A commercial deal takes months and leaves a thick trail. A tenant rep broker writes a requirements memo, tours a dozen spaces, sends proposals, negotiates an LOI line by line and then hands off to attorneys for the lease. An investment sales team writes a broker opinion of value, builds an offering memorandum, runs a marketing process, fields buyer questions in a data room and narrows bids to a best and final. Leasing agents for landlords track every prospect and every concession.
Those records are full of numbers and reasoning together: rent comps, concessions, cap rates, underwriting assumptions and the arguments made to each side. Mercor names real estate and lists leases, listings and inspection reports. OpenAI uses real estate brokers as a GDPval occupation. Much of what a commercial broker holds came to it under a confidentiality agreement, so separating the analysis the firm wrote itself from deal material is the work to do first.
This page is for office, industrial, retail and multifamily investment brokerages, tenant and landlord rep firms with ten or more employees. It covers a week of commercial records, which buyers fit, why NDAs and principals' data matter more here than in residential work, and what to ask.
Worth
What a brokerage's data may be worth
Set for a typical brokerage, 35 staff and 12 years of records. Move the sliders to match yours. Our estimate, not an offer.
Buyers
Which buyers want this data
Buyers whose own published rules fit commercial real estate brokerages. We can introduce you to the ones we work with.
Featured partners
micro1
Its 30 to 200 employee band fits many regional commercial firms, and it asks for templates and CRM and workflow metadata.10,4
- $100K to $2M+, micro1 says7
Watch out for: Says it removes personal details only "when relevant", so ask exactly how.11
Polyshares
Buys CRM, email and spreadsheets, and excludes data held on behalf of clients, which is the line confidential deal material sits on.12,3
- $100K to $2M+, Polyshares says8
- None, Polyshares says13
- An offer in 1 to 2 weeks, then paid in 30 to 60 days14
Watch out for: Exclusive by default, and every deal it lists is exclusive with no end date.15,16
Everyone else we reviewed
By score, with full reviews. We have no referral agreement with these companies, so we do not link out to them.
Who wants this
Do buyers want commercial real estate brokerages?
No buyer publishes prices by industry, but their own intake forms show which industries they rate higher.
- Troveo puts real estate or property in its second of four demand tiers: "Your industry carries above-average buyer demand."23
- Polyshares takes real estate and property management, without marking it premium.24
- VMS, a broker, gives real estate or property management standard weight when it estimates value.25
Which buyers take a brokerage your size
Shown for 35 staff, a typical brokerage. Ask whether contractors and part-time staff count.
micro1
Polyshares
No headcount rule; the length and texture of the record matter more27
Mode
20+ full-time US office staff (accounting firms 10+, law firms 6+)28
Pewter
20+ staff and 3+ years; by industry, from 10+ (healthcare) to 50+ (manufacturing, finance)29,30,31
Grepped
No headcount minimum stated32
Ventra
30+ US employees and 3+ years of records33
Mercor
None stated34
Troveo
No minimum stated; its estimator starts at 2035
Nyne
20+ US W-2 employees and 3+ years36
Endless
Roughly 30+ employees37
Supersoniq
50+ employees and 5+ years38
What buyers value
What in a brokerage's records buyers value
What buyers look for in your records, and what to talk through with your buyer before anything leaves your systems.
| Data | Where it lives | Why a buyer values it | Raise with the buyer |
|---|---|---|---|
| Offering memoranda and broker opinions of value | InDesign, Word, Excel | A property's story and pricing argued in writing, with the underwriting behind it. | Owner financials received under confidentiality agreements. |
| LOIs and negotiation threads | Email, Word | Deal terms traded line by line between principals before the lawyers take over. | Principals' names and deal economics. |
| Lease and sale comps | Excel, comp databases, CRM | The firm's running record of what deals actually traded at, with notes on concessions. | Comps licensed from data providers. |
| Tenant requirements and tour notes | CRM (Buildout, Apto), email | What a tenant needs, the spaces seen and why each was rejected. | Nothing specific |
| Pitch books and marketing plans | PowerPoint, Drive | How a brokerage wins an assignment, written by its own team. | Nothing specific |
A week of records
A week of data at a brokerage
- Monday: a broker opinion of value for an industrial building, with six sale comps and a cap rate argument.
- Tuesday: four tours for a tenant rep client, each space written up with pros and cons.
- Wednesday: an LOI for 20,000 square feet countered on free rent and tenant improvements.
- Thursday: buyer questions answered in the data room for an offering in market.
- Friday: a pitch book for a new listing assignment, built from the firm's template.
Process
How it works with each buyer
In each buyer's own words. Where a buyer publishes nothing, we say so.
micro1
- Internal docs, SOPs and playbooks, knowledge bases, project management workflows, internal comms, templates, CRM and workflow metadata, task histories4
- 30 to 200 employees10
- $100K-$2M+ per data package; over $1M for unique data7
- PII removed "when relevant"11
- The company keeps ownership of its data and reviews samples before release39
- Not published
Polyshares
Selling or closing
Selling or closing your brokerage? License its data first
When a commercial brokerage is acquired or its principals retire, the buyer usually wants the producers and their relationships. The firm's comps database, templates and anonymized deal analysis are a different set of records. Before a deal, ask each licensing company which material it would treat as the firm's rather than its clients', and whether a license can close first.3,4
FAQ
Commercial real estate brokerages: questions, answered
Fewer, larger deals with businesses as principals, and far more confidential material. Mercor lists leases among the records it wants, which sit at the center of commercial work rather than residential sales.2
OpenAI's GDPval benchmark includes real estate brokers and real estate sales agents among its 44 occupations, measuring AI on real work in the field.45
Polyshares says data held on behalf of clients is excluded. A memorandum built from an owner's confidential financials may fall under that; templates and anonymized analysis your team wrote are the safer starting point.3
Every business is different, so this one is best talked through with the buyer you're working with. Their team goes over it with you before anything is signed.
Every business is different, so this one is best talked through with the buyer you're working with. Their team goes over it with you before anything is signed.
Before you sign
Questions to talk through with your buyer
Every business is different, so these are best talked through with the buyer you're working with. Their team goes over them with you before anything is signed.
Questions for this kind of business
- Which deals were marketed under confidentiality agreements, and are their files excluded?
- How are principals, tenants and deal economics removed from email and LOIs?
- Which comps and market data came from licensed providers?
- Who owns this data: the company, an estate, or someone else?
- Do customer, vendor or platform contracts, NDAs or API terms restrict this?
Questions for any buyer
- Is the license exclusive, and for how long?
- Can you sublicense the data, and to whom?
- Which AI labs will receive it, and will you tell us?
- How long do you keep it, and how is it deleted?
- What is your liability cap, and who indemnifies whom?
- Will the contract ban re-identification of people in the data?
- Who removes personal data, by what method, and do we approve it first?