2022 was a rebound year in senior living and care, and 2023 brings new opportunities that will influence company performances, according to Atlanta-based WelcomeHome Software.
“We believe the data and trends shared [in the company’s first Year in Review report for the senior housing industry] on occupancy, sales funnels, sales director performances, activities and lead source analysis can help boost company performances to the next level,” WelcomeHome Software Founder and CEO John Lariccia said in a press release.
Increased occupancy rates signal a return to pre-pandemic levels as interest in senior living and care rebounds, according to the report. New leads, tours and move-ins stabilized in 2022 as older adults and their loved ones regained interest in senior living and care coming out of the pandemic.
“While it took more activities to propel these move-ins, such as tours, emails and follow-ups, the benefit is in their extended length of stay,” Lariccia noted. “Hard work paid off in 2022; communities who completed more activities saw higher occupancy gains, and drove better sales conversions in 2022.”
More than 75% of new leads and 46% of all move-ins came from aggregators and online sources. Looking forward, providers should consider strategies that improve referrals, as the report noted a high conversion percentage from lead to move-in.
Communities who made incremental changes and adopted automation tools, such as e-mail automation and use of a mobile app saw an average 1.5% increase in occupancy month over month in rebound year 2022.
“Driving data adoption and leveraging tools for efficiency are critical enablers for success, including having visibility into what effective sales teams are doing. Valuable strategies for decision-making are essential as the senior housing industry continues to face the challenges of high turnover and increasing costs and competition,” Lariccia said.
