Marcus & Millichap (MMI) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	MMI
Entity Registrant Name	Marcus & Millichap, Inc.
Entity Central Index Key	1,578,732
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		37,117,674

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 67,632	$ 149,159
Commissions receivable	3,882	3,412
Employee notes receivable	214	216
Prepaid expenses	6,392	7,536
Income tax receivable		1,711
Marketable securities, available for sale	89,764
Deferred tax assets, net	14,284	13,600
Other assets, net	3,404	2,839
Total current assets	185,572	178,473
Prepaid rent	8,183	3,645
Property and equipment, net	9,725	7,693
Employee notes receivable	152	162
Marketable securities, available for sale	45,004	14,752
Assets held in rabbi trust	5,334	4,332
Deferred tax assets, net	23,674	21,265
Other assets	6,585	3,282
Total assets	284,229	233,604
Current liabilities:
Accounts payable and accrued expenses	7,572	9,488
Accounts payable and accrued expenses - related party, net	92	97
Notes payable to former stockholders	939	894
Commissions payable	23,376	28,932
Income tax payable	7,539
Accrued bonuses and other employee related expenses	22,700	27,793
Total current liabilities	62,218	67,204
Deferred compensation and commissions	38,586	36,581
Notes payable to former stockholders	9,671	10,610
Other liabilities	3,402	2,400
Total liabilities	$ 113,877	$ 116,795
Stockholders' equity:
Preferred stock, $0.0001 par value: Authorized shares - 25,000,000; issued and outstanding shares - none at September 30, 2015 and December 31, 2014
Common Stock $0.0001 par value: Authorized shares - 150,000,000; issued and outstanding shares - 37,117,674 and 36,918,442 at September 30, 2015 and December 31, 2014, respectively	$ 4	$ 4
Additional paid-in capital	82,088	75,058
Stock notes receivable from employees	(4)	(4)
Retained earnings	87,993	41,592
Accumulated other comprehensive income	271	159
Total stockholders' equity	170,352	116,809
Total liabilities and stockholders' equity	$ 284,229	$ 233,604

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	37,117,674	36,918,442
Common stock, shares outstanding	37,117,674	36,918,442

Condensed Consolidated Statemen

Condensed Consolidated Statements of Net and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Real estate brokerage commissions	$ 151,942	$ 140,220	$ 446,356	$ 368,246
Financing fees	10,865	7,864	30,046	22,348
Other revenues	3,069	2,805	9,497	9,150
Total revenues	165,876	150,889	485,899	399,744
Operating expenses:
Cost of services	102,010	92,269	293,725	240,266
Selling, general, and administrative expense	35,646	34,086	109,064	99,570
Depreciation and amortization expense	802	813	2,389	2,399
Total operating expenses	138,458	127,168	405,178	342,235
Operating income	27,418	23,721	80,721	57,509
Other income (expense), net	(464)	(308)	23	(39)
Interest expense	(380)	(397)	(1,349)	(1,202)
Income before provision for income taxes	26,574	23,016	79,395	56,268
Provision for income taxes	11,398	9,493	32,994	23,167
Net income	15,176	13,523	46,401	33,101
Other comprehensive income:
Unrealized gain (loss) on marketable securities, net of tax of $47, $0, $159 and $0 for the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014, respectively	56		(249)
Foreign currency translation gain, net of tax of $140, $38, $226 and $40 for the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014, respectively	234	57	361	60
Total other comprehensive (loss) income	290	57	112	60
Comprehensive income	$ 15,466	$ 13,580	$ 46,513	$ 33,161
Earnings per share:
Basic	$ 0.39	$ 0.35	$ 1.19	$ 0.85
Diluted	$ 0.39	$ 0.35	$ 1.19	$ 0.85
Weighted average common shares outstanding:
Basic	38,890	38,847	38,868	38,847
Diluted	39,160	39,011	39,051	38,949

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Net and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Unrealized gain (loss) on marketable securities, tax	$ 47	$ 0	$ (159)	$ 0
Foreign currency translation gain, tax	$ 140	$ 38	$ 226	$ 40

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Stock Notes Receivable From Employees [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Beginning Balance at Dec. 31, 2014	$ 116,809		$ 4	$ 75,058	$ (4)	$ 41,592	$ 159
Beginning Balance, Shares at Dec. 31, 2014			36,918,442
Net and comprehensive income	46,513					$ 46,401	$ 112
Stock-based award activity
Stock-based compensation	$ 6,750			$ 6,750
Stock-based compensation, Shares	0	0	0	0	0	0	0
Shares issued pursuant to employee stock purchase plan	$ 502			$ 502
Shares issued pursuant to employee stock purchase plan, Shares			17,822
Issuance of common stock for unvested restricted stock awards	0	$ 0	$ 0	0	$ 0	$ 0	$ 0
Issuance of common stock for unvested restricted stock awards, Shares			10,110
Issuance of common stock for vesting of restricted stock units	0	$ 0	$ 0	0	0	0	0
Issuance of common stock for vesting of restricted stock units, Shares			193,598
Shares withheld related to net share settlement of restricted stock units	(756)			(756)
Shares withheld related to net share settlement of restricted stock units, Shares			(22,298)
Windfall tax benefit from stock-based award activity	534			534
Ending Balance at Sep. 30, 2015	$ 170,352		$ 4	$ 82,088	$ (4)	$ 87,993	$ 271
Ending Balance, Shares at Sep. 30, 2015			37,117,674

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income	$ 46,401,000	$ 33,101,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	2,389,000	2,399,000
Provision for bad debt expense	127,000	86,000
Stock-based compensation	6,750,000	3,275,000
Deferred taxes, net	(3,160,000)	1,481,000
Net realized gains on marketable securities, available for sale	(130,000)
Tax benefit from stock-based award activity	4,844,000
Excess tax benefit from stock-based award activity	(4,844,000)
Other non-cash items	295,000	155,000
Changes in operating assets and liabilities:
Commissions receivable	(470,000)	(386,000)
Prepaid expenses	1,144,000	(267,000)
Prepaid rent	(4,538,000)	932,000
Assets held in rabbi trust	(1,448,000)	(36,000)
Other assets	(3,993,000)	(1,095,000)
Accounts payable and accrued expenses	(2,645,000)	2,908,000
Accounts payable and accrued expenses - related party, net	(5,000)	(334,000)
Income tax receivable (payable)	4,939,000	(1,543,000)
Commissions payable	(5,556,000)	(9,068,000)
Accrued bonuses and other employee related expenses	(4,885,000)	4,509,000
Deferred compensation and commissions	2,365,000	673,000
Other liabilities	1,002,000	(1,882,000)
Net cash provided by operating activities	38,582,000	34,908,000
Cash flows from investing activities
Purchases of marketable securities, available for sale	(130,500,000)
Proceeds from sales and maturities of marketable securities, available for sale	10,608,000
Payments received on employee notes receivable	15,000	68,000
Issuances of employee notes receivable	(175,000)	(68,000)
Purchase of property and equipment	(3,753,000)	(1,830,000)
Proceeds from sale of property and equipment		1,000
Net cash used in investing activities	(123,805,000)	(1,829,000)
Cash flows from financing activities
Proceeds from issuance of shares pursuant to employee stock purchase plan	502,000
Taxes paid related to net share settlement of stock-based awards	(756,000)
Excess tax benefit from stock-based award activity	4,844,000
Realized tax benefit of deductible IPO transaction costs		840,000
Principal payments on notes payable to former stockholders	(894,000)	(851,000)
Payments on obligations under capital leases		(16,000)
Payments received on stock notes receivable from employees		6,000
Net cash provided by (used in) financing activities	3,696,000	(21,000)
Net (decrease) increase in cash and cash equivalents	(81,527,000)	33,058,000
Cash and cash equivalents at beginning of period	149,159,000	100,952,000
Cash and cash equivalents at end of period	67,632,000	134,010,000
Supplemental disclosures of cash flow information
Interest paid during the period	853,000	619,000
Income taxes paid, net	26,370,000	22,429,000
Supplemental disclosures of noncash investing and financing activities
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable	208,000
Net change in accounts payable and accrued expenses related to property and equipment additions	729,000	(86,000)
Settlements of deferred compensation obligation with trust assets	$ 28,000
Distribution related to stock appreciation rights liability for taxes payable included in accrued bonuses and other employee related expenses		$ 412,000

Description of business, basis

Description of business, basis of presentation and recent accounting pronouncements	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Description of business, basis of presentation and recent accounting pronouncements	1. Description of business, basis of presentation and recent accounting pronouncements Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of September 30, 2015, MMI operates 80 offices in the United States and Canada through its wholly-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”), which includes the operations of Marcus & Millichap Capital Corporation (“MMCC”). Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off its majority owned subsidiary, MMREIS (“Spin-Off”). Prior to the initial public offering (“IPO”) of MMI stock on October 30, 2013, all of the preferred and common stockholders of MMREIS (including MMC and employees of MMREIS) contributed all of their outstanding shares to MMI, in exchange for new MMI common stock. As a result, MMREIS became a wholly-owned subsidiary of MMI. Thereafter, MMC distributed 80.0% of the shares of MMI common stock to MMC’s shareholders and exchanged the remaining portion of its shares of MMI common stock for cancellation of indebtedness of MMC. Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10–Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements and notes include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed on March 9, 2015 with the SEC. The results of the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2015, or for other interim periods or future years. Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior-period amounts in the condensed consolidated statements of cash flows have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported consolidated results of operations, financial condition, stockholders’ equity or on cash flows subtotals. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, commissions receivable, investments in marketable securities, available for sale, due from independent contractors (included under other assets, current caption), security deposits (included under other assets, non-current caption) and company owned variable life insurance policies underlying the assets held in rabbi trust. Cash is placed with high-credit quality financial institutions, invested in high-credit quality money market funds and in fixed and variable income available for sale debt securities, in accordance with the Company’s investment policy approved by the Board of Directors. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents and monitors marketable securities, available for sale for impairment. The Company historically has not experienced any losses related to cash and cash equivalents or marketable securities, available for sale. The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three and nine months ended September 30, 2015 and 2014, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and therefore do not expose the Company to significant concentration of credit risk. The Company’s Canadian operations represented less than 1.0% of total revenues in each period presented. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes virtually all of the current revenue recognition guidance under U.S. GAAP, and requires entities to recognize revenue for transfer to customer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. ASU 2014-09 permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. In July 2015, the FASB decided to delay the effective date one year, and, as a result, ASU 2014-09 is effective for reporting periods beginning after December 15, 2017 and early adoption is permitted as of January 1, 2017. The Company is currently evaluating the impact of this new standard and will select a transition method when the effect is determined; however, the Company does not expect this standard to have a significant effect on the Company’s revenue recognition. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). Currently, there is no guidance under U.S. GAAP regarding management’s responsibility to assess whether there is substantial doubt about an entity’s ability to continue as a going concern. Under ASU 2014-15, the Company will be required to assess its ability to continue as a going concern each interim and annual reporting period and provide certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern, including management’s plan to alleviate the substantial doubt. ASU 2014-15 is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. For the Company, the new standard will be effective January 1, 2017. The Company anticipates that this new standard will not have an impact on the Company’s condensed consolidated financial position or results of operations. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. ASU 2015-03 does not change the amortization of debt issuance costs, which continues to follow the existing accounting guidance. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which permits debt issuance costs associated with line-of-credit arrangements to be deferred and presented as an asset in the balance sheet and subsequently amortized ratably over the term of the line-of-credit arrangement. For the Company, ASU 2015-03 and ASU 2015-15 will be effective for interim and annual reporting periods beginning after December 15, 2015 and early adoption is permitted. The Company early adopted ASU 2015-03 and ASU 2015-15 during the quarter ended September 30, 2015. The adoption of ASU 2015-03 and ASU 2015-15, did not have any impact on the Company’s condensed consolidated financial position or results of operations.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	2. Property and Equipment Property and equipment, net consist of the following (in thousands): September 30, December 31, Computer software and hardware equipment $ 10,104 $ 8,769 Furniture, fixtures, and equipment 15,257 14,684 Less: accumulated depreciation and amortization (15,636 ) (15,760 ) $ 9,725 $ 7,693 During the nine months ended September 30, 2015, the Company wrote off approximately $2.6 million of fully depreciated computer software and hardware and furniture fixtures, and equipment no longer in use. As of December 31, 2014, the Company did not have any remaining capital lease obligations. Payments for certain improvements to the Company’s leased office space are recorded as prepaid rent. Amortization of prepaid rent is recorded using the straight-line method over the shorter of the estimated economic life or lease term as a charge to rent expense.

Selected Balance Sheet Data

Selected Balance Sheet Data	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Selected Balance Sheet Data	3. Selected Balance Sheet Data Other Assets Other assets consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, 2015 2014 2015 2014 Due from independent contractors, net (1) (2) $ 1,581 $ 1,577 $ 5,184 $ 1,820 Security deposits — — 1,299 1,240 Customer trust accounts and other 1,823 1,262 102 222 $ 3,404 $ 2,839 $ 6,585 $ 3,282 (1) Includes allowance for doubtful accounts related to current of $261,000 as of September 30, 2015 and $193,000 as of December 31, 2014, respectively. The Company recorded a provision for bad debt expense of $48,000 and $44,000 and wrote off $24,000 and $23,000 of these receivables for the three months ended September 30, 2015 and, 2014, respectively. The Company recorded a provision for bad debt expense of $127,000 and $86,000 and wrote off $59,000 and $110,000 of these receivables for the nine months ended September 30, 2015 and, 2014, respectively. (2) Represents amounts advanced, notes receivable and other receivables due from the Company’s sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. Deferred Compensation and Commissions Deferred compensation and commissions consisted of the following (in thousands): September 30, December 31, SARs liability $ 21,184 $ 20,542 Commissions payable to sales and financing professionals 12,451 12,176 Deferred compensation liability 4,951 3,863 $ 38,586 $ 36,581 SARs Liability Prior to the IPO, certain employees of the Company were granted stock appreciation rights (“SARs”) under a stock-based compensation program assumed by MMC. In connection with the IPO, the SARs agreements were revised, and the MMC liability of $20.0 million for the SARs was frozen at March 31, 2013, and was transferred to MMI through a capital distribution. The SARs liability will be settled with each participant in installments upon retirement or departure. Under the revised agreements, MMI is required to accrue interest on the outstanding balance beginning on January 1, 2014 at a rate based on the 10-year treasury note plus 2%. The rate resets annually. The rate at January 1, 2015 and 2014 was 4.173% and 5.03%, respectively. MMI recorded interest expense related to this liability of $214,000 and $236,000, for the three months ended September 30, 2015 and 2014, respectively and $642,000 and $738,000 for the nine months ended September 30, 2015 and 2014, respectively. During 2014, the Company reduced the SARs liability balance in the amount of $412,000 related to a distribution for the settlement of FICA taxes payable on behalf of certain participants. Commissions Payable Certain investment sales professionals have the ability to earn additional commissions after meeting certain annual revenue thresholds. These commissions are recognized as cost of services in the period in which they are earned. The Company has the ability to defer payment of certain commissions, at its election, for up to three years. Commissions payable that are not expected to be paid within twelve months are classified as non-current liabilities. Deferred Compensation Liability A select group of management is eligible to participate in a Deferred Compensation Plan. The plan is a 409A plan and permits the participant to defer compensation up to limits as determined by the plan. The Company elected to fund the Deferred Compensation Plan through company owned variable life insurance policies. The Deferred Compensation Plan is managed by a third-party institutional fund manager, and the deferred compensation and investment earnings are held as a Company asset in a rabbi trust, which is recorded in assets held in rabbi trust in the accompanying condensed consolidated balance sheets. The assets in the trust are restricted unless the Company becomes insolvent, as defined in the Deferred Compensation Plan, in which case the trust assets are subject to the claims of MMI’s creditors. The Company may also, in its sole and absolute discretion, elect to withdraw at any time all or a portion of the trust assets by an amount by which the fair market value of the trust assets exceeds 110% of the aggregate amount in the Deferred Compensation Plan’s participants’ accounts. The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation obligation, each exclusive of additional contributions and distributions consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Increase (decrease) in the carrying value of the assets held in the rabbi trust (1) $ (351 ) $ (51 ) $ (340 ) $ 177 Increase (decrease) in the carrying value of the deferred compensation obligation (2) $ (307 ) $ (32 ) $ (248 ) $ 201 (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income.

Investments in Marketable Secur

Investments in Marketable Securities	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments in Marketable Securities	4. Investments in Marketable Securities Amortized cost and fair value of marketable securities, available-for-sale, by type of security consisted of the following (in thousands): September 30, 2015 December 31, 2014 Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Short-term investments: U.S. Treasuries $ 70,497 $ 31 $ — $ 70,528 $ — $ — $ — $ — U.S. Government Sponsored Entities 19,110 3 (1 ) 19,112 — — — — Asset-backed securities and other 124 — — 124 — — — — $ 89,731 $ 34 $ (1 ) $ 89,764 $ — $ — $ — $ — Long-term investments: U.S. Treasuries $ 6,110 $ 23 $ (26 ) $ 6,107 $ 2,974 $ 7 $ — $ 2,981 U.S. Government Sponsored Entities 11,750 5 (13 ) 11,742 2,019 — (3 ) 2,016 Corporate debt securities 17,217 18 (408 ) 16,827 7,442 48 (12 ) 7,478 Asset-backed securities and other 10,328 33 (33 ) 10,328 2,277 4 (4 ) 2,277 $ 45,405 $ 79 $ (480 ) $ 45,004 $ 14,712 $ 59 $ (19 ) $ 14,752 As of September 30, 2015, the amortized cost and fair value of the Company’s investment in available-for-sale securities that have been in a continuous unrealized loss position for less than 12 months were $28.7 million and $28.2 million, respectively. As of December 31, 2014, the amortized cost and fair value of the Company’s investment in available-for-sale securities that have been in a continuous unrealized loss position for less than 12 months were $5.4 million. Unrealized losses related to these investments are due to interest rate fluctuations as opposed to changes in credit quality. In addition, the Company does not intend to sell and it is not more-likely-than-not that the Company would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. As of September 30, 2015 and December 31, 2014, the Company did not have any investments in a continuous unrealized loss position for 12 months or longer. For the three months ended September 30, 2015, there were no gross realized gains and gross realized losses from the sales of the Company’s available-for-sale securities. For the nine months ended September 30, 2015, gross realized gains and gross realized losses from the sales of the Company’s available-for-sale securities were $133,000 and $3,000, respectively and were recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined on the specific identification method. The Company regularly reviews its investment portfolio to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period any such determination is made. In making this judgment, the Company evaluates, among other items, the duration and extent to which the fair market value of a security is less than its amortized cost and the Company’s intent and ability to sell, or whether the Company will more likely than not be required to sell, the security before recovery of its amortized cost basis. The Company has evaluated its investments in marketable securities as of September 30, 2015 and has determined that no investments with unrealized losses are other-than-temporarily impaired. Amortized cost and fair value of marketable securities, available-for-sale, by contractual maturity consisted of the following (dollars in thousands): September 30, 2015 December 31, 2014 Amortized Fair Value Amortized Fair Value Due in one year or less $ 89,731 $ 89,764 $ — $ — Due after one year through five years 18,948 18,955 4,679 4,679 Due after five years through ten years 17,835 17,474 5,652 5,662 Due after ten years 8,622 8,575 4,381 4,411 $ 135,136 $ 134,768 $ 14,712 $ 14,752 Weighted average maturity 3.4 years 9.6 years Actual maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.

Notes Payable to Former Stockho

Notes Payable to Former Stockholders	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Notes Payable to Former Stockholders	5. Notes Payable to Former Stockholders In conjunction with the Spin-Off and IPO, notes payable to certain former stockholders of MMREIS that were issued in settlement of restricted stock and SARs awards that were redeemed by MMREIS upon the termination of employment by these former stockholders (“the Notes”), which had been previously assumed by MMC, were transferred to the Company. The Notes are unsecured and bear interest at 5% with annual principal and interest installments and a final principal payment due during the second quarter of 2020. During each of the nine months ended September 30, 2015 and 2014, the Company made payments on the Notes of $1.5 million (includes principal and interest). Accrued interest pertaining to the Notes consisted of the following (dollars in thousands): September 30, December 31, Accrued interest (1) $ 234 $ 396 (1) Recorded in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets. Interest expense pertaining to the Notes consisted of the following (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest expense $ 133 $ 144 $ 414 $ 447

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related-Party Transactions	6. Related-Party Transactions Shared and Transition Services Prior to October 2013, the Company operated under a shared services arrangement with MMC where by the Company was charged for actual costs specifically incurred on behalf of the Company or allocated to the Company on a pro rata basis. These costs included reimbursement for health insurance premiums, shared services and other general and administrative costs. Beginning in October 2013, certain services are provided to the Company under a Transition Services Agreement (“TSA”) between MMC and the Company, which replaced the pre-IPO shared services arrangement. The TSA is intended to provide certain services until the Company can acquire the services separately. In April 2014, the Company established its own health insurance plan significantly reducing the reliance on the TSA. During the three months ended September 30, 2015 and 2014, the Company incurred $56,000 and $42,000 under the TSA. During the nine months ended September 30, 2015 and 2014, the Company incurred $165,000 and $1.2 million under the TSA of which $0 and $1.0 million was incurred for reimbursement of health insurance premiums. These amounts are included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. As of September 30, 2015 and December 31, 2014, $92,000 and $97,000, respectively, remains unpaid and included in accounts payable and other accrued expenses – related party, net in the accompanying condensed consolidated balance sheets. Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the three months ended September 30, 2015 and 2014, the Company recorded real estate brokerage commissions and financing fees of $305,000 and $872,000, respectively, from subsidiaries of MMC related to these services. The Company incurred cost of services of $173,000 and $540,000, respectively, related to these revenues. For the nine months ended September 30, 2015 and 2014, the Company recorded real estate brokerage commissions and financing fees of $1.6 million and $932,000, respectively, from subsidiaries of MMC related to these services. The Company incurred cost of services of $943,000 and $576,000, respectively, related to these revenues. Operating Lease with MMC The Company has an operating lease with MMC for a single story office building located in Palo Alto, California, which was amended with a new expiration date of May 31, 2022. Rent expense for this lease totaled $219,000 and $109,000 for the three month periods ended September 30, 2015 and 2014, respectively. Rent expense for this lease totaled $474,500 and $328,000 for the nine month periods ended September 30, 2015 and 2014, respectively. Rent expense is included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. Other The Company makes advances to non-executive employees from time-to-time. At September 30, 2015 and December 31, 2014, the aggregate principal amount for employee loans outstanding was $366,000 and $378,000, respectively, and is included in employee notes receivable in the accompanying condensed consolidated balance sheets. As of September 30, 2015, George M. Marcus, the Company’s founder and Co-Chairman, beneficially owned indirectly approximately 53.2% (includes shares owned by Phoenix Investments Holdings, LLC (“Phoenix”) and the George and Judy Marcus Family Foundation) of the Company’s issued and outstanding common stock, including shares to be issued upon settlement of vested deferred stock units, or DSUs. On February 6, 2015, the Company filed a shelf Registration Statement on Form S-3, registering for future sale 4,600,000 shares of common stock beneficially owned by Mr. Marcus. No new shares were offered, and the Company did not receive any proceeds from the sale of common stock by the selling stockholders. On March 13, 2015, the Company filed a Prospectus Supplement offering for sale by certain selling stockholders 4,000,000 shares of common stock including an option to sell up to an additional 600,000 shares pursuant to an option granted to the underwriters. On March 18, 2015, 4,000,000 shares were sold at a price per share of $31.9925 and the underwriters exercised their option to purchase an additional 600,000 shares at a price per share of $31.9925. In connection with the Registration Statement and Prospectus Supplement, for the three months ended March 31, 2015, the Company incurred approximately $113,000 of costs, which were reimbursed by the selling stockholders during the second quarter of 2015.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investment carried and fair value and the supporting methodologies and assumptions. The Company uses various pricing sources to validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the market place used to measure the fair values as discussed below: Level 1: Level 2: Level 3: Recurring Fair Value Measurements The Company values its investments including assets held in rabbi trust, money market funds and investments in marketable securities, available for sale at fair value on a recurring basis. Investments carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands): September 30, 2015 December 31, 2014 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets held in rabbi trust $ 5,334 $ — $ 5,334 $ — $ 4,332 $ — $ 4,332 $ — Money market funds (1) $ 5,708 $ 5,708 $ — $ — $ 25,310 $ 25,310 $ — $ — Marketable securities, available for sale: Short-term investments: U.S. Treasuries $ 70,528 $ 70,528 $ — $ — $ — $ — $ — $ — U.S. Government Sponsored Entities 19,112 — 19,112 — — — — — Asset-backed securities and other 124 — 124 — — — — — $ 89,764 $ 70,528 $ 19,236 $ — $ — $ — $ — $ — Long-term investments: U.S. Treasuries $ 6,107 $ 6,107 $ — $ — $ 2,981 $ 2,981 $ — $ — U.S. Government Sponsored Entities 11,742 — 11,742 — 2,016 — 2,016 — Corporate debt securities 16,827 — 16,827 — 7,478 — 7,478 — Asset-backed securities and other 10,328 — 10,328 — 2,277 — 2,277 — $ 45,004 $ 6,107 $ 38,897 $ — $ 14,752 $ 2,981 $ 11,771 $ — (1) Included in cash and cash equivalents. There were no transfers in or out of Level 1 and Level 2 during the three months and nine months ended September 30, 2015. Assets and Liabilities not Measured at Fair Value The Company’s cash and cash equivalents, commissions receivable, amounts due from employees (included in employee notes receivable caption) and sales and financing professionals (included in other assets caption), accounts payable and accrued expenses and commissions payable are carried at cost, which approximates fair value based on their immediate or short-term maturities and terms, which approximate current market rates, and are considered to be in the Level 1 classification. As the Company’s obligations under notes payable to former stockholders bear fixed interest rates that approximate current interest rates for debt instruments with similar terms and maturities, the Company has determined that the carrying value on these instruments approximates fair value. As the Company’s obligations under SARs liability (included in deferred compensation and commission’s caption) bear interest at a variable rate based on U.S. Treasuries, the Company has determined that the carrying value approximates the fair value. These are considered to be in the Level 2 classification.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock As of September 30, 2015 and December 31, 2014, there were 37,117,674 and 36,918,442 shares of common stock, $0.0001 par value, issued and outstanding, which includes unvested restricted stock awards issued to non-employee directors, respectively. See Note 11 – “Earnings Per Share” for additional information. The Company currently does not intend to pay a regular dividend. The Company will evaluate its dividend policy in the future. Any declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the board of directors and will depend on many factors, including the Company’s financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends and other considerations that the board of directors deems relevant. Preferred Stock The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At September 30, 2015 and December 31, 2014, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive (Loss) Income The changes in accumulated other comprehensive (loss) income as of September 30, 2015, by component, net of income taxes consisted of the following (in thousands): Unrealized Foreign Total Beginning balance, December 31, 2014 $ 24 $ 135 $ 159 Other comprehensive (loss) income before reclassifications (265 ) 361 96 Amounts reclassified from accumulated other comprehensive (loss) income (1) 16 — 16 Net current-period other comprehensive (loss) income (249 ) 361 112 Ending balance, September 30, 2015 $ (225 ) $ 496 $ 271 (1) Included as a component of other income (expense), net in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	9. Stock-Based Compensation Plans 2013 Omnibus Equity Incentive Plan In October 2013, the board of directors adopted the 2013 Omnibus Equity Incentive Plan (“2013 Plan”), which became effective upon the Company’s IPO. The 2013 Plan, in general, authorizes the granting of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards (RSAs), restricted stock units (RSUs), performance units and performance shares to the Company and subsidiary corporations’ employees, independent contractors, directors and consultants. Grants are made from time to time at the discretion of the Company’s board of directors. The following limits apply to any awards granted under the 2013 Plan: • Options and stock appreciation rights • Restricted stock and restricted stock units • Performance units and performance shares Upon adoption of the 2013 Plan, 5,500,000 shares of common stock were reserved for the issuance of awards under the 2013 Plan. The number of shares available for issuance under the 2013 Plan increases annually on the first day of each year beginning with the 2015 fiscal year, by an amount equal to the lesser of: (i) 5,500,000 shares of the Company’s common stock; (ii) 3% of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding fiscal year; and (iii) such other amount as the Company’s board of directors may determine. Pursuant to the automatic increase provided for in the 2013 Plan, the board of directors approved a share reserve increase of 1,100,000 shares in 2015. At September 30, 2015, there were 3,265,526 shares available for future grants under the Plan. Awards Granted and Vested Under the 2013 Plan, the Company has issued RSA’s to non-employee directors and RSU’s to employees and non-employee sales and financing professionals. All RSAs vest in equal annual installments over a three year period from the date of grant. All RSUs vest in equal annual installments over a five year period from the date of grant. Any unvested awards are canceled upon termination of service. Awards accelerate upon death subject to approval by the compensation committee. As of September 30, 2015, there were no issued or outstanding options, stock appreciation rights, performance units or performance shares awards. During the nine months ended September 30, 2015, 201,224 shares of RSAs and RSUs vested and 22,298 shares of common stock were withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The amount remitted to the tax authorities for the employees’ tax obligation was reflected in the taxes paid related to net share settlement of stock-based awards caption in the financing section of the condensed consolidated statements of cash flows. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the 2013 Plan. During the nine months ended September 30, 2015 and the year ended December 31, 2014, the Company recorded windfall tax benefits resulting from the settlement of stock-based award activity, in the amounts of $534,000 and $4.3 million, respectfully. Such windfall tax benefits are excluded from the provision for income taxes and included as a component of additional paid-in capital when the awards are settled. During the nine months ended September 30, 2015, the Company realized an aggregate of $4.8 million of windfall tax benefits from stock-based award activity, which is included in cash flows from financing activities in the accompanying condensed consolidated statement of cash flows. Outstanding Awards The following table summarizes the Company’s activity under the 2013 Plan for the nine months ended September 30, 2015 (dollars in thousands, except per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2014 42,882 516,437 647,690 1,207,009 $ 18.23 Granted February 2015 — 15,847 9,720 25,567 May 2015 10,110 8,142 4,212 22,464 August 2015 — 5,607 25,148 30,755 Total Granted 10,110 29,596 39,080 78,786 42.84 Vested (7,626 ) (56,719 ) (136,879 ) (201,224 ) 14.85 Transferred — (8,423 ) 8,423 — 17.81 Forfeited/canceled — (13,047 ) (15,904 ) (28,951 ) 17.78 Nonvested shares at September 30, 2015 (1) 45,366 467,844 542,410 1,055,620 $ 20.73 Unrecognized stock-based compensation expense as of September 30, 2015 (2) $ 634 $ 9,185 $ 19,695 $ 29,514 Weighted average remaining vesting period (years) as of September 30, 2015 1.98 4.04 3.41 3.58 (1) Nonvested RSU’s will be settled through the issuance of new shares of common stock. (2) The total unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 3.58 years. In November 2013, MMI issued the following deferred stock units (“DSUs”) under the 2013 Plan: (i) DSUs for an aggregate of 2,192,413 shares granted as replacement awards related to the prior SARs program to the MMREIS managing directors and (ii) DSUs for 83,334 shares granted to the Company’s Co-chairman of the board of directors (Mr. Millichap). The DSU’s are fully vested and shares will be issued 20% per year. As of September 30, 2015, fully vested DSUs for 1,820,596 shares remained outstanding. See “Amendments to Restricted Stock and SARs” section below and Note 11 – “Earnings Per Share” for additional information. Employee Stock Purchase Plan In 2013, the Company adopted the 2013 Employee Stock Purchase Plan (“ESPP Plan”). The ESPP Plan qualifies under Section 423 of the IRS Code and provides for consecutive, non-overlapping 6-month offering periods. The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. The first offering period began on May 15, 2014. Qualifying employees may purchase shares of the Company stock at a 10% discount based on the lower of the market price at the beginning or end of the offering period, subject to IRS limitations. The Company determined that the ESPP Plan was a compensatory plan and is required to expense the fair value of the awards over each 6-month offering period. The Company determines the fair value of ESPP shares to be acquired during each offering period using the Black Scholes option pricing model. The Company calculates the expected volatility based on the historical volatility of the Company’s common stock and the risk-free interest rate based on the U.S. Treasury yield curve in effect at the time of grant both consistent with the term of the offering period. The Company incorporates 0% forfeiture rate and 0% expected dividend yield as the Company expects all awards to be delivered and does not intend to pay regular dividends. The ESPP Plan had 366,667 shares of common stock reserved and 323,514 shares of common stock available for issuance at September 30, 2015. The ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP on the first day of each fiscal year beginning with the 2015 fiscal year, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the Board. Pursuant to the provisions of the ESPP Plan, the board of directors determined a share reserve increase was not needed in 2015. At September 30, 2015, total unrecognized compensation cost related to the ESPP Plan was $28,000 and is expected to be recognized over a weighted average period of 0.12 years. Amendments to Restricted Stock and SARs Prior to the IPO, certain employees were granted SARs. As of March 31, 2013, the outstanding SARs were frozen at the liability amount, which will be paid out to each participant in installments upon retirement or departure under the terms of the revised SARs agreements. See Note 3 – “Selected Balance Sheet Data” for additional information. To replace beneficial ownership in the SARs, the difference between the book value liability and the fair value of the awards was granted to plan participants in the form of DSUs, which were fully vested upon receipt and will be settled in stock of MMI at a rate of 20% per year if the participant remains employed by the Company during that period (otherwise all unsettled shares of stock upon termination of employment will be settled five years from the termination date). For restricted stock held by the plan participants, the formula settlement value of all outstanding shares was removed, and all such shares of stock are subject to sales restrictions that lapse at a rate of 20% per year for five years if the participant remains employed by the Company. Additionally, in the event of death or termination of employment after reaching the age of 67, 100% of the DSUs will be settled and 100% of the shares of stock will be released from the resale restriction. Further, 100% of the shares of stock will be released from the resale restriction upon the consummation of a change of control of the Company. Summary of Stock-Based Compensation The Company grants RSUs to independent contractors (i.e. sales and financing professionals), who are considered non-employees under ASC 718. Accordingly, such awards are required to be measured at fair value at the end of each reporting period until settlement. Stock-based compensation expense is therefore impacted by the changes in the Company’s common stock price during each reporting period. The following table summarizes the components of stock-based compensation included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income (in thousands, except common stock price): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Employee stock purchase plan $ 56 $ 45 $ 184 $ 68 RSAs – non-employee directors 91 61 228 137 RSUs – employees 547 175 1,626 521 RSUs – independent contractors 1,474 1,136 4,712 2,549 $ 2,168 $ 1,417 $ 6,750 $ 3,275 Common stock price at beginning of period $ 46.14 $ 25.51 $ 33.25 $ 14.90 Common stock price at end of period $ 45.99 $ 30.26 $ 45.99 $ 30.26 (Decrease) increase in stock price $ (0.15 ) $ 4.75 $ 12.74 $ 15.36

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company’s effective tax rate for the three and nine months ended September 30, 2015 was 42.9% and 41.6%, compared to 41.2% for each of the three and nine months ended September 30, 2014. The Company’s estimated annual effective tax rate for 2015 is 41.1%. The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its estimated annual effective tax rate for the full year, which is based on forecasted income by jurisdiction where the Company operates, adjusted for the tax effects of items that relate discretely to the period, if any. The difference between the statutory tax rate and the Company’s effective tax rate is largely attributable to state income taxes and a full valuation allowance with respect to the deferred tax assets of the Company’s Canadian operations.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	11. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014, respectively (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator (Basic and Diluted): Net income $ 15,176 $ 13,523 $ 46,401 $ 33,101 Denominator: Basic Weighted average common shares issued and outstanding 37,114 36,624 37,091 36,613 Deduct: Unvested RSAs (1) (45 ) (53 ) (44 ) (42 ) Add: Fully vested DSUs (2) 1,821 2,276 1,821 2,276 Weighted Average Common Shares Outstanding 38,890 38,847 38,868 38,847 Basic earnings per common share $ 0.39 $ 0.35 $ 1.19 $ 0.85 Diluted Weighted Average Common Shares Outstanding from above 38,890 38,847 38,868 38,847 Add: Dilutive effect of RSUs, RSAs & ESPP 270 164 183 102 Weighted Average Common Shares Outstanding 39,160 39,011 39,051 38,949 Diluted earnings per common share $ 0.39 $ 0.35 $ 1.19 $ 0.85 Antidilutive shares excluded from diluted earnings per common share (3) 31 67 77 618 (1) RSAs were issued and outstanding to the non-employee directors and have a three year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information. (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 9 – “Stock-Based Compensation Plans” for additional information. (3) Primarily pertaining to RSU grants to the Company’s independent contractors.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Credit Agreement On June 18, 2014, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association (“Bank”), dated as of June 1, 2014 (the “Credit Agreement”). The Credit Agreement provides for a $60.0 million principal amount senior secured revolving credit facility that is guaranteed by all of the Company’s domestic subsidiaries (the “Credit Facility”), which originally matured on June 1, 2017. The Company may borrow, repay and reborrow amounts under the Credit Facility until its maturity date, at which time all amounts outstanding under the Credit Facility must be repaid in full. In connection with executing the Credit Agreement, the Company paid bank fees and other expenses in the aggregate amount of $224,000, which are being amortized over the term of the Credit Agreement. The Company must pay a commitment fee of up to 0.1% per annum, payable quarterly commencing on July 1, 2014, based on the amount of unutilized commitments under the Credit Facility. The amortization and commitment fee is included in interest expense in the accompanying condensed consolidated statements of net and comprehensive income and was $32,000 and $35,000 during the three months ended September 30, 2015 and 2014, respectively and $100,000 and $41,000 during the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, there were no amounts outstanding under the Credit Agreement. Borrowings under the Credit Agreement are available for general corporate purposes and working capital. The Credit Facility includes a $10.0 million sublimit for the issuance of standby letters of credit of which $533,000 was utilized at September 30, 2015. Borrowings under the Credit Facility will bear interest, at the Company’s option, at either the (i) Base Rate (defined as the highest of (a) the Bank’s prime rate, (b) the Federal Funds Rate plus 1.5% and (c) one-month LIBOR plus 1.5%), or (ii) at a variable rate between 0.875% and 1.125% above LIBOR, based upon the total funded debt to EBITDA ratio. The Credit Facility contains customary covenants, including financial and other covenants reporting requirements and events of default. Financial covenants require the Company, on a combined basis with its guarantors, to maintain (i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end on a rolling 4-quarter basis and (ii) total funded debt to EBITDA not greater than 2.0:1.0 as of each quarter end on a rolling 4-quarter basis. The Credit Facility is secured by substantially all assets of the Company, including pledges of 100% of the stock or other equity interest of each subsidiary except for the capital stock of a controlled foreign corporation (as defined in the Internal Revenue Code). As of September 30, 2015, the Company was in compliance with all financial and non-financial covenants. On August 21, 2015, the Company extended the Credit Agreement, which now matures on June 1, 2018. No other changes to the original terms. In connection with the Credit Agreement extension, the Company paid bank fees and other expenses in the aggregate amount of $35,000, which are being amortized over the extended term of the Credit Agreement. The amortization and commitment fee is included in interest expense in the accompanying condensed consolidated statements of net and comprehensive income. Litigation The Company is subject to various legal proceeding and claims that arise in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Most of these litigation matters are covered by insurance which contain deductibles, exclusions, claim limits and aggregate policy limits. While the ultimate liability for these legal proceedings cannot be determined, the Company reviews the need for its accrual for loss contingencies quarterly and records an accrual for litigation related losses where the likelihood of loss is both probable and estimable. The Company believes that the ultimate resolution of the legal proceedings will not have a material adverse effect on its financial condition or results of operations. The Company accrues legal fees for litigation as the legal services are provided.

Description of business, basi20

Description of business, basis of presentation and recent accounting pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Description of Business	Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of September 30, 2015, MMI operates 80 offices in the United States and Canada through its wholly-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”), which includes the operations of Marcus & Millichap Capital Corporation (“MMCC”).
Reorganization and Initial Public Offering	Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off its majority owned subsidiary, MMREIS (“Spin-Off”). Prior to the initial public offering (“IPO”) of MMI stock on October 30, 2013, all of the preferred and common stockholders of MMREIS (including MMC and employees of MMREIS) contributed all of their outstanding shares to MMI, in exchange for new MMI common stock. As a result, MMREIS became a wholly-owned subsidiary of MMI. Thereafter, MMC distributed 80.0% of the shares of MMI common stock to MMC’s shareholders and exchanged the remaining portion of its shares of MMI common stock for cancellation of indebtedness of MMC.
Basis of Presentation	Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10–Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements and notes include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed on March 9, 2015 with the SEC. The results of the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2015, or for other interim periods or future years.
Consolidation	Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior-period amounts in the condensed consolidated statements of cash flows have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported consolidated results of operations, financial condition, stockholders’ equity or on cash flows subtotals.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, commissions receivable, investments in marketable securities, available for sale, due from independent contractors (included under other assets, current caption), security deposits (included under other assets, non-current caption) and company owned variable life insurance policies underlying the assets held in rabbi trust. Cash is placed with high-credit quality financial institutions, invested in high-credit quality money market funds and in fixed and variable income available for sale debt securities, in accordance with the Company’s investment policy approved by the Board of Directors. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents and monitors marketable securities, available for sale for impairment. The Company historically has not experienced any losses related to cash and cash equivalents or marketable securities, available for sale. The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three and nine months ended September 30, 2015 and 2014, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and therefore do not expose the Company to significant concentration of credit risk. The Company’s Canadian operations represented less than 1.0% of total revenues in each period presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes virtually all of the current revenue recognition guidance under U.S. GAAP, and requires entities to recognize revenue for transfer to customer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. ASU 2014-09 permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. In July 2015, the FASB decided to delay the effective date one year, and, as a result, ASU 2014-09 is effective for reporting periods beginning after December 15, 2017 and early adoption is permitted as of January 1, 2017. The Company is currently evaluating the impact of this new standard and will select a transition method when the effect is determined; however, the Company does not expect this standard to have a significant effect on the Company’s revenue recognition. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). Currently, there is no guidance under U.S. GAAP regarding management’s responsibility to assess whether there is substantial doubt about an entity’s ability to continue as a going concern. Under ASU 2014-15, the Company will be required to assess its ability to continue as a going concern each interim and annual reporting period and provide certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern, including management’s plan to alleviate the substantial doubt. ASU 2014-15 is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. For the Company, the new standard will be effective January 1, 2017. The Company anticipates that this new standard will not have an impact on the Company’s condensed consolidated financial position or results of operations. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. ASU 2015-03 does not change the amortization of debt issuance costs, which continues to follow the existing accounting guidance. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which permits debt issuance costs associated with line-of-credit arrangements to be deferred and presented as an asset in the balance sheet and subsequently amortized ratably over the term of the line-of-credit arrangement. For the Company, ASU 2015-03 and ASU 2015-15 will be effective for interim and annual reporting periods beginning after December 15, 2015 and early adoption is permitted. The Company early adopted ASU 2015-03 and ASU 2015-15 during the quarter ended September 30, 2015. The adoption of ASU 2015-03 and ASU 2015-15, did not have any impact on the Company’s condensed consolidated financial position or results of operations.
Investments in Marketable Securities	The Company regularly reviews its investment portfolio to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period any such determination is made. In making this judgment, the Company evaluates, among other items, the duration and extent to which the fair market value of a security is less than its amortized cost and the Company’s intent and ability to sell, or whether the Company will more likely than not be required to sell, the security before recovery of its amortized cost basis. The Company has evaluated its investments in marketable securities as of September 30, 2015 and has determined that no investments with unrealized losses are other-than-temporarily impaired.
Fair Value Measurements	U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investment carried and fair value and the supporting methodologies and assumptions. The Company uses various pricing sources to validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the market place used to measure the fair values as discussed below: Level 1: Level 2: Level 3:
Stock-Based Compensation Plans	The Company grants RSUs to independent contractors (i.e. sales and financing professionals), who are considered non-employees under ASC 718. Accordingly, such awards are required to be measured at fair value at the end of each reporting period until settlement.
Income Taxes	The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its estimated annual effective tax rate for the full year, which is based on forecasted income by jurisdiction where the Company operates, adjusted for the tax effects of items that relate discretely to the period, if any. The difference between the statutory tax rate and the Company’s effective tax rate is largely attributable to state income taxes and a full valuation allowance with respect to the deferred tax assets of the Company’s Canadian operations.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): September 30, December 31, Computer software and hardware equipment $ 10,104 $ 8,769 Furniture, fixtures, and equipment 15,257 14,684 Less: accumulated depreciation and amortization (15,636 ) (15,760 ) $ 9,725 $ 7,693

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, 2015 2014 2015 2014 Due from independent contractors, net (1) (2) $ 1,581 $ 1,577 $ 5,184 $ 1,820 Security deposits — — 1,299 1,240 Customer trust accounts and other 1,823 1,262 102 222 $ 3,404 $ 2,839 $ 6,585 $ 3,282 (1) Includes allowance for doubtful accounts related to current of $261,000 as of September 30, 2015 and $193,000 as of December 31, 2014, respectively. The Company recorded a provision for bad debt expense of $48,000 and $44,000 and wrote off $24,000 and $23,000 of these receivables for the three months ended September 30, 2015 and, 2014, respectively. The Company recorded a provision for bad debt expense of $127,000 and $86,000 and wrote off $59,000 and $110,000 of these receivables for the nine months ended September 30, 2015 and, 2014, respectively. (2) Represents amounts advanced, notes receivable and other receivables due from the Company’s sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized.
Components of Deferred Compensation and Commissions	Deferred compensation and commissions consisted of the following (in thousands): September 30, December 31, SARs liability $ 21,184 $ 20,542 Commissions payable to sales and financing professionals 12,451 12,176 Deferred compensation liability 4,951 3,863 $ 38,586 $ 36,581
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Obligation	The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation obligation, each exclusive of additional contributions and distributions consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Increase (decrease) in the carrying value of the assets held in the rabbi trust (1) $ (351 ) $ (51 ) $ (340 ) $ 177 Increase (decrease) in the carrying value of the deferred compensation obligation (2) $ (307 ) $ (32 ) $ (248 ) $ 201 (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income.

Investments in Marketable Sec23

Investments in Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security	Amortized cost and fair value of marketable securities, available-for-sale, by type of security consisted of the following (in thousands): September 30, 2015 December 31, 2014 Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Short-term investments: U.S. Treasuries $ 70,497 $ 31 $ — $ 70,528 $ — $ — $ — $ — U.S. Government Sponsored Entities 19,110 3 (1 ) 19,112 — — — — Asset-backed securities and other 124 — — 124 — — — — $ 89,731 $ 34 $ (1 ) $ 89,764 $ — $ — $ — $ — Long-term investments: U.S. Treasuries $ 6,110 $ 23 $ (26 ) $ 6,107 $ 2,974 $ 7 $ — $ 2,981 U.S. Government Sponsored Entities 11,750 5 (13 ) 11,742 2,019 — (3 ) 2,016 Corporate debt securities 17,217 18 (408 ) 16,827 7,442 48 (12 ) 7,478 Asset-backed securities and other 10,328 33 (33 ) 10,328 2,277 4 (4 ) 2,277 $ 45,405 $ 79 $ (480 ) $ 45,004 $ 14,712 $ 59 $ (19 ) $ 14,752
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity	Amortized cost and fair value of marketable securities, available-for-sale, by contractual maturity consisted of the following (dollars in thousands): September 30, 2015 December 31, 2014 Amortized Fair Value Amortized Fair Value Due in one year or less $ 89,731 $ 89,764 $ — $ — Due after one year through five years 18,948 18,955 4,679 4,679 Due after five years through ten years 17,835 17,474 5,652 5,662 Due after ten years 8,622 8,575 4,381 4,411 $ 135,136 $ 134,768 $ 14,712 $ 14,752 Weighted average maturity 3.4 years 9.6 years

Notes Payable to Former Stock24

Notes Payable to Former Stockholders (Tables)	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Interest Pertaining to Notes	Accrued interest pertaining to the Notes consisted of the following (dollars in thousands): September 30, December 31, Accrued interest (1) $ 234 $ 396 (1) Recorded in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets.
Schedule of Interest Expense Pertaining to Notes	Interest expense pertaining to the Notes consisted of the following (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest expense $ 133 $ 144 $ 414 $ 447

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Investments at Fair Value on Recurring Basis	Investments carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands): September 30, 2015 December 31, 2014 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets held in rabbi trust $ 5,334 $ — $ 5,334 $ — $ 4,332 $ — $ 4,332 $ — Money market funds (1) $ 5,708 $ 5,708 $ — $ — $ 25,310 $ 25,310 $ — $ — Marketable securities, available for sale: Short-term investments: U.S. Treasuries $ 70,528 $ 70,528 $ — $ — $ — $ — $ — $ — U.S. Government Sponsored Entities 19,112 — 19,112 — — — — — Asset-backed securities and other 124 — 124 — — — — — $ 89,764 $ 70,528 $ 19,236 $ — $ — $ — $ — $ — Long-term investments: U.S. Treasuries $ 6,107 $ 6,107 $ — $ — $ 2,981 $ 2,981 $ — $ — U.S. Government Sponsored Entities 11,742 — 11,742 — 2,016 — 2,016 — Corporate debt securities 16,827 — 16,827 — 7,478 — 7,478 — Asset-backed securities and other 10,328 — 10,328 — 2,277 — 2,277 — $ 45,004 $ 6,107 $ 38,897 $ — $ 14,752 $ 2,981 $ 11,771 $ — (1) Included in cash and cash equivalents.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Changes in Accumulated Other Comprehensive (Loss) Income, Net of Income Taxes	The changes in accumulated other comprehensive (loss) income as of September 30, 2015, by component, net of income taxes consisted of the following (in thousands): Unrealized Foreign Total Beginning balance, December 31, 2014 $ 24 $ 135 $ 159 Other comprehensive (loss) income before reclassifications (265 ) 361 96 Amounts reclassified from accumulated other comprehensive (loss) income (1) 16 — 16 Net current-period other comprehensive (loss) income (249 ) 361 112 Ending balance, September 30, 2015 $ (225 ) $ 496 $ 271 (1) Included as a component of other income (expense), net in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding Awards Under 2013 Omnibus Equity Incentive Plan	The following table summarizes the Company’s activity under the 2013 Plan for the nine months ended September 30, 2015 (dollars in thousands, except per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2014 42,882 516,437 647,690 1,207,009 $ 18.23 Granted February 2015 — 15,847 9,720 25,567 May 2015 10,110 8,142 4,212 22,464 August 2015 — 5,607 25,148 30,755 Total Granted 10,110 29,596 39,080 78,786 42.84 Vested (7,626 ) (56,719 ) (136,879 ) (201,224 ) 14.85 Transferred — (8,423 ) 8,423 — 17.81 Forfeited/canceled — (13,047 ) (15,904 ) (28,951 ) 17.78 Nonvested shares at September 30, 2015 (1) 45,366 467,844 542,410 1,055,620 $ 20.73 Unrecognized stock-based compensation expense as of September 30, 2015 (2) $ 634 $ 9,185 $ 19,695 $ 29,514 Weighted average remaining vesting period (years) as of September 30, 2015 1.98 4.04 3.41 3.58 (1) Nonvested RSU’s will be settled through the issuance of new shares of common stock. (2) The total unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 3.58 years.
Components of Stock-Based Compensation Included in Selling, General and Administrative Expense in Condensed Consolidated Statements of Net and Comprehensive Income	The following table summarizes the components of stock-based compensation included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income (in thousands, except common stock price): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Employee stock purchase plan $ 56 $ 45 $ 184 $ 68 RSAs – non-employee directors 91 61 228 137 RSUs – employees 547 175 1,626 521 RSUs – independent contractors 1,474 1,136 4,712 2,549 $ 2,168 $ 1,417 $ 6,750 $ 3,275
Changes in Company's Common Stock Price During Reporting Period	Common stock price at beginning of period $ 46.14 $ 25.51 $ 33.25 $ 14.90 Common stock price at end of period $ 45.99 $ 30.26 $ 45.99 $ 30.26 (Decrease) increase in stock price $ (0.15 ) $ 4.75 $ 12.74 $ 15.36

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014, respectively (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator (Basic and Diluted): Net income $ 15,176 $ 13,523 $ 46,401 $ 33,101 Denominator: Basic Weighted average common shares issued and outstanding 37,114 36,624 37,091 36,613 Deduct: Unvested RSAs (1) (45 ) (53 ) (44 ) (42 ) Add: Fully vested DSUs (2) 1,821 2,276 1,821 2,276 Weighted Average Common Shares Outstanding 38,890 38,847 38,868 38,847 Basic earnings per common share $ 0.39 $ 0.35 $ 1.19 $ 0.85 Diluted Weighted Average Common Shares Outstanding from above 38,890 38,847 38,868 38,847 Add: Dilutive effect of RSUs, RSAs & ESPP 270 164 183 102 Weighted Average Common Shares Outstanding 39,160 39,011 39,051 38,949 Diluted earnings per common share $ 0.39 $ 0.35 $ 1.19 $ 0.85 Antidilutive shares excluded from diluted earnings per common share (3) 31 67 77 618 (1) RSAs were issued and outstanding to the non-employee directors and have a three year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information. (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 9 – “Stock-Based Compensation Plans” for additional information. (3) Primarily pertaining to RSU grants to the Company’s independent contractors.

Description of Business, Basi29

Description of Business, Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Detail) - Office	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Number of offices in the United States and Canada			80
Formation date			2013-06
Contribution date			Oct. 30, 2013
Percentage of common stock distributed			80.00%
Commission's receivable settled period			10 days
Customer Concentration Risk [Member] | Total revenues [Member]
Class of Stock [Line Items]
Concentration of credit risk percentage	10.00%	10.00%	10.00%	10.00%
Customer Concentration Risk [Member] | Commissions receivable [Member]
Class of Stock [Line Items]
Concentration of credit risk percentage	10.00%	10.00%	10.00%	10.00%
Geographic Concentration Risk [Member] | Total revenues [Member] | Maximum [Member] | CANADA
Class of Stock [Line Items]
Concentration of credit risk percentage			1.00%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (15,636)	$ (15,760)
Property and equipment, net	9,725	7,693
Computer software and hardware equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	10,104	8,769
Furniture, fixtures, and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 15,257	$ 14,684

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Fully depreciated no longer in use computer software and hardware and furniture, fixtures and equipment write-off	$ 2,600,000
Capital lease obligations		$ 0

Selected Balance Sheet Data - S

Selected Balance Sheet Data - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other Assets [Line Items]
Other assets Current	$ 3,404	$ 2,839
Other assets Non-Current	6,585	3,282
Due from independent contractors [Member]
Other Assets [Line Items]
Other assets Current	1,581	1,577
Other assets Non-Current	5,184	1,820
Security deposits [Member]
Other Assets [Line Items]
Other assets Non-Current	1,299	1,240
Customer trust accounts and other [Member]
Other Assets [Line Items]
Other assets Current	1,823	1,262
Other assets Non-Current	$ 102	$ 222

Selected Balance Sheet Data -33

Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Other Assets [Line Items]
Allowance of doubtful accounts	$ 261,000		$ 261,000		$ 193,000
Provision for bad debt expense	48,000	$ 44,000	127,000	$ 86,000
Write-off receivables	$ 24,000	$ 23,000	$ 59,000	$ 110,000
Minimum [Member]
Other Assets [Line Items]
Notes receivable due period			1 year
Maximum [Member]
Other Assets [Line Items]
Notes receivable due period			5 years

Selected Balance Sheet Data - C

Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Balance Sheet Related Disclosures [Abstract]
SARs liability	$ 21,184	$ 20,542
Commissions payable to sales and financing professionals	12,451	12,176
Deferred compensation liability	4,951	3,863
Total	$ 38,586	$ 36,581

Selected Balance Sheet Data - A

Selected Balance Sheet Data - Additional Information (Detail) - USD ($)	Jan. 01, 2015	Jan. 01, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Mar. 31, 2013
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount			$ 21,184,000		$ 21,184,000		$ 20,542,000
Interest expense			380,000	$ 397,000	$ 1,349,000	$ 1,202,000
Stock appreciation rights liability distribution						412,000
Maximum payment deferral period for certain commissions payable					3 years
Fair value of deferred compensation plan assets					110.00%
SARs [Member]
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount								$ 20,000,000
SARs liability frozen value date					Mar. 31, 2013
SARs liability interest accrual commencement date					Jan. 1, 2014
Interest expense			$ 214,000	$ 236,000	$ 642,000	$ 738,000
Treasury note term		10 years
Base spread on SARs liability variable rate		2.00%
SARs liability interest accrual rate	4.173%	5.03%
Stock appreciation rights liability distribution							$ 412,000

Selected Balance Sheet Data -36

Selected Balance Sheet Data - Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Obligation (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Balance Sheet Related Disclosures [Abstract]
Increase (decrease) in the carrying value of the assets held in the rabbi trust	$ (351)	$ (51)	$ (340)	$ 177
Increase (decrease) in the carrying value of the deferred compensation obligation	$ (307)	$ (32)	$ (248)	$ 201

Investments in Marketable Sec37

Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 135,136	$ 14,712
Fair Value	134,768	14,752
Short-term investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	89,731
Gross Unrealized Gains	34
Gross Unrealized Losses	(1)
Fair Value	89,764
Short-term investments [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	70,497
Gross Unrealized Gains	31
Fair Value	70,528
Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	19,110
Gross Unrealized Gains	3
Gross Unrealized Losses	(1)
Fair Value	19,112
Short-term investments [Member] | Asset-backed securities and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	124
Fair Value	124
Long-term marketable securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	45,405	14,712
Gross Unrealized Gains	79	59
Gross Unrealized Losses	(480)	(19)
Fair Value	45,004	14,752
Long-term marketable securities [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,110	2,974
Gross Unrealized Gains	23	7
Gross Unrealized Losses	(26)
Fair Value	6,107	2,981
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,750	2,019
Gross Unrealized Gains	5
Gross Unrealized Losses	(13)	(3)
Fair Value	11,742	2,016
Long-term marketable securities [Member] | Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	17,217	7,442
Gross Unrealized Gains	18	48
Gross Unrealized Losses	(408)	(12)
Fair Value	16,827	7,478
Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,328	2,277
Gross Unrealized Gains	33	4
Gross Unrealized Losses	(33)	(4)
Fair Value	$ 10,328	$ 2,277

Investments in Marketable Sec38

Investments in Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Available for sale securities continuous unrealized loss position for less than 12 months, amortized cost	$ 28,700,000	$ 28,700,000	$ 5,400,000
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	28,200,000	28,200,000	5,400,000
Available-for-sale-securities, Continuous unrealized loss position for 12 months or longer	0	0	$ 0
Available for sale securities gross realized gains	0	133,000
Available for sale securities gross realized loss	$ 0	3,000
Other-than-temporary impairment		$ 0

Investments in Marketable Sec39

Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, Amortized Cost	$ 89,731
Due after one year through five years, Amortized Cost	18,948	$ 4,679
Due after five years through ten years, Amortized Cost	17,835	5,652
Due after ten years, Amortized Cost	8,622	4,381
Amortized Cost	135,136	14,712
Due in one year or less, Fair Value	89,764
Due after one year through five years, Fair Value	18,955	4,679
Due after five years through ten years, Fair Value	17,474	5,662
Due after ten years, Fair Value	8,575	4,411
Total Fair Value	$ 134,768	$ 14,752
Weighted average maturity	3 years 4 months 24 days	9 years 7 months 6 days

Notes Payable to Former Stock40

Notes Payable to Former Stockholders - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Notes Payable to Former Stockholders [Member]
Debt Instrument [Line Items]
Principal and interest payments on notes payable to former stockholders	$ 1.5	$ 1.5
Restricted Stock - Notes Payable [Member]
Debt Instrument [Line Items]
Unsecured notes interest rate	5.00%
Unsecured notes maturity date	Jun. 30, 2020
SARs - Notes Payable [Member]
Debt Instrument [Line Items]
Unsecured notes interest rate	5.00%
Unsecured notes maturity date	Jun. 30, 2020

Notes Payable to Former Stock41

Notes Payable to Former Stockholders - Schedule of Accrued Interest Pertaining to Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts Payable and Accrued Expenses [Member]
Accounts Payable And Accrued Expenses [Line Items]
Accrued interest	$ 234	$ 396

Notes Payable to Former Stock42

Notes Payable to Former Stockholders - Schedule of Interest Expense Pertaining to Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Expense [Line Items]
Interest expense	$ 380	$ 397	$ 1,349	$ 1,202
Notes Payable to Former Stockholders [Member]
Interest Expense [Line Items]
Interest expense	$ 133	$ 144	$ 414	$ 447

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	Mar. 18, 2015	Mar. 13, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accounts payable and other accrued expenses - related party			$ 92,000		$ 92,000			$ 97,000
Transition services agreement date					Oct. 1, 2013
Real estate brokerage commissions and financing fees from transactions with former parent, Marcus & Millichap Company			305,000	$ 872,000	$ 1,600,000	$ 932,000
Commission expenses for transactions with former parent, Marcus & Millichap Company			173,000	540,000	943,000	576,000
Aggregate principal amount outstanding for employee notes receivable			366,000		366,000			378,000
MMC [Member]
Related Party Transaction [Line Items]
Rent expense for lease			219,000	109,000	$ 474,500	328,000
Lease expiration date					May 31, 2022
MMC [Member] | Transition Services Agreement [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expense			56,000	$ 42,000	$ 165,000	1,200,000
Accounts payable and other accrued expenses - related party			$ 92,000		92,000			$ 97,000
MMC [Member] | Transition Services Agreement [Member] | Health Insurance Premium [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expense					$ 0	$ 1,000,000
Health insurance plan establishment date					2014-04
George M. Marcus [Member]
Related Party Transaction [Line Items]
Beneficial indirect ownership percentage					53.20%
Shares registered for future sale			4,600,000		4,600,000
Registration Statement date					Feb. 6, 2015
Proceeds from issuance of common stock					$ 0
New shares offered					0
Costs incurred in connection with registration statement, reimbursed by selling stockholders							$ 113,000
Sale date of shares filed under registration statement					Mar. 18, 2015
Prospectus Supplement filing date					Mar. 13, 2015
George M. Marcus [Member] | Underwriters [Member]
Related Party Transaction [Line Items]
Common stock sold by certain selling stockholders	600,000	600,000
Common stock selling price	$ 31.9925
George M. Marcus [Member] | Selling Stockholders [Member]
Related Party Transaction [Line Items]
Common stock sold by certain selling stockholders	4,000,000	4,000,000
Common stock selling price	$ 31.9925

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Investments at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	$ 5,334	$ 4,332
Marketable securities, available for sale	134,768	14,752
Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	89,764
Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	70,528
Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	19,112
Short-term investments [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	124
Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	45,004	14,752
Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,107	2,981
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	11,742	2,016
Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	16,827	7,478
Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	10,328	2,277
Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,708	25,310
Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	5,334	4,332
Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	89,764
Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	70,528
Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	19,112
Recurring [Member] | Short-term investments [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	124
Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	45,004	14,752
Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,107	2,981
Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	11,742	2,016
Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	16,827	7,478
Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	10,328	2,277
Level 1 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,708	25,310
Level 1 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	70,528
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	70,528
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,107	2,981
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,107	2,981
Level 2 [Member] | Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	5,334	4,332
Level 2 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	19,236
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	19,112
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	124
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	38,897	11,771
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	11,742	2,016
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	16,827	7,478
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	$ 10,328	$ 2,277

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Sep. 30, 2015USD ($)
Fair Value Disclosures [Abstract]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Common stock, shares issued	37,117,674	36,918,442
Common stock, shares outstanding	37,117,674	36,918,442
Common stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive (Loss) Income, Net of Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 159
Other comprehensive (loss) income before reclassifications			96
Amounts reclassified from accumulated other comprehensive (loss) income			16
Total other comprehensive (loss) income	$ 290	$ 57	112	$ 60
Ending balance	271		271
Unrealized gains and (losses) of available-for-sale securities [ Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			24
Other comprehensive (loss) income before reclassifications			(265)
Amounts reclassified from accumulated other comprehensive (loss) income			16
Total other comprehensive (loss) income			(249)
Ending balance	(225)		(225)
Foreign currency translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			135
Other comprehensive (loss) income before reclassifications			361
Total other comprehensive (loss) income			361
Ending balance	$ 496		$ 496

Stock-Based Compensation Plan48

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Award Limitations - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)Incentive_Planawardshares
2013 Omnibus Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active equity plans | Incentive_Plan	1
Common stock shares reserved for issuance of awards	5,500,000
Common stock shares available for grant	3,265,526
Common stock available for future issuance authorized annual percentage increase	3.00%
Increase of common stock share reserve approved	1,100,000
Options & SARs [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share limitations to awards granted under the 2013 Plan	500,000
Options & SARs [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share limitations to awards granted under the 2013 Plan	1,000,000
Restricted Stock and RSUs [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share limitations to awards granted under the 2013 Plan	500,000
Restricted Stock and RSUs [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share limitations to awards granted under the 2013 Plan	1,000,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of award limitation, performance units or performance shares | award	1
Performance Shares [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share limitations to awards granted under the 2013 Plan	500,000
Grant date fair value limitations to awards granted under the 2013 Plan | $	$ 2
Performance Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share limitations to awards granted under the 2013 Plan	1,000,000
Grant date fair value limitations to awards granted under the 2013 Plan | $	$ 5

Stock-Based Compensation Plan49

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Nov. 30, 2013	Sep. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards and restricted stock units, vested shares		201,224
Tax benefits from stock-based award activity included in cash flows from financing activities		$ 4,844
Tax benefit from stock-based award activity included in additional paid-in capital		$ 534	$ 4,300
2013 Omnibus Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock shares withheld to pay employee statutory withholding taxes		22,298
Description of awards granted under the 2013 Plan		In November 2013, MMI issued the following deferred stock units ("DSUs") under the 2013 Plan (i) DSUs for an aggregate of 2,192,413 shares granted as replacement awards related to the prior SARs program to the MMREIS managing directors and (ii) DSUs for 83,334 shares granted to the Company's Co-chairman of the board of directors (Mr. Millichap). The DSU's are fully vested and shares will be issued 20% per year.
2013 Omnibus Equity Incentive Plan [Member] | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan		0
Number of shares outstanding under compensation plan		0
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for restricted stock awards and restricted stock units		3 years
Restricted stock awards and restricted stock units, vested shares		201,224
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for restricted stock awards and restricted stock units		5 years
Restricted stock awards and restricted stock units, vested shares		201,224
2013 Omnibus Equity Incentive Plan [Member] | SARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan		0
Number of shares outstanding under compensation plan		0
2013 Omnibus Equity Incentive Plan [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan		0
Number of shares outstanding under compensation plan		0
2013 Omnibus Equity Incentive Plan [Member] | Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan		0
Number of shares outstanding under compensation plan		0
2013 Omnibus Equity Incentive Plan [Member] | Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
DSU's, percentage settled into actual stock	20.00%
Fully vested deferred stock units remaining outstanding		1,820,596
2013 Omnibus Equity Incentive Plan [Member] | Deferred stock units [Member] | MMREIS Managing Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units	2,192,413
2013 Omnibus Equity Incentive Plan [Member] | Deferred stock units [Member] | Millichap [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units	83,334

Stock-Based Compensation Plan50

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			9 Months Ended
	Aug. 31, 2015	May. 31, 2015	Feb. 28, 2015	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance				1,207,009
Granted	30,755	22,464	25,567	78,786
Vested				(201,224)
Forfeited/canceled				(28,951)
Nonvested shares, ending balance				1,055,620
Unrecognized stock-based compensation expense as of September 30, 2015				$ 29,514
Weighted average remaining vesting period (years) as of September 30, 2015				3 years 6 months 29 days
Nonvested weighted average grant date fair value per share, beginning balance				$ 18.23
Weighted average grant date fair value per share, Granted				42.84
Weighted average grant date fair value, Vested				14.85
Weighted average grant date fair value, Transferred				17.81
Weighted average grant date fair value, Forfeited/canceled				17.78
Nonvested weighted average grant date fair value per share, ending balance				$ 20.73
Restricted Stock [Member] | Non-employee directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance				42,882
Granted		10,110		10,110
Vested				(7,626)
Nonvested shares, ending balance				45,366
Unrecognized stock-based compensation expense as of September 30, 2015				$ 634
Weighted average remaining vesting period (years) as of September 30, 2015				1 year 11 months 23 days
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance				516,437
Granted	5,607	8,142	15,847	29,596
Vested				(56,719)
Transferred				(8,423)
Forfeited/canceled				(13,047)
Nonvested shares, ending balance				467,844
Unrecognized stock-based compensation expense as of September 30, 2015				$ 9,185
Weighted average remaining vesting period (years) as of September 30, 2015				4 years 15 days
Restricted Stock Units (RSUs) [Member] | Independent Contractors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance				647,690
Granted	25,148	4,212	9,720	39,080
Vested				(136,879)
Transferred				8,423
Forfeited/canceled				(15,904)
Nonvested shares, ending balance				542,410
Unrecognized stock-based compensation expense as of September 30, 2015				$ 19,695
Weighted average remaining vesting period (years) as of September 30, 2015				3 years 4 months 28 days

Stock-Based Compensation Plan51

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unrecognized stock-based compensation expenses recognition period	3 years 6 months 29 days

Stock-Based Compensation Plan52

Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense | $	$ 29,514,000
Unrecognized stock-based compensation expenses recognition period	3 years 6 months 29 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP offering period description	The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. The first offering period began on May 15, 2014.
Length of purchase intervals	6 months
ESPP discount rate	10.00%
Expected dividend yield	0.00%
Forfeiture rate	0.00%
Common stock reserved and available for issuance	366,667
Common stock shares available for issuance	323,514
Common stock available for future issuance authorized annual share increase	366,667
Common stock available for future issuance authorized annual percentage increase	1.00%
Unrecognized stock-based compensation expense | $	$ 28,000
Unrecognized stock-based compensation expenses recognition period	1 month 13 days

Stock-Based Compensation Plan53

Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
DSU settlement to common stock percentage	20.00%
DSU settlement into actual stock issued term	5 years
Employee termination age	67 years
Percentage of deferred stock units settled	100.00%
Percentage of shares of deferred stock units released from resale restriction in the event of death or termination after reaching age 67	100.00%
Restricted Stock [Member] | Sales Restricted [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sales restriction lapse percentage for restricted stock	20.00%
Sales restriction period for restricted stock	5 years
Employee termination age	67 years
Percentage of shares of stock released from resale restriction upon consummation of change of control	100.00%
Percentage of shares of restricted released from resale restriction in the event of death or termination after reaching age 67	100.00%

Stock-Based Compensation Plan54

Stock-Based Compensation Plans - Components of Stock-Based Compensation Included in Selling, General and Administrative Expense in Condensed Consolidated Statements of Net and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense - Independent contractors	$ 1,474	$ 1,136	$ 4,712	$ 2,549
Allocated share-based compensation expense	2,168	1,417	6,750	3,275
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	56	45	184	68
Restricted Stock [Member] | Non-employee directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	91	61	228	137
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 547	$ 175	$ 1,626	$ 521

Stock-Based Compensation Plan55

Stock-Based Compensation Plans - Changes in Company's Common Stock Price During Reporting Period (Detail) - Stock Based Compensation Expense [Member] - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock price at beginning of period	$ 46.14	$ 25.51	$ 33.25	$ 14.90
Common stock price at end of period	45.99	30.26	45.99	30.26
(Decrease) increase in stock price	$ (0.15)	$ 4.75	$ 12.74	$ 15.36

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes [Line Items]
Effective income tax rate	42.90%	41.20%	41.60%	41.20%
Estimated 2015 annual effective tax rate [Member]
Income Taxes [Line Items]
Effective income tax rate			41.10%

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator (Basic and Diluted):
Net income	$ 15,176	$ 13,523	$ 46,401	$ 33,101
Denominator:
Weighted average common shares issued and outstanding	37,114	36,624	37,091	36,613
Deduct: Unvested RSAs	(45)	(53)	(44)	(42)
Add: Fully vested DSUs	1,821	2,276	1,821	2,276
Weighted Average Common Shares Outstanding	38,890	38,847	38,868	38,847
Basic earnings per common share	$ 0.39	$ 0.35	$ 1.19	$ 0.85
Weighted Average Common Shares Outstanding from above	38,890	38,847	38,868	38,847
Add: Dilutive effect of RSUs, RSAs & ESPP	270	164	183	102
Weighted Average Common Shares Outstanding	39,160	39,011	39,051	38,949
Diluted earnings per common share	$ 0.39	$ 0.35	$ 1.19	$ 0.85
Antidilutive shares excluded from diluted earnings per common share	31	67	77	618

Earnings Per Share - Computat58

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2015
Non-employee directors [Member] | Restricted Stock [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Restricted common stock issued, vesting period	3 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information Credit Agreement (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Line of Credit Facility [Line Items]
Senior secured revolving credit facility maximum borrowing capacity	$ 60,000,000		$ 60,000,000
Revolving credit facility maturity date			Jun. 1, 2017
Bank fees and other expenses	224,000		$ 224,000
Credit agreement, unused capacity, commitment fee percentage			0.10%
Commitment fee commencement date			Jul. 1, 2014
Date the Company entered into a Credit Agreement			Jun. 18, 2014
Credit agreement date			Jun. 1, 2014
Interest expense	380,000	$ 397,000	$ 1,349,000	$ 1,202,000
Credit agreement, amount outstanding	0		0
Standby letters of credit borrowing capacity	10,000,000		10,000,000
Standby letters of credit, utilized amount	533,000		$ 533,000
Credit facility interest rate description			Credit Facility will bear interest, at the Company's option, at either the (i) Base Rate (defined as the highest of (a) the Bank's prime rate, (b) the Federal Funds Rate plus 1.5% and (c) one-month LIBOR plus 1.5%), or (ii) at a variable rate between 0.875% and 1.125% above LIBOR, based upon the total funded debt to EBITDA ratio.
LIBOR rate duration period			1 month
Credit facility covenants			(i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.251.0 as of each quarter end on a rolling 4-quarter basis and (ii) total funded debt to EBITDA not greater than 2.01.0
Minimum EBITDAR coverage ratio			1.25%
Maximum Total Funded Debt to EBITDA ratio			2.00%
Credit agreement, pledge percentage			100.00%
Compliance description			As of September 30, 2015, the Company was in compliance with all financial and non-financial covenants.
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.50%
Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.50%
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Interest expense	32,000	$ 35,000	$ 100,000	$ 41,000
Extended Credit Agreement [Member]
Line of Credit Facility [Line Items]
Revolving credit facility maturity date			Jun. 1, 2018
Bank fees and other expenses	$ 35,000		$ 35,000
Date the Company entered into a Credit Agreement			Aug. 21, 2015
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			0.875%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.125%