For the past 6 months (Q2 &Q3) the Senior Living industries occupancy numbers have remained stable. With the amount of increased inventory coming online all across the country, I feel Senior Living sales teams across the country should be commended.
Our focus is on the IL sector and 90.2% is not too shabby for any industry. The IL markets occupancy rates will turn into the AL market occupancy rates within 3-5 years, which is good news for the AL providers. What will the IL side of the industry do to make up the impending 5-7 percent loss in occupancy? Technology and home services that allow folks to age in place in their homes combined with increased senior housing inventory flooding markets will make occupancy declines in the IL sector inevitable.
Forbes recently interviewed Robert Kramer from The National Investment Center (NIC). When discussing the future of the Senior Living industry, Mr. Kramer said: “We’re entering a time of disruptive innovation. The basic business model and the system will be radically disrupted.” Also “My job is figuring out the people and the idea trends that will disrupt the sector in a positive way.” Mr. Kramer also talked about what the IL resident of the future is looking for “Boomers won’t retire,” Kramer says. “They will transition.”
If you are a current leader or a future leader in the Senior Living industry are you going to be a disrupter or are you going to be disrupted? If you choose to be a disruptor, how does your 5-year plan fit into attracting boomers from a lifestyle standpoint? Your senior living companies success lies in offering boomers exciting transition options.
Are you considering?
~ Digital business and internet training
~ Courses that teach future residents how to engage with younger generations, and generate income?
I would like to talk about the travel options your company may be overlooking. The Senior Living industry is uniquely positioned to use travel and lodging to solve its own problems and be the disruptor instead of being disrupted.
Airbnb has proven that seniors will use unconventional lodging if offered the opportunity. This is a huge trend that the Senior Living industry is currently overlooking. Collectively the industry has tens of thousands of available units in full-service communities. All the travel data shows that seniors would gladly book short-term stays for leisure in Senior Living communities if offered the opportunity.
Globally, the over-60s group of guests are also setting records as the fastest-growing of any age group using Airbnb, with the number of seniors booking accommodation through the site growing by 66% in the past year. It is also worth noting that the US has one of the highest proportion of over-60s who travel with Airbnb.
Adults aged 60 and older are the fastest-growing and highest rated host demographic on the Airbnb platform as well. In fact, there are now over 400 000 hosts over the age of 60 on Airbnb worldwide. In the last year, these hosts earned upwards of $2 billion, with over 13.5 million guests from more than 150 countries staying at their listings.
Through creative travel and lodging programs, SimpleStays can help the Senior Living industry tap into your unused assets and start to compete with companies like Airbnb.
Here is what SimpleStays can do for your company.
~ Increase community occupancy percentages through short-term stays
~ Create a positive travel focused dialogue between residents & staff members
~ Track revenue and expenses associated with short-term stays
~ Offer your current residents, future residents and staff members short-term lodging “gifts” in your communities at virtually no cost to your company
~ Have potential residents voluntarily sign up and pay you to stay in your communities
Let’s break down the possibilities of short-term lodging and your senior living company simply from an occupancy standpoint. Say your company has 50 communities all with 1 guest suite. Our goal is to fill those guest suites by pairing SimpleStays short-term stay software with our signature travel programs. Our software will then allow you to add those 50 occupied units to your companies or communities overall occupancy. In addition, you will be able to track revenue and expenses associated with those short-term stays. Wouldn’t you like to add 50 occupied units to your company’s occupancy every month?
At SimpleStays our goal is to encourage and enable innovation in the Senior Living industry. (Because we are all going to be Seniors someday) To see how we can assist your company to disrupt the disruptors, check out our innovative senior living solutions. SENIOR LIVING INNOVATION