Richman Property Services Introduces SureDeposit’s Program Across its Communities to Increase Occupancy
- Apr 13, 2009
By Anuradha Kher, Online News Editor Greenwich, Conn.–Richman Property Services Inc. has introduced SureDeposit’s risk management and marketing program throughout its national property management portfolio, which includes 11,000 units.Richman now offers SureDeposit to all its residents in communities across six states, including California, Colorado, Connecticut, Florida, Maryland and Texas. The Richman portfolio is comprised of conventional, affordable and senior housing properties.“Different companies use our program for different reasons; Richman wanted to increase occupancy across its communities,” SureDeposit President Richard Schreiber tells MHN. “The current economy has made our program even more compelling because property managers can successfully compete for residents in order to improve their occupancy rates by offering a lower-cost move-in option, and, at the same time, take concerted steps to better protect themselves against the inevitable losses caused by residents who vacate their apartments in advance of paying the last month’s rent or whose unit incurs damage beyond normal wear and tear,” Schreiber says.Under SureDeposit’s program renters pay an $87 one-time premium to the manager or owner instead of, say, a $500 refundable deposit. “This lowers the move-in cost, which is always important, but more so in this economy,” says Schreiber.According to Heather Kattelman, national training coordinator for Richman Property Services, Inc., which is leveraging the program for its marketing power, “SureDeposit has been a real boon to potential residents today because they can save a considerable amount of money upfront at move-in if they opt for the lower cost surety bond over paying a traditional security deposit. We have seen firsthand how attractive SureDeposit is to any residents who are mindful of their spending, especially at our lease-up communities.”Since the downturn in the economy began, says Schreiber, “many companies have been looking for creative ways to reduce their vacancy rates.” There are about 1 million units under agreement with the SureDeposit program.