diff --git a/agent-office/app/telegram/realestate_message.py b/agent-office/app/telegram/realestate_message.py
new file mode 100644
index 0000000..30db65e
--- /dev/null
+++ b/agent-office/app/telegram/realestate_message.py
@@ -0,0 +1,93 @@
+"""청약 매칭 알림 — 텔레그램 메시지 포맷터 + 인라인 키보드 빌더."""
+import os
+from html import escape as _h
+from typing import Optional
+
+DASHBOARD_URL = os.getenv("REALESTATE_DASHBOARD_URL", "https://example.com/realestate")
+
+
+def _format_one_compact(m: dict) -> str:
+    score = m.get("match_score", 0)
+    name = _h(m.get("house_nm") or "(제목 없음)")
+    district = m.get("district") or ""
+    region = m.get("region_name") or ""
+    where = f"{region.split()[0] if region else ''} {district}".strip() or "위치 미상"
+    rstart = m.get("receipt_start") or ""
+    rend = m.get("receipt_end") or ""
+    return (
+        f"⭐ {score}점 — <b>{name}</b>\n"
+        f"📍 {_h(where)}  📅 {_h(rstart)} ~ {_h(rend)}"
+    )
+
+
+def _format_one_full(m: dict) -> str:
+    score = m.get("match_score", 0)
+    name = _h(m.get("house_nm") or "(제목 없음)")
+    district = m.get("district") or ""
+    region = m.get("region_name") or ""
+    flags = []
+    if m.get("is_speculative_area") == "Y":
+        flags.append("투기과열")
+    if m.get("is_price_cap") == "Y":
+        flags.append("분양가상한제")
+    flag_str = f" ({', '.join(flags)})" if flags else ""
+
+    rstart = m.get("receipt_start") or ""
+    rend = m.get("receipt_end") or ""
+    elig = m.get("eligible_types") or []
+    reasons = m.get("match_reasons") or []
+
+    where = f"{region.split()[0] if region else ''} {district}".strip() or "위치 미상"
+
+    lines = [
+        f"⭐ {score}점 — <b>{name}</b>",
+        f"📍 {_h(where)}{_h(flag_str)}",
+        f"📅 청약 {_h(rstart)} ~ {_h(rend)}",
+    ]
+    if elig:
+        lines.append(f"✓ 자격: {_h(', '.join(elig))}")
+    if reasons:
+        lines.append(f"💡 {_h(' / '.join(reasons[:4]))}")
+    return "\n".join(lines)
+
+
+def format_realestate_matches(matches: list[dict]) -> str:
+    """매칭 목록을 텔레그램 HTML 메시지로 변환.
+    1~2건은 풀 카드, 3건 이상은 묶음 카드(상위 5건).
+    """
+    if not matches:
+        return "🏢 새 청약 매칭이 없습니다."
+
+    if len(matches) <= 2:
+        body = "\n\n".join(_format_one_full(m) for m in matches)
+        return f"🏢 <b>새 청약 매칭 {len(matches)}건</b>\n━━━━━━━━━━\n\n{body}"
+
+    top = matches[:5]
+    body = "\n\n".join(_format_one_compact(m) for m in top)
+    suffix = f"\n\n…외 {len(matches) - 5}건" if len(matches) > 5 else ""
+    return f"🏢 <b>새 청약 매칭 {len(matches)}건</b>\n━━━━━━━━━━\n\n{body}{suffix}"
+
+
+def build_match_keyboard(matches: list[dict]) -> Optional[dict]:
+    """1~2건: 매치별 [북마크][공고 보기] 행. 3건 이상: [전체 보기] 단일 행."""
+    if not matches:
+        return None
+
+    if len(matches) <= 2:
+        rows = []
+        for m in matches:
+            buttons = [{
+                "text": "🔖 북마크",
+                "callback_data": f"realestate_bookmark_{m['id']}",
+            }]
+            url = m.get("pblanc_url")
+            if url:
+                buttons.append({"text": "📄 공고 보기", "url": url})
+            rows.append(buttons)
+        return {"inline_keyboard": rows}
+
+    return {
+        "inline_keyboard": [[
+            {"text": "📋 전체 보기", "url": DASHBOARD_URL},
+        ]],
+    }
diff --git a/agent-office/tests/test_realestate_message.py b/agent-office/tests/test_realestate_message.py
new file mode 100644
index 0000000..c02b11d
--- /dev/null
+++ b/agent-office/tests/test_realestate_message.py
@@ -0,0 +1,59 @@
+def test_format_realestate_match_full_card_single():
+    from app.telegram.realestate_message import format_realestate_matches
+    matches = [{
+        "id": 1,
+        "match_score": 90,
+        "house_nm": "디에이치 강남",
+        "region_name": "서울특별시",
+        "district": "강남구",
+        "is_speculative_area": "Y",
+        "is_price_cap": "Y",
+        "receipt_start": "2026-05-15",
+        "receipt_end": "2026-05-19",
+        "match_reasons": ["광역 일치", "자치구 S티어: 강남구 (+25)", "예산 범위"],
+        "eligible_types": ["일반1순위", "특별-신혼부부"],
+        "pblanc_url": "https://example.com/p/1",
+    }]
+    text = format_realestate_matches(matches)
+    assert "디에이치 강남" in text
+    assert "90점" in text
+    assert "강남구" in text
+    assert "2026-05-15" in text
+
+
+def test_format_realestate_match_compact_when_three_or_more():
+    from app.telegram.realestate_message import format_realestate_matches
+    matches = [
+        {"id": i, "match_score": 90 - i, "house_nm": f"단지{i}", "district": "강남구",
+         "region_name": "서울특별시", "receipt_start": "2026-05-15", "receipt_end": "2026-05-19",
+         "match_reasons": [], "eligible_types": [], "pblanc_url": ""}
+        for i in range(3)
+    ]
+    text = format_realestate_matches(matches)
+    assert "3건" in text or "3" in text
+    for i in range(3):
+        assert f"단지{i}" in text
+
+
+def test_build_keyboard_single_match_has_bookmark_and_url():
+    from app.telegram.realestate_message import build_match_keyboard
+    matches = [{"id": 42, "pblanc_url": "https://example.com/p/42"}]
+    kb = build_match_keyboard(matches)
+    rows = kb["inline_keyboard"]
+    flat = [b for row in rows for b in row]
+    assert any(b.get("callback_data", "").startswith("realestate_bookmark_42") for b in flat)
+    assert any(b.get("url") == "https://example.com/p/42" for b in flat)
+
+
+def test_build_keyboard_multi_matches_uses_dashboard_link():
+    from app.telegram.realestate_message import build_match_keyboard
+    matches = [{"id": i, "pblanc_url": ""} for i in range(3)]
+    kb = build_match_keyboard(matches)
+    flat = [b for row in kb["inline_keyboard"] for b in row]
+    # 3건 이상이면 [전체 보기] 단일 URL 버튼
+    assert any("전체" in b.get("text", "") for b in flat)
+
+
+def test_build_keyboard_empty_returns_none():
+    from app.telegram.realestate_message import build_match_keyboard
+    assert build_match_keyboard([]) is None