded marketing and ongoing product development. For an industry built on relationships and timing, UNLISTED’s focus on quality connections before properties hit the market signals a natural change in how transactions begin.