Seniors Housing Business

OCT-NOV 2017

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

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Page 18 of 47

Question of the Month 19 October-November 2017 n Seniors Housing Business Look at your competition By Allen McMurtry Executive Director Cushman & Wakefield Competitive market analysis is key, in my experience. Once one understands how a property compares to the competition, then one can make an informed opinion on when to reposition. If the property is an older com- munity alongside new, state-of- the-art competitors, unless you want to compete solely on price, it is time to reposition/freshen up. Even if the property is full, be pro- active to maintain your position in the market. Adjust for Boomer preferences By Michael Gordon Vice President of Planning and Development EPOCH Senior Living While Baby Boomers are still over 10 years away from turning 80, they're shopping for their parents and represent a shift in preferences. Recent survey data on Boom- ers indicate that they view well- designed kitchens and bathrooms, onsite gym and outdoor spaces as key attributes for seniors hous- ing. This could be a challenge for older properties. In many markets, the newer product coming on line is being absorbed and gaining a greater share at the expense of the older properties. If not addressed in a timely manner, older communities will begin to face downward occu- pancy pressure from newer prod- uct coming into its market that better meet the needs of the Baby Boomers. New supply in a market spurs changes By Scott McCorvie President Senior Living Growth Advisors Creating and maintaining a com- petitive advantage is extremely important in today's seniors hous- ing marketplace. This is especially true in markets reporting a large amount of new supply. The new supply typically includes an enhanced design, amenities and interior finishes. However, a current community typically maintains an advan- tage in location and established reputation. Surveying the competitive mar- ket on a regular basis is critical to making any redevelopment invest- ment decision. If a community wants to maintain occupancy and annual rate increases, but is an outlier to the market in terms of acuity mix, unit types, amenities and finishes, it's likely time for a redevelopment decision. It's always on the table By Kevin Carden Senior Vice President of Acquisitions Redico O w n e r - o p e r a t o r s should always be considering redeveloping or repositioning their senior living communities. They should regularly update their communities, and moni- tor their submarkets to verify their communities' competitive position. They should also moni- tor other markets, real estate sec- tors and healthcare businesses for design ideas, new products/ser- vices and other potential competi- tive threats. The good ideas will find their way into the communi- ty's submarket eventually, and the community has an opportunity to capitalize. By monitoring the market, owner-operators will better under- stand when they need to act to protect or enhance their market position without an abrupt, mas- sive redevelopment/repositioning. Nick Stahler 714.463.1663 Shep Roylance 805.633.4649 Jim Hazzard 714.463.1677 888.916.1212 JCH is a full service real estate brokerage that focuses solely in the long-term care and senior housing sector. National Investment Center for Seniors Housing & Care Visit or call 888.916.1212 for expert information on selling or purchasing a facility. E X P E R T I S E S E R V I C E R E S U L T S

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