ARGUS Enterprise and Titleman do different jobs. ARGUS Enterprise is the lease-by-lease cash flow and valuation software an analyst builds a model in once the inputs are known; Titleman starts from an address or a deal package, assembles the inputs, and returns an underwriting with a live Excel model, every input sourced, in about an hour at the median. If your work is institutional lease-by-lease modelling, ARGUS is the right tool; if your bottleneck is the work before the model, Titleman is.
Updated 19 October 2026. Published by Titleman, which makes one of the tools compared. Written by the Titleman team with AI assistance (Claude). ARGUS facts are from Altus Group's own pages as checked on 19 October 2026; Titleman times are medians measured on our production runs over the 30 days to 13 October 2026.
Side by side
| Question | ARGUS Enterprise (Altus Group) | Titleman |
|---|---|---|
| The job | Commercial property valuation and cash flow forecasting, lease by lease | Property analysis: underwriting, comps, value opinion, feasibility, due diligence |
| What you give it | Lease data, market leasing assumptions, yields and expenses, entered or imported by an analyst | An address, or the OM, rent roll and T-12 |
| What comes back | A cash flow model, a valuation, and reports from a library of 40+ | A memo, a live Excel model, and a deck or PDF on request |
| Time to first result | Set by the analyst building the model; Altus states none | About an hour for an underwriting, about 20 minutes for comps (medians) |
| Excel | Its own model format and reports | A live-formula workbook is the main output |
| Where figures come from | The assumptions the analyst enters | The property record from 2,100+ sources and your documents, each input with its source and date |
| Who it is for | Investors, asset and portfolio managers, valuers, researchers | Investors, lenders, brokers, developers and owners working a specific deal |
| Where it stops | Assumes the inputs are already assembled | No lease-by-lease engine; not an appraisal |
| Pricing model | Tiered, asset-based subscription to ARGUS Intelligence Platform | Agreed with each firm after a demo |
What ARGUS Enterprise does well
Altus Group describes ARGUS as the industry standard, taught in more than 200 universities and colleges, and that matches what most CRE teams have seen. On its product page, ARGUS Enterprise (now part of ARGUS Intelligence Platform) models leases one by one across office, industrial, retail and multifamily, with market leasing assumptions for new, vacant and renewing space. It supports discounted cash flow, traditional capitalisation, term and reversion and initial yield valuations, debt modelling for levered returns, budgets against actuals, what-if and sensitivity analysis, and more than 40 standard reports. The platform also includes ARGUS Assist, which Altus describes as an AI chat to query, update and analyse your model.
On a 30-tenant office building where the reimbursement structure is the valuation, nothing on this page replaces that.
Where the work actually sits
An ARGUS model starts after someone has established the inputs: the parcel and owner, what the property traded for, which comps are truly comparable, what the rent roll says against the T-12. On most deals that work takes longer than building the model, and a property that fails on zoning or ownership never needed a model at all.
That is the job Titleman does. From an address or a package it returns a memo and a workbook with a 10-year pro forma, sources and uses, a loan schedule, coverage, debt yield, cash-on-cash, IRR and equity multiple, and sensitivity grids, all as live formulas. Every input shows its source and date and every result shows its formula. A median underwriting run over the 30 days to 13 October 2026 carried about 1,000 data points, 164 of them named as missing rather than filled.
Choose ARGUS if, choose Titleman if
Choose ARGUS Enterprise if the asset is multi-tenant and the leases drive value; a lender, buyer or valuer expects an ARGUS file; or your process runs on valuation cycles, budgets and portfolio reporting built around the model.
Choose Titleman if you screen more deals than you model, the slow part is assembling and checking inputs, or you need a sourced first answer on a property in about an hour. Titleman also edits your own Excel models by typing: upload a workbook of up to 40 MB, see each change before it is applied, and keep formulas intact. We tested it on a 17-sheet model with 2 million formulas.
Two limits on our side: Titleman does not export an ARGUS file, and its memo does not state a final price or a buy or sell verdict. The numbers and methods sit in the Excel.
Using both
The common pattern is a funnel. Titleman runs on every deal that arrives and returns the record, comps and a first underwriting. The few that survive go to an analyst in ARGUS with their inputs already gathered and sourced. For lease rollover on the survivors, see lease-by-lease rollover risk.
Related reading
- AI tools for commercial real estate, grouped by job
- Choosing an ARGUS alternative
- Titleman vs ChatGPT for real estate underwriting (2026)
- Real estate underwriting with AI
FAQ
Is Titleman a replacement for ARGUS Enterprise?
Not for lease-by-lease modelling. ARGUS Enterprise is built to model every lease of a multi-tenant asset with market leasing assumptions and several valuation methods. Titleman does not have a lease-by-lease engine. It does the work before and around the model: the property record, comps, reading the rent roll and T-12, and a live Excel underwriting with every input sourced.
When is ARGUS the right tool?
When the asset is multi-tenant and the leases drive the value, when a lender, buyer or valuer expects an ARGUS file, and when your process runs on budgets, reforecasts and portfolio reports. Altus Group describes ARGUS Enterprise as covering all of these.
How long does a Titleman underwriting take?
About an hour at the median, from request to delivered files, measured on production runs over the 30 days to 13 October 2026. The slowest tenth took about an hour and a half. Comps alone took about 20 minutes at the median.
Can Titleman export an ARGUS file?
No. Titleman's model is an Excel workbook with live formulas: rent roll to stabilised net operating income, sources and uses, a loan schedule, returns and sensitivity grids. Figures move into ARGUS by your team's own process.
Can teams use ARGUS and Titleman together?
Yes, and many deal flows suit it: Titleman for the first look on every deal and the assembled inputs, ARGUS for the assets that go to full lease-by-lease modelling.