The Village Voice: Keeping Our Ears close to the ground

In the dynamic world of retirement living, it’s important to keep your ear to the ground.

At Marketability, our research & advisory team have the pleasure of listening to hundreds of different salespeople every month. Today we share some of the interesting trends that we are hearing in those conversations; and how best as a team we plan to deal with them.

1.    Demand for Larger Homes: There is a growing demand for larger homes, specifically three-bedroom product. We are hearing from your customers the desire for larger retirement living homes/apartments, particularly as the Baby Boomers start to flood the sector.  Family is the number one priority for this group and they want to know how you are going to help facilitate their lifestyle by offering more spacious living and comfortable sleeping arrangements for visiting friends and family! Many are still working – well designed and practical studies are a must.

Marketability certainly agree that this trend will only continue as baby boomers emerge. Message is clear for the property design teams, revise your plans, and maximise your bedrooms and flexible spaces!

2.    Increased Price Negotiability: More providers are willing to negotiate on price, especially for resale product and particularly,   if a home is proving hard to sell. We’re hearing more operators willing to engage in price discounting and encouraging residents to make an offer!

As a team, Marketability we have a different approach to this.  We work hard to build the value proposition, a strong sales process, a powerful CRM and continuous follow up conversations to build your waitlists to hopefully ensure that you are always maximising revenue and never discounting.

3.    Shifting DMF Focus: 

Increasing shift in how Deferred Management Fees (DMF) are being offered. Instead of being based on the initial purchase price, we are observing more and more retirement communities basing them on the selling price. This change provides residents with greater financial flexibility and allows the opportunity for the emerging baby boomers to share in capital gains.

Baby boomers are demanding choice in financial options. At Marketability, we believe in  transparency and clarity in explaining different financial models whatever the contract may be –  (capital gain/no capital gain). Now, more than ever before, we recommend continuous education and training of your sales teams – particularly around the financials to ensure you are staying ahead of your competition.

4.    Environmental Awareness:

Many communities are embracing sustainable practices and offering environmentally friendly initiatives like electric bikes and electric town cars, that not only provide residents with transport, but also contribute to reducing their ecological footprint.

Baby boomers are increasingly more conscious of the impact they are having on the environment. At Marketability we deliberately promote sustainability and the environmental impact as a key marketing attractor for your project.

As the retirement living sector continues to evolve, Marketability remains committed to helping our clients create exceptional retirement experiences. We keep our ears to the ground, so your business can grow.

Want to learn more about the current market?  Talk to our team about our insights and strategic advisory services.

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