Jack Lingo Asset Management (JLAM) is a real estate investment and development firm that helps family offices, RIAs, and wealth investors build wealth through private real estate investments. JLAM’s investment partners rely on them to provide tech-forward solutions that give real-time insights into their investments and help them make informed decisions.
Challenges
JLAM’s previous generic project management software wasn’t tailored for developers. Like most CRE organizations, the accounting team dealt with a heavy load of paperwork and manual processes. Collaboration among departments suffered. Problems like messy contractor billing, challenges in providing accurate estimates based on look-back data, and field reports disconnected from overall project finances were slowing down their internal responsiveness and affecting investor satisfaction.
Additionally, the accounting team was faced with the challenge of data silos. Excel versioning made manual reconciliation time-consuming, and the risk associated with manual data entry required extra layers of review. With the possibility of missing or duplicate payments, accountants spent significant time fact-checking to ensure accuracy.
Goals
- Help Construction and Accounting departments collaborate in real time
- Get real-time insights to identify and mitigate issues in projects
- Decrease the time it takes to determine whether a change order/contract price can be accepted
As someone who led the onboarding of Jack Lingo Asset Management to the Rabbet platform, I cannot say enough about their customer support staff. They were quick to respond and thorough in investigating issues/questions that were specific to our company. They not only allowed us to go live quickly but are a continued resource as we utilize more of their platform to transform our processes.
~ Ian Goodenough, Controller
Results
With Rabbet’s document management functionality, all relevant documentation is centralized in one place. Now the team has instant access to view overages, get real-time budget overviews and updates, and quickly generate and customize reports. Teams can collaborate in real time without waiting for another department to pull a report. The Rabbet platform automatically scans documents and flags them for errors, reducing old manual processes. Plus, Rabbet’s easy-to-use change order log and budgeting feature gives JLAM a central source of record-keeping.
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