From the outside, that probably looks like access. Like we know something about finding deals that other people don't.
It is not access. It is volume, and it is actually a story about how far apart buyers and sellers still are.
Here is what that number hides. Our team underwrites roughly five deals a day, every day, in our target markets. Real deals, not junk: right size, right geography, right tenant profile. Five a day, five days a week, and most weeks we still do not get to a serious conversation on price, let alone a signed LOI.
The gap between what sellers think their asset is worth and what the numbers actually support has not closed in years. Rate moves were supposed to fix that. They have not, not in any way that has meaningfully pulled seller expectations back toward where a deal actually pencils.
So how do three deals close out of that much volume?
1. We are not finding better deals. We are seeing more of them.
Five underwrites a day used to be out of reach for a team our size. AI has compressed what used to take an analyst half a day into twenty minutes. That does not make a bad deal good. It means we get to no faster, and we get to the next one sooner.
2. Speed is what lets us cast a wider net, not a smarter one.
We are not looking at a fundamentally different universe of deals than we were three years ago. We are looking at more of the same universe, faster, which means when the rare seller who is actually being realistic shows up, we are already there.
3. Price consensus is still the exception, not the rule.
Out of every five deals we underwrite, maybe one gets to a real conversation about price. That ratio has held for a few years now, through every macro shift that was supposed to change it.
Underwriting speed does not win deals on its own. It buys enough shots on goal that when a deal is actually gettable, you are the one standing there when it happens.
If you are underwriting right now, what does your hit rate look like, and has it moved at all in the last few years?
Three properties closed. Three more under contract
