Sometimes there’s a gap between who your operation is… And the customer experience you want to create for potential residents. From poorly managed lead generation to lackluster conversion metrics, it’s not uncommon for senior living communities to struggle to consistently improve occupancy, net operating income, and top-line growth. And, many times, you can trace the
The senior housing industry is ripe for disruption. And if you’re not prepared for the shift that’s happening, your senior living operation is at risk of being displaced and marginalized by competitors. At Bild & Co, we’re issuing a clarion call for all senior living leaders in the nation. Whether you’re a CEO or
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
In 2018, many senior housing communities will serve the Silent Generation demographic. But that’s not going to last forever. According to CNBC, there are 10,000 Baby Boomers who retire each day. And as MarketWatch explains, these Boomers have an average of $263,000 in their contribution plans...even though they think they’ll need $658,000 for retirement.
As a senior living CEO, the burden is on you to increase net operating income and revenue at your communities. That’s why, when occupancy begins to plummet, you aren’t afraid to discount your prices, cut your staff, or cut certain services. But strategies like these can only temporarily halt your revenue loss. Eventually, you’ll need
There’s no picture-perfect investment. No matter how strong the market demand is or how weak your competitors are, for senior housing investors, each portfolio carries its own share of risk. While some risks are small, others are weightier. For instance, purchasing a property in a less-than-ideal location could be less significant than acquiring several properties
The job responsibilities of the senior living CEO are many. Some days you’re analyzing operational costs...other days you’re holding meetings to successfully navigate regulatory changes. But most days, it seems as if your title should be ECO—Effective Communication Officer. After all, effective communication is critical when it comes to harmonizing competing stakeholder claims and
If you’re in the process of planning a new senior housing development, you’ve probably established a clear set of goals for your property. Your long-term objectives may include items like increasing your share of the assisted living market, using capital from your new property to expand into other markets, and similar items. But when
When you’re the decision-maker for a senior living operation, improving operational efficiency is a top priority...especially when your organization’s net operating income is always in the spotlight. As Investopedia puts it… Net operating income...can only be increased by raising rents and associated fees or by decreasing reasonably necessary operating expenses. So it’s no wonder that
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,
