The senior living market has become more competitive than ever. The National Investment Center for Seniors Housing & Care reported that occupancy fell to eight-year lows at one point last year. Operators face workforce challenges and aging in place is becoming more desirable. Whether independent living, assisted living or memory care, senior housing properties are being forced to rely on branding more than ever to stand out. Branding messages are being tailored to deliver the ultimate resident living experience. They are more active than previous generations, and, for many, social media and using online services is a part of their daily routine. Seniors seek adventure, community engagement and a comfortable lifestyle. As many older Americans have started to downsize, they are looking for communities that will allow them to maintain their active lifestyles while also providing the ability to age in place. Many active Baby Boomers seek communities that offer independent living and assisted living on the same campus as they prepare for the future. According to LeisureCare, communities that provide a wide range of care services ranging from hands-off independent living to assisted living services and memory care allow residents to stay in their apartments and in their communities where they are known and loved, even as their needs change over time.
The dynamics of senior living are changing
This new generation of older Americans has changed the senior housing property management playing field. Successful operators are putting emphasis on embracing this lifestyle to attract older Americans through improved amenities that include not only home stylings but services, and educational and recreational activities brought to residents through technology. Senior housing operators must be able to deliver the ultimate resident living experience while keeping an eye on the ball at all times. Sometimes it is no easy task, especially during market changes the industry is experiencing. One senior housing publication suggests that operators need to spend less time trying to figure out what Baby Boomers and Millennials are thinking and simply use the plethora of available data to attract residents. A logical assertion given that world revolves around data, which is a huge player and can be an even bigger tool to drive rents in housing of all types.
Transforming senior living staffs into high-performance teams
All of this may sound like a mountain too high to climb, considering the unprecedented staff turnover in assisted living and senior care today. Turnover rate among direct care staff has been more than 35 percent in recent years, sometimes forcing senior care communities to use temporary services to fill the void. However, delivering and managing the ultimate resident living experience is possible when staffs become high-performance teams by cutting out needless tasks. Doing so allows community managers to focus on what matters and provide seniors what they really want. “5 Keys to Acing the Senior Housing Market” published by RealPage outlines five keys that senior communities need to meet demand and unlock the ultimate resident experience while driving the definitive performance of a community and portfolio. The tips revolve around a seamless, fully integrated property management solution. Achieving success comes through boosting revenue while controlling expenses, effective accounting and budgeting, improving efficiencies to create resident satisfaction, leveraging data and business intelligence, and delivering a consistent, quality experience.
Getting a step ahead of the competition
There are new strategies for a generation that seems to be getting younger by the years. The number of Americans ages 65 and older is projected to double from 52 million in 2018 to 95 million by 2060. Senior living properties and portfolios that enhance their brand through technology now will be one step ahead. To learn more about how these tips can unlock the ultimate resident experience and drive performance, download the free eBook. Attending LeadingAge? Watch this video for a quick overview of RealPage Senior Living solutions that you can demo when you visit us in Booth #1234.