Q3-2024 Senior Living Lead Source Analysis

BILD analyzed senior living community’s inquiries, tours, and move ins from their top 3 lead sources for Q3-2024. The top sources for the communities analyzed were paid referrals, professional referrals, and digital sources. This study targets multiple states in the U.S. Below is the executive summary and key findings.

Target: 20 different States – 9 U.S Regions

Time Periods Data Analyzed: 7/1/2024 – 9/30/2024

Data Reviewed: Top 3 Lead Sources in Q3-2024

Lead Source Category Definitions:

• Paid Referral Sources: A Place For Mom (APFM), Care Patrol, Caring.com, Referral Agency, Senior Advisor
• Professional Sources: Agency/Association, AL, Attorney, Case Manager, Home Health, Hospice, Hospitals, Nursing Home, Others.
• Digital Sources: Direct Traffic, HubSpot, Organic Search, Paid Social, Paid Search/Google, Website, Internet, Roobrik, TalkFurther, VSA, Other Campaigns.

Below is a summary of the key findings:

Reviewing all care levels and the top 3 lead sources,

paid referrals averaged 45% of the new inquiries in Q3-2024. This is 10% decrease compared to Q2-2024, where paid referrals averaged 55% of new leads.

In 2023, 41.86% of tours were generated from digital sources and increased to 50.6% in Q3-2024.

Overall, digital sources had the highest percentage of move ins at 59.38% while paid referral sources averaged 35.31%, and professional referrals had a 18.4% of move ins during Q3-2024.

• 38% of Memory Care locations were all inclusive. 42% of locations included some care in the base rent but had additional charges after a certain amount of care was exceeded. 20% of locations did not include care costs.
  • Memory Care levels of care, on average, costs $84 per day with some locations going as high as $223 per day. The average base rent was around $7,145 per month.

Paid referrals such as A Place For Mom, Caring.com and other paid referral agencies averaged 23.9 new leads per community per month during Q1-2024 and about 32.5 per month in Q2-2024 and 32.3 in Q3-2024.

Overall, digital sources had the highest percentage of move ins at 59.38% while paid referral sources averaged 35.31%, and professional referrals had a 18.4% of move ins during Q3-2024. Professional referrals had a lower lead, tour, and move in amount but had the highest inquiry to tour and tour to move in conversion rates.

Independent Senior Living – Top Lead Source

During Q3-2024, in Independent Living, paid referral sources had the top new leads and tours counts. 65% of new leads, and 78% of tours were from paid referral sources.

While professional referrals had 62% of the move ins. Previously, in 2023, digital leads topped the highest number of inquires, tours and move ins.

In 2023, Paid referrals reflected 48% of new leads, 20% of tours, and 11% of move ins.

Assisted Living/Memory Care – Top Lead Source

During Q2-2024, in Assisted Living and Memory Care, digital sources had over 88.9% of new leads and 86% of the initial tours.  Compared to Q3-2024, digital sources were 81% of the new lead sources for AL/MC and 97% for tours.

Paid Referrals for Assisted Living and Memory Care combined had the highest number of move-ins in 2023 at 49% of the move ins and this increased in Q1-2024 to 54% of move-ins from paid referral sources. Q2-2024 leveled out similar to Q1 at 56% of move ins from paid referral sources and increased to 64% in Q3-2024.