What's the point in argus?
Im a real estate broker, developer and investor. In high school I learned to be proficient in Excel and carried the knowledge to make spreadsheets which have answered a lot of my proprietary information, quickly. I can evaluate my buildings really fast by entering a few vairables.

  


However I feel like I've learned that. Ive borrowed, built and sold. And I want to test myself. So I was thinking of taking a course in Argus. Am I wasting my time?

  


If so. What should I learn. Im a 20 year veteran of this game.
[{"id": "eko9an0", "text": "What kind of buildings are you underwriting. Argus is used for properties that have more complicated leasing, with lots of different tenants with different lease structures and terms.", "replies": [{"id": "ekobg05", "text": "Retail and industrial. Very simple buildings to model honestly.", "replies": [{"id": "ekobngi", "text": "I am guessing smaller retail buildings with a handful of tenants and simple rent structure.\n\nArgus is helpful when you have a really big shopping center with lots of spaces.", "replies": [], "depth": 3}, {"id": "ekox4g1", "text": "Yeah, try and do that with a 700, 000 sf office tower with 80 unique leases", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "eko9bjb", "text": "Yes, Argus will be a waste for you. The value in Argus is that it creates an easy/quick way to enter assumptions into a model and is a standard for a 3-rd party to look at exactly you underwrote the Asset, since all models are different. Argus doesn\u2019t do anything excel can\u2019t, but it does make it much easier to enter and manage multiple leases, with assumptions, for a building. \n\nHow proficient are you with excel? Have you worked on advanced models with senior/mezz debt, waterfall equity scenarios, etc? If not, try REFM. They have some awesome (paid) tutorials where they\u2019ll walk you through a gp/lp acquisition with a video, give you the blank model to fill in, and the final model. It\u2019s pretty interesting and might have you looking at larger deals with a partner.", "replies": [{"id": "ekobd3g", "text": "I haven\u2019t. I work strip malls and industrial in the 3-10mm range. There\u2019s just been no need to engineer anything like that.  I likely could but the opportunity hasn\u2019t arisen. \n\nIt sounds like a waste. Would love to pick up a new skill.", "replies": [{"id": "ekocvvl", "text": "If I\u2019m in your shoes I make strong relationships with a couple of local occupiers. Save my cash and wait for one of your good contacts to have a space need. You\u2019ll need to deliver for them a few times so you become their guy. Then I go out and buy an industrial/retail asset with them in tow as a tenant. The NOI on that property will skyrocket and you\u2019d be able to sell a couple years later with a much higher value. Lather, rinse, repeat....", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ekoa840", "text": "Argus makes sensitivity analysis much easier. It\u2019s really good for putting the cash flow together to push out to excel.\n\nFor example, you can use different leasing profiles with different probabilities of whether tenant stays or leaves. You can also have lease up assumptions for different spaces. There is really a lot you can do to mess around with different possibilities in the cash flows. It\u2019s also nice because every broker will send out their own Argus file when selling a building and you can see what assumptions they put in and obviously argue them.\n\nThe main takeaway is it is the best tool out there for putting together robust rent rolls and coming up with 10 yr cash flows but excel is king after that to do mostly everything else. No one will use Argus without excel but it\u2019s just a great tool all around", "replies": [{"id": "ekobk1g", "text": " Really interesting viewpoint. It feels very optional as a talent.  Is there something else you\u2019d invite me to learn instead?", "replies": [{"id": "ekoc94s", "text": "I would say it\u2019s more of a tool that can make certain analyses easier rather than a skill. It tends to make more sense the complex a rent roll gets. There is really nothing like Argus out there though I know CoStar just released a similar tool. So I can\u2019t really think of anything that would be similarly beneficial but it would be worth it to at least take a look how people use it. I\u2019m sure YouTube has some stuff or if you know others in the industry I\u2019m sure some might be willing to show you how they really utilize it(I personally had mentors in the industry initially show me it) It\u2019s just a really neat useful tool all around.\n\nWhat asset classes or products do you tend to focus on?", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ekw83po", "text": "Argus AE is a complicated piece of software.  Altus seemingly has made it so to bolster their own asset management business.  I use all kinds of software, but Argus AE is shocking in how it has tossed out every user interface standard over the past 30 years.\n\nBasically, if you aren't working with institutional grade assets, it is not really necessary. As an investor, if you play with Argus, you'll realize what BS DCF models can be.  You can tweek a few assumptions here and there and poof! Your asset is worth millions more.\n\nI'll take a solid direct capitalization over a BS DCF model anyday. Yes, the reimbursements are accurate, but it's rare I come across a property where it is hugely essential, except for institutional grade retail assets.\n\nWith lower quality assets, reimbursements are always sketchy.  Using Argus often results in overstated reimbursements in probably half the retail assets I look at.", "replies": [{"id": "ekwbfcg", "text": "Lol. You don't need Argus to make FMV 25 above reality.", "replies": [{"id": "ekwox2j", "text": "This is true. But it is much easier to conceal in Argus.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]