As the founder and CEO of Second Act Financial Services, Elias Papasavvas has dedicated his career to enhancing access to retirement housing and senior living. He is viewed as an authority on tailoring and delivering consumer banking programs for the elder population. Elias is known for pioneering the concept of elder care bridge loans, financial aid office for senior living operators, and point-of-sale financing for senior living, over two decades ago.
Elias was also a recent Roundtable guest, where he shared insights about how to get prospects to say yes faster and provided an in-depth update on the real estate market. He also led a discussion on the power of an organized mind and how an organized mind can help seniors and their adult children make decisions more effectively, reducing stress and delays. The following are some highlights from that conversation.
HOW VALUABLE IS IT TO HAVE PROSPECTS MOVE INTO A COMMUNITY ONE, TWO OR THREE MONTHS SOONER?
Moving into a senior living community just one to three months sooner can offer significant advantages for both the community and the prospect. For the community, accelerating the move improves conversion rates, vastly improve cash-flow, and helps maintain optimal occupancy. For the prospect, a quicker move addresses urgent safety concerns, ensures access to LifeCare services before potential health changes, and prioritizes their well-being by making the transition when time is of the essence.
THE HOUSING MARKETING SEEMS STRONG, WHICH MAKES SELLING AN EXISTING HOME AND MOVING TO A COMMUNITY EASIER, RIGHT?
In recent years, the real estate market has been favorable, with homes selling quickly. For seniors, this meant that, after visiting a community, they could list their homes and sell them swiftly — often within a week — and receive funds promptly. However, there’s a growing sense that this trend may be changing especially in the southeastern and southwestern states.
SECOND ACT CREATED A GUIDE THAT’S DESIGNED TO COMBAT DECISION STRESS AND LEAD TO A FASTER YES. TELL US ABOUT THAT GUIDE.
The guide helps seniors organize their finances and streamline the process of funding entry and monthly service fees. Drawing on our CPA and CFP expertise, the guide offers a clear list of key considerations and step-by-step instructions for managing financial assets. With practical, organized steps, it aims to reduce stress and make financial planning easier and more manageable. It also helps financial advisors think through funding options with their senior clients.
You can get a free copy of the guide by emailing me at elias@secondactfs.com.
DO YOU HAVE ANY ADVICE FOR COMMUNITIES THAT MIGHT WANT TO IMPLEMENT CREDIT CHECKS AS PART OF THE PRE-SCREENING PROCESS? DO YOU HAVE A VENDOR THAT YOU RECOMMEND?
Credit checks are a valuable tool, particularly for rental situations, and it’s surprising that the senior living industry has not widely adopted them. While most credit scores of seniors moving into CCRCs are generally strong, occasionally, a few raise red flags. Implementing credit checks could help identify potential issues early and ensure a smoother process for both the community and the seniors.
Varsity’s Roundtable is a weekly virtual gathering of senior living marketers and leaders from across the nation. For updates about future weekly Roundtable gatherings, submit your name and email address here.
