Last week, Greystone hosted its 24th Annual Event at The Ritz-Carlton Dallas, Las Colinas. With over 200 attendees representing nearly 60 organizations, this year’s conference boasted one of the highest turnouts in several years.

The sessions explored the growing trend of aging-in-place and its influence on the financial performance, service delivery, and physical spaces of the life plan community. This year's Event posed the question: What does the successful senior living community of the future look like?

Key Takeaways: The Successful Community of the Future

Implement Home- and Community-Based Services
Residents increasingly desire to have health-related services delivered to them to their residences. If you are not providing these services for your residents, residents are contracting these services themselves through third-party HCBS providers. These services, provided in an independent living setting, can enhance resident satisfaction, reduce attrition, and boost overall revenue when provided by the life plan community owner. Successful communities will meet the growing resident expectation and integrate these services into their strategic plans and establish programs or partnerships into their community.

Achieve Financial Scale and Product Segmentation
Today’s consumer wants choice. Providers must offer a mix of products that serve a variety of interests – and at an increased volume. What’s more, successful providers will offer a greater variety of independent living accommodations.  These range from the increasingly popular cottages and estate homes to hybrid homes and larger apartments with more flex rooms and dens to support the Boomer’s varying interests and work.

Practice Active Revenue Management
With attrition, increased competition, and aging populations, annual or bi-annual pricing changes are no longer enough. Providers must reassess pricing structures based on current operating costs and market challenges. This includes adjusting prices by unit location, utilizing diverse entrance fee contract types, and offering varied service packages. Offensive marketing strategies, including strategic sales training and outcome-driven commissions, will also be crucial for revenue growth.

Design for Agility and Sustainability
Future-proofing designs for senior living spaces is essential. This involves planning for future use, supporting aging-in-place models, and incorporating advanced technology infrastructure. Design accommodations and technological upgrades can be implemented from the outset, offered as personalization options, or retrofitted into existing communities. These enhancements can increase accessibility and longevity without compromising elegance.

Embrace Flexibility
Flexibility emerged as a critical theme throughout this year’s presentations. As market demands and consumer preferences evolve, providers must remain agile and adaptable. Successful providers will offer product segmentation, continually assess their unit mix, and respond to market shifts. Flexibility and adaptability are crucial to remaining market relevant.

Expert Insights and Looking Ahead
Greystone was privileged to host several guest speakers, including senior living providers, design professionals, and financial services experts. Their valuable insights significantly enriched our agenda.

We extend our heartfelt thanks to all who joined us in Irving and look forward to welcoming you to next year’s Event.