This study aims to identify the dimensions, components, and indicators of smart entrepreneurial behavior and to design a qualitative model of it in the Iranian real estate industry. The study was conducted under a pragmatist paradigm, with an applied–developmental purpose and an exploratory, inductive qualitative approach, and it reports the qualitative phase of a mixed-methods design. Participants were 15 theoretical experts (eight faculty members in management and entrepreneurship) and practical experts from Mazandaran and Golestan provinces, who were selected through purposive and snowball sampling until theoretical saturation. Data were collected through semi-structured interviews and coded using Braun and Clarke’s (2006) six-phase thematic analysis in MAXQDA 2024. Validity was examined through member checking, and reliability through Cohen’s kappa coefficient and an inter-interview agreement matrix. The 256 coded segments resulted in 84 indicators (open codes), 21 subthemes, and seven main themes: individual and cognitive competencies; smart opportunity recognition and creation; technological and digital capabilities; organizational capabilities and strategic resources; networking and social capital; value creation, social responsibility, and sustainability; and environmental and contextual factors. Cohen’s kappa was 0.766 (p < 0.001), and pairwise agreement between interviews ranged from 0.65 to 0.90. The model shows that the smartness of the real estate entrepreneur is not limited to the use of technology; it is a combination of human judgment, digital capability, organizational capabilities, social capital, and ethical and sustainability commitment, operating within Iran’s economic, legal, and cultural context. The model provides an indigenous, evidence-based framework for future research, entrepreneur training, and policy-making.