Whatever your successes or setbacks were in 2017, this month launches an opportunity to set new goals and create a new vision for your senior housing portfolio.
At Bild & Company, we understand that occupancy growth is, more than likely, one of your top priorities for the weeks and months to come.
In this article, we’re sharing the insights of four of Bild & Company’s senior housing leaders—what they think 2018 holds for senior living.
Keep on reading to discover what Bild & Company says will define the upcoming year for your organization.
Traci Bild: Senior Housing Occupancy Will Continue to Struggle
Meet our CEO, Traci Bild.
She’s the driving force behind Bild & Company’s powerhouse organization that is on a mission to bring growth to senior housing organizations across the nation.
Traci’s prediction for 2018?
Here’s what she had to say…
“While 2018 is supposed to be a strong year for occupancy, it’s going to stay right at or under 90%.”
Traci pulls no punches for why she thinks senior housing organizations will suffer from faltering occupancy.
“As an industry we have strong operational systems and provide great care. Yet we fail to understand the importance of business development and driving top-line revenue—meaning hiring true sales talent, properly training these individuals, and holding them accountable to results.”
It’s not that Traci doesn’t recognize the demand for senior housing.
“While the need for senior housing is growing,” Traci explained, “when people reach out to learn more, we make it difficult to actually buy.
“The sales experience is poor, causing people to question if they really need to make that move right now or if perhaps they can wait a bit longer.”
(To see the poor customer experience Traci is referring to, check out The Unspoken Truth behind Why Your Senior Living Portfolio Suffers from Low Occupancy where we shed light on data from 200 senior living communities.)
For Traci, 2018 growth is dependent on creating a shift in how you and your organization drive top-line revenue.
“We must learn to proactively drive top-line revenue and create a raving fan sales and customer experience, and then we will see critical velocity and growth in move-ins.”
Jocelyn Schrader: Bigger Still Won’t Be Better
Meet Jocelyn Schrader, Bild & Company’s senior consultant.
Specializing in on-site analysis, Jocelyn is constantly gathering data on how organizations are driving growth in their individual properties…giving her a unique perspective on the senior housing industry.
Jocelyn’s prediction for 2018?
Here’s what she had to say…
“Bigger still won’t be better in 2018, so building a sales infrastructure will be more important than ever.”
While 2018 may hold many acquisitions and mergers, Jocelyn pinpoints a key challenge senior housing organizations face.
“As we see assets changing hands and companies struggling to develop a cohesive sales culture, systems will be key.”
For Jocelyn, the solution for 2018 growth will be consistency.
She goes on to explain, “All communities in a portfolio should be executing and be held accountable to the same system.”
Amanda Wilson: Turnover Isn’t Going Away
Meet Amanda Wilson.
Amanda heads the Bild & Company research department, and she’s the analytical mind behind our mystery shopping, competitive analysis, and other research services.
When asked what her 2018 prediction was, here’s what she had to say…
“Turnover of the sales team will continue to plague customer service efforts at communities.”
Amanda underscored how this turnover impacts top-line revenue, explaining, “When a prospect or family member begins the sales process and makes an emotional connection with one sales person, that can be all but lost if turnover in that position occurs.
“We understand turnover may be inevitable, but a strong, consistent sales system can help to alleviate the pain of the transition and help save the sale.”
Dana Asche: Onboarding Needs Will Be in the Spotlight
Meet Dana Asche.
Dana is our senior sales strategist, and she specializes in coaching and training our clients for revenue growth.
Here’s what Dana had to say about the senior living niche in the upcoming year.
“Onboarding new talent will be a main focus for clients in 2018.”
Dana ties onboarding to accelerated revenue, explaining that…
“Understanding the expectations for the sales system on day one for a new hire is key for onboarding a successful salesperson or ED.
“Having a strong onboarding process from the beginning sets the entire team up for success and can start to move the sales needle sooner.”
Whether you’re the principal of a mid-sized operation or the asset manager for a large senior housing organization, overcoming the obstacles and maximizing the opportunities we’ve pointed out are important for meeting 2018 growth goals.
The good news is, at Bild & Company, we offer your organization a team of senior housing experts who can…
- Strategically analyze what’s keeping you from increasing net operating income.
- Execute tailored solutions, such as revenue growth coaching, mystery shopping, and more.
- Provide the expertise and accountability your organization needs to stay on track for your 2018 targets.
Let’s strategize together to meet your objectives.
To get in touch, call us at 1-800-640-0688, or drop us a note online.