CRE’s AI Moment: Hype, Hope, or Huge Opportunity? — A Recap of The Not Podcast Podcast with LD Salmanson, Co-Founder of Cherre

SKIP AHEAD TO:

• The Intersection of AI and Real Estate Investment
• Challenges of Implementing AI in CRE
• The Future of AI in Real Estate Transactions
• The Enduring Importance of Relationships
• Startup Growth, Sustainability, and Industry Dynamics
• In-House vs. Outsourced Technology
• The Evolving Role of Analysts in an AI World
• Automation and the Future of Decision-Making

In a standout episode of The Not Podcast Podcast, Michael Mandel, Co-Founder and CEO of CompStak, sits down with long-time friend LD Salmanson, Co-Founder and CEO of Cherre. The two seasoned proptech leaders dive deep into how artificial intelligence (AI) is impacting commercial real estate (CRE), what it takes to scale a startup sustainably, and why strong data foundations still matter more than ever.

Want to listen to (and watch) the full episode? Check it out below!

The Intersection of AI and Real Estate Investment

LD Salmanson kicks off the conversation with a clear message: AI is only as good as the data it’s built on. In real estate — a traditionally fragmented and analog industry — inconsistent, unstructured data often makes applying AI models difficult. Cherre tackles this head-on by aggregating and standardizing CRE data to give companies a reliable base for automation and analytics.

Michael Mandel echoes this, noting that CompStak’s obsession with data quality has always been a competitive advantage. “There’s nothing more important to us than clean data,” he says, emphasizing that AI models trained on flawed data can do more harm than good. Trustworthy insights start with trustworthy information.

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Challenges of Implementing AI in CRE

While many industries are racing ahead with AI, CRE lags behind due to inconsistent data formats and a lack of standardization. Salmanson explains that for AI to deliver real ROI in real estate, data needs to be not just available — but structured and interoperable.

Mandel adds that this gap creates a big opportunity. “Our job is to build tools that help professionals do complex analysis without needing to be data scientists.” He highlights how AI models like ChatGPT are making market intelligence more accessible, but only if the inputs are accurate and structured.

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The Future of AI in Real Estate Transactions

Looking forward, Salmanson sees AI streamlining time-consuming parts of the transaction process — from property valuations to risk assessments. As data gets better, he believes AI will eventually reduce friction across the real estate lifecycle.

Mandel agrees, pointing out that we’re already seeing early signs of this transformation. “AI can make sense of complex datasets in seconds,” he says. “That means faster decisions, smarter underwriting, and more competitive strategies — if you’ve got the data to back it up.”

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The Enduring Importance of Relationships

Despite the rapid rise of automation, both leaders stress that real estate will always be a relationship-driven industry. While AI can enhance decision-making, Salmanson and Mandel agree that trust, intuition, and human connection remain key — especially in high-stakes, high-value transactions.

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Startup Growth, Sustainability, and Industry Dynamics

Salmanson opens up about Cherre’s evolution from scrappy startup to enterprise-grade data platform. One of the most thought-provoking moments of the episode comes when Mandel asks: “If a startup is growing really fast, is it actually sustainable?”

Mandel notes that many early-stage companies chase rapid growth without stopping to ask whether their internal systems, team structure, or product roadmap can keep up.

“Just because you can scale quickly doesn’t mean you should,” Mandel warns. “You need to understand what you’re building, who you’re building it for, and whether your operations can support that growth over time.”

LD agrees, explaining that fast growth often masks foundational cracks. Startups need to be intentional about scaling — building infrastructure, hiring strategically, and staying focused on long-term value, not just short-term momentum.

Both emphasize that sustainable growth in proptech means building products that are defensible, solving real user problems, and evolving alongside your customers.

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In-House vs. Outsourced Technology

The episode also dives into a key tech strategy debate: build or buy? Salmanson advocates for developing core infrastructure in-house, especially when working with sensitive or proprietary data. He believes owning the tech stack allows startups to move faster, adapt quicker, and maintain control.

Mandel agrees, sharing that CompStak’s internal development approach has been essential to iterating quickly and keeping their data tools aligned with client needs.

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The Evolving Role of Analysts in an AI World

With AI accelerating across CRE, the traditional analyst role is shifting. Salmanson predicts that analysts will move from pulling reports to interpreting insights — becoming more like data strategists who focus on outcomes rather than inputs.

Mandel adds that AI won’t replace analysts — it will enhance them. By automating tedious tasks, analysts can dig deeper, ask better questions, and deliver more strategic guidance to their teams.

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Automation and the Future of Decision-Making

Wrapping up, both Mandel and Salmanson look ahead to a CRE future shaped by automation. From underwriting to benchmarking portfolio performance, AI will increasingly handle the heavy lifting — freeing up professionals to focus on relationships, strategy, and growth.

But they’re both clear: AI isn’t a silver bullet. It’s a tool — one that’s only as strong as the data and the people behind it.

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Listen to the full episode: