What separates Top tier investment sales firms from secund tier?
What separates JLL level firms from MM level firms?

I'm an active broker doing very well at a second tier firm in a short period of time (3 years) and curious what the other firms look like behind the scenes and what separates them from a client facing aspect?

What do top tier firms do differently that wins clients consideration as top tier?

How are teams and commissions typically structured?

Does the firm provide the back office or is that team ran?

Anything I'm missing?
[{"id": "fzl6hvj", "text": "Spelling might be one distinction.  :/", "replies": [], "depth": 1}, {"id": "fzlb0kb", "text": "Mm is third tier, jll is second tier and Eastdill is top tier. \n\nHas to do with who your client is. Client is a pension fund or other Wall Street money, institutional money in the hundreds of millions, that is top tier. If your client is a private developer or small investment fund, or a business owner doing a 20 million sale leaseback, that is second tier. Calling grandma to sell her duplex? Well, there you go.", "replies": [{"id": "fzm1mzy", "text": "To follow up your response.  What are top tier firms/brokers doing differently to build relationships/add value/win business from institutional clients?\n\nIf firms have a specific reputation based on their client base and hold that reputation in different markets it would seem they have a system that is different that consistently attracts those clients.", "replies": [{"id": "fzmc1oh", "text": "They\u2019re really fucking good - using office as an example, they know everything about every big deal in their region, know every player in their space nationally, know what the office dude at like AEW/Invesco/Lasalle is up to and what specific product they\u2019re looking for, when you\u2019re talking a sale with them they know who is in the market for that and who isn\u2019t, keep tabs on all of the big deals in their region and are proactive with the fund manager if they think their might be an opportunity for a good realization on something they\u2019ve previously sold, and are super presentable, timely, and aggressive (but in a good way, not blow up your phone every day and piss you off). \n\nThe top guys in each region have strong reputations - going back to office for example, if I had a decent sized building in the Midwest (like 75mm+) the only person I\u2019d hire is Jamie Fink and no one would question it at my firm - he\u2019s \u201cthe guy\u201d. Pick a region and an product and there\u2019s \u201cthe guy\u201d in all of them that are who you go to. That being said, you\u2019re mileage may vary- you will get a lot more attention from \u201cthe guy\u201d if you\u2019re a repeat customer / longer term relationship than if you\u2019re trying to sell a one off building and aren\u2019t a recurring person. If you\u2019re doing a one off or smaller deal you might be better served hiring a different team that will give you more attention than a guy who spends his life working on mega deals / needs to focus time on maintaining relationships with the top 20 owners in their space. \n\nAnyways my $0.02. It isn\u2019t about the firm per say, it\u2019s about the person.", "replies": [], "depth": 3}], "depth": 2}, {"id": "fznnp8t", "text": "I like this response. Funny thing is....I'm essentially \"bottom tier\". Not quite Grandma's duplex BUT I make comparable money to the good (not great) upper tier people. PLUS, what I do is more entrepreneurial. I have access to and invest in deals which are attainable to me. That is where I have made my real money and will be able to retire early with cash flow to stop having to schlep deals!! \nI'm not exactly buying into and owning the $300mm apartment complex that the big boys or institutions are buying. \nI will take what I do any day over being the \"polished, top tier brokers\".", "replies": [{"id": "fzppk3o", "text": "shhhhhh, keep this to yourself.  Most don't realize if you want to build wealth and not income, the path you have chosen is far more effective.  CBRE and JLL are great shops but you can quietly build wealth at a smaller shop where you will work on deals that are the right size for you to invest in, and  the shop allows you the flexibility to do so.", "replies": [{"id": "fzrm30x", "text": "&gt;and JLL are great shops but you can quietly build wealth at a \n\nThis.  The big shops have reputation with institutional players but you are not going to be able to participate in deals.  Certainly can be more money(income/salary) at the top end, but not necessarily the wealth creation that you so correctly have noted.  I'm biased towards the entrepreneurial side.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fznvxjq", "text": "I am assuming by MM you mean Marcus &amp; Millichap. What makes them third tier? I have a lot of deals that flow from there and I would consider myself to be a small investment fund.", "replies": [{"id": "fzo22dv", "text": "They got market share for smaller properties and the NNN stuff, so if that is your wheel house, go for it. By small investment fund I mean like 300 million, IE not wallstreet money and not a private office.", "replies": [{"id": "fzo2r2k", "text": "Thanks for the clarification. Always interesting to see how people tier wealth in CRE. Where do you place CBRE in this?", "replies": [{"id": "fzo42s0", "text": "CBRE &gt; JLL", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fzozsmc", "text": "The IPA guys at MM are legit. Otherwise agree on MM being a downmarket broker but they\u2019re def the guys if you\u2019re selling like NNN or a $4MM office in Omaha", "replies": [{"id": "fzqnpbt", "text": "Yes, IPA has been able to get some talent from JLL and other major firms to create a company within a company. You go to their website and there is very little mention of MM, so my guess is that they will split off at some point, maybe JLL buys a bunch of their old brokers back, I dunno. \n\nIt is kinda like how Hilton owns the Ritz, but also those Courtyard hotels near airports. \n\nSame company, different price point and experience.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fzmxwve", "text": "I notice bottom tier is mostly just sales and quick math whereas top tier firms actually give real estate investment advice based on financial modeling", "replies": [], "depth": 1}]