If you are a small- to mid-sized senior living operator, chances are you want to build a larger portfolio of properties.
Having a larger number of communities means…
- More residents you can provide care for.
- More revenue.
- A strong foundation for future growth.
The caveat: there is one key element required for expanding your Senior Living community portfolio.
The first and most important step is to optimize your current properties and use that revenue to fuel the expansion.
This harkens back to the old business adage of “who’s minding the store?” If you’re not keeping a vigilant eye on your current housing units, you’re missing out on the revenue required for accelerated growth.
They say cash is king—and this is the reason why.
It all boils down to a simple equation:
Full occupancy + revenue = a larger portfolio of properties.
Luckily, there are two methods in which Senior Living CEOs can maintain full occupancy at their current properties while acquiring new housing units.
#1. Use marketing to create a culture that people want to be a part of.
Retirement communities are just that—communities.
It’s up to industry leaders to initiate programs that provide quality care for residents and cater to their families.
The most effective course of action is to reach out to the residents and their families to see what programs they’d like to see, and then make that a reality.
Here are a few wishlist items you may hear:
- Exercise options.
- Social programs.
- Physical therapy services.
- More diverse meal choices.
- Outdoor spaces.
- Educational offerings.
The possibilities are endless.
However, once you collect your qualitative data from residents and their families, it’s not enough to develop these programs. You must also implement marketing that highlights the benefits that are unique to your communities.
For maximum ROI that enables you to diversify your property portfolio, your marketing endeavors must include…
- A comprehensive brand strategy and story development that connect with both residents and the families who make decisions for them.
- Creative development that includes high-quality design copywriting, so that you are able to communicate a message that reflects your properties’ true value.
- Program branding of all your community initiatives, including food programs, activities, and amenities.
- Market research that includes demographic analysis, so that you know your customer avatar backwards and forwards.
- Digital and social media marketing that so many Senior Living CEOs neglect implementing.
When you have a comprehensive marketing plan that keeps your housing units at full occupancy, you will have enough liquid revenue to drive your property expansion.
#2. Develop a pool of talented sales professionals.
While marketing, especially digital marketing, results in sales, you still need a team to communicate with residents and decision-makers.
It boggles my mind that the principal entity that drives your revenue—the sales team—is generally the most underfunded and undermanaged department in Senior Living.
If you’re in this situation, where your sales team doesn’t have the training they need, I have to be blunt…
- You are losing money.
- Competitors are taking your market share.
- You are devaluing your organization.
To avoid this situation, ensure that your sales team…
- Communicates the benefits of your residences, and can paint a picture of the quality of care.
- Understands the needs of residents and the families who love them. If sales come from a positive place, you will see your revenue escalate.
Why Marketing and Sales?
These two solutions create optimized properties, which lead to a larger portfolio.
Even though Senior Living is a vital service that caters to the people who deserve our care and respect the most, the benefits do not sell themselves without marketing and sales training.
It’s communication that will overcome objections. And if you think there aren’t objections, think again.
According to a recent Pew survey that covered senior care prospects…
- 17% of older adults said they would move into an assisted living community.
- 8% of seniors reported that they would move in with a family member.
- The remaining 75% would prefer to live at home, while someone cared for them.
The numbers don’t lie—your prospective residents and their families need to receive a clear and resonate message about your community.
If you don’t show them the benefits, you don’t reach full occupancy…
And your portfolio of properties will be slow to grow.
This situation can be reversed with online and offline marketing and a highly trained and skillful sales team.
I’ll show you how to make that happen. Send me an email at firstname.lastname@example.org, or text 813-390-3349 with your name and number, and we’ll strategize the best plan of action for your organization.