The inside on outsourcing
Riverstone Residential launched a Pink Slip Protection insurance product that will pay up to $500 rent for up to two months for residents in participating Riverstone-managed properties, if they lose their jobs.
But other than downsizing CAS Construction, Portmann said corporate level turnover has been the result of normal company and voluntary attrition. "As you can imagine our voluntary attrition is down, and our involuntary attrition is pretty solid," she said.
Management's time to shine
Skies are gloomy for developers and construction personnel this year and show no signs of near-term clearing, but property managers are having their day in the sun. The good news is that the multifamily industry has a keen and renewed focus on property management as a way to preserve NOI and drive owners' overall ability to pay the loans on their property.
"In the past, management was a necessary evil. The big bucks came from transactions. Now that there are no transactions, we find our owners spending a lot more time on what's going on from a management standpoint at the property level," said Portmann.
That means business is booming for the second largest independently owned third-party property management company in the nation (according to
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