The overall impact of Covid-19 on senior living communi- ties is unknown—as are many factors that need to be bal- anced, weighed, and analyzed: • The National Investment Center for Seniors Housing and Care (NIC) COVID-19 Reach Tracker, with data in the fi rst wave of the survey from 512 properties, revealed that 87 percent of these properties did not report any cases. Were there commonalities among these?
• Real estate site Zillow sees home prices falling 2 percent to 3 percent and sales dropping as much as 60 percent from pre-coronavirus levels before recovering by the end of 2021. Will this discourage people from leaving their homes?
• A motivation for moving to senior living is need for increased services and care. Will new fears around congregate living outweigh this? But there’s much we do know—and it indicates changes ahead. The 75-to-84 and 85+ markets are growing. Yes, our average age of entry is approximately 84, but that is an average. There is interest among those in their late 70s. What consumers want is “to feel at home.” But re- search has shown that in independent living communities, only 30 percent feel at home in their residence, and only 25 percent in their community. Our customers are too complex to be defi ned by age
alone. They represent a wide range of interests, cultures, and tastes. And the future won’t look like today. While the baby boomers (72 percent white) won’t be as diverse as the 2060 population (43 percent white; both according to the U.S. Census Bureau), boomers are accustomed to living in a diverse world.
Predicting what residents want
could be as simple as asking. Identi- fy prospective customers who would consider moving to a community be- ing planned. Invite them to provide input on the concepts, the fl oorplans, the mix of amenities and services. Learn what they’re willing to pay. Ask how likely it is that they would move to the community—and when. With a suffi cient sample of quali-
Margaret Wylde,
fi ed households who would consider the community, a statistically valid estimate of demand and sales pace can be projected—giving you the size of the market, what they want, and what they are willing to pay. It also gener- ates solid leads.
PhD Founder and CEO ProMatura Group, LLC
The best time to learn what your customers want is
before you start architectural planning. Our national and community planning research shows the private residence is the most important element in the purchase decision of the prospect—and that too many amenities, if they drive up prices, will diminish sales. In large-scale studies, we’ve learned residents prefer
defi ning their own entertainment; they prefer one-on-one or very small group engagements. As one gentleman said, “To me, a great day is having nothing on the calendar at all. I can stay in and read, do some paperwork, watch a ball game on TV, and join a friend for dinner. Now that’s a great day.”
—Taylor Brame, ProMatura team analyst, contributed to research
MAY/JUNE 2020
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