Jan 30, 2021

As an experienced real estate underwriter, I use ARGUS Enterprise a lot at work. I am fascinated by what ARGUS Enterprise can achieve and determined to study the logic behind this software. Finally, I figure no matter how complex the background calculations are, they consist of simple arithmetic – plus, minus, multiple, and division. A “crazy” idea came across my mind. Can I duplicate ARGUS Enterprise in an Excel spreadsheet? The answer is yes. After spending one year on research and development, I successfully duplicate 90% of ARGUS Enterprise in an Excel spreadsheet, which is called ARGUS Excel Model.

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ARGUS Excel Model is more flexible than ARGUS Enterprise in many ways. This advantage comes with Excel as people can view the formula and trace back the logic in Excel. Additionally, people can modify the formula in ARGUS Excel Model if needed. In contrast, ARGUS Enterprise is often considered a “black box” because people can neither make changes nor see how the numbers are calculated.


If I use ARGUS Enterprise for underwritings, only people with ARGUS Enterprise can view my assumptions. However, almost everybody has Excel installed on their computers. ARGUS Excel Model is considered universally compatible as it is an Excel-based application.


Last but not least, ARGUS Enterprise charges an annual services fee while ARGUS Excel Model charges a one-time fee. Additionally, people are entitled to receive the latest version of ARGUS Excel Model for a lifetime upon purchase.