About Spencer Burton
Spencer Burton is the Co-Founder and CEO of CRE Agents, a Vertical AI Agentic Platform changing how work gets done in commercial real estate. With over 20 years of experience as a fiduciary, principal, and founder in real estate, he is a recognized expert in applying AI to CRE. His mission at CRE Agents is to give people back life’s most precious asset—time. By pushing repetitive tasks to AI-driven “digital coworkers”, CRE Agents empowers professionals to focus on high-impact work, driving better returns and more fulfilling careers.
Prior to CRE Agents, Spencer served as President and founding team member of Stablewood, a multi-strategy institutional real estate investor leveraging AI, machine learning, and data analytics. At Stablewood, he co-developed an AI-enabled digital coworker that underwrote and created investment memos for 50,000+ CRE transactions, equating to four years of work for 20 full-time analysts.
Spencer is also the co-creator of Adventures in CRE (A.CRE), the industry’s leading platform for financial modeling, education, AI learning, and career development. Through A.CRE, he’s trained thousands of professionals at some of the world’s top companies and universities.
Spencer has built a reputation as an innovator and thought leader in CRE. He has held senior roles at top institutional firms, helped launch two successful startups, and deployed automation across brokerage, development, acquisitions, debt production, and management.
Spencer holds a Bachelor’s in International Affairs with an emphasis in economics from Florida State University and a Master’s in Real Estate with a concentration in finance from Cornell University.
Entries by Spencer Burton
Watch Me Build – IRR Partitioning in Excel
In this post, I’d like to show you how to partition the internal rate of return of your real estate investment in Excel. I also throw in a quick equity multiple partition, to highlight how the time value of money affects your returns. I’ve recorded a short Watch Me Build video tutorial to illustrate the […]
Announcing the New A.CRE Help Section
At A.CRE, we receive thousands of emails every month from our readers, users of our financial models, and our Accelerator members. The topics of those emails range from career advice, consulting requests, and questions about the Accelerator, to technical issues, bug reports, and modeling questions. And while our administrative staff does a phenomenal job of […]
Watch Me Build – Capital Stack with Mezzanine Debt
One of the more difficult aspects of modeling a real estate development is figuring out how to handle equity and debt cash flows. This becomes all the more difficult when a second tranche of debt is introduced. In this Watch Me Build video, I turn on my screen recorder and talk through modeling a capital […]
Real Estate Financial Modeling Using Google Sheets
Virtually every real estate firm in the world uses Microsoft Excel to analyze real estate. It’s the industry standard and if you work in real estate you better know how to model real estate in Excel. So regardless of whether you love Excel or hate it, the hard truth is that this fact isn’t going […]
Permanently Remove “Update Links” Alert in Real Estate Excel Models
There are few Excel experiences more frustrating than getting that “this workbook contains links to one or more external sources” alert and not being able to find/break the external links causing it. In this tutorial, I teach you five steps to fix the problem. In the video that follows the written instructions, I fix the […]
Watch Me Build a Tenant Rollover Analysis Model
The feedback has been positive on the ‘Watch Me Build a Multifamily Model’ video I recorded earlier this year. So I thought I’d follow that up with another. This time I build a Real Estate Tenant Rollover Analysis Model and talk through the methodology, keyboard shortcuts, and formulas I use as I build the model. […]
All-in-One (Ai1) Walkthrough #2 – Office, Retail, Industrial Rent Roll Tab
This walkthrough, our second in the series, will detail how to use the office/retail/industrial rent roll (see ORI-RR Tab). The rent roll tab is arguably the most important, and most complex, tab in the All-in-One model. Below we post a video of the walkthrough together with a brief description of the key components of this tab. Video […]
Watch Me Build a Multifamily Real Estate Model (Updated Feb 2020)
One way to become a better real estate financial modeling professional, is to watch other professionals model. I know in my career being able to physically see how others tackle different modeling problems has shaped my methods and made me better at what I do. I remember sitting with a friend, watching him zip back […]
Create Dynamic Sub-Property Type Drop-Down Menus in Excel
A few years ago, I created a tutorial on building smart drop-down menus in Excel using dynamic named ranges and data validation lists. This offered a great way to have drop-down menus in your model that could be easily changed by the user to fit their specific needs. But what about when you want a […]
Using VBA to Hide Rows in Excel
Over the next few minutes, I will show you two techniques for automatically hiding and showing rows in Excel using VBA code. These techniques I use regularly in my real estate financial models to make for a more intuitive user experience. In the past, I’ve created similar tutorials for hiding worksheets or creating dynamic buttons […]
Modeling a Mortgage Loan Assumption Using the All-in-One
I recently had a discussion in the All-in-One support forum about how to model a mortgage loan assumption using my All-in-One Model for Underwriting Acquisitions and Development. Prior to version 0.77, this required manually overriding various calculation cells (i.e. black font cells). So I updated the model to make handling assumable debt more intuitive. In […]
How to Create Dynamic, In-Cell Buttons and Toggles in Microsoft Excel
Creating intuitive, user-friendly, visually appealing models is one aspect of mastering real estate financial modeling. One way to make your models easy for people to use and more attractive in general is to use dynamic, theme-appropriate, in-cell buttons (ie. a button that changes text, font, background based on certain logic) and toggles (i.e. buttons to […]