Commercial Real Estate Secure File Sharing: How a 20-Broker Firm Runs Every Listing on One Platform (2026)

Last updated: August 2026

I'm Sean Yu, co-founder of Peony. I run Peony, a data room company serving 6,800+ customers and safeguarding $26.3B in client assets across M&A, fundraising, and real estate. This post is for a specific reader: the managing partner or broker-of-record at an independent commercial real estate brokerage — say 20 brokers, 10 support staff, 25 listings live at any given moment — who has realized the firm has no standard for sharing deal documents. Today it's email attachments on some listings, Dropbox links on others, and one broker running everything through his personal DocSend account: no firm admin, no consistent NDA gate, no shared folder template, no way to see which buyers are serious across the book. That's what this playbook solves.

Quick answer: A brokerage's document problem is a firm problem wearing a deal costume. Every listing runs the same ladder — teaser → CA/NDA gate → OM and financials → under-contract diligence file — so the fix is firm-level, not per-broker: one platform, one folder template, one brand, every listing. Standardize on a data room where the firm is the admin, brokers are users under it, and buyers are free viewers. That gives you an NDA gate, per-buyer watermarking, and one-click revocation on every listing; a reusable folder template so staff never rebuild a room from scratch; consistent branding everywhere; buyer-engagement analytics rolled up across all listings; and flat-rate pricing — Peony's Data Room plan is $52/admin/month with unlimited rooms — instead of a per-deal VDR charge multiplied by 25. Run every listing like your best listing.

One scope note. This post owns the firm level — how a multi-listing brokerage standardizes. The deal level — what a single institutional listing needs inside the room (the T-12 and T-3, the agency-grade rent roll, the OM's unit-mix and capex detail, the loan-assumption file, Phase I and PCA) — lives in apartment building deal room, the institutional-listing deep dive. Read that when you're staging one listing; read this when you're deciding what your whole firm runs on. For the CRE archetype map, see data room for real estate; for the buy-side room, multifamily acquisition data room.

---

Why is document sharing a firm problem, not a broker problem?

Because every listing your firm runs is the same shape, so improvising it 25 different ways is pure waste. Whether it's a 12-unit building or a 300-unit institutional deal, the listing climbs the same four-stage ladder (detailed below), identical across your entire book. When 20 brokers each solve it their own way, the firm pays for the same setup 25 times over, gets inconsistent confidentiality controls, and has no consolidated view.

Three symptoms show up in every brokerage that hasn't standardized. Leak exposure: an OM emailed as an attachment or dropped in an anyone-with-the-link Dropbox folder can be forwarded past the NDA list with no trace. Operational drag: staff rebuild a folder structure for each listing and re-apply branding by hand, if at all. Blindness: the firm can't see which buyers are serious because the signal is scattered across personal accounts. None of these is a broker failing — they're the predictable result of no firm standard. The fix: make the firm the unit of account — one platform, one template, one brand, one dashboard. Everything below is a corner of that.

The specialist model shows the instinct at scale: Marcus & Millichap reports 1,808 investment sales and financing professionals across 80+ offices (Marcus & Millichap) — a firm that size cannot run on 1,808 personal DocSend accounts. You don't need their headcount to borrow the principle: the firm, not the individual, owns the process.

---

What should a 20-broker firm actually standardize on?

Standardize on a data room where the firm is the admin, every listing is a room spun up from one template, brokers are users under the firm account, and buyers are free viewers. Five things become firm defaults instead of per-broker choices: the NDA/CA gate in front of every OM, per-buyer watermarking on every confidential page, one-click revocation of any buyer's access, a saved folder template for every new listing, and consistent branding on everything a buyer sees. Set those once and every listing inherits them.

The organizing idea is a hierarchy your current setup doesn't have: the firm is the account and admin (owning the documents, analytics, and client relationships), brokers are users who run rooms under it, and buyers are free viewers with gated, watermarked, per-person access. A stack of individual DocSend logins and Dropbox links can never assemble that, because there the account belongs to a person, not the firm. For the principles of moving off consumer tools, see our secure file sharing guide; this post applies them to a CRE brokerage.

---

The listing ladder: what every deal actually needs

Here's the signature artifact — the four-stage ladder every listing climbs, and why email and Dropbox break at each rung. It's the spec your firm standard has to satisfy on all 25 listings at once.

Two things fall out of the table. First, the gate at rung 2 is the whole ballgame — everything confidential sits behind it, and email/Dropbox have no real gate. Per Dropbox's own Help documentation, link settings "apply only to people who access a file or folder through the shared link," so an anyone-with-the-link link is effectively public unless you restrict it (Dropbox Help). Second, the firm needs to run this identically 25 times, which is why a folder template and firm-level branding aren't nice-to-haves. The deal-specific contents of rungs 3 and 4 — which financials, what an institutional rent roll contains — are the domain of apartment building deal room and commercial property due diligence; here the point is the shape and the controls, not the file list.

The velocity math

Now the economics, because this is where the firm-level view pays for itself. A per-deal virtual-data-room charge is billed per project — so 25 active listings mean 25 charges, again and again across a year. Peony inverts the model: the Data Room plan is $52/admin/month with unlimited rooms and unlimited storage. A firm with 4 admins pays about $2,496/year ($52 × 4 × 12) to run every listing it can open — and viewers (your buyers) are free. For a firm running many concurrent listings, flat-rate isn't just cheaper than per-deal — it's a different category of cost. More below and in affordable virtual data rooms and at Peony pricing.

---

How do you stop an OM from being forwarded past the NDA list?

You stop shipping a forwardable file and start granting access to a room. An OM emailed as an attachment or shared as an anyone-with-the-link Dropbox folder can be forwarded to anyone, and you'll never know. Controlled distribution changes the unit from a file to an access grant. Three controls do the work, none of which exists in consumer file-sharing:

• Per-buyer links. Instead of one shared file that anyone can forward, each buyer gets their own personalised link into the room — access severable one buyer at a time, every action attributable to a named party.
• Per-viewer watermarks. Every confidential page carries a dynamic watermark burning in the viewer's identity, so a leaked OM or financial page names whose copy it was. Forwarding can't be made impossible, but a watermark makes it traceable — and that alone changes behavior.
• Revocation. The moment a buyer drops out or breaches the CA, you revoke their access and the documents stop opening. A file already emailed can never be pulled back; a room grant can.

Together that's a gate, a per-viewer stamp, and a kill switch — the exact trio email and Dropbox lack. That's what "commercial real estate secure file sharing" has to mean at a firm sharing confidential OMs for a living: not "we sent it securely," but "we control who has it, see who's using it, and can pull it back." Underneath sits the baseline you'd expect of any platform holding client financials — Peony is SOC 2 Type II audited and encrypts documents with AES-256 at rest and TLS 1.3 in transit. The deal-level mechanics — staging tenant files late, redacting resident PII — are in multifamily acquisition data room; the firm-level rule is simpler: no confidential document should ever be a forwardable file.

How do you NDA-gate the OM so buyers sign first?

You make the confidentiality agreement a required step in front of the documents, not a PDF you email and hope returns. In a data room, the flow is: a buyer requests access, they're presented the firm's NDA/CA gate, and only after they accept does the OM and financial package open. Nothing confidential is visible before the gate, and the acceptance is logged — so instead of hunting your inbox for a signed PDF, you have a record of who agreed to what and when. Standardizing this at the firm level means every listing enforces the same gate the same way, whichever broker runs it. (In CRE the instrument is usually called a confidentiality agreement (CA) more often than an NDA — same document, same job.)

---

Can staff reuse one folder template instead of rebuilding every listing?

Yes, and it's the single highest-leverage standardization a multi-listing firm can make. Instead of inventing a folder structure per listing and hoping it matches the last one, you build the firm's standard structure once — Teaser, Confidential Marketing (OM and financials), Property & Legal, Under-Contract Diligence — save it as a template, and spin up each new room in seconds, with branding already applied.

The payoff compounds three ways. Staff time: room setup goes from a project to a click, so 10 support staff aren't rebuilding structures 25 times. Consistency: every listing looks the same to buyers and to your team — a quality signal that reads as "this firm has done this before." Governance: because every room descends from the same template, a managing partner knows where anything lives on any listing. The folder template turns "20 brokers improvising" into "one firm, one way."

How do you keep firm branding consistent on every deal room?

By making branding a property of the platform, not something each broker re-applies by hand. When the firm logo, colors, and sender identity live in the template and the account settings, every room any broker opens carries them automatically — so the buyer-facing experience is identical across all 25 listings. The un-standardized alternative: one broker's rooms look one way, another's another, some go out as bare Dropbox folders, and the firm's brand is invisible at the exact moment a buyer is forming an impression. Consistent branding makes the firm look like the coordinated shop it is rather than 20 solo operators, and reassures buyers they're dealing with the firm, not an individual's account.

---

How do you see which buyers are serious across all your listings?

You give each buyer their own link, read the engagement per room, and roll it up to the firm level. When access is per-buyer instead of one shared file, each room shows who opened the OM, who spent twenty minutes inside the financials, and who never got past the teaser — a serious underwriter versus a tire-kicker, visible before anyone spends a call. The firm-level upgrade is seeing it across the whole book in one place: which listings have real momentum, which buyers reappear across deals (a repeat, serious acquirer is a firm-level asset), and where to direct follow-up.

This is exactly what a stack of separate DocSend accounts and Dropbox links cannot produce, because the signal is trapped inside individual logins — nobody can assemble the firm-wide picture. The mechanics of reading the signal responsibly — view-and-dwell, not keystroke capture — are covered in data room analytics: spot the serious buyers. At the firm level, buyer triage becomes a property of how you share documents, not a research project per deal.

---

Is DocSend or Dropbox enough — or do you need a data room?

For one broker sending one deck, DocSend is genuinely fine, and Dropbox is fine as storage. For a 20-broker firm running 25 listings, both strain — for different reasons.

DocSend is a strong single-seller, single-document tool — built for sending a deck and tracking who read it. Per DocSend's pricing page, on annual billing the plans are Personal at $10/user/month, Standard at $45/user/month, Advanced at $150/month (3 users included), and Advanced Data Rooms at $180/month (3 users included); the monthly-billing toggle runs higher — $15 / $65 / $250 / $300 respectively — and the data-room tiers cap assets per room at 200 / 2,000 / 4,000 across the three data-room-capable plans (DocSend). It's a fine tool, and the concede is real. Where it strains is the firm case — a firm admin over every room, unlimited rooms, granular per-folder permissions, one enforced NDA workflow, firm-consistent branding. The Advanced tiers include three users on a per-plan basis, so a 20-broker firm buys seats piecemeal — and, critically, when a broker owns the account, the firm doesn't own the documents or the client relationships. That's the personal-DocSend problem: structural, not a product knock.

Dropbox is storage, not controlled distribution. Its own Help documentation is explicit: link settings, "including passwords and other restrictions, apply only to people who access a file or folder through the shared link" (Dropbox Help) — so an anyone-with-the-link link is effectively public unless you restrict it. No NDA gate, no per-viewer watermark, no way to revoke one specific buyer. It's where you keep files, not where you run a confidential, gated, revocable listing; if it's your current default, top 10 Dropbox alternatives walks the landscape.

A data room is purpose-built for the firm level: gated, watermarked, permissioned, revocable, branded, and flat-rate across every listing, with the firm as admin. A solo deck send is a DocSend job; running 25 confidential listings as a firm is a data room job.

---

Where do Crexi and Buildout fit next to a data room?

They own marketing, reach, and proposals; the data room owns the confidential document layer alongside them — the two don't compete, and this is the post's most important concede.

Buildout is CRE brokerage and marketing software — it describes itself as "the AI brokerage solution that takes your team from contact to commission in one connected platform" (Buildout). It's where many firms build the OM itself, run the CRM, and manage marketing — the creation side of a listing.

Crexi is a commercial real estate marketplace — its own legal name is Commercial Real Estate Exchange, Inc., "The Commercial Real Estate Exchange," where you "buy, sell, or lease commercial real estate ... all over the U.S." (Crexi). The scale of that reach is real: the total value of active for-sale listings on Crexi reached $815.6 billion through the end of November 2025 (PR Newswire). Crexi's job is public buyer reach — a data room's is not.

At the very top of the market there's also RCM (Real Capital Markets), by LightBox — the institutional deal-marketing platform with a buyer database and a "digital war room"; RCM reports over 72,000 assignments executed with total consideration exceeding $2.4 trillion. At that altitude the largest processes run there or on Datasite/Intralinks.

So the division of labor is clean: use a marketplace and marketing platform for the public job (attract buyers, syndicate the listing, produce materials) and a purpose-built data room for the private job that begins after the teaser — the CA-gated OM, the watermarked financials, per-buyer access, and the under-contract diligence file. Peony isn't a listing platform or underwriting software; it's the confidential document layer where the sensitive material lives once a buyer has crossed the NDA gate — see Peony for real estate for how that maps to CRE workflows. On a mid-market book that doesn't warrant an RCM or Datasite procurement, that layer plus a marketplace for reach is often the whole stack.

---

What does a REALTOR's confidentiality duty require here?

If your brokers are REALTORS, the duty to protect a client's confidential information is explicit — and it doesn't end when the deal does. Under the NAR Code of Ethics, Standard of Practice 1-9, the obligation "of REALTORS® to preserve confidential information (as defined by state law) provided by their clients in the course of any agency relationship or non-agency relationship recognized by law continues after termination of agency relationships" (NAR).

Read that against the personal-DocSend problem and the point is sharp. A duty that continues after the relationship ends is hard to honor when the documents and access history live in a departing broker's personal account — the firm can no longer even see, let alone control, what happens to that information. Firm-level document control isn't only an efficiency argument; it's how a brokerage operationally backs the confidentiality obligation its licensees carry. This isn't legal advice, and state law defines what's confidential — but a firm admin who can revoke a departed broker's access across every listing is the practical expression of that duty.

---

What does firm-wide secure file sharing cost at listing velocity?

Flat-rate, and far less than per-deal pricing once you're running more than a handful of listings. The comparison a brokerage faces is a per-deal virtual-data-room charge — billed per project — against a flat per-admin plan covering every listing at once. Per-deal pricing can make sense on a single top-of-market mega-process; on a mid-market book of 25-plus listings a year, paying per deal to keep each one confidential adds up fast.

Peony's pricing is flat and simple:

• Free — $0 (2 GB of storage) — for trying the workflow.
• Business — $30/admin/month — adds screenshot protection and the core sharing controls.
• Data Room — $52/admin/month — unlimited rooms and unlimited storage, dynamic per-viewer watermarking, the NDA gate, and engagement analytics. This is the brokerage fit.
• Deal Team — $64/admin/month (minimum four admins) — adds API access, Advanced Redaction, and Advanced Q&A.

Do the brokerage math: a firm with 4 admins on the Data Room plan pays about $2,496/year ($52 × 4 × 12) to run every listing it can open, with buyers as free viewers and no per-page, per-buyer, or per-deal surcharge as OMs, financials, and diligence files pile up. Against a year of per-deal VDR charges across a busy book, that's not a marginal saving — it's a structurally cheaper model that gives the firm more control (one admin, one standard), not less. With 6,800+ customers across M&A, fundraising, and real estate, Peony is built for exactly this mid-market, high-velocity lane. For the cost landscape, see affordable virtual data rooms; to compare plans, Peony pricing.

The whole playbook in one line: a brokerage's document problem is a firm problem, so solve it at the firm — one platform, one folder template, one brand, one NDA gate, one buyer-intelligence view, one flat bill — and every listing runs like your best listing.

Frequently asked questions

We're a 20-broker shop with 25 active listings — what should we standardize on for sharing deal documents?

One platform, one folder template, one brand, every listing — instead of 20 brokers improvising with email attachments, Dropbox links, and one person's DocSend account. The document problem at a brokerage is a firm problem wearing a deal costume: every listing runs the same ladder — teaser, then a confidentiality agreement (CA/NDA) gate, then the offering memorandum and financials, then the under-contract diligence file — so the fix is firm-level, not per-broker. Standardize on a data room where the firm is the admin, brokers are users, buyers are free viewers, and every room is spun up from a saved template with your logo already on it. That gives you NDA-gated access, per-buyer watermarking, and one-click revocation on every listing, plus one dashboard showing which buyers are serious across all 25. The point isn't more tooling; it's running every listing like your best listing.

One of our brokers runs everything through his personal DocSend account — why is that a problem?

Because the firm's confidential documents live in an account the firm doesn't control. DocSend is a fine single-seller tool, but when one broker owns the account, the OMs, financials, and buyer analytics for those listings sit under his login — not the firm's. If he leaves, the client relationships, the audit trail, and in practice the access history can walk out with him. There's no firm admin who can see every room, enforce one NDA workflow, apply consistent branding, or revoke a departed broker's access across listings. And it doesn't scale: DocSend's Advanced tiers include three users on a per-plan basis, so a 20-broker firm is buying seats piecemeal with no central control. The firm-level answer is a platform where the firm is the admin and brokers are users under it — so the documents, the analytics, and the client relationships belong to the firm.

How do we stop offering memorandums from being forwarded past the NDA list?

You stop shipping a forwardable file and start granting access to a room. An OM sent as an email attachment or an anyone-with-the-link Dropbox link can be forwarded to anyone, and you'll never know. Controlled distribution changes the unit: instead of one shared file, each buyer gets their own personalised link into an NDA-gated room, every page carries a per-viewer watermark that names whose copy it is, and you can revoke any buyer's access the moment they drop out or breach the CA — the document simply stops opening. Forwarding still can't be made physically impossible, but a watermarked page traces straight back to the person who leaked it, and revocation limits the blast radius. That combination — a gate, a per-viewer stamp, and a kill switch — is what consumer file-sharing and email fundamentally can't do, and it's the whole reason a listing runs in a room.

How do we NDA-gate the OM so buyers sign before they see anything?

You put the confidentiality agreement in front of the documents as a required step, not a PDF you email and hope comes back. In a data room, the flow is: a buyer requests access, they're presented the firm's CA/NDA, and only after they accept does the room open the OM and financials to them. Nothing confidential is visible before the gate. In CRE the instrument is usually called a confidentiality agreement (CA) rather than an NDA — same document — and gating it is the standard marketing process: teaser out in the open, CA to cross the threshold, then the OM. Peony's NDA gate handles this per room, so every listing enforces it the same way and you get a record of who accepted what and when. That record matters: it's the difference between hoping a signed PDF is in someone's inbox and having the acceptance logged against the access.

Can support staff reuse one folder template instead of rebuilding every listing?

Yes — and that's most of the operational win. When a new listing comes in, staff shouldn't be inventing a folder structure from scratch and hoping it matches the last one. Build the firm's standard listing structure once — Teaser, Confidential Marketing (OM and financials), Property and Legal, Under-Contract Diligence — save it as a template, and spin up each new room from it in seconds with your branding already applied. Every listing then looks the same to buyers and to your own team, which cuts setup time, kills the per-listing scramble, and means any staffer can stand up a room the same way. Consistency is also a quality signal: a buyer who works several of your listings sees the same clean structure each time. The folder template is the single highest-leverage standardization a multi-listing firm can make — it turns room setup from a project into a click.

How do we keep firm branding consistent on every deal room?

By making branding a property of the platform, not something each broker re-applies by hand. When branding lives in the folder template and the firm's account settings, every room a broker or staffer opens carries the firm logo, colors, and sender identity automatically — so the buyer-facing experience is identical across all 25 listings, whoever set them up. The alternative is what most firms live with: one broker's rooms look one way, another's look another, some go out as bare Dropbox folders, and the firm's brand is invisible at exactly the moment a buyer is forming an impression. Standardized branding does two things — it makes the firm look like the coordinated shop it is rather than 20 solo operators, and it reassures buyers that they're dealing with the firm, not an individual's personal account. On a listing platform the brand should be a default, never a per-deal chore.

How do we see which buyers are actually serious across all our listings?

You give each buyer their own link and read the engagement, then roll it up to the firm level. When access is per-buyer rather than one shared file, each room shows who opened the OM, who spent twenty minutes inside the financials, and who never got past the teaser — a serious underwriter versus a tire-kicker, visible before anyone spends a call. The firm-level upgrade is seeing this across every listing in one place: a managing partner can tell which listings have real momentum, which buyers keep appearing across multiple deals, and where to put follow-up energy. That's buyer intelligence a stack of separate DocSend accounts and Dropbox links can't assemble, because the signal is scattered across personal logins. The mechanics — view-and-dwell, not keystroke capture — are in our data room analytics guide; at the firm level it's buyer triage built into how you share documents.

Is DocSend or Dropbox enough for a CRE brokerage, or do we need a data room?

For one broker sending one deck, DocSend is fine and Dropbox is fine for storage. For a 20-broker firm running 25 listings, both strain — for different reasons. DocSend is a strong single-seller tool, but the firm-level case (a firm admin over every room, unlimited rooms, granular per-folder permissions, one NDA workflow, consistent branding) is where its per-user, per-plan model gets awkward and expensive. Dropbox is storage, not controlled distribution: per its own Help documentation, link settings "apply only to people who access a file or folder through the shared link," and an anyone-with-the-link link is effectively public unless you restrict it — no NDA gate, no per-viewer watermark, no revocation of a specific buyer. A data room is purpose-built for the firm level: gated, watermarked, permissioned, revocable, branded, and flat-rate across every listing. Match the tool to the job — solo deck versus firm-wide listing operations.

Where do Crexi and Buildout fit next to a data room?

They own marketing, reach, and proposals; the data room owns the confidential document layer alongside them. Buildout describes itself as "the AI brokerage solution that takes your team from contact to commission in one connected platform" — it's where many firms build the OM and run the CRM. Crexi is a commercial real estate marketplace — "The Commercial Real Estate Exchange" — where you list a property and reach buyers. Neither is a confidential document room, and that's the point: use the marketplace and marketing platform for the public top-of-funnel job (attract buyers, syndicate the listing), and use a purpose-built data room for what starts after the teaser — the CA-gated OM, the watermarked financials, per-buyer access, and the under-contract diligence file. They solve different problems. The strongest brokerages use a marketing platform for reach and a secure room for everything a buyer sees only after they've signed.

What does this cost for a brokerage — flat-rate vs per-deal?

The economics are the whole argument at listing velocity. Per-deal virtual-data-room pricing is billed per project, so 25 active listings mean 25 charges — the model works at the top of the market but punishes a mid-market firm running many listings at once. A flat per-admin plan inverts that: Peony's Data Room plan is $52/admin/month with unlimited rooms and unlimited storage, so a firm with 4 admins pays about $2,496/year to run every listing it can open — and viewers (your buyers) are free. Compare that to paying per deal across a year of 25-plus listings and the flat model is dramatically cheaper while giving you more control, not less. Peony's ladder is Free at $0 (2 GB), Business at $30/admin/month, Data Room at $52/admin/month, and Deal Team at $64/admin/month (minimum four admins) for API, Advanced Redaction, and Advanced Q&A. For a brokerage, Data Room is the fit.

Related resources

• Apartment Building Deal Room: What Institutional Buyers Expect — the deal-level deep dive: the exact institutional document set (T-12/T-3, agency-grade rent roll, OM unit-mix and capex, loan-assumption file, Phase I/PCA) this firm-level post routes to
• Data Rooms for Real Estate: The Complete Guide — the CRE archetype map this brokerage playbook hangs off
• Multifamily Acquisition Data Room — the buy-side room, with the PII-safe rent-roll and tenant-file workflow
• Data Room Analytics: Spot the Serious Buyers — how to read engagement to triage buyers across your whole book
• How to Write a CIM — the confidential-marketing-document craft behind a strong OM
• Secure File Sharing Guide — the first principles of moving off consumer file-sharing, applied firm-wide
• Virtual Deal Room — the room mechanics that make the four-stage listing ladder practical
• Commercial Property Due Diligence — the CRE diligence process the under-contract file sits inside
• Affordable Virtual Data Rooms — the flat-rate-vs-per-deal cost landscape in depth
• Top 10 Dropbox Alternatives — if Dropbox is your firm's current default for deal files

Sources

• DocSend — Pricing: on annual billing, Personal $10/user/month, Standard $45/user/month, Advanced $150/month (3 users included), Advanced Data Rooms $180/month (3 users included); monthly billing $15 / $65 / $250 / $300; data-room asset caps 200 / 2,000 / 4,000 across the three data-room-capable tiers.
• Dropbox Help — Set link permissions: link settings "including passwords and other restrictions, apply only to people who access a file or folder through the shared link"; an "Anyone with link" link is accessible to anyone who has it unless restricted.
• Buildout — buildout.com: "The AI brokerage solution that takes your team from contact to commission in one connected platform."
• Crexi — crexi.com: a commercial real estate marketplace to "buy, sell, or lease commercial real estate ... all over the U.S."; legal name Commercial Real Estate Exchange, Inc., "The Commercial Real Estate Exchange."
• PR Newswire — Crexi tops $815.6 billion in active property-for-sale listings: total value of active for-sale listings on Crexi reached $815.6B through end of November 2025.
• RCM / LightBox — About Real Capital Markets: RCM's reported 72,000+ assignments executed and $2.4T+ total consideration.
• NAR — 2024 Code of Ethics, Standard of Practice 1-9: the obligation of REALTORS to "preserve confidential information (as defined by state law) provided by their clients ... continues after termination of agency relationships."
• Marcus & Millichap — Investor Relations: 1,808 investment sales and financing professionals across 80+ offices (specialist-brokerage scale reference).

This article is general information for brokerages and deal teams, not legal advice. What constitutes confidential information is defined by state law, and a brokerage's ethical and confidentiality obligations are the firm's and its licensees' — verify current NAR Code of Ethics text, state license law, and privacy requirements with qualified counsel and your brokerage of record. Third-party product names, pricing, and positioning belong to their owners and change over time; verify current terms on each vendor's site. Peony is a data room provider, not a broker, and does not market listings, value real estate, or certify compliance.