Case Study: Assisted Living Community
- Challenge:
Grow occupancy from 43% to 65% to break even or the bondholders would foreclose.
- Approach:
Focus on children of prospective residents.
- Recommendations:
Distinguish the quality of life residents enjoyed, and offer a virtual web tour for out-of-state children of residents.
- Results:
100% occupancy within 12 months with a waiting list of 100+ individuals.
Challenge
This upscale assisted living complex had recently opened in a metropolitan market with an overabundance of the same housing.
Due to market competition, ineffective marketing, and no brand awareness the facility struggled to attract potential residents. This resulted in less than necessary occupancy to meet the debt service prompting the bondholders to pursue foreclosure.
Trainor was asked to:
- Develop a business strategy, including marketing, and advertising plans to grow occupancy
- Meet with the bondholders for approval
- Build brand awareness and increase occupancy