What Marcus & Millichap does and who uses it
Marcus & Millichap is a brokerage firm that buys and sells investment properties — apartment buildings, office complexes, retail centers, industrial warehouses, and similar assets. Unlike residential brokerages that handle single-family homes, Marcus & Millichap focuses on properties that generate income through tenant leases or other commercial use. The firm operates through a network of offices across the United States and handles transactions ranging from small multifamily buildings to large portfolios worth tens of millions of dollars.
The company works with three main groups: investors who want to buy income-producing properties, property owners who want to sell, and lenders who finance commercial deals. Marcus & Millichap agents (called investment specialists) list properties, find buyers, negotiate terms, and guide transactions from listing to closing. The firm also provides market research, valuation reports, and data on commercial real estate trends that help clients make decisions.
Marcus & Millichap is a publicly traded company, meaning you can look up its financial reports and performance. It operates as a franchisor model in some markets, where local brokers use the Marcus & Millichap brand and systems but operate independently. This structure means service quality and agent informed can vary by office location.
Key Takeaways
- Marcus & Millichap specializes in investment properties (multifamily, office, retail, industrial) rather than owner-occupied commercial real estate or residential homes.
- The firm earns commissions on sales, typically split between the buyer's agent and seller's agent, just as in residential real estate.
- You can search available properties on their website, but working with an agent gives you access to off-market deals and negotiation support.
- Marcus & Millichap provides market data and valuation reports that help investors understand property values and market conditions in specific regions.
- The company is publicly traded and regulated by the SEC, but individual agents are licensed by their state real estate commissions.
How Marcus & Millichap agents work with buyers
If you want to buy an investment property, you can contact a Marcus & Millichap office in your target market and ask to speak with an investment specialist. The agent will learn what type of property you want (apartment complex, office building, retail strip), your budget, your desired location, and your investment goals (cash flow, appreciation, tax benefits). They will then show you available listings and off-market opportunities — properties that are not yet publicly advertised but are for sale.
The agent helps you analyze deals by running financial models that show projected income, expenses, cash flow, and return on investment. They also provide comparable sales data showing what similar properties sold for recently in that market. When you find a property you want to pursue, the agent drafts an offer, negotiates with the seller's agent, and coordinates inspections, appraisals, and financing. Marcus & Millichap does not lend money itself, but agents can refer you to lenders they work with regularly.
You do not pay the agent directly. Instead, the seller pays a commission (typically 4 to 6 percent of the sale price, though this varies by deal), which is split between the seller's agent and the buyer's agent. This means working with a Marcus & Millichap buyer's agent costs you nothing out of pocket, though the commission is built into the property price.
How Marcus & Millichap agents work with sellers
Property owners who want to sell list with Marcus & Millichap by signing a listing agreement with an investment specialist in their market. The agent markets the property through the firm's website, industry databases, direct outreach to investors, and mass email campaigns to their buyer database. Marcus & Millichap maintains one of the largest databases of commercial real estate investors in the country, so a listing gets exposure to many potential buyers quickly.
The listing agent prepares a marketing package that includes property photos, financial statements (rent rolls, expense records, tax returns), market analysis, and a valuation summary. They coordinate property tours, field inquiries, and present offers to the seller. When an offer comes in, the listing agent negotiates on the seller's behalf and manages the transaction through closing.
Sellers pay the commission, which is negotiated at the time of listing. The typical range is 4 to 6 percent of the sale price, split between the listing agent and the buyer's agent. Some sellers negotiate lower commissions for larger deals or in competitive markets. The commission is due at closing from the sale proceeds.
What information Marcus & Millichap publishes about markets and properties
Marcus & Millichap publishes quarterly market reports for major metropolitan areas covering multifamily, office, retail, and industrial property types. These reports include data on average sale prices, cap rates (the ratio of net operating income to property value), vacancy rates, rent trends, and absorption rates (how quickly new space leases). The reports are free and available on the company website, and they give investors a snapshot of whether a particular market is strong or weakening.
The firm also publishes an annual investment trends report that analyzes which property types and regions attracted the most capital in the previous year. Individual listing pages on the Marcus & Millichap website include financial summaries, rent rolls (tenant names and lease terms), and comparable sales data for similar properties in the area. This information helps buyers and sellers understand fair market value and whether a deal makes financial sense.
Marcus & Millichap does not charge for access to these reports or market data. However, detailed financial information about a specific property (such as the full rent roll or expense breakdown) is usually shared only with serious buyers who have signed a nondisclosure agreement.
How Marcus & Millichap differs from other commercial brokerages
Marcus & Millichap is the largest commercial real estate brokerage focused specifically on investment properties, meaning it has more agents, more listings, and more buyer contacts than most competitors. This scale gives sellers broader exposure and gives buyers access to more deal flow. The firm's national presence means you can work with the same company if you buy or sell in different states.
Other national commercial brokerages like CBRE, Cushman & Wakefield, and JLL are larger overall but focus more heavily on large institutional deals (office towers, shopping malls, major industrial parks) and corporate tenant representation. Regional and local brokerages may have deeper knowledge of specific markets but smaller buyer databases. Some brokerages specialize in particular property types (multifamily only, or industrial only), while Marcus & Millichap handles all four main categories.
Marcus & Millichap's franchisor model means some offices are company-owned and others are independently owned franchises. This can affect service consistency. Some investors prefer working with smaller, local firms where they have a direct relationship with the owner. Others prefer Marcus & Millichap's scale and standardized systems.
Costs and what to expect in a transaction
As a buyer, your main cost is the down payment and financing costs (loan origination fees, appraisal, title insurance, closing costs). The real estate commission is paid by the seller and does not come out of your pocket, though it is factored into the overall deal economics. You may also pay for your own inspection, environmental assessment, or legal review, depending on the property and your preference.
As a seller, your main cost is the commission, which typically ranges from 4 to 6 percent of the sale price. On a $2 million property, that would be $80,000 to $120,000. You may also pay for property inspections, appraisals, or repairs requested by the buyer. These costs come out of the sale proceeds at closing.
A typical transaction timeline is 30 to 60 days from offer to closing, though this varies based on financing, inspections, and any issues that arise. Marcus & Millichap agents coordinate the process but do not handle financing, title work, or legal documents — those are handled by lenders, title companies, and attorneys.
How to find and contact Marcus & Millichap
You can search available properties on the Marcus & Millichap website by property type, location, and price range. The site shows basic information, photos, and financial summaries for listed properties. To speak with an agent, you can call the office in your target market directly or fill out a contact form on the website requesting a call from an investment specialist.
Marcus & Millichap has offices in most major U.S. metropolitan areas and many smaller markets. You can find the nearest office by entering your location on their website. If you are buying, you do not need to commit to working with Marcus & Millichap — you can also work with agents from other brokerages, and the commission structure remains the same. If you are selling, you will sign a listing agreement with the brokerage you choose, which typically runs for 90 to 180 days.
Frequently Asked Questions
Do I have to use Marcus & Millichap to buy a property they list?
No. You can work with any licensed real estate agent or brokerage. If you buy a Marcus & Millichap listing through another broker, the commission is still split between the two brokerages. Some investors prefer to work with a local broker they know, while others use Marcus & Millichap for access to their large buyer database and market informed.
What if I want to sell my property but do not want to list with Marcus & Millichap?
You can list with any commercial brokerage or sell directly. However, Marcus & Millichap's size means your property gets exposure to a large investor base quickly. If you list elsewhere, you may reach fewer buyers, though you may negotiate a lower commission. The choice depends on your timeline, the property type, and your local market.
How do I know if a property listed on Marcus & Millichap is a good investment?
The listing page shows financial data like cap rate, cash-on-cash return, and rent roll information. You should also review the market report for that area to understand whether rents are rising or falling and whether vacancy is high or low. Consider hiring your own accountant or real estate advisor to review the numbers independently before making an offer.
Can Marcus & Millichap help me refinance a property I already own?
Marcus & Millichap does not provide financing or refinancing services directly. However, agents can refer you to lenders they work with regularly. For refinancing, you can also contact banks, credit unions, or commercial lenders directly to compare rates and terms.
What happens if a deal falls through after I sign an offer?
The terms depend on what is written in your offer. Most offers include contingencies for financing, inspection, and appraisal — if those conditions are not met, you can walk away. If you back out without a valid contingency, you may lose your earnest money deposit. The listing agent and your agent can explain the specific terms of your offer before you sign.