In an industry often bogged down by clunky processes, Alex Castro and his wife, both seasoned property managers, sparked an idea during an evening at home.
As they examined the prevalent issues surrounding the management of Requests for Proposals (RFPs), such as vendor sourcing and contract compliance, they recognized a shared frustration that plagued property managers everywhere.
“There’s nothing sexy about procurement,” Castro candidly mentioned during an interview with Refresh Miami.
However, what began as a casual conversation soon highlighted a crucial opportunity in the market, leading Castro to reconnect with his old friend and FIU fraternity brother, Martin Falconi.
Falconi, who has amassed over a decade of experience in procurement consulting for Fortune 500 companies, understood the complexity and high costs associated with traditional procurement systems.
But he also saw a gap: “How do we take what these big companies are doing, and build a simple, easy-to-use platform for the rest of the market?”
This inquiry laid the foundation for RFx Suite, a startup based in Miami that aims to provide AI-powered procurement tools tailored for small- and midsize property managers.
The platform simplifies the RFP process by allowing property managers to enter basic specifications, such as the number of units and project scope.
From there, RFx Suite’s AI technology generates a comprehensive RFP and helps users connect with relevant vendors while also inviting their own suppliers to participate.
Once proposals are submitted through the platform, AI technology extracts and compares details like pricing, project timelines, and compliance documents, streamlining the decision-making process.
Moreover, contracts can be created, analyzed for potential risks, and signed—all within the same tool, significantly enhancing efficiency.
RFx Suite has already reported impressive outcomes for its early adopters.
In one notable case, the platform saved a client a full day of administrative work per project over a 45-day period, cut procurement cycle times by 36%, and achieved $17,000 in savings through smarter negotiations.
The duo leveraged Bubble to build their platform, which allowed for rapid iteration and adaptation based on user feedback.
“When a beta user requests a feature, we can implement it and ship it within a couple of hours,” Castro noted, emphasizing their responsiveness to client needs.
Currently, RFx Suite is in its beta phase, with around 40 users that include both residential and commercial property management companies, as well as service providers in sectors like HVAC and landscaping.
Falconi highlights the advantage of their integrated approach, stating that in the enterprise world, companies often invest heavily in multiple tools for various aspects of procurement that fail to communicate with one another.
“We’re combining all of that into one simple workflow,” he explained.
The Miami connection is vital for RFx Suite, with both founders having deep ties to the city.
Castro has lived in Miami since 2003, while Falconi returned to the city after completing college.
The real estate scene in Miami, characterized by ongoing construction and rising costs, creates a pressing demand for property managers to make smarter, faster decisions—precisely where RFx Suite aims to help.
While the co-founders have thus far bootstrapped their business, they have recently joined Aligned Foundry, a program dedicated to supporting early-stage founders in balancing business growth with family life.
“It’s been great to get investor coaching without the pressure of a full raise,” Falconi shared about their current experience.
Looking ahead, growth remains a top priority for RFx Suite.
“We want to scale nationwide,” Castro stated, noting their focus on user satisfaction.
He added, “Every time a property manager tells us, ‘This saved me hours,’ or ‘I wish I had this years ago,’ that’s what keeps us going.”
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