Marcus & Millichap review
Of the six firms, Marcus & Millichap is the only one whose 10-K shows the commission it earns. Its average commission rate in 2025 was 1.82%, on an average deal of $5.77 million. About 64% of brokerage commissions came from the $1M to $10M private client market.
Last verified: 2026-10-20
Calabasas, California · Public (NYSE: MMI). Scored on 65 of 100 points.
Key facts
| Item | Detail |
|---|---|
| Headquarters | Calabasas, California. Principal executive offices: 23975 Park Sorrento, Suite 400, Calabasas, California (10-K). |
| Ownership | Public (NYSE: MMI) |
| FY2025 revenue | $755.2 million |
| People | 854 employees plus 1,808 investment sales and financing professionals, mostly independent contractors (Dec 31, 2025) |
| Coverage | Over 80 offices in the U.S. and Canada; leads the $1M to $10M private client market per its 10-K |
| Services | Investment sales, financing, research and advisory; 8,818 transactions, about $50.8 billion volume in 2025 |
| Leadership | Hessam Nadji, President and CEO since March 2016 (10-K) |
| Fees | No fee schedule, but the 10-K reports a 1.82% average commission rate for 2025. |
| Website | www.marcusmillichap.com |
Source for all rows: Marcus & Millichap 10-K for FY2025 (SEC), accessed 2026-10-20.
What the filings reveal
Revenue mix, FY2025
| Line | Revenue | Share |
|---|---|---|
| Real estate brokerage commissions | $632.5 million | 83.8% |
| Financing fees | $103.9 million | 13.8% |
| Other revenue | $18.7 million | 2.5% |
The firm had an operating loss of $13.7 million in 2025. It traces its roots to 1971.
- Average commission per brokerage transaction was $104,756, across 6,038 brokerage transactions and $34.8 billion of brokerage volume.
- The average number of investment sales professionals fell from 1,610 in 2024 to 1,577 in 2025, while transactions per professional rose from 3.38 to 3.83.
- The firm says it has been the top U.S. commercial real estate investment broker by number of investment transactions for more than 15 years. That is a company claim.
Score breakdown
| Criterion | Weight | Score /10 | Points |
|---|---|---|---|
| Scope of services | 25 | 6 | 15.0 |
| Fee transparency | 20 | 3 | 6.0 |
| Client experience | 15 | pending | |
| Market coverage | 15 | 7 | 10.5 |
| Responsiveness | 10 | pending | |
| Verified reviews | 10 | pending | |
| Scale | 5 | 4 | 2.0 |
Math: 33.5 points earned of 65 available. 33.5 / 65 × 10 = 5.2 / 10. Client experience, responsiveness and verified reviews are pending. See how we score.
Where it ranks
- Main ranking: #6 of 6
- National firms hub: listed by operating model
- City hubs with a verified local office: Charlotte, New York City, Los Angeles, Chicago, Dallas-Fort Worth, Houston, Miami, Washington, D.C., Atlanta, Phoenix, Boston, Philadelphia, Riverside-San Bernardino, San Francisco, Detroit, Seattle, Minneapolis-St. Paul, Tampa, San Diego, Denver, Orlando, Baltimore, St. Louis, San Antonio, Austin, Portland, Sacramento, Las Vegas, Cincinnati
In Charlotte
201 S. Tryon St., Suite 1220, Charlotte, NC 28202 (Charlotte Uptown). The office page says it specializes in multifamily acquisitions and dispositions nationally. The firm's office directory lists only this one Charlotte office. Charles Gallagher is listed as Senior Director, Market Leader for North Carolina. Source: Marcus & Millichap Charlotte Uptown office page. See the Charlotte hub.
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Evidence notes
- Figures come from the FY2025 annual filing or results release linked above. Shares of revenue are our arithmetic on the reported lines.
- Not verified: client satisfaction, response times, review averages and local team quality. These stay pending until we have data we have read ourselves.
- Firm claims such as “largest” or “leading” are quoted as the firm’s own words.
Last verified 2026-10-20. Figures were re-read from the linked sources that day.
View changelog
- Profile published. Score carried over unchanged from the main ranking.
Other profiles: CBRE JLL Colliers Cushman & Wakefield Newmark
Sources
- Marcus & Millichap 10-K for FY2025 (SEC) · accessed 2026-10-20
- Marcus & Millichap Charlotte Uptown office page · accessed 2026-10-20