Real Estate Financial Modeling, LLC

What Real Estate Financial Modeling, LLC does

Real Estate Financial Modeling, LLC (REFM) is a private Atlanta-based software and education company founded in 2009 by Bruce Kirsch that builds financial analysis tools and training for the commercial real estate (CRE) industry. Its product suite centers on (1) the Valuate® web-based CRE analysis platform featuring crash-proof computations and 1-click sharing; (2) a portfolio of Excel-based pro forma templates covering apartment, condominium, office/industrial/retail, hotel, land/housing, self-storage, private equity fund, and mortgage note transactions, priced from free Back-of-the-Envelope screening tools to $1,999 Professional bundles; and (3) the REFAI® certification program co-developed with Wharton Professor Emeritus Dr. Peter Linneman, delivered as Cohort ($3,299), Self-Paced ($1,999), or Custom ($5,499) formats, alongside an Excel for Real Estate Certification with three skill levels. Underlying content is anchored by the co-authored textbook 'Real Estate Finance and Investments: Risks and Opportunities' (Edition 5.3, adopted by 125+ universities).

REFM operates a hybrid go-to-market combining self-serve e-commerce at getrefm.com (with Affirm installment financing), a dedicated learning management system at courses.getrefm.com, enterprise direct sales for corporate training and consulting engagements, and university partnerships for on-campus instruction at top-tier institutions including Wharton, Harvard, MIT, and Georgetown. Its customer base spans individual CRE professionals (developers, investors, analysts, brokers), students and career changers pursuing REFAI certification, corporate training departments, and academic institutions. According to the company, REFM tools are used by 250,000+ professionals and have been involved in raising and placing billions of dollars of equity and debt capital for real estate transactions.

The firm is founder-owned and operated as an asset-light LLC with 1-10 employees and minimal disclosed external capital (a single $305,000 funding event in 2012). Revenue mechanics span one-time software licenses, recurring subscription and certification payments, professional services for consulting and corporate training, and textbook sales. REFM holds registered trademarks for REFM, Valuate®, and REFAI®, and its content distribution is reinforced by a 'Model for Success' blog with 500+ posts authored by Bruce Kirsch. No AI/ML capabilities, API offerings, or third-party model integrations are documented in available sources.

Name

Real Estate Financial Modeling, LLC

Legal name

Real Estate Financial Modeling, LLC

Website

https://getrefm.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Short description

REFM builds Excel-based and web (Valuate®) financial modeling tools plus the REFAI® certification and a co-authored CRE finance textbook for individual professionals, students, corporate training departments, and universities in the global commercial real estate industry.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Financial Modeling Software

NAICS

Custom Computer Programming Services (541511)

SIC

Investment Advice (6282)

akta.pro primary industry

Real Estate Strategy & Portfolio Consulting (Corporate/Institutional) (BPAJANAB)

akta.pro secondary industry

Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Commercial real estate modeling
• Real estate financial analysis
• Excel pro forma templates
• Real estate certification training
• Property investment valuation

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. Training and Certification Programs: Revenue from REFAI certification program (Cohort, Self-Paced, and Custom formats), Excel for Real Estate Bootcamp certifications, and self-study video tutorials. Includes tiered pricing for professionals, nonprofits, and academic/military personnel.
2. Software and Tools Sales: Sales of Excel-based real estate financial projection templates and Valuate® web platform subscriptions. Products include apartment, condo, office/industrial/retail, hotel, land/housing, self-storage, private equity fund, and mortgage note models at various price points from free BOTE tools to $1,499 professional versions.
3. Corporate Training Services: Direct enterprise sales of private coaching, in-person group training seminars, and customized corporate training solutions delivered to organizations.
4. Consulting and Auditing Services: Custom consulting engagements for real estate transaction financial modeling, model auditing, and bespoke analysis solutions.
5. Textbook Sales: Sales of 'Real Estate Finance and Investments: Risks and Opportunities' textbook authored by Peter Linneman and Bruce Kirsch, Edition 5.3, 457 pages, 26 chapters.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels6 records

Core offering

REFM develops and sells Excel-based pro forma modeling templates, the proprietary Valuate® web-based commercial real estate analysis platform, and the REFAI® certification program for commercial real estate finance professionals. The company also delivers self-study video tutorials, private coaching, corporate training, university curriculum, and consulting/model-auditing services to commercial real estate developers, investors, analysts, students, and financial institutions globally.

Product overview

Real Estate Financial Modeling, LLC offers a comprehensive suite of commercial real estate financial modeling products centered around three core pillars: (1) Valuate®, a web-based financial analysis platform for deal screening and presentation; (2) Excel-based pro forma templates (both free BOTE quick-screening tools and paid professional models) covering apartment, condominium, office/industrial/retail, hotel, land/housing, self-storage, private equity funds, and mortgage notes; and (3) REFAI® professional certification program co-taught by Dr. Peter Linneman and Bruce Kirsch. The company also provides training through self-study video programs, private coaching, corporate training, and college/university partnerships, along with consulting/auditing services and the textbook 'Real Estate Finance and Investments: Risks and Opportunities.'

Differentiator

Problem solved

Functional benefit

Brands

• Valuate®: Web-based commercial real estate financial analysis and marketing platform for property valuation and investment analysis.

Products and services

• Valuate®

Quantifiable outcome

• Trained thousands of students and professionals globally in Excel-based real estate financial modeling
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core, support and flagship.

• Linneman AssociatescoreStrategic or Co-development PartnerStrategic partnership with Dr. Peter Linneman's advisory firm Linneman Associates for co-development of the REFAI certification program and textbook 'Real Estate Finance and Investments: Risks and Opportunities'. The partnership leverages Linneman's 40+ years of academic and industry experience alongside REFM's online learning platform and modeling tools.
• AffirmsupportOthersPayment partnership providing installment financing options for REFAI certification courses (up to 12-month terms at 14.99-15% APR) and professional Excel model bundles. Enables customers to pay for education and tools over time rather than upfront.
• The Wharton School, University of PennsylvaniaflagshipStrategic or Co-development PartnerUniversity partnership where Dr. Peter Linneman served as Founding Chairman of Wharton's Real Estate Department and Albert Sussman Professor. REFM's founder Bruce Kirsch holds an MBA from Wharton. The institution serves as a key reference customer and content validation source for REFM's educational programs.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Argus Software (Altus Group): Argus is the dominant commercial real estate financial analysis software platform, offering Argus Enterprise for property valuation and cash flow modeling. It is the most direct competitor to REFM's Valuate platform and Excel templates at the institutional buyer level.
• Wall Street Prep: Wall Street Prep provides financial modeling training and certification programs used by investment banks, private equity firms, and corporations. It is a direct peer in the financial modeling training and self-study certification space, particularly for the Excel for Real Estate Certification and REFAI self-paced formats.
• Breaking Into Wall Street (BIWS): BIWS offers Excel and financial modeling training courses targeted at job seekers and professionals entering investment banking, private equity, and real estate. It overlaps with REFM's self-study video programs and bootcamp certifications.
• Corporate Finance Institute (CFI): CFI provides online financial modeling, valuation, and Excel training with industry-recognized certifications. It competes with REFM for the same professional development and certification budgets, particularly for self-paced learners and career switchers.
• CCIM Institute: CCIM is the leading industry-recognized commercial real estate designation with curriculum covering investment analysis and financial modeling. REFAI directly competes with CCIM for certification-driven training dollars and credibility among CRE professionals.

Broad incumbents

• Yardi Systems: Yardi is a broad commercial real estate software incumbent offering property management, accounting, and investment analysis tools used by institutional owners. It overlaps with REFM at the asset management and portfolio analysis layer, though Yardi's core focus is operational property management rather than transaction modeling.
• RealPage: RealPage provides a broad portfolio of commercial and multifamily real estate software including asset management, analytics, and investment modeling. It competes in the CRE software market with REFM but at a much wider operational scope beyond financial modeling.

Emerging players

• ProAPOD Real Estate Investment Software: ProAPOD offers downloadable real estate investment analysis software for cash flow, valuation, and cap rate analysis. It is a smaller, niche alternative to REFM's Excel models targeting individual investors and smaller operators.
• Udemy / Coursera Real Estate Finance Courses: Massive open online course platforms offering low-priced real estate finance, Excel modeling, and investment analysis courses. They compete at the entry-level price point for self-study learners and career changers, though typically without REFM's proprietary templates or certification credibility.

Others

• Urban Land Institute (ULI): ULI is the leading real estate industry membership and education organization offering courses, certifications, and research. It overlaps with REFM on the education and credentialing side, particularly for professionals pursuing continuing education and industry recognition.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/real-estate-financial-modeling
• Xx.com/brucerefm
• Facebookfacebook.com/realestatefinancialmodeling

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Real Estate Financial Modeling, LLC