If you’re contemplating making the plunge to the senior living niche, more than likely you’re scouring the internet for information…
Tips for investing in senior living facilities.
ROI in senior living.
How to enter the senior living market.
After all, it’s daunting to transition from another real estate market to the senior living industry, and knowledge is power.
If you’re new to the senior living niche, keep on reading as we’re going to explain how you can increase your census and ultimately impact your ROI.
(And if you’ve been a client of Bild & Company—and you’re wondering what we mean by “investing in senior living facilities”—hang tight.)
In this article, we’re answering your questions, and we’re showing how you can increase occupancy by following a proven system that’s grounded in these core principles…
At Bild & Company, we use a process for increasing occupancy that’s grounded in building value.
And if you’re new to the niche, your first step toward building value is simple: don’t think about investing in senior living facilities.
Instead, think in terms of creating senior living communities…and building value based on your communities’ strengths.
For instance, consider this scenario…
You’ve invested in a small operation of three assisted living communities. Each community has an undesirable location and needs renovations. On the brighter side, your properties have a strong staff-to-resident ratio, a unique care model, and a lively atmosphere.
Instead of lowering your rates, building value leverages those strong points…showcasing how your properties are a true community and a desirable home for future residents.
Another key principle we’ve embedded in our system is responsiveness.
Occupancy will suffer if your investment…
- Allows phones to ring…with no response.
- Doesn’t reply to web inquiries.
- Neglects follow-up.
In fact, responding to leads is as critical as shifting your mindset from investing in senior living facilities to a mindset of building value for communities.
(However, we understand this can be difficult if you have properties that are one salesperson short. Be sure to have your regional directors check out this plug-and-play solution we’ve created.)
Listening to Future Residents or Their Family Members
The profitability of your investment is directly correlated to how well your properties practice the art of listening.
That’s why our system for increasing occupancy is careful to incorporate listening techniques for your on-site teams.
Remember, this isn’t about investing in senior living facilities—it’s about creating communities that meet the needs of seniors and their families.
If you enjoy reading the latest research, check out this article where we highlight two studies on the power of active listening—as featured on NPR.
In addition to listening, another core principle of Bild & Company’s proven system for increasing occupancy is matching needs.
To put it simply, matching needs is about connecting the value your community offers with the key desires of your target audience.
It’s about empowering your properties to communicate their value—so you, ultimately, increase your occupancy.
When it comes to increasing your census, don’t underestimate the power of a system that emphasizes follow-up.
Propeller reports that “80% of sales require five follow-ups, but 44% of salespeople give up after one [follow-up].”
Because we understand the critical nature of this strategy, our system includes follow-up to ensure your properties achieve revenue growth.
As an investor or senior living leader, more than likely, you have little time to ensure your properties are following each of these best practices.
The good news is…
At Bild & Company, we’ve taken these key principles—and we’ve integrated them into a system that’s proven to increase occupancy and revenue for assisted living, skilled nursing, independent living, continuing care, and other communities.
Ready to tap into the power of our strategies?
Reach out online, or give us a call at 1-800-640-0688. Collaborating, we’ll help you implement our revenue-driving system across your senior living properties.