Master Planning Consultation
- Is your organization contemplating new development (greenfield), an expansion or an entirely different program like Active Adults?
- Are you trying to determine the appropriate mix of residences, sizes, services and prices?
- What floor plan configurations and finishes does your market prefer?
- What amenities and services attract today’s and tomorrow’s customers?
- What partners are needed for research, design, development, financing, sales and marketing?
These are just a few of the items to be reviewed when considering a new project. The senior living market is dynamic, and as such, the preferences and desires of our customers continue to evolve.
Bobby Sumner Consulting (BSC) has over 39 years of experience observing, listening, learning and measuring consumer preferences and results for senior living communities and services. Our experience with a multitude of community types and product lines, from high-rise and mid-rise apartment buildings to cottage and villa residences, provides a deep understanding of market demand and consumer desires. Beyond constructing independent living residences, there are many details to work through: you may be evaluating the merits of offering a new contract, agreement, and the appropriate type and mix of health care residences for your campus. Refund liabilities, actuarial margins and most importantly bottom line revenue are always at the top of our minds.
BSC has gathered information from over 7,000 members of the next generation of potential senior community residents through our consumer research work. This database of consumer preferences combined with specific insights from your market help us uncover the preferences of your unique community’s future residents. BSC data and experience provide invaluable guidance during the formative stages of your project. Having Bobby Sumner Consulting as a small part of your team ensures your new residences or services not only appeal to your current customers, it prepares you to create desire for the future consumer.
When engaged early in the process of planning,BSC can:
- Advise on residence mix, size and pricing so that your community remains competitive both externally and internally so you will not cannibalize sales of your existing residences
- Advise on finish levels to be competitive in your market
- Advise on appropriate pricing, including any adjustments needed for strong resales of existing residences
- Advise on contract types and refund structures that complement the new offerings’ pricing structure – we often draft initial agreements and revised disclosure statements for our client communities
- Work directly with your operations team to discuss desirable services in today’s competitive market
- Assist in establishing timelines for roll-out of your new area or product
- Establish guidelines for building interest, accepting expressions of interest and converting those to deposits, sales and move-ins
Including the market’s perspective early in your master planning process achieves two important goals: it shortens the planning process, and increases certainty that your residences or services are tailored to today’s and tomorrow’s customer.
Call today to find out more about how Bobby Sumner Consulting can add value that speeds your master planning team to results and returns!
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