What Today’s Senior Housing Market Means for Your Community

The senior housing market is anything but stable. National demographic trends, local population characteristics, and a variety of other factors can affect the occupancy and revenue of your senior care community.

In addition to market forces created by your future residents, your Senior Living operation is profoundly impacted by nearby competitors.

According to recent reports, the competition you experience now may only increase as the year progresses.

Just last month, Senior Housing News reported that Ventas, a real estate investment firm with a stake in the senior housing industry, has announced that they expect increased competition. As the article explains…

“Citing more new supply expected to hit the market in 2017, Ventas executives said…they were anticipating a significant hit in occupancy and a dip in net operating income within nearly one-third of its senior housing operating portfolio.”

On top of that, Senior Housing News has also reported the results of a recent survey revealing that 75% of senior housing executives are likely to pursue a construction project in 2017.

As competition begins to intensify, you can’t predict how other communities will influence your current market. The good news is that you can achieve strong revenue and occupancy in the face of uncertainty.

The key is to focus your mid-sized operation’s efforts on the factors you can control versus those you can’t.

To successfully navigate competition, here are a few areas your community should strengthen to support stable and growing net operating income.

Navigate the senior housing market with better lead generation.

Lead generation can help your community thrive, even when another senior housing project threatens your operation. Just because another community has fancier accommodations, better amenities, and additional levels of care doesn’t mean it has the tools to attract qualified prospects.

Take advantage of your ability to draw future residents to your community with…

  • Referral development that fully leverages the relationships you have with community leaders.
  • Outreach events that attract future prospects and help them see your community firsthand.

Navigate the senior housing market with better visit planning.

Visit planning can drive your Senior Living sales without expensive upgrades, discounts, and other unnecessary techniques. The reason for this is simple.

The adult children of your future residents aren’t evaluating the selling points of your community. Ultimately, they’re looking for care options that meet the needs of their loved ones and replace fear with peace of mind.

When your sales team plans community tours around your future residents’ unique needs, your community can become the solution to resolve their challenges. In turn, this gives your mid-sized operation an edge over competitors who don’t understand your prospects or how to build an emotional connection with them.

Navigate the senior housing market with better follow-up practices.

Even when competition in the senior housing market is the fiercest, your sales counselors can still capitalize on revenue for the taking with follow-up techniques.

Unless your sales team consistently connects and reconnects with prospects, your open leads may become residents of other communities. That’s why it’s important your sales counselors follow up with prospects…

  • After inquiries, especially if your leads didn’t schedule an on-site tour.
  • After tours, to help move prospects through the sales cycle.
  • After move-ins to help ensure resident satisfaction and long-term growth.

From improving lead generation to strengthening follow-up, your sales team plays a vital role in increasing the control you have over revenue-driving factors for your community.

To see if your sales team is functioning at an optimal level for strong occupancy, access our free 13-Point Checklist: Close Revenue Gaps and Increase Occupancy for Your Senior Care Community.

Simple and effective, this checklist will help you determine how well your sales department supports revenue growth at your operation. Download your free 13-Point Checklist to evaluate your sales team today.

 

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