Is anyone using Argus Developer (not any of the other Argus platforms like AE) for their pro forma needs? Is there any transfer to excel at any point? For instance, to calculate waterfall returns (since Argus is notorious for being shit at this).
This would be from acquisition to construction start. May return on the back end to understand returns, but once construction starts, budgets are locked in and accounting takes over.
For context, at a new company that has Argus Developer, but no one really knows how to use it well. Pretty much deciding if we should use Argus Developer or scrap it and use excel, so any advice or thoughts would be helpful. Personally, in all previous positions I've only used excel for my pro forma needs.
Thanks.
I find it rather mind blowing how a Development modeling program isn’t more widely used. Whether the Argus software for it sucks or not, it’s still crazy how no one has created a better one. Being able to efficiently model all costs that go into a development from construction to the actual investment through a full development cycle seems just as valuable as modeling a stabilized Office property.
I think the big thing right now is that you can do all of that in Excel.
Real Estate modeling isn't rocket science. Sure, a dedicated program could do it better, but a lot of the top dogs in real estate can't even model in excel, much less learn an entirely new program.
I think that:
1) Everyone looks at things slightly differently and no one wants to share what they think gives them an edge. If there is a best model out there, they sure as heck aren't going to share it, because,
2) It's too easy to copy an excel model and distribute. Hence it's hard to monetize a good excel model.
2) No other all-in-one product right now is as responsive and easy to use / manipulate than Excel. Argus is probably the 2nd most widely used proforma tool, and it's pretty clunky.
3) Like CRE said, real estate modeling isn't rocket science.
I was trained on it years ago, part of add on day with DCF training. I found it to be clunky for commercial development, it was really built for homebuilders and didn't integrate with Argus DCF (now Enterprise) the way it needed to for real usefulness. This was like 8 years ago, maybe it's better now, but I get the impression Argus has given up on making it a major platform. Most developers do great with excel and Argus Enterprise, so difficult upsell for a lot of firms.
No. Excel is sufficient.
Thanks for the input.
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