Commercial Deal Sourcing Checklist — The Weekly Routine

You build these in months 1–2, then maintain them. Without a written buy box, a target list, and a way to be found, every channel below runs on guesswork.

• Written buy box drafted — asset class, submarket, deal size, cap target, and what you WON'T buyThe 'won't do' list proves you've thought it through; update it quarterly.
• Buy box reduced to a one-page PDF you can email or hand to a broker
• 30-second buyer pitch memorized — asset class, submarket, deal size, equity, timeline, debt source, portfolio thesisHitting all seven specifics moves you from Tier 4 to Tier 3 on the first call.
• Be findable — simple website, CRE-labeled LinkedIn, and an email signature you actually hand outBrokers and owners only route deals to buyers they can locate and remember.
• Target list of 10–15 brokers built (specialty + submarket + recent closings)
• Direct-outreach target list of 80–150 owners pulled (size, year built, 10+ year hold, out-of-state)
• Saved searches + email alerts set on LoopNet and Crexi by submarket and asset class
• Sourcing CRM / spreadsheet created with one row per broker, owner, and dealThis spreadsheet IS the campaign — update it after every touch.
• Fixed weekly time blocks calendared so sourcing happens on schedule, not on motivation

Brokers control most deal flow, including the off-market pocket listings that never hit LoopNet. They tier you on certainty and consistency — not on price.

• Call 3–5 brokers from your active list — ask what's new, mention a deal you're watchingMonthly contact with every name; the call IS the relationship, deal or no deal.
• Reply to every broker email within 24–48 hours, even when the answer is no
• Send a 'no with reasons' note on any deal you pass — price, location, leverage, plus a counter numberMost buyers ghost; the specific-reasons reply is what brokers remember.
• Send your buy box to one new qualified broker each week
• Walk 2–3 properties a week to keep market knowledge and rent comps currentYou can't price deals or sound credible to a broker without recent first-hand market reps.
• Schedule quarterly in-person coffee with your top 5–7 brokersTwenty minutes in person beats six months of phone calls.
• Cultivate junior brokers, not just the senior names — they're hungrier and have time
• Acknowledge any broker who sourced a closed deal — handwritten note, not just email

LoopNet, Crexi, and CoStar are picked-over and overpriced — but used right they're a market-intelligence tool. Cap this at ~90 minutes a week.

• Scan new listings in saved searches; save the top 5–10 to a 'review' list — don't underwrite yet
• Run a 5-minute screen on each saved listing before any deep underwrite~80% fail in 5 minutes on price, cap, or leverage — a full underwrite on all of them is the classic time sink.
• Re-underwrite survivors with YOUR assumptions, never the listing pro formaListing pro formas inflate rents 10–20% and assume 95–97% occupancy vs. a realistic 92–94%.
• Cross-check ownership, sales history, and tax assessment in county records before spending real time
• Flag stale listings — 90+ days is negotiable, 180+ days signals a tired seller
• Send a clean cold lowball on listings 120+ days old with one or two price cutsRoughly 1 in 10 responds — and those sellers are ready to accept market-clearing prices.
• Watch Crexi auctions and any delisted properties — look up actual sale prices in public records
• Update the monthly market-intelligence sheet — new listings, avg DOM, asking cap, # of reductionsRising DOM + widening caps = push harder on offers; the opposite = move faster on fits.

The deals that never reach a broker are the highest-margin opportunities. Single touches don't work — the deal comes from touch 3–7 over 12–24 months.

• Pull owner name, mailing address, phone, and email from county records, SunBiz, or Reonomy
• Mail 5–10 personalized letters — property address + owner name, 'direct buyer, not a wholesaler'Hand-address and hand-stamp envelopes; they get opened 5–10x more than printed labels.
• Make 5–10 follow-up calls 2–3 weeks after mailing — friendly, low-pressure, unhurriedDon't wait for them to call you — they won't.
• Ask for the T-12 and rent roll when an owner asks for an offer — it's the real-seller test
• Never negotiate price on the first call — the first call only answers 'are you a potential seller?'
• Log every conversation and set a calendar reminder for the next touch (often 6 months out)Expect ~5–15% response and ~1% deal rate per campaign — the deals stretch out over a year.
• Stagger the mailing (~25/week) so you can actually handle the responses

The best discounts come from sellers who HAVE to sell. Run these monthly in your target counties — most signals are free and public.

• Pull lis pendens (pending-foreclosure) filings from each county clerk of courtSurfaces foreclosures 6–18 months before the property actually transfers.
• Pull tax-delinquency lists — an owner who can't pay property tax is in real trouble
• Check the mechanic's-lien and code-violation databases for cash-crunch signals
• Call your top 3–5 lender workout / special-asset contacts every 60–90 daysWorkout officers are the highest-value distress channel — they call buyers who've closed fast before.
• Track upcoming loan maturities and reach out pre-emptively before refi panic hits
• Work special situations via QIs and attorneys — 1031 deadlines, estates/probate, divorce, partnership disputesA 1031 seller is on a hard 45-day ID / 180-calendar-day close clock and will trade fast to start the exchange.
• Build the infrastructure to close in ~21 days — committed equity, pre-approved debt, title/inspectors/attorneys on standbySpeed and certainty are the edge over higher-priced buyers who need 60–90 days.
• Price distress fairly — roughly 10–20% under market for speed and certainty, never a 30–40% lowballYou're paying for speed, not stealing; lowballing distressed sellers burns your reputation across the market.

The pipeline visualization tells you whether sourcing is healthy or broken. Log activity weekly; review the system quarterly.

• Fill out the Friday dashboard — brokers contacted, listings scanned/screened, letters, calls, LOIs, advances
• Move every live deal one stage forward (aware → screen → underwrite → LOI → contract)
• Confirm the pipeline still looks like a funnel — gaps reveal where the system is leaking
• Hold the 90-minute minimum-viable week even when life is hecticFalling below the floor for 2–3 weeks dries up the pipeline and cools broker relationships.
• Run the quarterly review — deals by source, conversion rates, and which channel to lean intoBelow 30% LOI-to-close = sloppy LOIs/DD; above 70% = you're being too conservative submitting LOIs.
• Keep sourcing at minimum levels even while chasing one live deal — most LOIs never close