Employing the Seniors Housing Industry While the Demand is High
The seniors housing industry has reached record numbers in recent years and continues to encourage the construction of new developments. The industry has also seen a rise in people venturing into the seniors housing investment market looking to capitalize for the first time. This rapid growth has created a potential staffing issue for newer facilities.
A major concern among operators is how well their facilities will perform among their competitors. This, in turn, will affect the market valuation. Filling vacancies is another priority that operators must figure out how to achieve in a timely manner.
Before an operator can begin focusing on guests, one must fully staff a facility…but, with who exactly?
Working With the Existing Talent in the Labor Pool
Assisted living and memory care facilities are becoming a common fixture in many communities. For facilities to contribute value to the seniors housing industry, these new buildings need to be filled with residents. There is a growing concern among operators about the ability to staff and occupy these facilities with residents.
The months following the grand opening of a facility will be the riskiest stage in running a successful business. A common goal for most facilities is to have 25 to 30 percent of their beds pre-sold before the doors even open. The time it takes to fill the rest of the beds will vary, but it is up to the staff to retain the current residents while attracting new ones.
A highly qualified staff will be the key to any successful facility. It is finding this caliber of employee that is becoming a daunting task for operators in the industry. It is rare to hire the perfect staff for a brand-new facility that cares for over 100 people. Instead, this is achieved over time and will ensure that investors see a return in their portfolios.
Protect Your Housing Investment and Attract Talent
In general, the seniors housing market is experiencing a shortage in the quality labor that is required to operate a successful business. Every operator understands that their staff is only as strong as the weakest link. Although the pool of talent is limited, it can be expanded by recruiting people from outside of the industry and training them within.
The amount of opportunity in the seniors housing industry far outweighs minor setbacks such as quality shortages in labor. This is what drives successful operators to plan and prepare in an effort to see their investment grow.
Prepare With the Stahler Group at Marcus & Millichap
With over 40 years of combined experience in the seniors housing development industry, the investment specialists at The Stahler Group have successfully maneuvered a majority of the hurdles that face investors every day. This type of expertise will allow us to protect your investment through any potential labor shortages and ensure that it reaches its full potential.
Contact The Stahler Group for a complimentary valuation and meet the professionals that will help you find your place in the seniors housing investment world.