In commercial real estate, sourcing off-market deals has long been associated with endless cold calls to property owners. But according to Dan Mosher, co-founder and CEO of AI-powered intelligence platform DealGround, that approach is fundamentally flawed. With approximately 160 million properties in the United States and only a tiny fraction actively listed, nearly every property is technically off-market. "Off-market is any building that’s not currently being listed," Mosher said. "You have about 160 million properties in the United States right now, and the number of properties that are currently being listed is a small, small subset of that. So almost every property is technically off-market." This vast scale makes calling every owner in a zip code not only impractical but also counterproductive.
Mosher criticizes the "carpet bombing" approach—blanketing a territory with generic calls—as the biggest mistake brokers make. "We think that carpet bombing approach is not the right approach," he said. "You go too broad and too generic, and that becomes off-putting to an owner, that it creates a low probability of success." Instead, he advocates for a "sniper-like approach" that targets specific properties based on real buyer criteria and detailed owner information. "We really believe in more of a sniper-like approach, whereby you’re targeting a specific set of properties because you have a buyer, you have a situation that you can help, and you are targeting owners with great information you have about them," Mosher explained.
The alternative to cold outreach begins with building precise filters and search parameters that match a buyer’s needs. "Off-market sourcing is creating a set of filters and search parameters that fit your specific needs as either a principal or a broker who’s looking to find a deal for a buyer," Mosher said. Once that filtered list is in place, conversations with owners become warm rather than cold. "When you reach out to that owner, you have a story that is compelling. You know the details about the owner’s property. You have a buyer, or you are a buyer, that’s got a certain philosophy and a buy box, and that property fits within that philosophy. That is not cold outreach. That’s more of a warm lead," Mosher added.
This shift is precisely what DealGround aims to facilitate. The platform helps brokers narrow down properties and owners most likely to be receptive, using real data rather than guesswork. Brokers interested in seeing how targeted sourcing works can review the process on DealGround’s how it works page. For those still relying on volume calling, the message is clear: more calls do not necessarily mean more deals. A smaller, better-informed list typically outperforms a longer, generic one.
As the commercial real estate industry becomes increasingly data-driven, the implications are significant. Brokers who adopt targeted, intelligence-based sourcing may gain a competitive edge, while those sticking to outdated methods risk falling behind. The shift from cold calling to warm outreach could redefine how deals are found, making the process more efficient and effective for all parties involved.
