When opening a senior housing development, there are some non-negotiables for solid operations.
>>Minimize unnecessary expenses.
>>Create long-term relationships with key suppliers.
>>Use technology to streamline activities.
Put simply, following these and other industry best practices increases your chances for success.
But here’s what you need to realize…
Growing occupancy for your community is no different.
If you want to launch a development that quickly drives ROI, there are certain rules you can’t ignore—principles that, if followed, can help you fill apartments quickly.
Whether you’re new to senior housing or you’re an industry veteran, here are our tips for launching a profitable senior living development.
1. Don’t Rely on Past Successes
Let’s face it—the senior living industry isn’t like multifamily housing, commercial properties, or other real estate investments.
Even if you’ve experienced success in other niches, you can’t base decisions for your new development on what worked for these other properties.
In fact, viewing your property as just another investment can blind you to the unique nuances of the senior living industry.
You need to recognize that…
- Your stakeholders have unique needs. A senior housing development is far more than a place to stay…you’re serving residents with needs ranging from socialization to healthcare. You’re also dealing with different demographics, such as Millennial team members, Baby Boomer information seekers, and Silent generation residents.
- Your residents have a limited length of stay. This isn’t the same as developing a neighborhood property for long-term homeowners. AssistedLiving.com states that the average length of stay for assisted living residents is 22 months. Robust occupancy for your senior housing development depends on a strong system that generates and closes leads…consistently.
- Sustaining growth requires equipped talent. From your executive director to your sales counselor, you can’t expect to sustain growth without a qualified team that has the right tools to serve your current and future residents.
2. Establish an Infrastructure That Grows Your Senior Housing Development
Your vision for your new development didn’t turn into a reality on its own.
It took strategic foresight, carefully planned blueprints, the right suppliers, and more to get your project off the ground.
In the same way, filling your apartments requires careful planning and execution.
At Bild & Company, we have a simple name for this process: a revenue growth infrastructure. A growth infrastructure involves…
- A strategy. Building a growth infrastructure starts with understanding your development’s competitive advantage and differentiation points. You can’t grow revenue unless you clearly understand the source of market demand.
- Proven systems. To ensure your apartments are filled, you need a predefined process for building awareness, engaging the surrounding community, and following systems that turn leads into deposits.
- The right talent. But you can’t execute your strategy or follow systems without the right talent. Increasing ROI depends on having team members who will take ownership of increasing occupancy.
Take control over the factors that determine occupancy growth, and ensure you have each component you need to grow.
3. Realize That Timing Is Everything
While a growth infrastructure is critical, here’s something important to consider…
Timing is everything when it comes to your senior housing development.
Three months before your opening day isn’t the time to start planning. Instead, you want to strategize your occupancy growth months in advance.
One year before your new development begins to open, start the process of implementing your growth infrastructure.
The goal is that, as the time ticks closer to your grand opening, you’ll already have enough deposits to build some momentum.
4. Don’t Try to Reach Your Goals Alone
In any business, it takes a team to achieve great success. No matter how talented or skilled a leader is, it’s impossible to accomplish great things alone.
Don’t ignore this principle when it comes to filling your apartments.
There’s no reason to try to conduct market research on your own…or burden your team with the task of developing a strategy that will generate referrals, grow awareness, and drive deposits.
Instead, partner with a team that can provide a turnkey solution for filling your apartments as they…
- Pinpoint what makes your senior housing development distinct.
- Communicate your brand message to your target audience—long before your opening day.
- Implement and monitor your growth infrastructure…from beginning to end.
Get the support you need for your new senior housing development. With Bild & Company, we’ll take full responsibility for growing your senior living occupancy so you can make money…and make your mark.
Know other colleagues who could benefit from our tips?
