Senior Housing Consulting home
Consulting & Coaching Solutions for Assisted Living & Senior Housing Communities
I hear these kinds of comments all the time. When I ask about how they determined the need for a facility in their market, I hear silence.
The following development exercises will help you confirm that your facility will be needed in your market. And will be marketable.
Preliminary Market Feasibility-
A major key to a successful project is to confirm that an adequate market exists for the project. This involves determining the number of age and income qualified elderly who are currently residing in the market.
Competing facilities should be reviewed in regards to census, rates for services, amenities, programs offered, quality of building, location to proposed site, etc.
Market penetration can be calculated once all data has been compiled and reviewed. A preliminary feasibility review should occur prior to site purchase. A complete report can be completed later in the process for financing.
I can provide you with an outline and assistance for you to complete a preliminary market feasibility study to determine if you should develop a project or purchase a failing project.
Site Selection Review-
Senior housing developers have learned the valuable lesson - "location, location, location"- is key to successful senior housing. Purchasing an inexpensive piece of property that has a poor location may help the development budget, but depending on circumstances, it may destroy the facility's long term viability.
I can assist you in evaluating your site from an operational and marketability perspective.
Operating Pro forma Development-
I can provide you with assistance in reviewing your operating pro forma that includes the staffing, departmental and overall operating costs with the revenue projections to give you a bottom line or net operating income. In many cases I recommend that an experienced accounting firm develop the proforma in a format desired by lending sources.
Regulatory Approval Assistance-
Each state has its own definition for assisted living and other licensed forms of senior housing. I can assist in interpreting which regulations are applicable to your project from a development, design and operational standpoint.
And I can coach you in preparing for licensure inspections and approval processes.
Site and Building Design Assistance-
It is easier and less costly to properly design a building on paper prior to the start of construction versus after the contractor has begun construction. I can assist you with reducing change orders by working with your architect early in the design process.
My input will enable you to develop a project that is efficient and user friendly from an operational and gerontological perspective.
Amenity/Service Package Design-
What amenities should you provide that will be used by the residents? Many times developers/owners have incorporated little used amenities into their projects. Over design can kill a development budget.
I can work with you to determine what amenities and services should be offered in your market. A key to this exercise is to also determine what the market is willing to pay for?
When dealing with an elderly clientele it is very important to specify furniture that will allow the resident to function independently. Chair heights, stable dining room tables and other specification issues need to be addressed.
As a gerontologist I can work with your interior designer to insure the common areas and furnishings are used by the residents.
This service is listed near the end of the list since many developer/owners have already hired their architect before I get involved. The design process will go more smoothly if the architect has been involved in senior housing. Look at some of his properties. If his only experience is nursing homes, beware. Designing a residential senior housing community may be difficult.
I can assist you in selecting the architect.
I can assist with acquisition due diligence activities from an operational and building design standpoint. Some developers are converting different types of buildings such as apartment complexes, hospitals, hotels and schools into retirement communities or assisted living facilities. This is not always a good idea.
I can assist you in determining if a conversion is feasible from a regulatory and operational perspective.
I have been involved with developing assisted living, congregate care, Alzheimer's care, skilled nursing, life care, entry fee, condominium and rental retirement communities in over 20 states.
6463 Hwy 19 N
Dahlonega, GA 30533