Great Expectations: Keeping Up with Changing Consumers Margaret Wylde ProMatura Group, LLC
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Age of Residents at Year of Entry
Among Previous Year and Current Year Move-‐In 90+
14.5% 5.6%
Age Group
85-‐89
11.1%
Same Store all opened 2001 or before
30.8%
25.6% 27.8%
80-‐84
29.1%
<80 0%
10%
2012 2001 55.6%
20% 30% 40% Percent within Age Group Same Store
50%
60% 3
DistribuQon of Residents by Age 2001-‐2012 All ProperQes 90+
12%
Age Group
85-‐89
25%
23%
32%
2012 2001
25% 32%
80-‐84
18%
<80 0%
10%
33% 20% 30% 40% Percent within Age Group All in 2012
50% 4
Self-‐RaQng of Health 100% 90%
16%
24%
80% 70% 60% 50%
49%
Excellent Good
55%
40%
Fair
30%
Poor
20%
29%
10%
20%
0%
2% 2001
6% 2012 Same Store
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Use a Walker
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Fallen in Past 6 Months 2001
2012
50% 45% 40% 35% 30% 25% 20% 15% 10% 5%
34%
33% 25% 15%
16%
14%
0% CCRC -‐ EF
Combined
Free-‐standing 7
MeeQng ExpectaQons: 2001 and 2012 AcQviQes and RecreaQon – Same Store 100% 90% 80%
24%
34%
Exceeded
70% 60% 50% 40%
Met 57% 54%
30% 20% 10% 0%
17% 2% 2001
8% 5%
Nearly met Not met
2012 Same Store
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MeeQng ExpectaQons: 2001 and 2012 Food Service – Same Store 100% 90%
18.9%
30.7%
80%
Exceeded
70% 60%
47.4%
50%
47.6%
40% 30% 20% 10%
Met Nearly met
18.9% 13.4% 14.7%
8.3%
0% 2001
Not met
2012 Same Store
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MeeQng ExpectaQons: 2001 and 2012 Housekeeping – Same Store 100% 90%
15.1% 34.4%
80%
Exceeded
70% 60% 50%
Met
60.2% 51.2%
40%
Nearly met
30% 20% 10% 0%
19.4% 5.4%
10.8% 3.6%
2001
2012 Same Store
Not met
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This Community Offers Me Good Value for My Money – Combined IL/AL 100.0% 90.0%
24.3%
12.5%
11.8%
80.0% 70.0% 60.0% 50.0%
45.7%
Strongly agree Agree
45.5%
Neutral
40.0%
Disagree
30.0% 20.0% 10.0% 0.0%
29.1%
Strongly disagree
23.0% 6.8%
0.4% 2001
9.9% 2.8% 2012 Combined IL/AL
5.5% 11
I Consider This Community My Home – Combined IL/AL 100.0% 90.0% 80.0%
43.4%
21.9%
21.5%
70.0%
Strongly agree
60.0%
Agree
50.0%
60.5%
40.0% 30.0%
Disagree
49.2%
Strongly disagree
20.0% 10.0% 0.0%
7.0% 0.4% 0.0% 2001
Neutral
15.0% 0.8% 2.2% 2012 Combined IL/AL
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SaQsfacQon with Quality of Life in Community 100.0% 90.0%
0.7% 2.1%
0.7% 6.9%
14.3%
80.0% 70.0%
47.4%
DissaQsfied
60.0%
51.6%
50.0%
Neither saQsfied nor dissaQsfied
40.0% 30.0% 20.0%
Very dissaQsfied
45.0%
10.0%
SaQsfied
13.7% 31.3%
Very saQsfied
0.0% 2001
2012 Combined IL/AL
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1. Consumers choose what they want, rather than what they need. 2. Hyper-‐abundance and choice. 3. Consumers don’t like wasQng their Qme, money or effort on anything. 4. Your compeQQon is everywhere and everything. 5. Must be aware of innovaQons from around the world. 6. Consumers are more aware of and excited by companies that get ‘it’ right (customer service, markeQng tone, design or usability).
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Buy 15
16
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Do not want seniors housing.
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1. Consumers crave informa9on. 2. And can get it from anywhere in the world and have it translated to their language. 3. Online, everyone has a voice – and know their power. 4. Consumers use reviews to ensure the perfect purchase. 22
CLEAR HEALTH COSTS
Crowdsourcing platform informs patients of healthcare prices in the local area 23 Â
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TRANSPARENCY
Appropriate, relevant, personal and useful informa9on that is delivered wherever, whenever and however they need it.
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WELLTHY GOOD HEALTH IS NOW AS IMPORTANT TO SOME CONSUMERS AS HAVING THE BIGGEST, NEWEST OR SHINIEST STATUS SYMBOLS
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WELLTHY | SIGN OF THE TIMES “73% of consumers consider being physically fit important to being ‘well,’ with 74% including ‘feeling good about themselves’ .” - The Hartman Group, August 2010
What does this mean for you in what you do? 27
The happiest moments of the happiest life….are here and now. You must know what makes your prospecQve buyers happy. 28
Total Qmes telephone dialed Total number of households contacted Refused Disqualified -‐ living in age-‐qualified housing Disqualified -‐ < 70 years of age Completed telephone survey Total number of households qualified and invited to complete mail survey Agreed to complete mail survey Completed and returned mail survey
85,646 22,337 100% 16,607 74% 492 2% 514 2% 4,724 21% 3,974 18% 1,204 30% 488 41%
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Recently (approximately last 3 years) tried to sell, sold, or thought about selling home.
7%
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Selling of Home by 7% of Non-‐Residents
Thought about selling 45%
Sold home 40%
Tried to sell 16%
62% at desired price 3 months 38% less than desired ($53,000) 8 months
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Aware of IL Community in Area
76%
< 75
73%
71%
67%
75 to 79 80 to 84 85 to 89
56%
90+
Age Group 32
70% of 4,718 aware of IL community 18% knew name of a community in their area 51% heard of subject community
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Number of CommuniQes (Total = 91) Winner 2 2 1 9 13 49 14
Percent of Telephone Respondents Named Community 86% 53% 40% to 47% 30% 20% to 27% 10% to 19% 1% to 9.9% 0 % 34
Opinion of Community 44%
23%
28%
3% Very posiQve
Somewhat Somewhat posiQve negaQve
1% Very No opinion negaQve 35
Opinion of Independent Living Community Near Term 44% 41%
Next Wave
48% 51%
5% 7% Very posiQve
Somewhat posiQve
Somewhat negaQve
3% 2% Very negaQve
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Reason for NegaQve Opinion Expensive, cost too much, can't afford
49%
Too confining
17%
Rules/regulaQons
11% 8%
Poor quality of care Unappealing atmosphere
7%
Poor locaQon
6%
Prices keep going up
5%
Being with only older people, frailer people
5%
Don't know
2%
37
Percent Who Felt at Least A LiRle to Very Lonely by Health Status
41% 26% 19% 12% Excellent
Good
Fair
Poor 38
Very PosiQve Opinion by Loneliness 63% 41%
42%
45%
Not at all lonely
A liole lonely
Somewhat lonely
Lonely
58%
Very lonely
39
Among those unlikely to move…. What could community do? Lower Costs Variety of ages/people Beoer care Larger residences/make more spacious Increase services/ameniQes Hire more staff Allow pets
N Percent 60 48% 12 10% 11 9% 8
6%
7 6 4
6% 5% 3% 40
Likelihood of Moving to Independent Living 27%
27%
26%
Neither likely nor unlikely
Unlikely
Very unlikely
16%
4% Very likely
Likely
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SaQsfacQon with Daily Life Non-‐Resident 41% 43%
Resident
45% 43%
12% 10% 0.9% 3% Very saQsfied
SaQsfied
0.2% 0.6%
Neither DissaQsfied Very saQsfied nor dissaQsfied dissaQsfied 42
Percent of Non-‐Residents Thinking of Moving by Type of Neighborhood Considered for New Residence To an independent living community To a house in a neighborhood that is restricted to people 55+ House in a neighborhood where people of any age live A rental apartment that does not include any services To an assisted living community To a conQnuing care reQrement community To the home of a family member To a nursing care facility (Note: Columns do not add up to 100% because more than one opQon could have been selected)
52% 26% 24% 22% 19% 18% 13% 7%
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Would consider IL
What They are Looking for in an Independent Living Community Less home/yard maintenance Dining/Food Services Less lonely/Around other people AmeniQes available Making new friends Safety/Security Less responsibility AcQviQes/Services Being around people own age Having own private space Medical support available Convenience
28% 11% 11% 9% 7% 5% 5% 5% 4% 4% 3% 3% 44
90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
IMPACT OF LIFESTYLE ON LIKELIHOOD OF PURCHASE 85%
2025% 2025%
4% Before Aqer Lifestyle shown during research 45
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What is age-‐qualified housing? Answer: The only form of legal discriminaQon in housing. 47
aging in place 48
what the prospect and customer experience cannot be leq to chance
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What the prospect and customer experience must match their spirit of life….not their limitaQons
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We must focus on the human spirit… not age not limitaQons not care the spirit of the individual… and what makes them happy 51