## Cherry Leverages Data to Help Real Estate Companies Make Better Decisions
**Key Takeaways:**
– Cherry is a data-driven platform that helps real estate companies improve their decision-making by providing access to a central repository of information.
– The platform integrates with various existing tools used by different stakeholders in the real estate process, including accounting, leasing, underwriting, and CRM.
– Cherry allows companies to make faster decisions, improve collaboration between departments, and better understand the changing real estate market.
**Cherry’s Mission: Democratizing Data Access**
In a recent episode of Mission Matters, Adam Torres interviewed Kevin Stofman, Head of Innovation at Cherry, a data-driven platform focused on helping real estate companies make better decisions. Stofman highlights that, “Cherry’s mission is really to democratize data access when it comes to real estate.” He explains that by providing the right data at the right time to the right stakeholders, from investors to owners, operators, and managers, Cherry allows companies to make more informed and efficient decisions. Ultimately, this leads to “better decisions that are backed by information,” which helps improve how people interact with their built environment, whether living, working, or playing.
**Stofman’s Journey to the Data-Driven World**
Stofman’s career path demonstrates how a focus on data can be invaluable in the real estate industry. He began his career in financial services and didn’t initially see himself gravitating towards the data side of real estate. “I never thought I would really care much about data,” Stofman says. However, after the 2008 financial crisis, he found himself working with Ernst & Young’s real estate technology group. “I thought to myself, I’ll do this for a year while the market recovers… and I never returned.” Nine years later he was the head of prop tech for the US at Deoe, where he analyzed emerging companies and their potential value.
Through this experience, Stofman learned a crucial lesson. “The common denominator was… we’re making a lot of decisions based on the art and the science. We’ve been doing this a long time, we have a bunch of experience… Data’s great but data is not beating my gut because I don’t trust the consistency, security and completeness of the data that I’m looking at.” This realization solidified his belief in the power of accurate, reliable data in real estate decision-making.
**Cherry’s Value Proposition**
Cherry caters to large, complex companies in the real estate industry that often operate with multiple property types, life-cycle stages, geographic regions, and needs. The sheer volume of information and the diverse set of tools these companies use can make managing data a significant challenge. Cherry addresses this by integrating with existing tools and acting as a centralized data platform.
As Stofman describes, “We bring in all the information from those data sources into Cherry’s core platform and we become the centralized data store underneath the hood.” This allows users to access and analyze data through a variety of visual experiences, such as spreadsheets, dashboards, and maps.
**The Power of Visibility and Automation**
Cherry’s ability to provide access to centralized data empowers organizations to make faster, more informed decisions, fostering greater collaboration across departments. Stofman illustrates this point with a scenario where an executive might ask a question in a meeting. In the past, this might have resulted in a cascade of meetings and delays to gather information. With Cherry, “there was a visual experience… available to where if the executive asks a question in the meeting, it is answered during that meeting in the next 30 seconds.”
Beyond providing data for better decision-making, Cherry enables companies to automate processes that would otherwise require manual effort. This streamlines workflows, freeing up valuable time for strategic thinking and analysis.
**Cherry’s Focus on the Future of Real Estate**
As Stofman points out, “The Innovation often accelerates during crisis.” With the return-to-work situation still evolving and the real estate market experiencing a period of change, Cherry is well-positioned to help companies navigate this environment.
One of the most exciting trends for Stofman is the reimagining and repurposing of office space. He believes that “a lot of thought and capital is going to be put into” how buildings adapt to changing needs. This could involve converting office space into mixed-use buildings or multi-family buildings, or creating more walkable communities where people can live, work, and play in the same area. Cherry’s platform can help companies understand these trends and make informed decisions about how to adapt their portfolios.
**Final Thoughts**
Cherry is a key player in the evolution of real estate, transforming how companies access and utilize data. By offering a centralized platform with integration capabilities, Cherry helps companies make better decisions, improve collaboration, and navigate challenges in the changing real estate market.