Inside America’s invisible housing market

Ken Barton owns 56 rentals, but the property that changed everything was a duplex he found after seeing a “for sale” sign in its front yard. “I looked for it on Zillow, but it wasn’t there,” he recalls. “That was my awakening.”

While most of America is busy scrolling on Zillow, 1.2 million homes quietly sold last year without ever hitting the MLS, according to BatchLeads. “It’s a trillion-dollar shadow economy with little visibility,” says Barton. He’s out to change that with Offa.

How it works: Offa receives listings from a network of thousands of wholesalers—professionals who find struggling homeowners, make them all-cash, below-market offers, and then flip those contracts to investors, pocketing the difference. Wholesalers are master negotiators, but can struggle to find buyers. That’s where Offa, what Barton calls the “Tinder of off-market listings,” steps in: Once wholesalers upload property pics and other details, buyers swipe right if they love it, left if not, or up to make an offer.

These homes often are not polished or pretty, but each includes an estimated after-repair value, offering a glimpse of potential profit. Still, buyers should confirm these fixer-uppers aren’t hiding costly surprises and are priced appropriately. Barton learned this the hard way when he bought a 12-unit property in Jacksonville, FL, for $500,000—and later discovered the wholesaler had paid only $205,000.

“I was grumpy that I could have gotten a lower discount,” Barton admits. “But I sold it for $1.1 million. We both made out like bandits.” (Offa takes a 1% commission from each sale.)

Zoom out: Off-market real estate is having a moment. Compass made waves by promoting “Private Exclusives” off the MLS, which then sparked a Zillow ban over fair housing concerns. Meanwhile, MLS alternatives like MyStateMLS offer lower fees, ForSaleByOwner.com lets sellers bypass agents, and Unlisted teases buyers with waitlists on properties not yet for sale.

Although this more fragmented real estate world requires a bit more effort than home-surfing on the couch in your pajamas, the promise of fewer bidders and better deals awaits. In today’s market, the road less Zillow-ed could pay off.