It’s a tough market right now for senior housing. The National Investment Center for Seniors Housing & Care (NIC) second quarter 2017 senior housing data release shows that occupancy fell 50 base points and assisted living occupancy is at its lowest rates since 2009. However, respondents to the 2017 NREI/NIC Senior Housing Market Study still favor senior housing over other types of commercial real estate investments. Almost half believe the industry is in a recovery and expansion stage while believing new competing properties are the number one threat to occupancy—above the U.S. economy or housing market. In the end, this means that investors will continue to invest and build in senior housing, further increasing the occupancy pressures of all providers.
Now is the time for senior housing providers to implement and embrace sales fundamentals in order to reach or maintain their goal occupancy levels. Following are some observations on potential pitfalls that senior living providers make in their sales approach that adversely affect their occupancy success.