How do you solve a problem like senior living perceptions?

What is senior living? Close your eyes, and what is the picture that comes into your mind? Is it one of the opening scenes in The Best Exotic Marigold Hotel where the downsizing couple view a potential retirement home; one of the more common frames of reference? The reality is something actually very different.

Those who are still picturing a reality that’s perhaps 20 or 30 years out of date, are more than likely to be target consumers for senior living housing, as well as their immediate families, with the latter often being key influencers in the decision making process.

This is hardly a huge surprise, as even its title, which we as real estate professionals have become so accustomed to, has connotations of end-of-life stage living or even care homes to those not already familiar with what senior living offers, looks like, and the reasons why one would choose to live there.  

The burgeoning scale of the need for greater awareness around its fundamentals are palpable too, with one-in-four people projected to be aged 65 or over by 2040, and our research indicates a shortfall of 487,000+ senior living housing units across the UK to accommodate the ageing population.

So, how do you solve this problem? Well, it might seem obvious, but what is clear is that we have a marketing conundrum to solve on our hands if we are to facilitate a cultural shift in perceptions.

My Strutt & Parker colleagues have seen an increasing number of downsizers in the last few years using this as a means to release funds to help family members but also to fund their retirement lifestyle. Having spoken to these colleagues around their interactions with sellers, the hardest part by far is the psychological aspect – moving into a senior living scheme feels very final and suggests they are unable to live independently. In reality senior living often exceeds buyer expectations, challenging the traditional perception of senior housing.

Many senior housing schemes today are, simply put, residential developments with a real community feel, with homes that can adapt as you age. Restaurants on site, gyms, shops, pharmacies, health services and more. It’s a very nascent sector, and one that’s constantly evolving; the past 20 years have seen real change in providing more flexible opportunities and options for people in where and how they want to live.

A significant focus of the effort needs to be around the children, families, and guardians of those heading towards retirement age. In many scenarios, they are likely to play a big part in the decision making for their parents and are often the driving force in identifying deterioration or the necessity to move. What needs to be addressed is what the downsizer wants to achieve in their retirement living plan. Is it health and wellbeing, quality of life, freedom from maintenance, and proximity to family?

Many downsizers will also be weighing up stamp-duty implications of their purchase and, as such, will anticipate this to be their final one. Typically, this demographic can be time poor, where the associated services offering can make the transition run more smoothly. Many people who have moved into senior living schemes often wish that they had made the move earlier.

The UK senior living sector is already drawing on a few notable strategies to better market the sector and the homes on offer. Some that could be used include:

1. Targeted digital advertising: By leveraging data analytics and targeted digital advertising, senior living providers can reach their audience more effectively. These campaigns can be tailored to specific demographics, interests, and online behaviours, ensuring that the marketing message reaches the right audience. In the US, local search engine optimisation (SEO) is being used. US senior living providers often focus on local SEO to ensure that their properties appear prominently in search results for relevant local queries. Covid-19 was a real catalyst in engaging the older demographic with technology; adopting digital strategies can help attract potential residents who are searching for senior living options in specific areas.
    
2. Content marketing: Creating valuable and informative content, such as blog posts, articles, and videos, can help establish a senior living provider as an authority in the industry. This content can be shared on social media platforms and through email marketing campaigns, increasing brand visibility and engagement.
    
3. Virtual tours and experiences: With the rise of technology, virtual tours and interactive experiences have become more popular in the senior living sector. These virtual experiences allow potential residents and their families to explore the property and its amenities from the comfort of their own homes, providing a convenient and immersive way to showcase the property.
    
4. Strategic partnerships: Forming partnerships with local organisations, such as healthcare providers, community centres, and other senior-focused businesses, can help senior living providers expand their reach and build a positive reputation within the local community.
    
5. Referral programmes: Encouraging current residents and their families to refer friends and acquaintances to the senior living community can be an effective marketing strategy. Offering incentives, such as discounts or gifts, can further motivate residents to spread the word about the community.
    
6. Turn-key offering: The move to a senior living community is often the most stressful in one’s life due to the stage of life, therefor, any assistance that creates a turn-key solution would be well received. This could be around services associated with co coordinating the sale of their existing property and moving into the new.  Being able to market a service which provides a co-ordinator for everything involved in the process from solicitors, finance and equity release, storage, furnishing would be well received.
    
7. Evidence: Being able to promote evidence around the benefits of the community in terms of the socialisation and ESG credentials that a scheme provides will help to promote it as a viable option. Surveys or testimonials of existing residents, or open days are examples of how you could achieve this.

Only through these shifts will we start to see more appropriate housing developed and marketed towards this growing demographic, and see senior living positioned in the market as a viable option for the downsizing market: delivering choice and an option that we just didn’t have years ago.

Whilst having a strong demographic story is fundamental to the success of this sector, there has to be a willingness and a pull factor to encourage our retirees to make the move and that sometimes requires more than just a flyer through the door. These marketing techniques, when employed effectively, can help senior living providers increase brand awareness, attract potential residents, and ultimately, drive occupancy rates and revenue.