2024 Senior Living Sales Activity & Conversions Analysis (Q1-Q3 2024)
Author:
Traci Bild
Date Posted:
October 9, 2024
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Bild & Co analyzed senior living community’s sales conversion and activity trends for Q1-Q3 2024 regarding inquiries, tours, deposits, move ins, calls, texts, etc. This study targets multiple states in the U.S. Below is the executive summary and key findings.
Target: 18 different States – 9 U.S Regions
Time Periods Data Analyzed: 1/1/2024 – 9/30/2024
Data Reviewed: Sales conversions and activity
Below is a summary of the key findings for Q1-Q3 2024:
- The average senior living community was converting 23.5% of new leads to tours per month, which is the lowest conversion rate since 2020.
- 18% of new leads that inquired through 2023 were HOT, 26% were WARM, and 30% were The other 26% were categorized in another stage.
- On average, senior living communities had 1 hour and 36 minutes of time in the selling zone.
Conversions – Previous Years vs. 2024
Average Per Community
- Overall, in 2024 there was an average of 5% of NEW leads converting to tours, while 23.7% of tours converted to move ins. When accounting for all leads worked (new and established) throughout 2024, only 16.5% of leads converted to tours.
- The average inquiry to move in has leveled out at 6%, a 1% decrease since the beginning of 2023.
Lead Status and Results: Average Per Community
- 74% of new leads that were reviewed in 2024, were categorized as Hot, Warm, or Cold.
- The other 26% of new leads were either pending, unknown or disqualified.
- 4% of new leads resulted in a deposit in 2024.
- On average there were 3.9 move ins and 3.8 move outs per month per community during 2024.
Percent of Visit/Tour Types: Average Per Community
- The most common tour type for a community is first tours at 69% of all tours completed in 2024. Home visits and walk-ins averaged 12%
- Virtual tours have declined since COVID and have decreased to 2%.
Phone Calls, Texts, Emails (Completed)*: Average Per Community
- 46% of call outs made in 2024 lead to the sales counselor leaving a voicemail.
- 5% of emails sent in 2024 were bounced or declined by the recipient.
*Activity Excludes Marketing/Outreach Campaigns
About the Author: Traci Bild
Traci Bild, Founder of BILD & Co and BILDX, has revolutionized the senior living industry for over two decades. Her innovative sales and marketing strategies have positively impacted 80% of the top 100 senior housing operators in the U.S., U.K., and Canada. An accomplished author of four books, including "Zero Lost Revenue Days," Traci's expertise is frequently featured in CBS Sunday Morning News, Wall Street Journal, BBC, Senior Housing News, and McKnight’s Senior Living. Her firm, BILD & Co, is a Great Place to Work and ranks among Inc. 5000’s Fastest Growing Private Companies.
