When it comes to your senior living properties, having the right senior housing pricing is critical.
After all, driving growth depends on accurately assessing your operation’s value and what prospects are willing to pay.
While it’s important to set rates that maximize ROI, there’s another important consideration related to your senior housing pricing…sharing your information.
And it’s a subject that’s up for debate in the senior housing niche.
As Elizabeth Ecker, the Director of Content at Senior Housing News, recently wrote…
There are two schools of thought: one is to make pricing transparent by listing it online. Others prefer to capture lead information upfront and control pricing information until further inquiry.
Ecker ends her opinion piece with a clarion call for senior living operations: “From a consumer’s standpoint, pricing seems easy. Straightforward. A fixed number. Just tell us what it is.”
However, if you run a senior living operation, the idea of listing your pricing online may seem laden with risk…unless you have data that says otherwise.
In this blog, we’re tackling this complex issue, looking at what the stats say before sharing some practical tips for your senior living operation.
Let’s dive in…
The State of Senior Housing Pricing Information
The headline of a recent Forbes article says it all…
Author Richard Eisenberg comments that only “[a] small number of senior housing communities actually do list prices on their sites.”
Eisenberg’s statement isn’t far fetched.
Take a quick look on a senior living website, and you’ll be hard pressed to find a clear breakdown of rent rates. And if you’re a leader of a senior housing operation you understand why…
Increased competition, disinterested prospects, undermined value propositions…
At first glance, sharing your pricing seems to be a landmine of potential risks. However, here’s what you need to realize.
The adult daughter, your target audience, likely wants to know your senior housing pricing information.
After all, she probably doesn’t dine at restaurants that don’t list their prices, and there’s no reason she’d want to shop for senior care blindfolded either.
But even more importantly, recent data reveals some critical insights on your senior housing pricing that you can’t ignore.
What the Data Reveals about Sharing Your Rent Rates
As Forbes explains, the firm Creating Results has released a new study titled Social, Silver Surfers.
In the published results, the marketing organization discovered two key findings for your operation:
- 68% of senior housing move-ins viewed the lack of senior housing pricing information on websites negatively.
- 75% of participants who helped someone move into a senior housing property also complained about the unpublished prices.
In other words, there’s a good chance that your prospective resident, and his or her family members, would like to know your rent rates…upfront.
Solutions for Meeting Prospects’ Needs
The data is straightforward.
A lack of information about your senior housing pricing hinders the customer journey.
But that doesn’t mean you’re comfortable changing your website information tomorrow. If the thought of publishing your rent rates seems daunting, don’t worry.
We’re sharing three options that meet your prospects’ needs and help your operation ease into the transition…
Playing It Safe: Online Forms
Forbes notes that some senior living executives argue that “[every] potential resident’s needs are different, so it would be inaccurate to cite a particular price online.” And maybe you feel the same.
If the nuanced nature of senior care is holding you back, consider offering a quick, online form. For instance, Atria Senior Living allows leads to define their parents’ needs before offering a price estimate.
Getting a Little Bolder: Rough Estimates
Prefer a simpler, more direct solution?
Consider giving leads rough estimates of your rent rates on your website.
For instance, you can provide a general figure for what your assisted living, memory care, or other services approximately cost. Brookdale provides a great example of this on its website…
Going All In: Displaying Your Senior Housing Pricing
For some organizations, there may be no need to use online forms or rough estimates.
If you have organizational buy-in, go ahead and clearly communicate your senior housing pricing information.
Here are a few tips if you decide to take this route:
- Don’t hide it. Sharing your rent rates means nothing if you make your information difficult to find. Don’t hide your senior housing pricing information in a remote webpage or bury it in your navigation.
- Test it. Make sure your new decision is positively impacting your net operating income. Collaborate with your marketing department, and test driving traffic to a page without pricing information versus a page with pricing information. Give it some time, and look for an uptick in lead generation.
Maybe you need help rewriting your website to include pricing information and increase your conversions.
Or perhaps you need to train your teams to convert the visitors coming from your website.
No matter your situation, rely on Bild & Company to empower your operation to increase NOI and improve occupancy.
Reach out to our team at 1-800-640-0688, or drop us a note online so we can work toward a solution together.