First, engage the customer and make sure they are in love with the lifestyle and connect with what your senior living community has to offer, before you start grinding on them for financial specifics. Build Value First or Your Senior Prospects Will Run Away!
Even savvy seniors can disqualify themselves. They consider themselves poor even though they have a mortgage-free home to sell, social security, a pension, possibly an annuity, about 30% have long-term care insurance, IRA’s and of course some type of savings. Many seniors have worked with an attorney to set up a trust and now have limited their resources. Sometimes these seniors have to get financial permission from the trust in order to move into your retirement community.
Keep financial qualifying loose, until the senior is really excited about moving into your community. For example, you may be a Continuing Care Retirement Community that requires twice the entrance fee in assets and 1 ½ times of the monthly fee in income. Say something more friendly like: “Each person (couple) is unique, some seniors have more assets and less monthly income and other seniors have high monthly incomes and are a little lower on the assets. Generally we are looking for 1½ times to 2 times the entrance fee in assets and 1½ to 2 times the monthly fee in monthly income. Many things are considered assets like rental income or long term care insurance.” Then shut up…or you can lose the sale.
Let them speak next…if you have built a trust relationship, they should open up and start sharing their assets and monthly incomes. Most people sitting in front of you qualify. It is very unusual if they don’t. Please make a note that many children can pay the needed difference too. Always remember to build value for your senior living community first!
Diane Twohy Masson is the author of “Senior Housing Marketing – How to Increase Your Occupancy and Stay Full,” available for sale at Amazon.com. If your curiosity is piqued to inquire on Diane’s availability to speak at a senior housing conference (CCRC, independent living, assisted living, skilled nursing or memory care) – please call: 206-853-6655 or email firstname.lastname@example.org. Diane is currently consulting in Southern California for Freedom Management Company, the proud debt-free owners of Freedom Village in Lake Forest and The Village in Hemet, California. For more information: Twitter: @market2seniors Web: www.marketing2seniors.net Blog: http://marketing2seniors.net/blog/