{"id":833,"date":"2024-10-18T06:00:42","date_gmt":"2024-10-18T12:00:42","guid":{"rendered":"http:\/\/www.adventuresincre.com\/?p=833"},"modified":"2025-06-26T10:32:41","modified_gmt":"2025-06-26T16:32:41","slug":"fundamentals-of-modeling-real-estate-in-excel","status":"publish","type":"post","link":"https:\/\/www.adventuresincre.com\/fundamentals-of-modeling-real-estate-in-excel\/","title":{"rendered":"Learning Real Estate Financial Modeling in Excel (Updated Oct 2024)"},"content":{"rendered":"<p>We&#8217;re often asked by our readers how we learned to be proficient in real estate financial modeling. The question usually arises because the person wants to know how to model real estate in Excel to either land a job in commercial real estate (e.g., private equity, development, acquisition, debt) or to analyze their own deals.<\/p>\n<p>In fact, we&#8217;ve answered the question so many times we decided to develop our own <em>A.CRE Accelerator<\/em> &#8211; a program consisting of 17 case-based <a href=\"https:\/\/www.adventuresincre.shop\/accelerator\/\" rel=\"\">real estate financial modeling courses<\/a> and a private Q&amp;A section that takes the student from unqualified to proficient in under three months.<\/p>\n<p>With that said, not everyone has the time or resources to pay for a robust Accelerator. As such, I thought I&#8217;d share what I consider to be the three pillars of knowledge one must possess to be considered proficient in modeling real estate. I&#8217;ll then point to some resources on A.CRE as well as to external resources to help you craft your own path to real estate financial modeling proficiency.<\/p>\n<div id=\"attachment_600657\" style=\"width: 1040px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-600657\" class=\"wp-image-600657 size-large\" title=\"real estate financial modeling\" src=\"https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/learn-real-estate-financial-modeling-1030x452.png\" alt=\"\" width=\"1030\" height=\"452\" srcset=\"https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/learn-real-estate-financial-modeling-1030x452.png 1030w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/learn-real-estate-financial-modeling-300x132.png 300w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/learn-real-estate-financial-modeling-768x337.png 768w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/learn-real-estate-financial-modeling-1536x675.png 1536w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/learn-real-estate-financial-modeling-2048x899.png 2048w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/learn-real-estate-financial-modeling-1500x659.png 1500w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/learn-real-estate-financial-modeling-705x310.png 705w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/learn-real-estate-financial-modeling-450x198.png 450w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/learn-real-estate-financial-modeling-1320x580.png 1320w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" \/><p id=\"caption-attachment-600657\" class=\"wp-caption-text\"><em>Proficiency in real estate modeling requires mastering the principles of finance, real estate, and Microsoft Excel.<\/em><\/p><\/div>\n<h2>I. A Sound Understanding of Finance<\/h2>\n<p>Modeling commercial real estate is fundamentally about ascertaining the present value of a future stream of cash flows &#8211; cash flows that just so happen come from a real estate asset. In fact, when we speak to undergraduate real estate students, we often say that <em>&#8220;real estate modeling is essentially about predicting the future; the future cash flows of a real estate investment&#8221;<\/em>.<\/p>\n<p>In other words, if you are considering buying an apartment building today, how much do you value the future cash flows that the apartment building is likely to generate? If you project the cash flows to be more volatile (e.g., the apartment building is not yet built), the value of those less-than-certain future cash flows are worth less to you than if the future cash flows more certain (e.g., the apartment building is completed and 97% occupied).<\/p>\n<p>Consequently, mastering real estate modeling requires a sound grasp of basic finance principles. You must understand finance concepts such as:<\/p>\n<ul>\n<li>Time value of money and how to measure returns on a time value of money basis<\/li>\n<li>Risk and return and different methods for calculating risk and return<\/li>\n<li>Various types of rates including interest rate and discount rate<\/li>\n<li>Corporate capital structure and how to calculate a firm&#8217;s cost of capital<\/li>\n<\/ul>\n<p>There are several options, some more obvious than others, to gain the finance knowledge you need to model real estate. Many of us learned finance in either undergraduate or graduate school. I took more than my fair share of\u00a0finance courses during my graduate real estate studies at the <a href=\"http:\/\/baker.realestate.cornell.edu\" target=\"_blank\" rel=\"noopener noreferrer\">Baker Program in Real Estate at Cornell University<\/a>\u00a0&#8211; and most universities offer finance courses.<\/p>\n<p>If taking a university finance course\u00a0doesn&#8217;t fit your budget or schedule, another great option is\u00a0to take a free <a href=\"https:\/\/en.wikipedia.org\/wiki\/Massive_open_online_course\" target=\"_blank\" rel=\"noopener noreferrer\">MOOC course<\/a>.<\/p>\n<p>There are two finance related MOOC courses you ought to check out. The first is an <a href=\"https:\/\/www.coursera.org\/learn\/time-value-of-money\" target=\"_blank\" rel=\"noopener\">Introduction to Time Value of Money<\/a> taught by the University of Michigan&#8217;s Gautam Kaul. The second is an <a href=\"https:\/\/www.coursera.org\/learn\/wharton-finance\" target=\"_blank\" rel=\"noopener noreferrer\">Introduction to Corporate Finance<\/a>, taught by Michael Roberts from the Wharton School of the University of Pennsylvania.<\/p>\n<p>With these courses, not only will you be taking quality finance courses taught by professors from two of the top business schools in the world, but the courses are open and often free to all!<\/p>\n<p><a href=\"https:\/\/www.adventuresincre.shop\/accelerator\/\"><img decoding=\"async\" class=\"alignnone wp-image-356727 size-large\" src=\"https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2021\/06\/A.CRE-Accelerator-Model-The-Deal-cropped-1030x124.png\" alt=\"\" width=\"1030\" height=\"124\" srcset=\"https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2021\/06\/A.CRE-Accelerator-Model-The-Deal-cropped-1030x124.png 1030w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2021\/06\/A.CRE-Accelerator-Model-The-Deal-cropped-300x36.png 300w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2021\/06\/A.CRE-Accelerator-Model-The-Deal-cropped-768x92.png 768w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2021\/06\/A.CRE-Accelerator-Model-The-Deal-cropped-1536x184.png 1536w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2021\/06\/A.CRE-Accelerator-Model-The-Deal-cropped-2048x246.png 2048w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2021\/06\/A.CRE-Accelerator-Model-The-Deal-cropped-1500x180.png 1500w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2021\/06\/A.CRE-Accelerator-Model-The-Deal-cropped-705x85.png 705w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2021\/06\/A.CRE-Accelerator-Model-The-Deal-cropped-450x54.png 450w, https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2021\/06\/A.CRE-Accelerator-Model-The-Deal-cropped-1320x158.png 1320w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" \/><\/a><\/p>\n<h2>II. A Mastery\u00a0of Real Estate Principles<\/h2>\n<p>The second pillar\u00a0of modeling real estate in Excel, is mastering the principles of real estate. The models you build are only as good as the assumptions you make. If your assumptions are weak, the results will likewise be weak. Hence the saying in modeling: &#8220;garbage in, garbage out.&#8221;<\/p>\n<p>Many of us learned real estate principles through some combination of education and real-world experience. Of course, many real estate modelers who lack a seasoned mastery of real estate principles rely on others to feed them assumptions &#8211; this is common with newly hired analysts fresh out of school. Still, even newly hired analysts come into their position knowing the terminology and understanding how real estate works.<\/p>\n<p>Some of the indispensable real estate specific concepts and vocabulary you have to know include:<\/p>\n<ul>\n<li>Debt vs equity<\/li>\n<li>Types of spreads<\/li>\n<li>Risk and return metrics (e.g. IRR, equity multiple, DSCR, mortgage yield, LTV)<\/li>\n<li>Setting up a pro forma operating statement (PGI &#8211;&gt; EGR &#8211;&gt; NOI &#8211;&gt; CFAF)<\/li>\n<li>Market leasing assumptions (rent, vacancy, TIs, LCs)<\/li>\n<li>The fundamental value equation (value = NOI \u00f7 cap rate)<\/li>\n<li>Public real estate vs. private real estate (REITs vs private equity funds)<\/li>\n<li>The real estate investment process<\/li>\n<li>Different valuation methods (comparable sales, replacement cost, discounted cash flow)<\/li>\n<li>Real estate taxes<\/li>\n<\/ul>\n<p>The challenge with mastering real estate is that,\u00a0as an academic study, real estate is relatively young. Even today,\u00a0most universities don&#8217;t\u00a0teach real estate principles, and consequently, real estate customs and conventions\u00a0vary from region to region and from company to company. Despite this challenge, there are places to go to learn the principles of real estate.<\/p>\n<p>Here at Adventures in CRE, we have quite a few resources that will help get you up to speed with real estate principles.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.adventuresincre.com\/re-education\/a-cre-101-basic-concepts-in-commercial-real-estate\/\" target=\"_blank\" rel=\"noopener noreferrer\">A.CRE 101 Series<\/a><\/li>\n<li><a href=\"https:\/\/www.adventuresincre.com\/glossary\/\" target=\"_blank\" rel=\"noopener noreferrer\">A.CRE Glossary of CRE Terms<\/a><\/li>\n<li><a href=\"https:\/\/www.adventuresincre.com\/deep-dive-real-estate\/\" target=\"_blank\" rel=\"noopener noreferrer\">Our Deep Dive in Real Estate Series<\/a><\/li>\n<li><a href=\"https:\/\/www.adventuresincre.com\/library-real-estate-excel-models\/\" target=\"_blank\" rel=\"noopener noreferrer\">A.CRE Library of Real Estate Excel Models<\/a><\/li>\n<\/ul>\n<h2>III. Advanced\u00a0Proficiency in Microsoft Excel<\/h2>\n<p>Modeling real estate requires an advanced proficiency working with Microsoft Excel. Of course, there are other real estate cash flow modeling tools used in the industry such as ARGUS, but Excel is used universally and is the most important software program to master.<\/p>\n<p>When I was learning to model, there was no program like our real estate financial modeling Accelerator program. So, I was forced to learn Excel through a combination of non-real estate online courses, self-study books, Excel courses during my undergrad and grad years, Excel Q&amp;A forums, YouTube tutorials, and good old fashioned learn by trial and error.<\/p>\n<p>In addition to\u00a0the <a href=\"https:\/\/www.adventuresincre.com\/category\/re-modeling\/\" target=\"_blank\" rel=\"noopener noreferrer\">free Excel models, tools<\/a>, and <a href=\"https:\/\/www.adventuresincre.com\/re-modeling\/excel-tips\/\">Excel-specific resources<\/a> found on A.CRE, I&#8217;ve compiled a list of Excel training materials online that I&#8217;ve found to be useful in mastering Excel. Given that we are all at different stages of Excel proficiency, I&#8217;ve organized the list by beginner, intermediate, and advanced levels.<\/p>\n<h3>Beginner<\/h3>\n<ul>\n<li>Take our <a href=\"https:\/\/www.adventuresincre.com\/guide-microsoft-excel-for-real-estate\/\" target=\"_blank\" rel=\"noopener\">Definitive Guide to Microsoft Excel for Real Estate<\/a> (Free)<\/li>\n<li><a href=\"https:\/\/www.youtube.com\/playlist?list=PLmkaw6oRnRv8lAKbKbflJRqS-9wuYNWUw\" target=\"_blank\" rel=\"nofollow noopener\">Microsoft Excel for Beginners YouTube Playlist<\/a>\u00a0(Free)<\/li>\n<li>Complete our <a href=\"https:\/\/www.adventuresincre.shop\/accelerator\/\" target=\"_blank\" rel=\"noopener\">&#8216;Mastering MS Excel for Real Estate&#8217; Endorsement<\/a> (Included in A.CRE Accelerator Core membership)<\/li>\n<\/ul>\n<h3>Intermediate<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.youtube.com\/playlist?list=PLFEA6BE242E5007F7\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">15 Segment Intermediate Excel Tutorial on YouTube<\/a>\u00a0(Free)<\/li>\n<li><a href=\"https:\/\/www.coursera.org\/learn\/excel-intermediate-1\" target=\"_blank\" rel=\"nofollow noopener\">Excel Skills for Business (Intermediate I)<\/a> (Paid)<\/li>\n<\/ul>\n<h3>Advanced<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.adventuresincre.shop\/accelerator\/\" target=\"_blank\" rel=\"noopener\">A.CRE Accelerator Core Curriculum<\/a> (Included in the A.CRE Accelerator Core membership)<\/li>\n<li><a href=\"https:\/\/www.youtube.com\/playlist?list=PL55E3ACEB25ACD567\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">15 Segment Advanced Excel Tutorial<\/a>\u00a0(Free)<\/li>\n<\/ul>\n<h2>Leveraging AI in Real Estate Financial Modeling<\/h2>\n<p>In recent years, artificial intelligence (AI) tools have become invaluable for enhancing learning and maximizing productivity in financial modeling. For those looking to sharpen their Excel skills, tools like Claude.ai, Gemini, and ChatGPT can offer personalized, real-time support, effectively accelerating your learning curve. These AI platforms can provide step-by-step explanations, help solve problems, and suggest optimized workflows, making them a powerful supplement to traditional Excel learning.<\/p>\n<p>So, for instance. Go to <a href=\"https:\/\/chatgpt.com\" target=\"_blank\" rel=\"noopener\">ChatGPT.com<\/a>, <a href=\"https:\/\/claude.ai\" target=\"_blank\" rel=\"noopener\">Claude.AI<\/a>, or <a href=\"https:\/\/gemini.google.com\/\" target=\"_blank\" rel=\"noopener\">Gemini.Google.com<\/a> and then prompt the LLM as follows:<\/p>\n<p>&#8220;<em>You are my Excel instructor. Explain the OFFSET() function like I&#8217;m a fifth grader and then given me an example of how I might use it in real estate financial modeling.&#8221;<\/em><\/p>\n<p>You will then be given a detailed mini-tutorial on how to use the OFFSET() function. You could then complete the exercise it gives you in Excel, upload the completed file, and ask it if it&#8217;s correct.<\/p>\n<p>Thus, AI becomes your personal Excel tutor.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-entry_with_sidebar wp-image-973075\" src=\"https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/offset-tutorial-845x321.jpg\" alt=\"\" width=\"845\" height=\"321\" \/><\/p>\n<p>Additionally, AI can be your Excel companion. You can use AI to write VBA code, craft complex formulas, or troubleshoot Excel errors. AI can even suggest the logic and structure for entire models based on your objectives, helping you ensure that your financial models are both efficient and accurate.<\/p>\n<p>So, for instance, imagine you need to model out the lease cash flows for a tenant with irregular rental increases (e.g. $100,000 year one, $107,500 year two, $107,500 year three, $120,000 years 4-7, then $150,000 thereafter) and you want a dynamic way to accomplish that. You could ask it for ideas, and it could offer logic, structure, and formula advice.<\/p>\n<h2>Conclusion on Real Estate Financial Modeling Proficiency<\/h2>\n<p>Of course, as I mentioned at the beginning, the A.CRE Accelerator is a great way to cut to the chase in terms of what you need to learn and in what order. While the focus is on real estate financial modeling and assumes you have at least a basic foundation working in Excel, it fuses finance, real estate, and Excel well to help you get proficient as quick as possible.<\/p>\n<p>Becoming a great real estate excel modeler takes time, dedication, and a commitment to mastering the three pillars of real estate financial modeling: finance, real estate principles, and Microsoft Excel. The sooner you begin to master the skill, the sooner you&#8217;ll be prepared to land the job or lock up your first deal.<\/p>\n<article class=\"text-token-text-primary w-full\" dir=\"auto\" data-testid=\"conversation-turn-12\" data-scroll-anchor=\"true\">\n<div class=\"text-base my-auto mx-auto py-5 [--thread-content-margin:--spacing(4)] @[37rem]:[--thread-content-margin:--spacing(6)] @[72rem]:[--thread-content-margin:--spacing(16)] px-(--thread-content-margin)\">\n<div class=\"[--thread-content-max-width:32rem] @[34rem]:[--thread-content-max-width:40rem] @[64rem]:[--thread-content-max-width:48rem] mx-auto flex max-w-(--thread-content-max-width) flex-1 text-base gap-4 md:gap-5 lg:gap-6 group\/turn-messages focus-visible:outline-hidden\" tabindex=\"-1\">\n<div class=\"group\/conversation-turn relative flex w-full min-w-0 flex-col agent-turn\">\n<div class=\"relative flex-col gap-1 md:gap-3\">\n<div class=\"flex min-h-[46px] justify-start\">\n<div class=\"touch:-me-2 touch:-ms-3.5 -ms-2.5 -me-1 flex flex-wrap items-center gap-y-4 p-1 select-none touch:w-[calc(100%+--spacing(3.5))] -mt-1 w-[calc(100%+--spacing(2.5))] duration-[1.5s] focus-within:transition-none hover:transition-none pointer-events-none [mask-image:linear-gradient(to_right,black_33%,transparent_66%)] [mask-size:300%_100%] [mask-position:100%_0%] motion-safe:transition-[mask-position] group-hover\/turn-messages:pointer-events-auto group-hover\/turn-messages:[mask-position:0_0] group-focus-within\/turn-messages:pointer-events-auto group-focus-within\/turn-messages:[mask-position:0_0] has-data-[state=open]:pointer-events-auto has-data-[state=open]:[mask-position:0_0]\">\n<hr \/>\n<h2>Frequently Asked Questions about Learning Real Estate Financial Modeling in Excel<\/h2>\n<div  class='togglecontainer av-rfmfaq2024-d6c50bf750275f0b7babb1c330b7937d av-minimal-toggle  avia-builder-el-0  avia-builder-el-no-sibling '  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/FAQPage\" >\n<section class='av_toggle_section av-faq1-e5c85a1453227b384d3f1f7885257c69'  itemscope=\"itemscope\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" ><div role=\"tablist\" class=\"single_toggle\" data-tags=\"{All} \"  ><p id='toggle-toggle-id-1' data-fake-id='#toggle-id-1' class='toggler  av-title-above '  itemprop=\"name\"  role='tab' tabindex='0' aria-controls='toggle-id-1' data-slide-speed=\"200\" data-title=\"What are the three pillars of real estate financial modeling proficiency?\" data-title-open=\"What are the three pillars of real estate financial modeling proficiency?\" data-aria_collapsed=\"Click to expand: What are the three pillars of real estate financial modeling proficiency?\" data-aria_expanded=\"Click to collapse: What are the three pillars of real estate financial modeling proficiency?\">What are the three pillars of real estate financial modeling proficiency?<span class=\"toggle_icon\"><span class=\"vert_icon\"><\/span><span class=\"hor_icon\"><\/span><\/span><\/p><div id='toggle-id-1' aria-labelledby='toggle-toggle-id-1' role='region' class='toggle_wrap  av-title-above'   itemscope=\"itemscope\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" ><div class='toggle_content invers-color '  itemprop=\"text\" ><p>The three pillars are: (1) a sound understanding of finance, (2) mastery of real estate principles, and (3) advanced proficiency in Microsoft Excel.<\/p>\n<\/div><\/div><\/div><\/section>\n<section class='av_toggle_section av-faq2-ce66e350afe0a218f7bb9f34e16269f0'  itemscope=\"itemscope\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" ><div role=\"tablist\" class=\"single_toggle\" data-tags=\"{All} \"  ><p id='toggle-toggle-id-2' data-fake-id='#toggle-id-2' class='toggler  av-title-above '  itemprop=\"name\"  role='tab' tabindex='0' aria-controls='toggle-id-2' data-slide-speed=\"200\" data-title=\"Why is finance knowledge essential for modeling real estate?\" data-title-open=\"Why is finance knowledge essential for modeling real estate?\" data-aria_collapsed=\"Click to expand: Why is finance knowledge essential for modeling real estate?\" data-aria_expanded=\"Click to collapse: Why is finance knowledge essential for modeling real estate?\">Why is finance knowledge essential for modeling real estate?<span class=\"toggle_icon\"><span class=\"vert_icon\"><\/span><span class=\"hor_icon\"><\/span><\/span><\/p><div id='toggle-id-2' aria-labelledby='toggle-toggle-id-2' role='region' class='toggle_wrap  av-title-above'   itemscope=\"itemscope\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" ><div class='toggle_content invers-color '  itemprop=\"text\" ><p>Because \u201creal estate modeling is essentially about predicting the future; the future cash flows of a real estate investment,\u201d a solid grasp of finance concepts such as time value of money, discount rates, and risk-return tradeoffs is critical.<\/p>\n<\/div><\/div><\/div><\/section>\n<section class='av_toggle_section av-faq3-e09443302a5d35a5a273c6dc34ed1074'  itemscope=\"itemscope\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" ><div role=\"tablist\" class=\"single_toggle\" data-tags=\"{All} \"  ><p id='toggle-toggle-id-3' data-fake-id='#toggle-id-3' class='toggler  av-title-above '  itemprop=\"name\"  role='tab' tabindex='0' aria-controls='toggle-id-3' data-slide-speed=\"200\" data-title=\"What are recommended resources for learning finance concepts?\" data-title-open=\"What are recommended resources for learning finance concepts?\" data-aria_collapsed=\"Click to expand: What are recommended resources for learning finance concepts?\" data-aria_expanded=\"Click to collapse: What are recommended resources for learning finance concepts?\">What are recommended resources for learning finance concepts?<span class=\"toggle_icon\"><span class=\"vert_icon\"><\/span><span class=\"hor_icon\"><\/span><\/span><\/p><div id='toggle-id-3' aria-labelledby='toggle-toggle-id-3' role='region' class='toggle_wrap  av-title-above'   itemscope=\"itemscope\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" ><div class='toggle_content invers-color '  itemprop=\"text\" ><p>Two suggested MOOC courses are:<\/p>\n<p>Introduction to Time Value of Money by Gautam Kaul (University of Michigan)<\/p>\n<p>Introduction to Corporate Finance by Michael Roberts (Wharton School)<br \/>\nThese are often free and provide high-quality instruction from top business schools.<\/p>\n<\/div><\/div><\/div><\/section>\n<section class='av_toggle_section av-faq4-a464f77c8ed0f17b5cae238f1e595003'  itemscope=\"itemscope\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" ><div role=\"tablist\" class=\"single_toggle\" data-tags=\"{All} \"  ><p id='toggle-toggle-id-4' data-fake-id='#toggle-id-4' class='toggler  av-title-above '  itemprop=\"name\"  role='tab' tabindex='0' aria-controls='toggle-id-4' data-slide-speed=\"200\" data-title=\"Why is mastering real estate principles important for modeling?\" data-title-open=\"Why is mastering real estate principles important for modeling?\" data-aria_collapsed=\"Click to expand: Why is mastering real estate principles important for modeling?\" data-aria_expanded=\"Click to collapse: Why is mastering real estate principles important for modeling?\">Why is mastering real estate principles important for modeling?<span class=\"toggle_icon\"><span class=\"vert_icon\"><\/span><span class=\"hor_icon\"><\/span><\/span><\/p><div id='toggle-id-4' aria-labelledby='toggle-toggle-id-4' role='region' class='toggle_wrap  av-title-above'   itemscope=\"itemscope\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" ><div class='toggle_content invers-color '  itemprop=\"text\" ><p>Accurate models rely on strong assumptions. \u201cIf your assumptions are weak, the results will likewise be weak.\u201d Understanding terminology, valuation methods, pro forma setup, and deal structure is critical to producing reliable models.<\/p>\n<\/div><\/div><\/div><\/section>\n<section class='av_toggle_section av-faq5-598988f746d9260a0044396e41a9dda9'  itemscope=\"itemscope\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" ><div role=\"tablist\" class=\"single_toggle\" data-tags=\"{All} \"  ><p id='toggle-toggle-id-5' data-fake-id='#toggle-id-5' class='toggler  av-title-above '  itemprop=\"name\"  role='tab' tabindex='0' aria-controls='toggle-id-5' data-slide-speed=\"200\" data-title=\"What A.CRE resources help with learning real estate principles?\" data-title-open=\"What A.CRE resources help with learning real estate principles?\" data-aria_collapsed=\"Click to expand: What A.CRE resources help with learning real estate principles?\" data-aria_expanded=\"Click to collapse: What A.CRE resources help with learning real estate principles?\">What A.CRE resources help with learning real estate principles?<span class=\"toggle_icon\"><span class=\"vert_icon\"><\/span><span class=\"hor_icon\"><\/span><\/span><\/p><div id='toggle-id-5' aria-labelledby='toggle-toggle-id-5' role='region' class='toggle_wrap  av-title-above'   itemscope=\"itemscope\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" ><div class='toggle_content invers-color '  itemprop=\"text\" ><p>Helpful A.CRE resources include:<\/p>\n<p>A.CRE 101 Series<\/p>\n<p>Glossary of CRE Terms<\/p>\n<p>Deep Dive in Real Estate Series<\/p>\n<p>A.CRE Library of Real Estate Excel Models<\/p>\n<\/div><\/div><\/div><\/section>\n<section class='av_toggle_section av-faq6-2ea886bc6e6dce955279adfdad9300da'  itemscope=\"itemscope\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" ><div role=\"tablist\" class=\"single_toggle\" data-tags=\"{All} \"  ><p id='toggle-toggle-id-6' data-fake-id='#toggle-id-6' class='toggler  av-title-above '  itemprop=\"name\"  role='tab' tabindex='0' aria-controls='toggle-id-6' data-slide-speed=\"200\" data-title=\"How important is Excel in real estate modeling?\" data-title-open=\"How important is Excel in real estate modeling?\" data-aria_collapsed=\"Click to expand: How important is Excel in real estate modeling?\" data-aria_expanded=\"Click to collapse: How important is Excel in real estate modeling?\">How important is Excel in real estate modeling?<span class=\"toggle_icon\"><span class=\"vert_icon\"><\/span><span class=\"hor_icon\"><\/span><\/span><\/p><div id='toggle-id-6' aria-labelledby='toggle-toggle-id-6' role='region' class='toggle_wrap  av-title-above'   itemscope=\"itemscope\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" ><div class='toggle_content invers-color '  itemprop=\"text\" ><p>Excel is the most universally used tool in real estate financial modeling. Even though tools like ARGUS exist, Excel remains the industry standard and mastering it is non-negotiable for real estate modelers.<\/p>\n<\/div><\/div><\/div><\/section>\n<section class='av_toggle_section av-faq7-72fa9891c271dd0a82cd9903f3fb5b4b'  itemscope=\"itemscope\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" ><div role=\"tablist\" class=\"single_toggle\" data-tags=\"{All} \"  ><p id='toggle-toggle-id-7' data-fake-id='#toggle-id-7' class='toggler  av-title-above '  itemprop=\"name\"  role='tab' tabindex='0' aria-controls='toggle-id-7' data-slide-speed=\"200\" data-title=\"What Excel resources are suggested by experience level?\" data-title-open=\"What Excel resources are suggested by experience level?\" data-aria_collapsed=\"Click to expand: What Excel resources are suggested by experience level?\" data-aria_expanded=\"Click to collapse: What Excel resources are suggested by experience level?\">What Excel resources are suggested by experience level?<span class=\"toggle_icon\"><span class=\"vert_icon\"><\/span><span class=\"hor_icon\"><\/span><\/span><\/p><div id='toggle-id-7' aria-labelledby='toggle-toggle-id-7' role='region' class='toggle_wrap  av-title-above'   itemscope=\"itemscope\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" ><div class='toggle_content invers-color '  itemprop=\"text\" ><p>Beginner: A.CRE\u2019s Definitive Guide to Excel for Real Estate, Microsoft\u2019s beginner playlists, A.CRE Endorsements<\/p>\n<p>Intermediate: 15-segment YouTube tutorial, Excel Skills for Business (Intermediate I)<\/p>\n<p>Advanced: A.CRE Accelerator, advanced tutorials, and leveraging AI tools like ChatGPT for personalized help<\/p>\n<\/div><\/div><\/div><\/section>\n<section class='av_toggle_section av-faq8-56a1447ec9164b0b235d633f2d594fbe'  itemscope=\"itemscope\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" ><div role=\"tablist\" class=\"single_toggle\" data-tags=\"{All} \"  ><p id='toggle-toggle-id-8' data-fake-id='#toggle-id-8' class='toggler  av-title-above '  itemprop=\"name\"  role='tab' tabindex='0' aria-controls='toggle-id-8' data-slide-speed=\"200\" data-title=\"How can AI tools help you learn Excel faster?\" data-title-open=\"How can AI tools help you learn Excel faster?\" data-aria_collapsed=\"Click to expand: How can AI tools help you learn Excel faster?\" data-aria_expanded=\"Click to collapse: How can AI tools help you learn Excel faster?\">How can AI tools help you learn Excel faster?<span class=\"toggle_icon\"><span class=\"vert_icon\"><\/span><span class=\"hor_icon\"><\/span><\/span><\/p><div id='toggle-id-8' aria-labelledby='toggle-toggle-id-8' role='region' class='toggle_wrap  av-title-above'   itemscope=\"itemscope\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" ><div class='toggle_content invers-color '  itemprop=\"text\" ><p>AI tools like ChatGPT, Claude, and Gemini can act as personal Excel tutors. They explain functions (e.g., OFFSET), help troubleshoot, write formulas or VBA code, and guide you through model-building logic.<\/p>\n<\/div><\/div><\/div><\/section>\n<section class='av_toggle_section av-faq9-61ee5d1b1bb746cef60b2e0f0ded9aa3'  itemscope=\"itemscope\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\" ><div role=\"tablist\" class=\"single_toggle\" data-tags=\"{All} \"  ><p id='toggle-toggle-id-9' data-fake-id='#toggle-id-9' class='toggler  av-title-above '  itemprop=\"name\"  role='tab' tabindex='0' aria-controls='toggle-id-9' data-slide-speed=\"200\" data-title=\"Is the A.CRE Accelerator required to learn real estate modeling?\" data-title-open=\"Is the A.CRE Accelerator required to learn real estate modeling?\" data-aria_collapsed=\"Click to expand: Is the A.CRE Accelerator required to learn real estate modeling?\" data-aria_expanded=\"Click to collapse: Is the A.CRE Accelerator required to learn real estate modeling?\">Is the A.CRE Accelerator required to learn real estate modeling?<span class=\"toggle_icon\"><span class=\"vert_icon\"><\/span><span class=\"hor_icon\"><\/span><\/span><\/p><div id='toggle-id-9' aria-labelledby='toggle-toggle-id-9' role='region' class='toggle_wrap  av-title-above'   itemscope=\"itemscope\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" ><div class='toggle_content invers-color '  itemprop=\"text\" ><p>No, it\u2019s not required, but it streamlines the learning process. The A.CRE Accelerator fuses finance, real estate, and Excel through 17 case-based courses to get students modeling proficiently in under 3 months.<\/p>\n<\/div><\/div><\/div><\/section>\n<\/div>\n<hr \/>\n<div  class='av_promobox av-av_promobox-87802d2873acb8d8359d8fe913015aa2 avia-button-yes'><div class='avia-promocontent'><section class=\"author-bio\" aria-label=\"About the Author\">\n<p><strong>About the Author:<\/strong> Spencer Burton is Co-Founder and CEO of <a href=\"https:\/\/www.creagents.com\" target=\"_blank\" rel=\"noopener\">CRE Agents<\/a>, an AI-powered platform training digital coworkers for commercial real estate. He has 20+ years of CRE experience and has underwritten over $30 billion in real estate across top institutional firms.<\/p>\n<p>Spencer also co-founded Adventures in CRE, served as President at Stablewood, and holds a BS in International Affairs from Florida State University and a Masters in Real Estate Finance from Cornell University.<\/p>\n<\/section>\n<\/div><div  class='avia-button-wrap av-av_button-9c5c269a4aca87dcc1972f23335155c9-wrap avia-button-right '><a href='https:\/\/www.adventuresincre.com\/contact-us\/'  class='avia-button av-av_button-9c5c269a4aca87dcc1972f23335155c9 av-link-btn avia-icon_select-no avia-size-large avia-position-right avia-color-theme-color'  target=\"_blank\"  rel=\"noopener noreferrer\"  aria-label=\"Contact Spencer\"><span class='avia_iconbox_title' >Contact Spencer<\/span><\/a><\/div><\/div>\r\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>We&#8217;re often asked by our readers how we learned to be proficient in real estate financial modeling. The question usually arises because the person wants to know how to model real estate in Excel to either land a job in commercial real estate (e.g., private equity, development, acquisition, debt) or to analyze their own deals. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":600659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[12,16,18,303],"tags":[214,224,243,281],"class_list":["post-833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-re-education","category-careers","category-re-modeling","category-a-cre-101-basic-concepts-in-commercial-real-estate","tag-excel-model","tag-careers","tag-interviewing","tag-real-estate-fundamentals","pmpro-has-access"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.3.1 (Yoast SEO v25.3.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Learning Real Estate Financial Modeling in Excel - A.CRE<\/title>\n<meta name=\"description\" content=\"How to become proficient in real estate financial modeling. 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The question usually arises because the person wants\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.adventuresincre.com\/fundamentals-of-modeling-real-estate-in-excel\/\" \/>\n<meta property=\"og:site_name\" content=\"Adventures in CRE\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/adventuresincre\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-18T12:00:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-26T16:32:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/master-a-skill.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1101\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Spencer Burton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@spencerburtonre\" \/>\n<meta name=\"twitter:site\" content=\"@creadventures\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Spencer Burton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.adventuresincre.com\/fundamentals-of-modeling-real-estate-in-excel\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.adventuresincre.com\/fundamentals-of-modeling-real-estate-in-excel\/\"},\"author\":{\"name\":\"Spencer Burton\",\"@id\":\"https:\/\/www.adventuresincre.com\/#\/schema\/person\/4b1e13650649fb6e714cf855c2b27c67\"},\"headline\":\"Learning Real Estate Financial Modeling in Excel (Updated Oct 2024)\",\"datePublished\":\"2024-10-18T12:00:42+00:00\",\"dateModified\":\"2025-06-26T16:32:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.adventuresincre.com\/fundamentals-of-modeling-real-estate-in-excel\/\"},\"wordCount\":2352,\"publisher\":{\"@id\":\"https:\/\/www.adventuresincre.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.adventuresincre.com\/fundamentals-of-modeling-real-estate-in-excel\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/master-a-skill.jpg\",\"keywords\":[\"Excel Model\",\"Careers\",\"Interviewing\",\"Real Estate Fundamentals\"],\"articleSection\":[\"RE Education\",\"Careers\",\"Real Estate Financial Modeling\",\"A.CRE 101 - Basic Concepts in Commercial Real Estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.adventuresincre.com\/fundamentals-of-modeling-real-estate-in-excel\/\",\"url\":\"https:\/\/www.adventuresincre.com\/fundamentals-of-modeling-real-estate-in-excel\/\",\"name\":\"Learning Real Estate Financial Modeling in Excel - A.CRE\",\"isPartOf\":{\"@id\":\"https:\/\/www.adventuresincre.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.adventuresincre.com\/fundamentals-of-modeling-real-estate-in-excel\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.adventuresincre.com\/fundamentals-of-modeling-real-estate-in-excel\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.adventuresincre.com\/wp-content\/uploads\/2022\/11\/master-a-skill.jpg\",\"datePublished\":\"2024-10-18T12:00:42+00:00\",\"dateModified\":\"2025-06-26T16:32:41+00:00\",\"description\":\"How to become proficient in real estate financial modeling. 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Founded by institutional real estate professionals, A.CRE provides training programs, case-based courses, Excel models, and industry insights that help CRE professionals and students gain the skills and knowledge to succeed. Its flagship offerings include the Real Estate Financial Modeling Accelerator, a comprehensive program for mastering underwriting and investment analysis, and AI.Edge, a curated membership that equips CRE professionals to lead the AI transformation in real estate. With millions of readers worldwide, A.CRE delivers practical resources, downloadable models, guides, and insights that bridge the gap between classroom theory and industry practice.\",\"email\":\"admin@adventuresincre.com\",\"foundingDate\":\"2015-08-01\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"11\",\"maxValue\":\"50\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.adventuresincre.com\/#\/schema\/person\/4b1e13650649fb6e714cf855c2b27c67\",\"name\":\"Spencer Burton\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.adventuresincre.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/bf709ef63125b3053fdadc6e3a5093ddbd5fe98a1ede0515a3efc86230c640b8?s=96&d=blank&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/bf709ef63125b3053fdadc6e3a5093ddbd5fe98a1ede0515a3efc86230c640b8?s=96&d=blank&r=g\",\"caption\":\"Spencer Burton\"},\"description\":\"Spencer Burton is the Co-Founder and CEO of CRE Agents, a Vertical AI Agentic Platform changing how work gets done in commercial real estate. With over 20 years of experience as a fiduciary, principal, and founder in real estate, he is a recognized expert in applying AI to CRE. His mission at CRE Agents is to give people back life\u2019s most precious asset\u2014time. By pushing repetitive tasks to AI-driven \u201cdigital coworkers\u201d, CRE Agents empowers professionals to focus on high-impact work, driving better returns and more fulfilling careers. Prior to CRE Agents, Spencer served as President and founding team member of Stablewood, a multi-strategy institutional real estate investor leveraging AI, machine learning, and data analytics. At Stablewood, he co-developed an AI-enabled digital coworker that underwrote and created investment memos for 50,000+ CRE transactions, equating to four years of work for 20 full-time analysts. Spencer is also the co-creator of Adventures in CRE (A.CRE), the industry\u2019s leading platform for financial modeling, education, AI learning, and career development. 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