Marcus & Millichap (MMI) 10-Q9 May 162016 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		37,568,389

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 76,934	$ 96,185
Commissions receivable	2,860	3,342
Prepaid expenses	5,448	7,542
Income tax receivable	3,341	4,049
Marketable securities, available-for-sale	75,112	79,860
Other assets, net	3,847	5,136
Total current assets	167,542	196,114
Prepaid rent	10,176	9,075
Property and equipment, net	12,446	11,579
Marketable securities, available-for-sale	57,008	54,395
Assets held in rabbi trust	6,985	5,661
Deferred tax assets, net	33,442	35,285
Other assets	9,983	9,116
Total assets	297,582	321,225
Current liabilities:
Accounts payable and accrued expenses	8,820	9,135
Notes payable to former stockholders	939	939
Commissions payable	21,072	34,091
Accrued bonuses and other employee related expenses	9,036	30,846
Total current liabilities	39,867	75,011
Deferred compensation and commissions	38,952	43,678
Notes payable to former stockholders	9,671	9,671
Deferred rent and other liabilities	4,152	3,875
Total liabilities	$ 92,642	$ 132,235
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value: Authorized shares - 25,000,000; issued and outstanding shares - none at March 31, 2016 and December 31, 2015, respectively	$ 0	$ 0
Common stock, $0.0001 par value: Authorized shares - 150,000,000; issued and outstanding shares - 37,568,389 and 37,396,456 at March 31, 2016 and December 31, 2015, respectively	4	4
Additional paid-in capital	80,999	80,591
Stock notes receivable from employees	(4)	(4)
Retained earnings	122,757	107,942
Accumulated other comprehensive income	1,184	457
Total stockholders' equity	204,940	188,990
Total liabilities and stockholders' equity	$ 297,582	$ 321,225

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	37,568,389	37,396,456
Common stock, shares outstanding	37,568,389	37,396,456

Condensed Consolidated Statemen

Condensed Consolidated Statements of Net and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Real estate brokerage commissions	$ 153,664	$ 134,193
Financing fees	8,733	8,031
Other revenues	1,875	4,317
Total revenues	164,272	146,541
Operating expenses:
Cost of services	96,153	86,158
Selling, general, and administrative expense	42,255	35,829
Depreciation and amortization expense	1,006	780
Total operating expenses	139,414	122,767
Operating income	24,858	23,774
Other income (expense), net	230	125
Interest expense	(391)	(583)
Income before provision for income taxes	24,697	23,316
Provision for income taxes	9,882	9,647
Net income	14,815	13,669
Other comprehensive income:
Unrealized gain on marketable securities, net of tax of $450 and $126 for the three months ended March 31, 2016 and 2015, respectively	680	188
Foreign currency translation gain, net of tax of $0 and $117 for the three months ended March 31, 2016 and 2015, respectively	47	173
Total other comprehensive income	727	361
Comprehensive income	$ 15,542	$ 14,030
Earnings per share:
Basic	$ 0.38	$ 0.35
Diluted	$ 0.38	$ 0.35
Weighted average common shares outstanding:
Basic	38,891	39,029
Diluted	38,956	39,152

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Net and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Unrealized gain on marketable securities, tax	$ 450	$ 126
Foreign currency translation gain, tax	$ 0	$ 117

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($)	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, 2015	$ 188,990,000	$ 0	$ 4,000	$ 80,591,000	$ (4,000)	$ 107,942,000	$ 457,000
Beginning Balance, Shares at Dec. 31, 2015		0	37,396,456
Net and comprehensive income	15,542,000	$ 0	$ 0	0	0	14,815,000	727,000
Stock-based compensation	1,325,000	$ 0	$ 0	1,325,000	0	0	0
Stock-based compensation, Shares		0	0
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		0	211,356
Shares withheld related to net share settlement of stock-based awards, units	(1,084,000)	$ 0	$ 0	(1,084,000)	0	0	0
Shares withheld related to net share settlement of stock-based awards, shares		0	(39,423)
Windfall tax benefit from stock-based award activity	167,000	$ 0	$ 0	167,000	0	0	0
Ending Balance at Mar. 31, 2016	$ 204,940,000	$ 0	$ 4,000	$ 80,999,000	$ (4,000)	$ 122,757,000	$ 1,184,000
Ending Balance, Shares at Mar. 31, 2016		0	37,568,389

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income	$ 14,815	$ 13,669
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization expense	1,006	780
Provision for bad debt expense	16	21
Stock-based compensation	1,325	1,907
Deferred taxes, net	1,393	1,306
Net realized losses (gains) on marketable securities, available-for-sale	155	(74)
Tax benefit from stock-based award activity	167	4,739
Excess tax benefit from stock-based award activity	(167)	(4,739)
Other non-cash items	130	280
Changes in operating assets and liabilities:
Commissions receivable	482	(1,179)
Prepaid expenses	2,094	3,349
Prepaid rent	(1,101)	(68)
Assets held in rabbi trust	(1,263)	(1,244)
Other assets	349	(1,694)
Accounts payable and accrued expenses	(16)	1,026
Income tax receivable (payable)	708	(3,045)
Commissions payable	(13,019)	(11,292)
Accrued bonuses and other employee related expenses	(21,611)	(19,042)
Deferred compensation and commissions	(4,763)	(2,625)
Deferred rent obligation and other liabilities	277	(68)
Net cash used in operating activities	(19,023)	(17,993)
Cash flows from investing activities
Purchases of marketable securities, available-for-sale	(14,024)	(13,849)
Proceeds from sales and maturities of marketable securities, available-for-sale	17,137	3,722
Issuances of employee notes receivable	(92)	(48)
Purchase of property and equipment	(2,332)	(954)
Net cash provided by (used in) investing activities	689	(11,129)
Cash flows from financing activities
Taxes paid related to net share settlement of stock-based awards	(1,084)	(716)
Excess tax benefit from stock-based award activity	167	4,739
Net cash (used in) provided by financing activities	(917)	4,023
Net decrease in cash and cash equivalents	(19,251)	(25,099)
Cash and cash equivalents at beginning of period	96,185	149,159
Cash and cash equivalents at end of period	76,934	124,060
Supplemental disclosures of cash flow information
Interest paid during the period	15	15
Income taxes paid, net	7,614	6,648
Supplemental disclosures of noncash investing and financing activities
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable	199	208
Change in property and equipment included in accounts payable and accrued expenses	$ (299)	$ 191

Description of business, basis

Description of business, basis of presentation and recent accounting pronouncements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, MMI operates 79 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, 2015 included in the Company’s Annual Report on Form 10-K filed on March 15, 2016 with the SEC. The results of the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2016, 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 U.S. 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. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, due from independent contractors, investments in marketable securities, available-for-sale, security deposits (included under other assets, non-current caption) and commissions receivables. Cash is placed with high-credit quality financial institutions and invested high-credit quality money market funds. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. The Company historically has not experienced any losses related to cash and cash equivalents. 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 performs ongoing credit evaluations of its customers and debtors and requires collateral on a case-by-case basis. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three months ended March 31, 2016 and 2015, 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 credit risk. 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. Following FASB’s finalization of a one year deferral of ASU 2014-09, the ASU is now effective for reporting periods beginning after December 15, 2017 and early adoption is permitted as of the original effective date. 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. For the Company, the new standard will be effective January 1, 2018. The Company does not have multiple-element arrangements, variable consideration, licenses and long-term contracts with customers. Accordingly, the Company does not expect this standard to have a significant effect on its revenue recognition. The Company is currently evaluating the impact of this new standard and will select a transition method when the effect is determined. 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 does not anticipate that the adoption will have an impact on the Company’s condensed consolidated financial position or results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases, to increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The Company is still evaluating the impact of the new standard. It is anticipated that the Company will be required to adopt the new standard in 2019 and the Company’s condensed consolidated balance sheets will be impacted by the recording of a lease liability and right of use asset for virtually all of its current operating leases, the amount of which and potential impact on the condensed consolidated statements of net and comprehensive income and condensed consolidated statements of cash flows has yet to be determined. As of March 31, 2016, the Company has future operating lease obligations for autos and office spaces, which aggregate approximately $84.8 million. Accordingly, we anticipate that the adoption of the new standard will have a material impact on the Company’s condensed consolidated balance sheet. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The FASB affirmed changes to the accounting for share-based payment awards issued to employees in the following areas: 1. Accounting for income taxes upon vesting or settlement of awards 2. Presentation of excess tax benefits on the statement of cash flows 3. Accounting for forfeitures 4. Minimum statutory withholding requirements 5. Presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet minimum statutory withholding requirements 6. Private company practical expedients ASU 2016-09 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 is currently evaluating the impact of ASU 2016-09. Since the Company issues stock-based awards to its employees and independent contractors and has recognized windfall tax benefits in additional paid in capital, it is anticipated that the ASU, when adopted, will impact (i) the Company’s provision for income taxes, and therefore net and comprehensive income and related earnings per share amounts, (ii) amounts presented in the condensed consolidated statement of stockholders’ equity and condensed consolidated statements of cash flows and (iii) to a lesser extent the timing of our stock-based compensation expense. See Note 9 – “Stock-Based Compensation Plans” for additional information.

Property and Equipment

Property and Equipment	3 Months Ended
Property and Equipment	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	2. Property and Equipment Property and equipment, net consist of the following (in thousands): March 31, December 31, Computer software and hardware equipment $ 11,342 $ 10,973 Furniture, fixtures, and equipment 17,682 17,047 Less: accumulated depreciation and amortization (16,578 ) (16,441 ) $ 12,446 $ 11,579 During the three months ended March 31, 2016 and 2015, the Company wrote off approximately $1.0 million and $1.1 million, respectively, of fully depreciated computer software and hardware and furniture, fixtures and equipment. The Company leases all of its facilities under operating lease agreements. Lease agreements may contain periods of free rent or reduced rent or contain predetermined fixed increases in the minimum rent. The Company recognizes the minimum lease payments as rent expense on a straight-line basis over the noncancellable term of the lease. The Company records the difference between the amount charged to rent expense and the rent paid as a deferred rent obligation. The Company typically leases general purpose built-out office space, which reverts to the lessor upon termination of the lease. Any payments for improvements, net of incentives received, are recorded as prepaid rent. Prepaid rent is amortized using the straight-line method over the expected lease term as a charge to rent expense.

Selected Balance Sheet Data

Selected Balance Sheet Data	3 Months Ended
Selected Balance Sheet Data	Mar. 31, 2016
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 March 31, December 31, March 31, December 31, 2016 2015 2016 2015 Due from independent contractors, net (1) (2) $ 1,696 $ 2,545 $ 8,325 $ 7,358 Security deposits — — 1,340 1,425 Employee notes receivable (3) 153 224 122 158 Customer trust accounts and other 1,998 2,367 196 175 $ 3,847 $ 5,136 $ 9,983 $ 9,116 (1) Represents amounts advanced, notes receivable and other receivables due from the Company’s investment 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. (2) Includes allowance for doubtful accounts related to current receivables of $321 and $359 as of March 31, 2016 and December 31, 2015, respectively. The Company recorded a provision for bad debt expense of $16 and $21 and wrote off $54 and $6 of these receivables for the three months ended March 31, 2016 and 2015, respectively. (3) See Note 6 – “Related-Party Transactions” for additional information. Deferred Compensation and Commissions Deferred compensation and commissions consisted of the following (in thousands): March 31, December 31, SARs liability $ 21,628 $ 21,399 Commissions payable to investment sales and financing professionals 10,751 17,015 Deferred compensation liability 6,573 5,264 $ 38,952 $ 43,678 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, 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 termination from service. 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 rates at January 1, 2016 and 2015 were 4.273% and 4.173%, respectively. MMI recorded interest expense related to this liability of $229,000 and $214,000, for the three months ended March 31, 2016 and 2015, respectively. 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 long-term. 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, distributions and trust expenses consisted of the following (in thousands): March 31, 2016 2015 Increase in the carrying value of the assets held in the rabbi trust (1) $ 34 $ 115 Increase in the carrying value of the deferred compensation obligation (2) $ 37 $ 101 (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	3 Months Ended
Investments in Marketable Securities	Mar. 31, 2016
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): March 31, 2016 December 31, 2015 Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Short-term investments: U.S. Treasuries $ 61,040 $ 7 $ (1 ) $ 61,046 $ 62,343 $ — $ (71 ) $ 62,272 U.S. Government Sponsored Entities 14,068 — (2 ) 14,066 17,571 — (12 ) 17,559 Asset-backed securities and other — — — — 29 — — 29 $ 75,108 $ 7 $ (3 ) $ 75,112 $ 79,943 $ — $ (83 ) $ 79,860 Long-term investments: U.S. Treasuries $ 18,333 $ 103 $ (2 ) $ 18,434 $ 15,283 $ — $ (112 ) $ 15,171 U.S. Government Sponsored Entities 10,943 16 (9 ) 10,950 12,107 — (85 ) 12,022 Corporate debt securities 16,799 289 (155 ) 16,933 17,219 5 (519 ) 16,705 Asset-backed securities and other 10,752 55 (116 ) 10,691 10,649 — (152 ) 10,497 $ 56,827 $ 463 $ (282 ) $ 57,008 $ 55,258 $ 5 $ (868 ) $ 54,395 The amortized cost and fair value of the Company’s investments in available-for-sale securities that have been in a continuous unrealized loss position consisted of the following (in thousands): March 31, 2016 December 31, 2015 Unrealized Fair Value Unrealized Fair Value Less than 12 months $ (274 ) $ 39,046 $ (951 ) $ 129,117 12 months or longer $ (11 ) $ 426 $ — $ — Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale securities consisted of the following (in thousands): March 31, 2016 2015 Gross realized gain (1) $ — $ 77 Gross realized loss (1) $ (155 ) $ (3 ) (1) 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 may sell certain of its marketable securities, available-for-sale prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration, duration management and when a security no longer meets the criteria of the Company’s investment policy. During the three months ended March 31, 2016, the Company sold one security for a loss of $152,000 which no longer met the requirement of its investment policy. As of March 31, 2016, the Company considers the declines in market value of its marketable securities, available-for-sale to be temporary in nature and does not consider any of its investments other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss and matching long-term liabilities. When evaluating an investment for other-than-temporary impairment the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. Amortized cost and fair value of marketable securities, available-for-sale, by contractual maturity consisted of the following (in thousands): March 31, 2016 December 31, 2015 Amortized Fair Value Amortized Fair Value Due in one year or less $ 75,108 $ 75,112 $ 79,943 $ 79,860 Due after one year through five years 30,785 30,846 28,634 28,465 Due after five years through ten years 17,835 17,983 18,020 17,466 Due after ten years 8,207 8,179 8,604 8,464 $ 131,935 $ 132,120 $ 135,201 $ 134,255 Weighted average contractual maturity 3.2 years 3.3 years Actual maturities may differ from contractual maturities because certain borrowers have the right to prepay certain obligations with or without prepayment penalties.

Notes Payable to Former Stockho

Notes Payable to Former Stockholders	3 Months Ended
Notes Payable to Former Stockholders	Mar. 31, 2016
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 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. Accrued interest pertaining to the Notes consisted of the following (in thousands): March 31, December 31, Accrued interest (1) $ 501 $ 367 (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 (in thousands): March 31, 2016 2015 Interest expense $ 133 $ 144

Related-Party Transactions

Related-Party Transactions	3 Months Ended
Related-Party Transactions	Mar. 31, 2016
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 whereby the Company was charged for actual costs specifically incurred on behalf of the Company or allocated to the Company on a pro rata basis. 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 acquires the services separately. During the three months ended March 31, 2016 and 2015, the Company incurred $70,000 and $50,000 under the TSA. These amounts are included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. As of March 31, 2016 and December 31, 2015, $32,000 and $96,000, respectively, remains unpaid and is included in accounts payable and accrued expenses 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 March 31, 2016 and 2015, the Company recorded real estate brokerage commissions and financing fees of $1.6 million and $1.0 million, respectively, from subsidiaries of MMC related to these services. The Company incurred cost of services of $944,000 and $627,000, 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 in 2016 to extend the expiration date to May 31, 2022. Rent expense for this lease totaled $253,000 and $109,500 for the three months ended March 31, 2016 and 2015, 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 March 31, 2016 and December 31, 2015, the aggregate principal amount for employee loans outstanding was $275,000 and $382,000, respectively, which is included in other assets, net current and other assets non-current captions in the accompanying condensed consolidated balance sheets. As of March 31, 2016, George M. Marcus, the Company’s founder and Co-Chairman, beneficially owned 55.5% of the Company’s issued and outstanding common stock, including shares owned by Phoenix Investments Holdings, LLC (“Phoenix”) and the George and Judy Marcus Family Foundation.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2016
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 marketplace 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): March 31, 2016 December 31, 2015 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets held in rabbi trust $ 6,985 $ — $ 6,985 $ — $ 5,661 $ — $ 5,661 $ — Money market funds (1) $ 49,477 $ 49,477 $ — $ — $ 5,987 $ 5,987 $ — $ — Marketable securities, available-for-sale: Short-term investments: U.S. Treasuries $ 61,046 $ 61,046 $ — $ — $ 62,272 $ 62,272 $ — $ — U.S. Government Sponsored Entities 14,066 — 14,066 — 17,559 — 17,559 — Asset-backed securities and other — — — — 29 — 29 — $ 75,112 $ 61,046 $ 14,066 $ — $ 79,860 $ 62,272 $ 17,588 $ — Long-term investments: U.S. Treasuries $ 18,434 $ 18,434 $ — $ — $ 15,171 $ 15,171 $ — $ — U.S. Government Sponsored Entities 10,950 — 10,950 — 12,022 — 12,022 — Corporate debt securities 16,933 — 16,933 — 16,705 — 16,705 — Asset-backed securities and other 10,691 — 10,691 — 10,497 — 10,497 — $ 57,008 $ 18,434 $ 38,574 $ — $ 54,395 $ 15,171 $ 39,224 $ — (1) Included in cash and cash equivalents. There were no transfers in or out of Level 1 and Level 2 during the three months ended March 31, 2016 and 2015. Assets and Liabilities not Measured at Fair Value The Company’s cash and cash equivalents, commissions receivable, amounts due from employees (included in other assets, net current and other assets non-current captions) 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	3 Months Ended
Stockholders' Equity	Mar. 31, 2016
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock As of March 31, 2016 and December 31, 2015, there were 37,568,389 and 37,396,456 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 March 31, 2016 and December 31, 2015, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive Income The components of accumulated other comprehensive income as of March 31, 2016, by component, net of income taxes consisted of the following (in thousands): Unrealized sale securities Foreign (2) Total Beginning balance, December 31, 2015 $ (568 ) $ 1,025 $ 457 Other comprehensive income before reclassifications 762 47 809 Amounts reclassified from accumulated other comprehensive income (1) (82 ) — (82 ) Net current-period other comprehensive income 680 47 727 Ending balance, March 31, 2016 $ 112 $ 1,072 $ 1,184 (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. (2) The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
Stock-Based Compensation Plans	Mar. 31, 2016
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 Plan, which became effective upon the Company’s IPO. The 2013 Plan, in general, authorizes for 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’s and subsidiary corporations’ employees, independent contractors, directors and consultants. Grants are made from time to time by the Company’s board of directors at its discretion subject to certain restrictions as to the number and value of shares that may be granted to any individual. Upon adoption of the 2013 Plan, 5,500,000 shares of common stock were reserved for the issuance of awards under the 2013 Plan. Pursuant to the automatic increase provided for in the 2013 Plan, the board of directors have approved share reserve increases aggregating 2,200,000. At March 31, 2016, there were 4,413,337 shares available for future grants under the Plan. Awards Granted in Connection with the IPO In November 2013, MMI issued the following equity awards under the 2013 Plan: (i) Deferred stock units (“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, William A. Millichap. The DSU’s are fully vested and shares will be issued ratably over 5 years (see “Amendments to Restricted Stock and SARs” section below). In addition, 30,000 shares, in the form of RSAs, were granted to the Company’s non-employee directors. The shares vest ratably over 3 years. All the above awards were granted based on the IPO price of $12.00. Awards Granted and Settled Subsequent to the IPO Under the 2013 Plan, the Company has issued RSA’s to non-employee directors and RSU’s to employees and independent contractors. 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. During the three months ended March 31, 2016, 211,356 shares of RSUs vested and 39,423 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 three months ended March 31, 2016 and year ended December 31, 2015, the Company recorded windfall tax benefits, net in the amount of $167,000 and $6.2 million, respectively, resulting from settlement of stock-based award activity. Such windfall tax benefits, net are excluded from the provision for income taxes, and included as a component of additional paid-in capital in the accompanying condensed consolidated balance sheets and in cash flows provided by (used in) financing activities in the accompanying condensed consolidated statement of cash flows. Outstanding Awards Activity under the 2013 Plan consisted of the following (dollars in thousands, except per share data): RSA Grants to RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2015 35,364 468,969 521,780 1,026,113 $ 21.17 Granted February 2016 — 172,496 8,856 181,352 March 2016 — 30,000 — 30,000 Total Granted — 202,496 8,856 211,352 22.98 Vested — (98,144 ) (113,212 ) (211,356 ) 18.88 Transferred — — — — — Forfeited/canceled — (6,300 ) (1,236 ) (7,536 ) 17.91 Nonvested shares at March 31, (1) 35,364 567,021 416,188 1,018,573 $ 22.05 Unrecognized stock-based compensation expense as of March 31, 2016 (2) $ 454 $ 12,377 $ 9,154 $ 21,985 Weighted average remaining vesting period (years) as of March 31, 2016 1.57 4.03 3.00 3.55 (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 3.55 years. As of March 31, 2016, 1,365,445 fully vested DSUs remained outstanding. 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’s 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 ESPP Plan had 366,667 shares of common stock reserved and 307,184 shares of common stock available for issuance for each of the periods at March 31, 2016 and December 31, 2015. The ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP. Pursuant to the provisions of the ESPP Plan, the board of directors determined a share reserve increase was not needed in 2015. At March 31, 2016, total unrecognized compensation cost related to the ESPP Plan was $24,000 and is expected to be recognized over a weighted average period of 0.12 years. Amendments to Restricted Stock and SARs Restricted Stock In connection with the IPO, the formula settlement value of all outstanding shares of stock held by the plan participants 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. In the event of death or termination of employment after reaching the age of 67, 100% of the shares of stock will be released from the resale restriction. 100% of the shares of stock will be released from the resale restriction upon the consummation of a change of control of the Company. 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. 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 actual stock 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 from service will be settled five years from the termination date). In the event of death or termination of service after reaching the age of 67, 100% of the DSUs will be settled. Summary of Stock-Based Compensation Components of stock-based compensation included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income consisted of the following (in thousands, except common stock price): Three Months Ended March 31, 2016 2015 Employee stock purchase plan 48 $ 62 RSAs – non-employee directors 89 59 RSUs – employees 658 527 RSUs – independent contractors (1) 530 1,259 $ 1,325 $ 1,907 Common stock price at beginning of period $ 29.14 $ 33.25 Common stock price at end of period $ 25.39 $ 37.48 (Decrease) increase in stock price $ (3.75 ) $ 4.23 (1) The Company grants RSUs to independent contractors (i.e. investment 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.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its 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	3 Months Ended
Earnings per Share	Mar. 31, 2016
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 months ended March 31, 2016 and 2015, respectively (in thousands, except per share data): Three Months Ended March 31, 2016 2015 Numerator (Basic and Diluted): Net income $ 14,815 $ 13,669 Denominator: Basic Weighted average common shares issued and outstanding 37,561 37,066 Deduct: Unvested RSAs (1) (35 ) (43 ) Add: Fully vested DSUs (2) 1,365 2,006 Weighted Average Common Shares Outstanding 38,891 39,029 Basic earnings per common share $ 0.38 $ 0.35 Diluted Weighted Average Common Shares Outstanding from above 38,891 39,029 Add: Dilutive effect of RSUs, RSAs & ESPP 65 123 Weighted Average Common Shares Outstanding 38,956 39,152 Diluted earnings per common share $ 0.38 $ 0.35 Antidilutive shares excluded from diluted earnings per common share (3) 417 479 (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 8 – “Stockholders’ Equity” for additional information. (3) Primarily pertaining to RSU grants to the Company’s independent contractors.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2016
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, as amended, matures on June 1, 2018. 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. 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 March 31, 2016. 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. In connection with executing the Credit Agreement, as amended the Company paid bank fees and other expenses, which are being amortized over the remaining 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 $30,000 and $34,000 during the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, there were no amounts outstanding under the Credit Agreement. The Credit Facility contains customary covenants, including financial and other covenant 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 and (ii) total funded debt to EBITDA not greater than 2.0:1.0 as of each quarter end both 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 March 31, 2016, the Company was in compliance with all financial and non-financial covenants. Litigation The Company is subject to various legal proceedings 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 proceeding 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)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, MMI operates 79 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, 2015 included in the Company’s Annual Report on Form 10-K filed on March 15, 2016 with the SEC. The results of the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2016, 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 U.S. 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.
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, due from independent contractors, investments in marketable securities, available-for-sale, security deposits (included under other assets, non-current caption) and commissions receivables. Cash is placed with high-credit quality financial institutions and invested high-credit quality money market funds. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. The Company historically has not experienced any losses related to cash and cash equivalents. 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 performs ongoing credit evaluations of its customers and debtors and requires collateral on a case-by-case basis. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three months ended March 31, 2016 and 2015, 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 credit risk.
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. Following FASB’s finalization of a one year deferral of ASU 2014-09, the ASU is now effective for reporting periods beginning after December 15, 2017 and early adoption is permitted as of the original effective date. 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. For the Company, the new standard will be effective January 1, 2018. The Company does not have multiple-element arrangements, variable consideration, licenses and long-term contracts with customers. Accordingly, the Company does not expect this standard to have a significant effect on its revenue recognition. The Company is currently evaluating the impact of this new standard and will select a transition method when the effect is determined. 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 does not anticipate that the adoption will have an impact on the Company’s condensed consolidated financial position or results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases, to increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The Company is still evaluating the impact of the new standard. It is anticipated that the Company will be required to adopt the new standard in 2019 and the Company’s condensed consolidated balance sheets will be impacted by the recording of a lease liability and right of use asset for virtually all of its current operating leases, the amount of which and potential impact on the condensed consolidated statements of net and comprehensive income and condensed consolidated statements of cash flows has yet to be determined. As of March 31, 2016, the Company has future operating lease obligations for autos and office spaces, which aggregate approximately $84.8 million. Accordingly, we anticipate that the adoption of the new standard will have a material impact on the Company’s condensed consolidated balance sheet. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The FASB affirmed changes to the accounting for share-based payment awards issued to employees in the following areas: 1. Accounting for income taxes upon vesting or settlement of awards 2. Presentation of excess tax benefits on the statement of cash flows 3. Accounting for forfeitures 4. Minimum statutory withholding requirements 5. Presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet minimum statutory withholding requirements 6. Private company practical expedients ASU 2016-09 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 is currently evaluating the impact of ASU 2016-09. Since the Company issues stock-based awards to its employees and independent contractors and has recognized windfall tax benefits in additional paid in capital, it is anticipated that the ASU, when adopted, will impact (i) the Company’s provision for income taxes, and therefore net and comprehensive income and related earnings per share amounts, (ii) amounts presented in the condensed consolidated statement of stockholders’ equity and condensed consolidated statements of cash flows and (iii) to a lesser extent the timing of our stock-based compensation expense. See Note 9 – “Stock-Based Compensation Plans” for additional information.
Leases	The Company leases all of its facilities under operating lease agreements. Lease agreements may contain periods of free rent or reduced rent or contain predetermined fixed increases in the minimum rent. The Company recognizes the minimum lease payments as rent expense on a straight-line basis over the noncancellable term of the lease. The Company records the difference between the amount charged to rent expense and the rent paid as a deferred rent obligation. The Company typically leases general purpose built-out office space, which reverts to the lessor upon termination of the lease. Any payments for improvements, net of incentives received, are recorded as prepaid rent. Prepaid rent is amortized using the straight-line method over the expected lease term as a charge to rent expense.
Investments in Marketable Securities	As of March 31, 2016, the Company considers the declines in market value of its marketable securities, available-for-sale to be temporary in nature and does not consider any of its investments other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss and matching long-term liabilities. When evaluating an investment for other-than-temporary impairment the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis.
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 marketplace 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. investment 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.
Income Taxes	The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its 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)	3 Months Ended
Property and Equipment (Tables)	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): March 31, December 31, Computer software and hardware equipment $ 11,342 $ 10,973 Furniture, fixtures, and equipment 17,682 17,047 Less: accumulated depreciation and amortization (16,578 ) (16,441 ) $ 12,446 $ 11,579

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	3 Months Ended
Selected Balance Sheet Data (Tables)	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): Current Non-Current March 31, December 31, March 31, December 31, 2016 2015 2016 2015 Due from independent contractors, net (1) (2) $ 1,696 $ 2,545 $ 8,325 $ 7,358 Security deposits — — 1,340 1,425 Employee notes receivable (3) 153 224 122 158 Customer trust accounts and other 1,998 2,367 196 175 $ 3,847 $ 5,136 $ 9,983 $ 9,116 (1) Represents amounts advanced, notes receivable and other receivables due from the Company’s investment 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. (2) Includes allowance for doubtful accounts related to current receivables of $321 and $359 as of March 31, 2016 and December 31, 2015, respectively. The Company recorded a provision for bad debt expense of $16 and $21 and wrote off $54 and $6 of these receivables for the three months ended March 31, 2016 and 2015, respectively. (3) See Note 6 – “Related-Party Transactions” for additional information.
Components of Deferred Compensation and Commissions	Deferred compensation and commissions consisted of the following (in thousands): March 31, December 31, SARs liability $ 21,628 $ 21,399 Commissions payable to investment sales and financing professionals 10,751 17,015 Deferred compensation liability 6,573 5,264 $ 38,952 $ 43,678
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Obligation	distributions and trust expenses consisted of the following (in thousands): March 31, 2016 2015 Increase in the carrying value of the assets held in the rabbi trust (1) $ 34 $ 115 Increase in the carrying value of the deferred compensation obligation (2) $ 37 $ 101 (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)	3 Months Ended
Investments in Marketable Securities (Tables)	Mar. 31, 2016
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): March 31, 2016 December 31, 2015 Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Short-term investments: U.S. Treasuries $ 61,040 $ 7 $ (1 ) $ 61,046 $ 62,343 $ — $ (71 ) $ 62,272 U.S. Government Sponsored Entities 14,068 — (2 ) 14,066 17,571 — (12 ) 17,559 Asset-backed securities and other — — — — 29 — — 29 $ 75,108 $ 7 $ (3 ) $ 75,112 $ 79,943 $ — $ (83 ) $ 79,860 Long-term investments: U.S. Treasuries $ 18,333 $ 103 $ (2 ) $ 18,434 $ 15,283 $ — $ (112 ) $ 15,171 U.S. Government Sponsored Entities 10,943 16 (9 ) 10,950 12,107 — (85 ) 12,022 Corporate debt securities 16,799 289 (155 ) 16,933 17,219 5 (519 ) 16,705 Asset-backed securities and other 10,752 55 (116 ) 10,691 10,649 — (152 ) 10,497 $ 56,827 $ 463 $ (282 ) $ 57,008 $ 55,258 $ 5 $ (868 ) $ 54,395
Amortized Cost and Fair Value of Investments in Available for Sale Securities	The amortized cost and fair value of the Company’s investments in available-for-sale securities that have been in a continuous unrealized loss position consisted of the following (in thousands): March 31, 2016 December 31, 2015 Unrealized Fair Value Unrealized Fair Value Less than 12 months $ (274 ) $ 39,046 $ (951 ) $ 129,117 12 months or longer $ (11 ) $ 426 $ — $ —
Gross Realized Gains and Losses from Sale of Available for Sale Securities	Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale securities consisted of the following (in thousands): March 31, 2016 2015 Gross realized gain (1) $ — $ 77 Gross realized loss (1) $ (155 ) $ (3 ) (1) 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.
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 (in thousands): March 31, 2016 December 31, 2015 Amortized Fair Value Amortized Fair Value Due in one year or less $ 75,108 $ 75,112 $ 79,943 $ 79,860 Due after one year through five years 30,785 30,846 28,634 28,465 Due after five years through ten years 17,835 17,983 18,020 17,466 Due after ten years 8,207 8,179 8,604 8,464 $ 131,935 $ 132,120 $ 135,201 $ 134,255 Weighted average contractual maturity 3.2 years 3.3 years

Notes Payable to Former Stock24

Notes Payable to Former Stockholders (Tables)	3 Months Ended
Notes Payable to Former Stockholders (Tables)	Mar. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Interest Pertaining to Notes	Accrued interest pertaining to the Notes consisted of the following (in thousands): March 31, December 31, Accrued interest (1) $ 501 $ 367 (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 (in thousands): March 31, 2016 2015 Interest expense $ 133 $ 144

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2016
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): March 31, 2016 December 31, 2015 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets held in rabbi trust $ 6,985 $ — $ 6,985 $ — $ 5,661 $ — $ 5,661 $ — Money market funds (1) $ 49,477 $ 49,477 $ — $ — $ 5,987 $ 5,987 $ — $ — Marketable securities, available-for-sale: Short-term investments: U.S. Treasuries $ 61,046 $ 61,046 $ — $ — $ 62,272 $ 62,272 $ — $ — U.S. Government Sponsored Entities 14,066 — 14,066 — 17,559 — 17,559 — Asset-backed securities and other — — — — 29 — 29 — $ 75,112 $ 61,046 $ 14,066 $ — $ 79,860 $ 62,272 $ 17,588 $ — Long-term investments: U.S. Treasuries $ 18,434 $ 18,434 $ — $ — $ 15,171 $ 15,171 $ — $ — U.S. Government Sponsored Entities 10,950 — 10,950 — 12,022 — 12,022 — Corporate debt securities 16,933 — 16,933 — 16,705 — 16,705 — Asset-backed securities and other 10,691 — 10,691 — 10,497 — 10,497 — $ 57,008 $ 18,434 $ 38,574 $ — $ 54,395 $ 15,171 $ 39,224 $ — (1) Included in cash and cash equivalents.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2016
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income, Net of Income Taxes	The components of accumulated other comprehensive income as of March 31, 2016, by component, net of income taxes consisted of the following (in thousands): Unrealized Foreign (2) Total Beginning balance, December 31, 2015 $ (568 ) $ 1,025 $ 457 Other comprehensive income before reclassifications 762 47 809 Amounts reclassified from accumulated other comprehensive income (1) (82 ) — (82 ) Net current-period other comprehensive income 680 47 727 Ending balance, March 31, 2016 $ 112 $ 1,072 $ 1,184 (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. (2) The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
Stock-Based Compensation Plans (Tables)	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding Awards Under 2013 Omnibus Equity Incentive Plan	Activity under the 2013 Plan consisted of the following (dollars in thousands, except per share data): RSA Grants to RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2015 35,364 468,969 521,780 1,026,113 $ 21.17 Granted February 2016 — 172,496 8,856 181,352 March 2016 — 30,000 — 30,000 Total Granted — 202,496 8,856 211,352 22.98 Vested — (98,144 ) (113,212 ) (211,356 ) 18.88 Transferred — — — — — Forfeited/canceled — (6,300 ) (1,236 ) (7,536 ) 17.91 Nonvested shares at March 31, (1) 35,364 567,021 416,188 1,018,573 $ 22.05 Unrecognized stock-based compensation expense as of March 31, 2016 (2) $ 454 $ 12,377 $ 9,154 $ 21,985 Weighted average remaining vesting period (years) as of March 31, 2016 1.57 4.03 3.00 3.55 (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 3.55 years.
Stock-Based Compensation Expense	Components of stock-based compensation included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income consisted of the following (in thousands, except common stock price): Three Months Ended March 31, 2016 2015 Employee stock purchase plan 48 $ 62 RSAs – non-employee directors 89 59 RSUs – employees 658 527 RSUs – independent contractors (1) 530 1,259 $ 1,325 $ 1,907 Common stock price at beginning of period $ 29.14 $ 33.25 Common stock price at end of period $ 25.39 $ 37.48 (Decrease) increase in stock price $ (3.75 ) $ 4.23 (1) The Company grants RSUs to independent contractors (i.e. investment 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.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
Earnings per Share (Tables)	Mar. 31, 2016
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 months ended March 31, 2016 and 2015, respectively (in thousands, except per share data): Three Months Ended March 31, 2016 2015 Numerator (Basic and Diluted): Net income $ 14,815 $ 13,669 Denominator: Basic Weighted average common shares issued and outstanding 37,561 37,066 Deduct: Unvested RSAs (1) (35 ) (43 ) Add: Fully vested DSUs (2) 1,365 2,006 Weighted Average Common Shares Outstanding 38,891 39,029 Basic earnings per common share $ 0.38 $ 0.35 Diluted Weighted Average Common Shares Outstanding from above 38,891 39,029 Add: Dilutive effect of RSUs, RSAs & ESPP 65 123 Weighted Average Common Shares Outstanding 38,956 39,152 Diluted earnings per common share $ 0.38 $ 0.35 Antidilutive shares excluded from diluted earnings per common share (3) 417 479 (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 8 – “Stockholders’ Equity” 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) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)Office	Mar. 31, 2015
Class of Stock [Line Items]
Number of offices in the United States and Canada \| Office	79
Formation date	2013-06
Contribution date	Oct. 30, 2013
Percentage of common stock distributed	80.00%
Commission's receivable settled period	10 days
Operating lease obligations \| $	$ 84.8
Customer Concentration Risk [Member] \| Total revenues [Member]
Class of Stock [Line Items]
Concentration of credit risk percentage	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%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (16,578)	$ (16,441)
Property and equipment, net	12,446	11,579
Computer software and hardware equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	11,342	10,973
Furniture, fixtures, and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 17,682	$ 17,047

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Fully depreciated computer software and hardware and furniture, fixtures and equipment write-off	$ 1	$ 1.1

Selected Balance Sheet Data - S

Selected Balance Sheet Data - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Assets [Line Items]
Other assets Current	$ 3,847	$ 5,136
Other assets Non-Current	9,983	9,116
Due from independent contractors [Member]
Other Assets [Line Items]
Other assets Current	1,696	2,545
Other assets Non-Current	8,325	7,358
Security deposits [Member]
Other Assets [Line Items]
Other assets Current	0	0
Other assets Non-Current	1,340	1,425
Employee Notes Receivable [Member]
Other Assets [Line Items]
Other assets Current	153	224
Other assets Non-Current	122	158
Customer trust accounts and other [Member]
Other Assets [Line Items]
Other assets Current	1,998	2,367
Other assets Non-Current	$ 196	$ 175

Selected Balance Sheet Data -33

Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Other Assets [Line Items]
Allowance of doubtful accounts	$ 321		$ 359
Provision for bad debt expense	16	$ 21
Write-off receivables	$ 54	$ 6
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	Mar. 31, 2016	Dec. 31, 2015
Balance Sheet Related Disclosures [Abstract]
SARs liability	$ 21,628	$ 21,399
Commissions payable to investment sales and financing professionals	10,751	17,015
Deferred compensation liability	6,573	5,264
Total	$ 38,952	$ 43,678

Selected Balance Sheet Data - A

Selected Balance Sheet Data - Additional Information (Detail) - USD ($)	Jan. 01, 2016	Jan. 01, 2015	Jan. 01, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Mar. 31, 2013
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount				$ 21,628,000		$ 21,399,000
Interest expense				$ 391,000	$ 583,000
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				$ 229,000	$ 214,000
Treasury note term			10 years
Base spread on SARs liability variable rate			2.00%
SARs liability interest accrual rates	4.273%	4.173%

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
	Mar. 31, 2016	Mar. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Increase in the carrying value of the assets held in the rabbi trust	$ 34	$ 115
Increase in the carrying value of the deferred compensation obligation	$ 37	$ 101

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	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 131,935	$ 135,201
Fair Value	132,120	134,255
Short-term investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	75,108	79,943
Gross Unrealized Gains	7	0
Gross Unrealized Losses	(3)	(83)
Fair Value	75,112	79,860
Short-term investments [Member] \| U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	61,040	62,343
Gross Unrealized Gains	7	0
Gross Unrealized Losses	(1)	(71)
Fair Value	61,046	62,272
Short-term investments [Member] \| U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	14,068	17,571
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2)	(12)
Fair Value	14,066	17,559
Short-term investments [Member] \| Asset-backed securities and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	0	29
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	0	29
Long-term marketable securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	56,827	55,258
Gross Unrealized Gains	463	5
Gross Unrealized Losses	(282)	(868)
Fair Value	57,008	54,395
Long-term marketable securities [Member] \| U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	18,333	15,283
Gross Unrealized Gains	103	0
Gross Unrealized Losses	(2)	(112)
Fair Value	18,434	15,171
Long-term marketable securities [Member] \| U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,943	12,107
Gross Unrealized Gains	16	0
Gross Unrealized Losses	(9)	(85)
Fair Value	10,950	12,022
Long-term marketable securities [Member] \| Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	16,799	17,219
Gross Unrealized Gains	289	5
Gross Unrealized Losses	(155)	(519)
Fair Value	16,933	16,705
Long-term marketable securities [Member] \| Asset-backed securities and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,752	10,649
Gross Unrealized Gains	55	0
Gross Unrealized Losses	(116)	(152)
Fair Value	$ 10,691	$ 10,497

Investments in Marketable Sec38

Investments in Marketable Securities - Amortized Cost and Fair Value of Investments in Available for Sale Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale securities continuous unrealized loss position for less than 12 months, unrealized loss	$ (274)	$ (951)
Available for sale securities continuous unrealized loss position for 12 months or longer, unrealized loss	(11)	0
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	39,046	129,117
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	$ 426	$ 0

Investments in Marketable Sec39

Investments in Marketable Securities - Gross Realized Gains and Losses from Sale of Available for Sale Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract]
Gross realized gain	$ 0	$ 77
Gross realized loss	$ (155)	$ (3)

Investments in Marketable Sec40

Investments in Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Gross realized loss	$ 155,000	$ 3,000
Sale of Available-For-Sale, Marketable Security that No Longer Met Investment Policy [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross realized loss	$ (152,000)

Investments in Marketable Sec41

Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, Amortized Cost	$ 75,108	$ 79,943
Due after one year through five years, Amortized Cost	30,785	28,634
Due after five years through ten years, Amortized Cost	17,835	18,020
Due after ten years, Amortized Cost	8,207	8,604
Amortized Cost	131,935	135,201
Due in one year or less, Fair Value	75,112	79,860
Due after one year through five years, Fair Value	30,846	28,465
Due after five years through ten years, Fair Value	17,983	17,466
Due after ten years, Fair Value	8,179	8,464
Total Fair Value	$ 132,120	$ 134,255
Weighted average contractual maturity	3 years 2 months 12 days	3 years 3 months 18 days

Notes Payable to Former Stock42

Notes Payable to Former Stockholders - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
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 Stock43

Notes Payable to Former Stockholders - Schedule of Accrued Interest Pertaining to Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts Payable and Accrued Expenses [Member]
Accounts Payable And Accrued Expenses [Line Items]
Accrued interest	$ 501	$ 367

Notes Payable to Former Stock44

Notes Payable to Former Stockholders - Schedule of Interest Expense Pertaining to Notes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Expense [Line Items]
Interest expense	$ 391	$ 583
Notes Payable to Former Stockholders [Member]
Interest Expense [Line Items]
Interest expense	$ 133	$ 144

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Transition services agreement date		Oct. 1, 2013
Real estate brokerage commissions and financing fees from transactions with former parent, Marcus & Millichap Company		$ 1,600,000	$ 1,000,000
Commission expenses for transactions with former parent, Marcus & Millichap Company		944,000	627,000
Aggregate principal amount outstanding for employee notes receivable	$ 275,000	275,000		$ 382,000
MMC [Member]
Related Party Transaction [Line Items]
Rent expense for lease		$ 253,000	109,500
Lease expiration date		May 31, 2022
MMC [Member] \| Transition Services Agreement [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expense		$ 70,000	$ 50,000
Accounts payable and other accrued expenses - related party	$ 32,000	$ 32,000		$ 96,000
George M. Marcus [Member]
Related Party Transaction [Line Items]
Beneficial indirect ownership percentage	55.50%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Investments at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	$ 6,985	$ 5,661
Marketable securities, available for sale	132,120	134,255
Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	75,112	79,860
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	61,046	62,272
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	14,066	17,559
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	0	29
Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	57,008	54,395
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	18,434	15,171
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	10,950	12,022
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	16,933	16,705
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	10,691	10,497
Recurring [Member] \| Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	49,477	5,987
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	6,985	5,661
Recurring [Member] \| Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	75,112	79,860
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	61,046	62,272
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	14,066	17,559
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	0	29
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	57,008	54,395
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	18,434	15,171
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	10,950	12,022
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	16,933	16,705
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	10,691	10,497
Level 1 [Member] \| Recurring [Member] \| Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	49,477	5,987
Level 1 [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	0	0
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	61,046	62,272
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	61,046	62,272
Level 1 [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	0	0
Level 1 [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	0	0
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	18,434	15,171
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	18,434	15,171
Level 1 [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	0	0
Level 1 [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	0	0
Level 1 [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	0	0
Level 2 [Member] \| Recurring [Member] \| Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
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	6,985	5,661
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	14,066	17,588
Level 2 [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	0	0
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	14,066	17,559
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	0	29
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	38,574	39,224
Level 2 [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	0	0
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	10,950	12,022
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	16,933	16,705
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	10,691	10,497
Level 3 [Member] \| Recurring [Member] \| Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3 [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	0	0
Level 3 [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	0	0
Level 3 [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	0	0
Level 3 [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	0	0
Level 3 [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	0	0
Level 3 [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	0	0
Level 3 [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	0	0
Level 3 [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	0	0
Level 3 [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	0	0
Level 3 [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	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	$ 0	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Common stock, shares issued	37,568,389	37,396,456
Common stock, shares outstanding	37,568,389	37,396,456
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
Undistributed earnings of foreign subsidiary	$ 0

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 457
Other comprehensive income before reclassifications	809
Amounts reclassified from accumulated other comprehensive income	(82)
Total other comprehensive income	727	$ 361
Ending balance	1,184
Unrealized gains and (losses) of available-for-sale securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(568)
Other comprehensive income before reclassifications	762
Amounts reclassified from accumulated other comprehensive income	(82)
Total other comprehensive income	680
Ending balance	112
Foreign currency translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1,025
Other comprehensive income before reclassifications	47
Amounts reclassified from accumulated other comprehensive income	0
Total other comprehensive income	47
Ending balance	$ 1,072

Stock-Based Compensation Plan50

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Award Limitations - Additional Information (Detail)	1 Months Ended			3 Months Ended
	Mar. 31, 2016shares	Feb. 29, 2016shares	Nov. 30, 2013$ / sharesshares	Mar. 31, 2016Incentive_Planshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards granted during the period	30,000	181,352		211,352
IPO [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Common stock sold and issued under IPO, price per share \| $ / shares			$ 12
Fully vested deferred stock units settlement period			5 years
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			5,500,000
Common stock shares available for grant	4,413,337			4,413,337
Increase of common stock share reserve approved				2,200,000
Description of awards granted under the 2013 Plan				In November 2013, MMI issued the following equity awards under the 2013 Plan (i) Deferred stock units ("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, William A. Millichap. The DSU's are fully vested and shares will be issued ratably over 5 years.
Deferred stock units [Member] \| 2013 Omnibus Equity Incentive Plan [Member] \| MMREIS Managing Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units			2,192,413
Deferred stock units [Member] \| 2013 Omnibus Equity Incentive Plan [Member] \| Millichap [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units			83,334
Restricted Stock Awards [Member] \| Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards granted during the period	0	0	30,000	0
Vesting period			3 years	3 years
Restricted Stock Awards [Member] \| 2013 Omnibus Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years

Stock-Based Compensation Plan51

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares	211,356
Windfall tax benefits net from stock-based award activity included in additional paid-in capital	$ 167,000	$ 6,200,000
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	39,423
2013 Omnibus Equity Incentive Plan [Member] \| Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
2013 Omnibus Equity Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Vested shares	211,356
2013 Omnibus Equity Incentive Plan [Member] \| Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units remaining outstanding	1,365,445

Stock-Based Compensation Plan52

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Mar. 31, 2016	Feb. 29, 2016	Nov. 30, 2013	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance				1,026,113
Granted	30,000	181,352		211,352
Vested				(211,356)
Transferred				0
Forfeited/canceled				(7,536)
Nonvested shares, ending balance	1,018,573			1,018,573
Unrecognized stock-based compensation expense as of March 31, 2016	$ 21,985			$ 21,985
Weighted average remaining vesting period (years) as of March 31, 2016				3 years 6 months 18 days
Nonvested weighted average grant date fair value per share, beginning balance				$ 21.17
Weighted average grant date fair value per share, Granted	$ 0	$ 0		22.98
Weighted average grant date fair value, Vested				18.88
Weighted average grant date fair value, Transferred				0
Weighted average grant date fair value, Forfeited/canceled				17.91
Nonvested weighted average grant date fair value per share, ending balance	$ 22.05			$ 22.05
Restricted Stock Awards [Member] \| Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance				35,364
Granted	0	0	30,000	0
Vested				0
Transferred				0
Forfeited/canceled				0
Nonvested shares, ending balance	35,364			35,364
Unrecognized stock-based compensation expense as of March 31, 2016	$ 454			$ 454
Weighted average remaining vesting period (years) as of March 31, 2016				1 year 6 months 26 days
Restricted Stock Units (RSUs) [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance				468,969
Granted	30,000	172,496		202,496
Vested				(98,144)
Transferred				0
Forfeited/canceled				(6,300)
Nonvested shares, ending balance	567,021			567,021
Unrecognized stock-based compensation expense as of March 31, 2016	$ 12,377			$ 12,377
Weighted average remaining vesting period (years) as of March 31, 2016				4 years 11 days
Restricted Stock Units (RSUs) [Member] \| Independent Contractors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance				521,780
Granted	0	8,856		8,856
Vested				(113,212)
Transferred				0
Forfeited/canceled				(1,236)
Nonvested shares, ending balance	416,188			416,188
Unrecognized stock-based compensation expense as of March 31, 2016	$ 9,154			$ 9,154
Weighted average remaining vesting period (years) as of March 31, 2016				3 years

Stock-Based Compensation Plan53

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unrecognized stock-based compensation expenses recognition period	3 years 6 months 18 days

Stock-Based Compensation Plan54

Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 21,985,000
Unrecognized stock-based compensation expenses recognition period	3 years 6 months 18 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%
Common stock reserved and available for issuance	366,667
Common stock shares available for issuance	307,184	307,184
Unrecognized stock-based compensation expense	$ 24,000
Unrecognized stock-based compensation expenses recognition period	1 month 13 days

Stock-Based Compensation Plan55

Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
Restricted Stock Sales Restriction [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%
Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee termination age	67 years
DSU settlement to common stock percentage	20.00%
DSU settlement into actual stock issued term	5 years
Percentage of shares of deferred stock units released from resale restriction in the event of death or termination after reaching age 67	100.00%

Stock-Based Compensation Plan56

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense - Independent contractors	$ 530	$ 1,259
Allocated share-based compensation expense	1,325	1,907
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	48	62
Restricted Stock Awards [Member] \| Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	89	59
Restricted Stock Units (RSUs) [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 658	$ 527

Stock-Based Compensation Plan57

Stock-Based Compensation Plans - Changes in Company's Common Stock Price During Reporting Period (Detail) - Stock Based Compensation Expense [Member] - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock price at beginning of period	$ 29.14	$ 33.25
Common stock price at end of period	25.39	37.48
(Decrease) increase in stock price	$ (3.75)	$ 4.23

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
	Mar. 31, 2016	Mar. 31, 2015
Numerator (Basic and Diluted):
Net income	$ 14,815	$ 13,669
Denominator:
Weighted average common shares issued and outstanding	37,561	37,066
Deduct: Unvested RSAs	(35)	(43)
Add: Fully vested DSUs	1,365	2,006
Weighted Average Common Shares Outstanding	38,891	39,029
Basic earnings per common share	$ 0.38	$ 0.35
Weighted Average Common Shares Outstanding from above	38,891	39,029
Add: Dilutive effect of RSUs, RSAs & ESPP	65	123
Weighted Average Common Shares Outstanding	38,956	39,152
Diluted earnings per common share	$ 0.38	$ 0.35
Antidilutive shares excluded from diluted earnings per common share	417	479

Earnings per Share - Computat59

Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Parenthetical) (Detail)	1 Months Ended	3 Months Ended
	Nov. 30, 2013	Mar. 31, 2016
Non-Employee Directors [Member] \| Restricted Stock Awards [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting period	3 years	3 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information Credit Agreement (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Line of Credit Facility [Line Items]
Senior secured revolving credit facility maximum borrowing capacity	$ 60,000,000
Revolving credit facility maturity date	Jun. 1, 2018
Date the Company entered into a Credit Agreement	Jun. 18, 2014
Credit agreement date	Jun. 1, 2014
Standby letters of credit borrowing capacity	$ 10,000,000
Standby letters of credit, utilized amount	$ 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 agreement, unused capacity, commitment fee percentage	0.10%
Commitment fee commencement date	Jul. 1, 2014
Interest expense	$ 391,000	$ 583,000
Credit agreement, amount outstanding	$ 0
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 and (ii) total funded debt to EBITDA not greater than 2.01.0
Minimum EBITDAR coverage ratio	125.00%
Maximum Total Funded Debt to EBITDA ratio	200.00%
Credit agreement, pledge percentage	100.00%
Compliance description	As of March 31, 2016, the Company was in compliance with all financial and non-financial covenants.
Variable Rate Above (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	$ 30,000	$ 34,000
Minimum [Member] \| Variable Rate Above (LIBOR) [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate	0.875%
Maximum [Member] \| Variable Rate Above (LIBOR) [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate	1.125%