It's all about the money!

Hard Truth of Senior Living

If you're in the senior living business, you're likely in it for two reasons.

First, to care for people, to help families, to make a difference. And second, because it’s a lucrative real estate investment with a growing, wealthy demographic of customers.

There is nothing wrong with either - both can be true, and if you aren’t successful at your financial goals, you can’t deliver your mission goals. Buildings don’t heat themselves with good intentions. Payroll doesn’t run on hugs. And branded buses don’t grow on trees. 

Compassion Isn’t Free - It’s Funded

Here’s the real twist: the only way to actually provide meaningful, heartfelt care is to have the financial foundation to support it. What are your options to increase revenue? Over the past 5 years, here are some of the top things customers and prospects shared with us:

• Offer tiered service packages (e.g., upgraded dining, housekeeping, or tech-enabled services)
• Charge for à la carte services (transportation, laundry, etc.)
• Introduce wellness or tech subscriptions (e.g., telehealth, virtual companions, smart home features)
• Implement technology to reduce manual labor (e.g., digital activity calendars, smart maintenance, predicitive staffing models)
• Convert underused areas into revenue-generating spaces (e.g., rentable event rooms, telehealth clinics, shared coworking areas for visiting professionals)
• Host paid community events, workshops, or clubs that attract outside attendance

This isn't a pipe dream - people are doing these things now. 

So, Yes, It Is About the Money

You're not just renting apartments. You’re providing a set of products and services. Why are you limiting your sales portfolio? And more puzzling, why aren’t you treating your customers like consumers? And expanding your customer size?

The services you provide and the profit you seek aren't your adversaries. They’re partners. In fact, you should be expanding your services business, because you can’t just add more rooms to your properties. But you can charge for your existing services, add more services, and most importantly, attract more consumers. Because your customers aren't confined to the walls you own.

Let’s Say It Plainly

We don’t need to apologize for talking about money. We need to get better at it! And to get started. Take the first steps not with fear, but with the excitement of where things can go. Tell us: 

• What are three things you can charge for now? 

And, if you aren't even sure what these are, we can help. We have a library of these ready to go.