Founded in California in 1971 with more than 82 offices and 1,700 brokers spanning North America today, Marcus & Millichap is a premier provider of investment real estate brokerage services to clients across the US and Canada.
According to Mark Paterson, Broker of Record & Regional Manager, the firm's success lies in its ability to share deep local market knowledge.
CoStar Suite®, which offers in-depth property level contact information, verified sale comps, and in-depth market and submarket reports, helps the firm win new business, attract top producing brokers and strengthen its reputation as a market expert.
They view CoStar as a key tool for sourcing and attracting the best brokers and sales talent. "We show potential hires the power of CoStar during the recruitment process – demonstrating how the information provided by CoStar can help them be successful as brokers at our firm," Paterson explained. After the firm began integrating CoStar into its recruitment process, "we increased our sales team by 25% in 12 months."
The firm also uses CoStar as a research training tool as new brokers join. "Our business model revolves around research and training and CoStar has provided that to us," Paterson said. After incorporating CoStar into its new hire process, the firm "reduced our new broker orientation time from 14 weeks to seven. We cut our research training time for new hires by 50 percent."
And finally, Marcus & Millichap brokers use CoStar to get fully verified sale comps on properties of interest in the US and Canada. CoStar’s in-depth research process allows them to understand the full story behind a sale, including information from all the parties involved, and report back to their investors with comparable sale prices, detailed photos, concessions, proposed use, rental rates, performance, and more. They are also able to identify active investors or sellers in a market.
In fact, "CoStar has helped us achieve a 400% increase in sourcing comps and data which previously took a substantial amount of time; we are able to assemble four times the marketing packages we previously could in a day. And 50% percent of our sales leads are generated through CoStar," he said. Depending on the lead, a broker can generate a report and use it as a business development tool. "Our report and presentation positions us as a trusted advisor, knowledgeable of a prospect’s local market," explained Paterson. "This helps us build confidence, and always leads to new business."
"By using CoStar, we’ve been able to increase our revenues by 25 percent – and double the value of broker commissions – in the past year alone," added Paterson. "Without CoStar, it wouldn’t be possible for us to do the job we’re doing today. "It’s changed the way we do business, and made us significantly more profitable."
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