Livingston, NJ, and Chevy Chase, MD (PRWEB) January 25, 2008
SureDeposit, the nation's leading provider of security deposit alternatives to the multifamily industry, has announced that Richard Schreiber has joined the company as president. Schreiber will direct SureDeposit's continued growth into new and existing markets nationally and work with its executive management team to further refine the company's strategic plan as it approaches its second decade of operation.
"Rich brings a noteworthy track record for managing people and operations to SureDeposit," said SureDeposit CEO and Co-Founder Stuart Litwin. "He has long enjoyed an excellent industry reputation for his abilities to develop strategy, build businesses and strengthen client experiences. He is also known for bringing tremendous commitment, perseverance and an entrepreneurial mindset to his endeavors, and we look forward to his contributions at SureDeposit."
Schreiber brings more than 20 years of experience in management, operations, investment and lending/finance within the real estate and technology industries to SureDeposit. Schreiber co-founded RentPort/CreditRetriever, a leading resident credit screening company serving the multifamily industry. As president and COO, he maintained annual revenue growth of over 40% before he successfully sold the company to TransUnion, LLC, in 2004.
"Through SureDeposit's strategic marketing agreement with CreditRetriever, which we formalized in October 2001, we understood just how much Rich and SureDeposit shared the same vision to help multifamily owners and property managers improve their risk management picture," Litwin said. "He brings this same sensibility to SureDeposit and as president, will play a critical role in helping the industry to more proactively manage and reduce losses it sustains each year resulting from skipped rent or damages."
In addition to RentPort/CreditRetriever, Schreiber held various positions including vice president of originations with Fremont Investment & Loan, where he closed structured transactions valued at nearly $1 billion; vice president of the Archon Group, an entity of the Goldman Sachs Whitehall funds; regional development officer for London and Leeds, and development officer for a subsidiary of Simon Property Group. He earned a BA in economics and business from Lafayette College and an MBA in finance and real estate from the Wharton School of Business at the University of Pennsylvania.
"SureDeposit pioneered the security deposit alternative industry eight years ago and, in the process, has made great strides in helping the multifamily industry develop a better understanding of how to manage their unrecoverable debt, something it previously had considered a cost of doing business. At the same time, SureDeposit has been very successful in helping these same companies improve their ability to market their properties without concessions, while offering their residents the opportunity to move in at a much reduced cost," said Schreiber. "I am excited about the prospect of advancing those efforts to ensure that SureDeposit's program becomes as ubiquitous as traditional cash security deposits within our industry."
SureDeposit's surety bond guarantees the protection of the property and enhances property owners' risk management, while dramatically lowering residents' move-in costs. At lease signing, the resident chooses between paying the traditional security deposit directly to the property owner or a one-time, non-refundable bond premium to SureDeposit. If the resident selects the SureDeposit alternative, the bond, which costs a fraction of the traditional security deposit, covers the lifetime of his/her residency. Because the program is available nationally, residents can transfer their coverage to different communities within an owner's portfolio or renew their leases without incurring additional expenses.
At move-out, if the resident meets his rental obligations and vacates the apartment in good condition, he moves out without any further obligation. If, however, any lease-covered damages, rent loss or lease violations occur, owners file a claim with SureDeposit for prompt reimbursement of the debt amount up to the coverage limit. SureDeposit's surety bond provides a level of coverage to the community against such losses or lease violations that typically exceeds that of a traditional security deposit, allowing apartment owners and managers to reduce the amount of unrecovered debt and improve their NOI.
With more than one million units in nearly 3,300 communities under agreement, SureDeposit is the nation's leading provider of alternatives to traditional security deposits. Founded in 2000, SureDeposit is headquartered in Livingston, New Jersey, and has regional offices in Arizona, California, Florida, Georgia, Indiana, Maryland, Nevada, Rhode Island, and Texas.