--- title: "Real Estate Services Industry: Companies" description: "10 SEC filers are classified under the Standard Industrial Classification code that describes the real estate services industry." canonical: https://www.getswoopr.com/stocks/industries/real-estate/real-estate-services/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Real Estate Services Industry ## Direct Answer 10 SEC filers are classified under the Standard Industrial Classification code that describes the real estate services industry, and their latest annual reports show $47.6 billion of combined revenue and a median operating margin of -0.7%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Real estate service firms provide brokerage, property management, valuation, consulting and financing services to owners, investors and occupiers. Revenue is a mix of transaction commissions, which are cyclical, and recurring management fees. The first numbers to compare across companies here are revenue by service line, recurring revenue share and transaction volume. ## Key Industry Metrics - **Revenue by service line**: Sales split across brokerage, management, valuation and advisory. It shows which lines are cyclical and which provide steady fees. - **Recurring revenue share**: The portion of revenue from management and contract services. A higher share smooths earnings through slow transaction cycles. - **Transaction volume**: The number and value of deals handled. It swings with interest rates and credit, and leads commission revenue. - **Operating margin**: Profit after compensation and overhead as a share of revenue. Pay is the biggest cost, so margin moves sharply with revenue. - **Headcount productivity**: Revenue earned per professional. Hiring raises capacity, but falling productivity shows slower deals or too rapid growth. ## Primary Macro Drivers - **Property transaction activity**: Commissions and fees follow the number and size of deals, so sales and leasing volume move revenue in the transaction service lines. - **Corporate outsourcing**: Occupiers that hand facility and property work to specialists create recurring contracts, which shows in the recurring revenue share. - **Interest rates**: Rates shape deal volume and financing availability, so changes show in transaction volume and in operating margin. - **Occupier leasing demand**: Companies' decisions to expand, move or shrink space drive leasing fees and advisory work, shown in revenue by service line. ## Major Risks - **Transaction downturns**: Deal fees fall quickly in downturns while costs stay, so watch transaction volume against operating margin. - **Compensation costs**: Brokers receive a large share of each fee, so costs stay high when revenue falls, shown in operating margin and headcount productivity. - **Acquisition debt**: Debt used to buy other firms adds interest cost, so check leverage and interest coverage during slow periods. - **Competition**: Rival firms compete on fees and talent, which can pull brokers away or lower rates, shown in headcount productivity and margin. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Cyclical | | Capital Intensity | Low | | Regulatory Intensity | Medium | | Industry Maturity | Mature | | Geographic Importance | U.S. / Global | ## Real Estate Services Filers in the SEC Record 10 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6531. Their latest fiscal years end in 2025, and together they reported $47.6 billion of revenue. Median revenue growth over the prior year was 14.1%. Median operating margin was -0.7% and median net margin -0.7%. Median total liabilities were 58% of total assets, and 4 of 10 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Jones Lang Lasalle Inc](https://www.getswoopr.com/stocks/companies/jones-lang-lasalle-incorporated/) | $26.1 billion | 11.4% | 4.2% | 3.0% | FY 2025 | | [Compass, Inc.](https://www.getswoopr.com/stocks/companies/compass-inc/) | $7.0 billion | 23.7% | -0.9% | -0.8% | FY 2025 | | [Agnt, Inc.](https://www.getswoopr.com/stocks/companies/agnt-inc/) | $4.8 billion | 4.5% | -0.4% | -0.5% | FY 2025 | | [Opendoor Technologies Inc.](https://www.getswoopr.com/stocks/companies/opendoor-technologies-inc/) | $4.4 billion | -15.2% | -6.6% | -29.7% | FY 2025 | | [Newmark Group, Inc.](https://www.getswoopr.com/stocks/companies/newmark-group-inc/) | $3.3 billion | 20.3% | 7.1% | 3.8% | FY 2025 | | [Douglas Elliman Inc.](https://www.getswoopr.com/stocks/companies/douglas-elliman-inc/) | $1.0 billion | 3.8% | 4.4% | 1.5% | FY 2025 | | [Offerpad Solutions Inc.](https://www.getswoopr.com/stocks/companies/offerpad-solutions-inc/) | $568 million | -38.2% | -5.9% | -8.2% | FY 2025 | | [Fathom Holdings Inc.](https://www.getswoopr.com/stocks/companies/fathom-holdings-inc/) | $420 million | 25.4% | -3.7% | -4.8% | FY 2025 | The 8 largest of 10 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Real Estate Services guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Real Estate - [Real Estate sector overview](https://www.getswoopr.com/stocks/industries/real-estate/) - [Residential Lot Developers](https://www.getswoopr.com/stocks/industries/real-estate/residential-lot-developers/) - [Real Estate Management & Development](https://www.getswoopr.com/stocks/industries/real-estate/real-estate-management-and-development/) - [Residential Real Estate Brokerage](https://www.getswoopr.com/stocks/industries/real-estate/residential-real-estate-brokerage/) - [Real Estate Development](https://www.getswoopr.com/stocks/industries/real-estate/real-estate-development/) - [Residential REITs](https://www.getswoopr.com/stocks/industries/real-estate/residential-reits/) - [Real Estate Developers](https://www.getswoopr.com/stocks/industries/real-estate/real-estate-developers/) - [Retail REITs](https://www.getswoopr.com/stocks/industries/real-estate/retail-reits/) - [Real Estate Data & Analytics](https://www.getswoopr.com/stocks/industries/real-estate/real-estate-data-and-analytics/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Real Estate Services industry? Key performance indicators for the Real Estate Services industry include: Revenue by service line, Recurring revenue share, Transaction volume, Operating margin, Headcount productivity. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Real Estate Services industry? The Real Estate Services industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing. What are the biggest risks in the Real Estate Services industry? The primary risks for Real Estate Services companies include: Transaction downturns, Compensation costs, Acquisition debt, Competition. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).