Growing occupancy, revenue, and net operating income are all centered around selling available apartments at market rate.
In short, sales is the engine that drives revenue and how this machine performs is vital to the success of your organization.
Senior care execs are always making moves to accomplish that mission; however, it becomes increasingly difficult if you run an outdated community that is directly competing with new development who are running deep discounts for a fast fill up.
If you are a mid-sized operator, the task of keeping up the pace with techno-centric and corporate powerhouses can be daunting.
Whether it’s smaller apartments or a lack of lavish amenities, your circumstances can stifle your occupancy and revenue.
However, there is more than one way mid-sized operators can not only stay afloat, but also thrive.
Keep in mind, the strategies you’re about to receive reflect short-term, cash-generating ideas and long-term, sustainable techniques.
Establish short-term and respite care.
Respite care is ideal for Senior Living execs that manage communities with smaller apartments. During respite care terms, residents don’t require as much space. This effort also allows you to fill otherwise empty apartments and generate cash flow.
It’s simple to market respite care, as well. The buyers are under a large amount of stress, as they are busy caring for mom and dad in addition to working and oftentimes raising children. In your marketing messaging, make sure to highlight this struggle and emphasize how you’re the solution.
According to recent data from the Center for Disease Control:
- 90% of caregivers provide long-term care and receive no pay.
- 83% of this demographic is representative of family caregivers that would benefit from respite care services.
It’s clear that there is a major need for respite care communities, and you can take advantage of that need with your community space.
You simply need to provide these family caregivers with opportunities to rent out rooms, as smaller spaces are ideal for vacations and breaks.
And- don’t forget to share this new offering with your valuable referral sources who are working to reduce patient readmission.
Respite care is an ideal opportunity for residents to recover successfully to home.
Make smaller spaces a more affordable option.
Though I never recommend dropping prices on quality services, providing families and residents with more affordable housing options will establish full occupancy. This strategy is ideal for senior care execs that manage communities with a mixture of larger and smaller apartments.
In some instances, a smaller apartment is preferable.
If your resident is immobile or simply prefers a minimalist lifestyle, offering the ideal option only helps to establish full occupancy.
Additionally, be sure to promote common space as the resident’s playground; from movie night in the theater to milkshakes in the bistro, residents should see the community as a whole as their home.
Use your revenue to create a more modern property.
This strategy establishes the foundation for long-term, sustainable growth.
If mid-sized operators are going to compete and surpass larger operators in their local market service area, the property itself must adapt.
Implementing respite care services and offering more affordable smaller rooms generate more revenue.
I recommend using this revenue to invest in your existing property—i.e. making cosmetic changes and constructing larger rooms with more amenities.
Start with simple changes, such as…
- Painting rooms with a light color scheme, as these colors make spaces look more inviting and larger.
- Utilizing bright lighting, as this technique makes properties immediately more attractive.
- Adding large windows to rooms to give apartments a more open feel.
- Decorating with limited furniture to cut down on clutter and emphasize open space.
As the revenue flows in, use it to redesign and increase your space.
As well, revenue provides you with the opportunity to add new amenities. Benefits that make properties more attractive include…
- Swimming pools.
- PT & Exercise rooms.
- Libraries to include computer centers.
- Updated floor plans.
- Larger dining rooms.
- Therapy pools.
- Movie theaters.
Utilizing all of your community space to drive occupancy is vital to your long-term success and remaining competitive. Not certain what’s possible in your communities?
Let’s set aside some time to brainstorm!
Shoot me an email at email@example.com or text 813-390-3349 with your name and number, and we will set aside some time to work ON, rather than IN your business this week with the end goal to grow occupancy, revenue and net operating income- all while driving the resident experience!