Seniors Housing Business

AUG-SEP 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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36 www.seniorshousingbusiness.com Seniors Housing Business n August-September 2018 CRM Software Fastest growing CRM platform in senior living and post-acute. • Track & measure performance • Manage lead & referral sources • Understand market source ROI Contact Center Eliminate mismanaged calls and decrease response times. • 61% of calls converted to tours • 35% more inquiries captured • 53% more cost effective enquiresolutions.com 844-215-2846 Missed calls . Occupancy . Referral fees . What keeps you up at night ? "This year we are having record breaking months with leads and admissions. We know all our leads are being accurately inpuƩed into the system. We say our old CRM was like a Kia and now we're driving a Ferrari." - Clint Dockery, Senior Management Advisors ping, door-to-door dry cleaning and pantries continually stocked with a resident's favorite treats. Watermark Chairman David Freshwater says he plans to dif- ferentiate his luxury community with unique programming. "We're not interested in entertaining our residents, but rather we strive to engage them. We are committed to forming affiliations so that we cre- ate an inclusive community, not an exclusive one." In Tucson, Arizona, for example, the three Watermark communi- ties enjoy a relationship with the Southern Arizona Arts and Cul- tural Alliance. The partnership brings courses on music, painting, sculpting and more directly to the properties. "How many senior communi- ties offer metal working, drama classes or something as esoteric as music theory class?" asks Fresh- water. Depending on the level of care provided, rents at Watermark communities range from $7,500 to more than $14,000 per month. Giving them what they want The Ridge Senior Living owns assisted living and memory care communities in Holladay, Utah, Salt Lake City and Denver. According to Chief Operating Officer Mandy Hampton, tech- nology is a key component of the company's luxury offering. Residents enjoy individual touch screens outside their doors, where they can upload photos of their families and receive community announcements. The Ridge also differentiates itself in the market through cus- tom interior design. The Ridge conducted focus groups during development of the Denver property and learned that the outdoors were very impor- tant to prospective residents. The development team went back to the architects and design team and asked them to bring the outdoors indoors as much as possible. "That's why our properties have huge windows and great views," says Hampton. "For us, it's about being smart with design. It's also incredibly important for our brand that, as a resident progresses in the level of care, the finishes and attention to detail do not decline." It's tough to measure the return on investment in a luxury com- munity, and it's not always easy to know how to give wealthy seniors what they want. "One thing we've observed in large-scale studies is that overall, customers in our communities today don't feel they're getting value for the money spent," says Margaret Wylde, president and CEO of Oxford, Mississippi-based ProMatura, a longtime researcher and consultant to the industry. Common wisdom might dictate that the more a resident is pay- ing, the more activities an owner should offer. But this isn't always true. Wylde says that research con- ducted on behalf of the American Seniors Housing Association has shown that as the number of activ- ities goes up, the sense of feeling at home goes down. Communities that had the highest number of activities on their calendars had a significantly smaller proportion of residents who felt at home. "More is not necessarily better," she says. "In our community plan- ning research seminars to learn what qualified prospects want and are willing to pay for, we have found that even in luxury commu- nities, prospects do not want an abundance of amenities. And, in some seminars we've conducted, we've learned that they are willing to pay more to have greater flex- ibility in their services package. "Do they want everything done for them? Do they want the com- munity to look like Club Med or a Ritz-Carlton? Not usually. Of good quality, yes. Tasteful yes." Because not every wealthy senior has a cookie-cutter person- ality, Wylde urges upscale prop- erty owners to put more effort into differentiating their communities. "They could probably do a bet- ter job of learning who their pro- spective customers are and under- standing the lifestyle they want." "When prospects feel they belong because they meet customers with similar interests, they are more likely to buy," concludes Wylde. "No matter what the price tag is on a community, what makes a great day for most people is the same: They want to do what they want, when they want to do it, with the people they want to do it with." n Balfour Senior Living founder and CEO Michael Schonbrun delivers communities that would appeal to his mother, a fashionable, fun-loving, well-traveled New Yorker looking for a "Four Seasons experience." Pictured is the Pompeii Pool and Spa at Balfour Senior Living's Riverfront Park in Denver.

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