This paper aims to take the principles of benchmarking, and internal benchmarking in particular, and to demonstrate how we in real estate practice and education can learn from industry while moving forward in our own spheres. The competitive pressure to improve the quality of products, services, and management effectiveness is a major factor in causing organisations to become interested in benchmarking. Leading companies from most industries are now benchmarking and its use is not limited to any one type of industry (Bendell et al, 1998). Benchmarking has transformed the performance of many companies in the past 25 years and in particular in the 1990ís. Could it now be the tool for the transformation of the real estate sector too? Can we afford not to benchmark?