A special message for senior living developers and acquisition teams:
Regarding the due diligence process that most senior living commercial real estate experts conduct -- does it typically include sending in a representative to look at the physical plant details like the AC units, plumbing, etc. and the "ops" items like rent roll and resident satisfaction? One might be able to say, typical due diligence evaluates the target "community."
But at Senior Source Consulting Group (SSCG), we look at things from a sales and marketing angle and conduct due diligence for our clients from a target "customer" perspective. Our focus is on the prospect and the family member who are going to be "buying" the target community's story and evaluating the value proposition.
We consider the land/asset from a Sales & Marketing standpoint:
▶ What needs to be in place for sales to have a compelling story to tell?
▶ How can this community out-compete area competitors?
▶ What rates would make sense given the choices in town?
▶ What amenities and would give the client community the edge?
▶ Are there any concerns that need to be mitigated?
Recently, our research uncovered a number of favorable details:
✅ For one client, market conditions were "exceptional" for new construction
✅ For another client, post-renovation rate potential showed the client could expect to increase AL rates by 20%, increase MC rates by 10%, and double the community fee
With our unique combination of an in-person competitive Mystery shop + Market Study + Pricing Analysis, our research delivers a 360-degree view into the market being considered.
Enter each new market with maximum confidence by adding Senior Source Consulting Group (SSCG) Market Entry Market Research to your due diligence process.
Want to learn more? Reach out to us today - Amy@seniorsourceconsulting.com or click below to schedule a conversation about your project.
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#pricinganalysis #swotanalysis #competitiveadvantage