Real Estate Insiders Unfiltered The Secret 'Gray Market' of Real Estate Inventory
Jan 14, 2026
Katie Hill, Founder and CEO of Unlisted, dives into the 'gray market' of real estate, where homes aren't listed but sellers may be open to offers. She shares how a pandemic poolside chat inspired her innovative platform connecting potential buyers and sellers. Hill highlights the value of homeowners controlling their listings and the lucrative opportunities for agents in this space. With insights on using direct mail effectively, she argues that agents should embrace this shift rather than fear it, paving the way for new conversations in real estate.
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Launch Fast, Iterate With Customers
- Don't wait for perfect conditions; launch and get customer feedback quickly.
- Try things early and sell to real customers to learn what actually works.
Pool Conversation Sparked Unlisted
- Katie Hill approached a neighbor during the pandemic and offered to buy his house because of its pool.
- The neighbor revealed retirement plans and accepted a right of first refusal, sparking the Unlisted idea.
The Vast 'Gray Zone' In Real Estate
- The market is treated as binary: 2% of homes are for sale while the rest are ignored.
- Katie found two-thirds of homeowners live in a 'gray zone' between for-sale and not-for-sale.