Cheryl Martin is vice president of property management at Picerne Real Estate, a development and management firm headquartered in Warwick. The company operates apartments in Rhode Island, Arizona and Nevada.
It recently awarded free rent for a year to two Rhode Island tenants as part of a promotional campaign.
Martin recently spoke with the Providence Business News about the free rent and the apartment market in general.
PBN: You recently ran two drawings that awarded a year’s worth of free rent. Why?
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MARTIN: With the low housing prices in Rhode Island due to foreclosures and short sales, we knew we had strong competition for tenants. We recently embarked on a three-year, $26 million upgrade of many of our Rhode Island properties, but we wanted to do more. We felt that this was a creative promotion that would have a positive impact on our Rhode Island real estate portfolio as well as have an “once-in-a-lifetime” impact on two families that have chosen to call one of our communities home. It was well received by residents and prospects alike. We are currently working on a 2010 promotion! Stay tuned.
PBN: Have you found the need to increasingly turn to creative marketing techniques to remain competitive in this economic environment?
MARTIN: Due to the competitive nature of our business we have always worked hard to stay ahead of the curve and maintain an above-average market share in the good economic times as well as in those more stagnant.
PBN: Picerne operates apartments in Arizona and Nevada as well as Rhode Island. How is the apartment market in those states compared to the Ocean State?
MARTIN: The national economic crisis has left few areas unscathed. As Rhode Island has been plagued with the challenges associated with high unemployment rates, the Nevada market has been faced with devastating cuts to the service industries as a result of cutbacks in travel and tourism as well as many businesses cutting back on conventions and trade shows.
PBN: Does it help that Picerne is a family-owned company?
MARTIN: Absolutely. The Picerne family is in its third generation of leadership and has been in business since 1925. The family’s commitment to holding assets long term provides stability to the 4,500 plus households and commercial businesses that choose Picerne. Residents and commercial tenants have no concerns that the properties will be sold to another company in which they may find an unpleasant transition, which often results in a change of management or ownership. Additionally, the family truly cares about their legacy and is very much involved in the day-to-day operations of the properties, another rarity in today’s corporate world.
PBN: Any advice to those seeking an apartment in Rhode Island?
MARTIN: Do your homework, choose a good location, then consider value and service.
