Bild & Co analyzed sales activity and conversion data from senior living communities across 18 U.S. states and 9 regions. This comprehensive study evaluated key performance metrics such as inquiries, tours, deposits, move-ins, and communication activity (calls, texts, and emails). The results point to significant challenges in converting inquiries into tours and move-ins, as well as opportunities to improve sales effectiveness, prospect engagement, and team focus in the “selling zone.”
Key Findings
Sales Conversions and Performance Metrics
- Inquiry-to-Tour Conversion: Averaging 5% for new leads and 16.5% for all leads—lowest conversion rates since 2020.
- Tour-to-Move-In Conversion: Averaging 23.7%, relatively stable.
- Inquiry-to-Move-In Conversion: 6%, down 1% from 2023.
- Deposit Rate from New Leads: Only 4%.
- Move Ins vs. Move Outs: On average, 3.9 move-ins and 3.8 move-outs per month per community, indicating stagnant net growth.
Lead Status Breakdown
- 74% of new leads categorized as Hot (18%), Warm (26%), or Cold (30%).
- Remaining 26% were pending, disqualified, or unknown—indicating lack of qualification clarity.
Tour Type Distribution
- 69% of tours were first-time visits.
- 12% were home visits or walk-ins.
- Virtual tours accounted for just 2%, showing significant decline post-COVID.
Sales Activity Metrics
- Selling Zone Time: Averaged 1 hour and 36 minutes per day, raising concerns about sales team focus and efficiency.
- Call Activity: 46% of outbound calls led to voicemails.
- Email Deliverability: 5% of emails bounced or were declined.
Conclusions
The data points to a critical need for renewed focus on early lead engagement and increased time in high-impact sales activities. Communities are underperforming in the initial stages of the sales funnel (from inquiry to tour), despite maintaining reasonable performance in the tour-to-move-in phase. With a nearly equal number of move-ins and move-outs, growth is stagnant, and the system is not generating enough new conversions to sustain occupancy targets.
Furthermore, a significant portion of leads remains unqualified or improperly categorized, which likely contributes to inefficiencies in follow-up and personalization.
Recommendations for Senior Living Executives
1. Reinvest in Sales Training and Process Discipline
- Train teams to maximize early engagement, especially during the inquiry-to-tour stage.
- Emphasize the importance of quick response times and personalized outreach for Hot and Warm leads.
2. Increase Time in the Selling Zone
- Set a minimum standard of 3 hours per day in the selling zone (calls, tours, follow-ups).
- Monitor and coach sales teams to eliminate low-value administrative distractions.
3. Implement Lead Qualification Audits
- Regularly review and update lead statuses to ensure leads are properly categorized.
- Introduce quality control measures to reduce the 26% of leads that remain in “unknown” or “disqualified” status without clarity.
4. Improve Communication Effectiveness
- Explore call optimization strategies (better times to call, text before calling) to reduce voicemails.
- Review and clean email lists to reduce bounce rates and improve deliverability.
5. Reintroduce or Enhance Virtual Tour Options
- While currently at 2%, virtual tours can be restructured as a strategic engagement tool for long-distance families or initial discovery.
6. Leverage CRM & Data Insights
- Use CRM analytics to track follow-up consistency and tie activity levels to conversion outcomes.
- Ensure CRM data is being used to identify missed opportunities and follow-up delays.
Final Thoughts
The senior living industry is experiencing a critical conversion gap at the top of the funnel, impacting occupancy and growth. By addressing inefficiencies in inquiry handling, maximizing time in the selling zone, and sharpening lead qualification processes, operators can drive stronger results.
Action now will mean more tours, more move-ins, and ultimately, more residents served.
Let’s talk about how targeted strategies can boost occupancy and revenue for your community!
1.800.640.0688 | revenue@bildandco.com
