Real estate development management software platform Rabbet on Tuesday (Sept. 21) announced that it’s partnering with accounts payable (AP) and payment automation solution AvidXchange on a program to improve invoice management for real estate developers.
Through the pairing, Rabbet’s technology will communicate with AvidInvoice, AvidXchange’s electronic invoicing solution, to cut down on duplicating invoice data to get them paid more quickly and with fewer mistakes.
“This partnership not only deepens our position within the real estate industry, but will also provide a better experience for Rabbet’s customers,” said Joe Fox, chief product officer of AvidXchange, in the joint announcement. “As we work together, our hope is that customers will see a significant impact on collaboration between their development teams and accounting teams, and transformation in their day-to-day invoice processes.”
AvidXchange will help Rabbet customers improve collaboration between accounting teams and maximize efficiency. Commercial real estate company Stream Realty Partners, a customer of both Rabbet and AvidXchange, is already seeing the benefits of the partnership.
“Now, with the partnership between Rabbet and AvidXchange, both our accounting team and the development team can trust their information and carry out their respective processes with ease,” said Albert Jarrell, partner and managing director of construction management for Stream Realty Partners, in the joint announcement. “By using both AvidXchange and Rabbet, managing invoices has become significantly more efficient.”
Rabbet CEO Will Mitchell is excited about the pairing with AvidXchange. “Our most recent construction payments report showed that slow payments cost the industry over $100 billion last year,” he said in the joint announcement. “By collaborating with AvidXchange, we are taking an exciting step toward our goal of streamlining payments in construction finance, allowing real estate development companies to save time, reduce errors and build stronger relationships with all project stakeholders.”
Meanwhile, RealPage recently launched Identity Verification, which it says is the first comprehensive tool for preventing fraud at multiple touchpoints across the leasing and payments process in real estate. The tool will save property management operators more than $30 per unit each year, according to RealPage officials.