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The Mastering the Modelling Test training program is meticulously designed to teach and guide users through a logical step-by-step process of how to create complex and flexible real estate financial models. The 12hrs CPD certified digital download training program interlinks the theoretical nature of real estate and the specialised Excel modelling skills needed to construct financial appraisals within a modelling test and workplace surrounding. The home study program allows users to complete the course flexibly based around work and their private lives.



This scenario based training program will be invaluable to those candidates applying for an Analyst position, as well as real estate professionals wishing to understand the concepts of real estate financial modelling.

Given the increased popularity of real estate investments within asset portfolios, investors now require that their employees possess the best practice techniques of analysing, forecasting and creating Excel real estate financial models.

Employers will test their applicant’s financial modelling skills via a real estate modelling test. Statistically, over two thirds of applicants will fail this part of the recruitment process and progress no further due to poor understanding of real estate modelling.

Written by a highly experienced team of real estate modelling experts, Mastering The Modelling Test program provides candidates with the essential skills needed to understand and conduct professional real estate financial analysis and will enable them to successfully pass the modelling test. 

Learn the following fundamentals of building Excel real estate financial models; data presentation; rental income assembly; multiple lease analysis, incl. rent reviews, lease renewals and expiries; rent-free and void period forecasting; CAPEX assembly; disposal values; debt finance; unlevered and levered performance metrics (IRR, equity multiple and NPV); risk and sensitivity analysis.

Please find below, program FAQ's, product details, course outline and product pictures.

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+ What is included in the program?

The digital download program includes a PDF guidebook and the corresponding Excel Workbook.

+ How long does it take to complete the program?

The length of time its takes a user to complete the program is heavily dependent on their real estate finance and Excel expertise. On average, users complete the program within a few days. The program can be completed offline, allowing users to complete the program flexibly around their work and private lives.

+ How do I purchase and download the program documents?

Once purchased, two emails will be sent to the designated email address. The first will include confirmation of the purchase and the password to open the documents. The second email includes a unique link to download the digital goods. This link will be active for 24hrs.

We recommend that users save a hard copy of all files to their computer and save an alternative version when completing the program. This eradicates accidental changes to the base model. Should errors occur, the 24hr link can be re-sent if asked.

+ Can the program be used on several devices?

Yes. The files are no different to regular PDF and Excel files. You can save them on several devices. However, the program can only be used by one user and not transferred to others. Password entries are monitored.

+ Does Bayrock Financial Modelling provide post-support services?

We do not offer dedicated post-support service. However, if you have questions during the program or shortly after completing, one of the team will happily advise.

+ Does the program include a completion certificate?

The registered user will receive a CPD certified completion certificate one month after purchase. The certificate can be used to register APC formal training hours to the value of 12 hours.

+ Is the program transferrable to other users?

No. The program is only available to one user. Should you require cross-company modelling training, we offer corporate lifetime modelling prorgram licenses.

+ Can I use the Excel model to run my own investment?

No. We do not take any responsibility for any financial investments made using any Services and Products provided by Bayrock Real Estate and its affiliate companies. The information and opinions contained in our Products and Services are provided for informational purposes only, are subject to change without notice, do not constitute advice and should not be relied upon in making (or refraining from making) any decision.


Who will benefit

  • Undergraduate and postgraduate students studying real estate and finance cognitive degrees

  • Candidates performing real estate modelling tests

  • Real estate investment analysts, associates and investors that use Excel on a daily basis

  • Senior real estate professionals wishing to grasp a deeper understanding of Excel-based real estate modelling

  • Professionals switching industries to real estate investments

  • APC candidates

  • Investment agents, research analysts, fund managers and fund accounts

Product details

  • Digital download containing;

    • 82 page step-by-step PDF training guidebook

    • Corresponding password protected and unlocked Excel workbook following a modelling test case study scenario

    • PDF and Excel PASSWORD received with the order confirmation email

  • CPD 12 formal hours certification

  • Training program requirement - Essential

  • Training program type - Course attendance not required. Able to study from the comfort of your own home.

  • Basic knowledge of Excel and finance is assumed

  • Access to Microsoft Excel and a PC is required. Compatible with Macintosh and Macintosh Excel. However, Macintosh shortcuts not included (all financial modelling and modelling tests will be performed using a PC)

  • Refunds not available (Terms and Conditions)


mastering the modelling test Outline

Mastering The Modelling Test training program will provide users a greater understanding of the following;

  • Learn modelling structures, modelling techniques and real estate theory

    • Introduction to real estate

    • Introduction to Excel and best practice techniques

    • Power modelling and Excel shortcuts

    • Design and model presentation

  • Transaction inputs and specifications

    • Hold periods

    • Target rates, incl. risk-free rates and risk premiums

    • Rental rates

    • Growth rates

    • Investment yields, e.g. initial and exit yields

  • Creation and presentation of transaction business plans

    • Current and future tenant lease events

    • Prospective void and rent-free periods

    • Current and future rental rates

    • Projected property values and equivalent yield calculations

    • Void cost and CAPEX budgeting

  • Modelling rent functions and multi-let cash flows for current and future business plans

    • Dates and time intervals

    • Modelling lease expires, lease renewals and upward only rent reviews

    • Incorporating void and rent-free periods

    • Rent function concept using logic functions, incl. IF and AND

    • Distribution of CAPEX, void and letting costs

  • Analysis of unlevered performance metrics

    • Profit margins

    • Cash on cash equity multiples

    • Internal Rate of Return (IRR)

    • Net Present Value (NPV)

  • Debt financing

    • Introduction to real estate debt financing, incl. loan to value, arrangement fees, loan repayment types (non-amortisation)

    • Construction of levered cash flows

    • Analysis of levered IRR, NPV, equity multiple and margin

  • Scenario analysis

    • Sensitivity analysis

    • Conditional formatting

    • Maximum property price analysis (goal seek)

  • Modelling test case study