With approximately 160 million properties in the United States and only a tiny fraction currently listed, nearly every property is technically off-market. That staggering figure is why the common broker tactic of cold calling every owner in a zip code rarely works, according to Dan Mosher, co-founder and CEO of DealGround, an AI-powered commercial real estate intelligence platform.
“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.”
Mosher contends that the “carpet bombing” approach—pulling a list of owners in a zip code and dialing—is flawed. “We think that carpet bombing approach is not the right approach. I think that’s the biggest mistake, you go too broad and too generic, and that becomes off-putting to an owner, that it creates a low probability of success,” he said.
Instead, Mosher advocates for a “sniper-like approach” where brokers target a specific set of properties based on a buyer’s criteria and use detailed information about owners to initiate conversations. “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. We think that’s a much better approach that yields better outcomes,” Mosher said.
This shift matters because it challenges the volume-based prospecting model that many brokers still rely on. Off-market sourcing, done well, means building specific filters around a buyer’s actual needs rather than a broad list. “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 explained.
When a broker calls an owner with specific knowledge about the property and a real buyer behind them, the dynamic changes. “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 said.
DealGround is positioning itself as a tool to help brokers make this transition, using data to narrow in on properties and owners most likely to be receptive. Brokers interested in learning more about this targeted sourcing process can visit DealGround’s how it works page. The company serves the top 15 CRE brokerage firms nationwide, according to the release.
The implication for the industry is clear: more calls do not necessarily mean more deals. A smaller, better-informed list usually beats a longer, generic one. As Mosher puts it, the key is to move from cold outreach to warm leads by leveraging data and a clear buy box. For brokers still relying on volume calling, the takeaway is straightforward: adapt or risk falling behind in an increasingly competitive market.
