The deadline for local commercial real estate brokers to enter the 12th annual Pinnacle Awards is Friday, Feb. 15.
The Memphis Area Association of Realtors Commercial Council will honor those top producers in the industry at an April 25 ceremony at the Memphis Country Club, 600 Goodwyn St.
All commercial brokers who hold membership in the Commercial Council are encouraged to submit an application by 5 p.m. Friday. The rules have not changed since they were revamped in 2010.
Applicants must have produced new real estate brokerage business of $2 million or more during 2012. It’s based off of the actual lease value created per broker or the cumulative total of larger sales as well. For instance, a five-year-lease for 10,000 square feet and $20 per foot would yield a lease value of $200,000.
Applications, signed by the principal broker, are confidentially submitted to Buddy Dearman, partner with Dixon Hughes Goodman LLP, 999 South Shady Grove Road, suite 400, Memphis, TN 38120. A signed PDF may also be emailed to Dearman at Buddy.Dearman@dhgllp.com.
Dixon Hughes Goodman has been doing the vote tabulation pro bono since the Pinnacle Awards came into existence in 2002. The anonymity is a large reason applicants are so comfortable in submitting their production information.
“We go through and review the applications – there’s a lot of statistical information on there about all of the different transactions that the broker participated in,” Dearman said. “MAAR sets the way the formula allocations work.”
For example, if two brokers worked on the same sale of a piece of property, MAAR has a certain sharing percentage it uses within its offices at 6393 Poplar Ave. Those formulas are factored in to determine a person’s annual volume as it pertains to total business done.
“We don’t go back and check that data because we don’t access to those records,” Dearman said. “What we do is check the math on the application to make sure that it’s correct, then we put them in basically an Excel document and sort them by the various categories to determine the category winners.”
Winners will be announced in a supplement of the April 26 issue of The Daily News and the April 26 issue of The Memphis News. The Daily News Publishing Co. Inc., parent company of The Daily News and The Memphis News, is again sponsoring the Pinnacle Awards.
The Pinnacle Awards include the President’s Award, Newcomer of the Year and an inductee to the Commercial Hall of Fame. MAAR Commercial Council will again be celebrating the Community Impact Award, Pinnacle Producers Club, as well as the Pinnacle Producers Club Life Members – those who have been elected to the Top 25 Pinnacle Awards List for any five years.
Up to three top producers in each real estate category will be recognized as members of the Pinnacle Elite. The top producers will be recognized as Brokers of the Year for their area of production (retail, office, industrial, land, investment). All of the members of the Pinnacle Elite will be recognized on stage and will receive plaques.
Applications are available for download at www.maar.org/pinnacleawards. Co-chairmen Steve Guinn (683-2444) and Tony Argiro (761-8190), both of Highwoods Properties, can answer any questions about the application process.
An application fee of $75 must be submitted with each application. This fee also covers the cost of the Pinnacle Awards reception ticket.
Last year, MAAR Commercial Council presented 24 Pinnacle Elite awards to brokers whose transactions produced more than $913.5 million – $70 million more revenue than in 2011.