With approximately 160 million properties in the United States and only a tiny fraction currently listed, nearly every commercial property is technically off-market. That reality, according to DealGround co-founder and CEO Dan Mosher, makes the traditional broker approach of cold calling every owner in a zip code not just inefficient but counterproductive. "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 said. The implication is clear: brute-force prospecting cannot meaningfully address such a vast universe, and brokers who rely on volume dialing are likely wasting time and damaging their reputations.
Mosher is direct about the flaws in what he calls the "carpet bombing" approach. "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, he advocates for a "sniper-like approach" that targets a specific set of properties based on actual buyer needs and detailed owner information. This shift matters because it prioritizes quality over quantity, potentially increasing conversion rates and reducing wasted effort. For brokers, the implication is that success in off-market sourcing depends less on how many calls they make and more on how well they understand their buyers and the properties they pursue.
The alternative to cold outreach begins with data, not dialing. According to Mosher, off-market sourcing should involve creating a set of filters and search parameters that match a principal’s or broker’s specific criteria. "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," he said. Once that filtered list is in place, the conversation with an owner transforms from a cold call into a warm lead. "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. This approach not only improves the odds of a productive conversation but also positions the broker as a knowledgeable professional rather than a nuisance.
DealGround, an AI-powered commercial real estate intelligence platform, is built to help brokers make this practical shift. By transforming fragmented property, tenant, ownership, and market data into structured, actionable deal intelligence, the platform enables brokers to narrow in on the properties and owners most likely to be receptive. The company serves the top 15 CRE brokerage firms nationwide, suggesting that even the most established players see value in moving away from generic outreach. For brokers who want to see how targeted sourcing works in practice, DealGround provides a how it works page that outlines the process. The broader implication is that the commercial real estate industry may be on the cusp of a data-driven transformation in prospecting, where the ability to filter and analyze information becomes as important as traditional relationship-building skills.
For brokers still relying on volume calling, the takeaway is straightforward: more calls do not necessarily mean more deals. A smaller, better-informed list usually beats a longer, generic one. As Mosher’s comments suggest, the future of off-market sourcing lies in precision, not persistence. Brokers who adapt to this new paradigm may find themselves ahead of the competition, while those who cling to outdated methods risk falling behind in an increasingly competitive market.
