October 2026 · Sourcing

Off-market isn’t a channel. It’s a habit.

Everyone wants “off-market deal flow.” Very few people want to do what it actually takes.

There’s no secret list and no magic bullet. It’s a system, and the system is mostly unglamorous.

A few things that actually move the needle:

Know who you’re talking to. An owner thinking about a legacy asset, an owner-user weighing a sale-leaseback, an occupier planning its footprint, and a developer looking for an exit all have different motivations. Each one needs a different conversation.

Consistency beats cleverness. Most aren’t ready to transact the first time you call. Or the fifth. The deal comes when their circumstances change, and you need to be the person they already know when that happens.
Do your homework first. Whoever’s on the other end can tell in thirty seconds whether you understand their building, their business, and their timing. Preparation earns the second call.
Look where the crowd isn’t. Competition is thinner in places nobody else is calling.
Track everything. A sourcing effort without a disciplined pipeline is just a series of nice phone calls.

“Off-market” isn’t a channel. It’s a habit.

What’s the most underrated part of sourcing in your experience?