Why Campus Expansions Make Sense

By | Baby Boomers, Local Market Dynamics, Retirement, Seniors | No Comments
Photo of building construction

One significant strategy for growth in the senior living industry can be and is occurring through the expansion of existing communities. There are several benefits to this approach. If enough land exists on a site this eliminates the need to find and acquire a new site which saves time and expense. In addition, it allows providers to take advantage of several other things including:

  • the value of their reputationthe opportunity to add elements that are not present such as expansion of wellness amenities and other programmatic spaces
  • creating new residential units which may be more responsive to current market preferences
  • the ability to meet the needs of their waiting list
  • reinforcing the perception that the community is thriving and interested in keeping current and vital to seniors

Many organizations are pursuing this strategy and more will undoubtedly do so in the near- term. An understanding of current local area market conditions is an element that is essential to successfully implementing this strategy.

Holiday Greetings

By | Baby Boomers, Local Market Dynamics, Retirement, Seniors | No Comments
Holiday Image of pine cone, pine needles and red berries

As we draw towards the end of the year, we want to share our best wishes to everyone for 2023. We know that 2022 was a year full of challenges as we slowly emerged from the pandemic. All of you providers have been heroes in the effort to help your residents and staff remain healthy and as optimistic as possible. We at Brecht Associates are looking forward to providing the excellent services that have been our hallmark for over 32 years. Whether it is a market study for a new development, an update for an existing community where you may be considering making some changes or expansion, or developing a satellite campus, we are here to help guide you with the market research needed for you to make informed decisions. For existing providers, we offer our lost prospect/recent mover surveys that have, over the years, resulted in valuable feedback for many organizations.
We look forward to working with you in 2023.

Why Prospects Don’t Select Your Community

By | Baby Boomers, Local Market Dynamics, Retirement, Seniors | No Comments
Elderly couple standing on brick sidewalk

For most senior housing communities, marketing is an ongoing process, even when occupancy levels are high. Since turnover requires that there is a pipeline, so to speak, of prospects who are in the market, it’s important to know why they consider your community but don’t eventually move in. There may be many different reasons ranging from another community was more to their liking to a decision not to move at all. And what might have made another community more appealing? This can be such things as having friends who already live there, the services and amenities were more to their liking, or something as practical as affordability. A negative might be that your location was just a bit too far from friends and relatives. But the only way to know what drove their decision is to ask. We have found that prospects, meaning someone who has actually visited your community, may be reluctant to answer these questions when a person in your marketing department asks them directly. Lost Prospect surveys conducted by an independent organization are likely to result in franker answers which provide you with potential actionable items that can enhance your marketability.

Are the Boomers Prepared For Retirement?

By | Baby Boomers, Financial Preparedness, Retirement, Seniors | No Comments
Two elderly couples giving the thumbs up.

By definition, the Baby Boomers (Boomers) are those born between 1946 and 1964, which means the youngest Boomer will turn 57 while the oldest will turn 75 (easy to remember, just reverse the numbers). This is a generation that contributed to trends such as both members of a married couple being in the workforce and working longer. There are more people age 65 who are still employed than any time since 2000. But to what extent is this trend a result of not only a desire to continue working, but a need as well? According to TransAmerica’s Center for Retirement Studies, Boomers have an average of $152,000 saved for retirement, not nearly enough for the years in which they will be retired, increasing the dependence on their Social Security benefits. Factors that have contributed to retirement income include the great recession of 2007-2008, and much more recently, the variability of the stock market’s performance and impact of Covid 19. But let’s examine the very concepts of retirement and being prepared. Not everyone actually is planning to withdraw from the working life at the traditional age of 65. Being “prepared” typically refers to financial circumstances when we think of “retirement”. However, one could argue that being prepared also includes finding ways to continue to make a contribution to the world around them without being financially compensated. I began thinking about this blog from the perspective of “financial preparedness”, but in pursuing the idea it may have evolved into something more interesting.