Key Takeaways
Redrock Residential is a development firm that focuses on high-end, garden-style multifamily buildings in Texas. The team wanted to make the development process more efficient by leveraging technology. As a small team, they wanted to stay lean and provide higher returns to their equity partners.
Challenges
Redrock’s development team managed their projects in Excel. They found that using spreadsheets for project management took far too long and often resulted in errors. They didn’t have a system of checks and balances to ensure that information was accurate, which was especially fundamental for budget management.
Additionally, the Redrock team wanted to position their organization for growth while remaining a lean team. Time-consuming, manual processes were holding them back from scaling.
Goals
- Intentionally employ efficient methods for leaner operations and higher returns
- Find developer-centric software to proactively manage budgets
- Future-proof the business with processes that scale
We were doing all of this on Excel and it wasn’t super accurate. It took a ton of time, there was plenty of human error, and there weren’t nearly enough checks and balances. Now Rabbet makes us really efficient. It gives us immediate knowledge in a platform that is easy to use and view.
~ Bibb Beale, Director of Development
Results
Since implementing Rabbet, the Redrock team tripled their projects in one year. As they’re building project budgets, the team can view funding sources in real-time. Rabbet allows the team to upload invoices to the platform and automatically connect them to the correct project. They can more easily track funding sources and forecast capital needs while anticipating budget changes and tracking project milestones. Rabbet’s easy-to-use reporting functionalities make it simple to update investors on project performance. Bibb Beale, the Director of Development at Redrock, said that the organization continues to scale since implementing the Rabbet platform: “We are much better equipped for growth with Rabbet.”
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