What’s Next

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r jobs. They themselves may know people who have lost jobs. So we’re working to keep the morale of our associates up, to help them work smart and hard. We want them to know that if they hit all the items on price, product, promotions and passion, they’re doing the best they can.How is Riverstone […]

r jobs. They themselves may know people who have lost jobs. So we’re working to keep the morale of our associates up, to help them work smart and hard. We want them to know that if they hit all the items on price, product, promotions and passion, they’re doing the best they can.How is Riverstone coping with an extremely price-sensitive rental market?We know that if there is a $100 difference in rent between a current apartment and another one, a resident will move. So, in addition to giving the best customer service we can, we have to make sure our pricing is right. We may offer a new resident two months free rent or current residents one month free to renew. We also know that people like to be social, so we’re offering things like movie and game nights, or bringing in guest speakers on topics like physical fitness. We’re not having to spend a lot of money on those things, but it’s the idea of providing a sense of community that will keep residents around longer.Tell us a bit more about retaining residents.I know if I lose a current resident that could cost me a lot, so we’re very careful in how we price renewals. For prospective residents, we’re also offering our Pink Slip Program, where for about $8 or $10 a month, they have the peace of mind of knowing that if they lose their job, an insurance policy will pay $500 a month of their rent for up to two months. Some of our clients are accepting this and others aren’t.We’re also offering a Freedom Lease, which essentially waives the 60-day termination fee. And we’re allowing people to have increased occupancy. In some areas where you normally go with the one-bedroom standard of two adults plus a child under 18 months, we’ve actually made this two plus any child up to 18 years old as long as the local jurisdiction allows it and the owner agrees.We’re trying to make things more flexible. We want our residents and clients to know we know they’re going through tough times, and that we’re proactive in working with them.To comment, email [email protected]

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