In 2024, senior living providers are facing a changing sales landscape with an abundance of tours and leads, but the challenge remains in improving move-ins and conversions. Operators have revamped sales processes and invested in technology to support operations, ushering the industry into a new era of senior living sales.
Atria’s Executive Vice President of Sales Sanela Graziose discussed the shifting sentiment around senior living, highlighting the industry’s improved occupancy rates and census numbers. However, challenges persist in handling the influx of inquiries and addressing the trend of shorter stays due to higher acuity levels.
At Discovery Senior Living and Acts Retirement, innovative approaches have been taken to enhance sales processes, focusing on wellness, lifestyle engagement, and recruitment strategies. By improving conversions and streamlining sales cycles, operators are aiming to boost revenue performance and capitalize on increased demand in the market.
Changes to sales aimed at improving performance
Senior living operators are adapting their sales strategies by implementing new ways to qualify leads and manage digital marketing efforts. Discovery Senior Living and Acts Retirement have reported positive performance indicators, attributing their success to investments in technology and streamlined sales processes.
With a focus on improving conversions, operators are striving to align sales, marketing, and operations teams to ensure a cohesive approach to driving revenue growth. By addressing turnover rates, offering training programs, and refining pricing strategies, senior living providers are navigating the challenges of a post-pandemic recovery and evolving market dynamics.
Solving turnover, offering training combat ‘pressure’ from capital
Atria, Discovery, and Acts are actively addressing challenges related to email fatigue, high turnover rates, and pressure from capital partners to improve margins. By refining job postings, enhancing employee training, and fostering cross-departmental collaboration, these operators are positioning themselves for success in 2024.
As operators seek a balance between rental rate increases and consumer affordability, strategies like gradual rate adjustments and market monitoring are being employed. The focus remains on enhancing conversions without devaluing the senior living industry through excessive discounting.
With a concerted effort to improve sales performance, operators are poised to drive revenue growth and deliver value to residents in the ever-evolving landscape of senior living.
