Property Leads from Assisted Living Facilities

Property Leads from Assisted Living Facilities

Several years ago I worked for a short time as Marketing Director for an 80 bed Assisted Living Facility. My job was to fill the vacancies that occurred all too frequently, as residents moved to escalated care facilities, etc.
I should note that in addition to my salary, I received a bonus each time I filled a vacancy.
As I interviewed each prospective new resident and their family, and showed them our facility, I discovered a very common theme--it happened almost every time. As we were approaching the point where I needed to probe their interest level, they would explain: "We really like this facility, but before we can take action we need to deal with mom/dad's home."
Their financial ability to place their parent into the property was dependent on either liquidating, producing revenue from, or eliminating expenses from a property.
Years later, no longer involved with that job, and now active as a real estate investor, I remembered those experiences, and realized that I was now in a perfect position to solve a problem for each of those families, and to benefit the administrators or marketing directors of assisted living facilities or other care facilities for seniors.
For the families, I could buy or lease option the property from them and create the needed cash to pay for the monthly needs of their parent.
For the marketing directors and administrators of the facilities, I could provide them with an easy way to help people sell these properties quickly and make quick commitments that filled vacancies in these facilities. It looked like a win/win/win opportunity.
And so I started making appointments to visit these administrators and marketing directors. I explained that I understood the "house" obstacle very well, and that I had a plan to help them get people past that obstacle with cash in their pocket to make a commitment to place their parent in the facility.
I offered to pay them a few hundred dollars each time I was able to do business with one of their referrals, AND that I would be making them look good for being able to provide that resource, PLUS I would keep them in the loop so they knew when strategically to follow up with these prospective residents.
It WORKED! Referrals were a little slow at first, but the first time they got paid made a believer out of the marketing director or administrator, and they now had a new twist that made potential residents and their families more interested in working with them.
I continue to use this method of finding properties, and have even done some informal group chats for facilities with a few different prospects present to talk about dealing with mom or dad's property.

__________________

Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall


dwall

I have been thinking about that exact way of finding properties lately and I appreciate what you wrote above.
So how would you recommend finding the assisted living directors to talk about them helping me with properties they see?

I also was wanting to try working with funeral home directors and helping the families liquidating properties and being able to pay for some of the expenses.