Tag: roundtable

Varsity Sales & Marketing Strategist Jackie Stone knows a thing or two about recruiting and training salespeople. Said Jackie: “Spending time up front to hire the right people and train them saves money, time and potentially your job!”

Jackie was also a recent presenter on Varsity’s weekly Roundtable gathering where she talked about recruiting and training salespeople for success, including, tips for finding good sales team candidates, asking the right interview questions to learn more about each candidate and the importance of clearly defining expectations for your sales staff.

The following are some highlights from that conversation.

CONSIDER CANDIDATES FROM OUTSIDE SENIOR LIVING

Jackie suggested considering sales candidates from outside senior living in related industries like hospitality. She recalled that when she first began her career in senior living, Greystone often recruited salespeople from local hotels, valuing their experience in customer service, sales and operations, which translates well to senior living. Jackie noted that many people from the hospitality industry have successfully transitioned into senior living roles, and still hold those roles today.

DIVE DEEPER WITH INTERVIEW QUESTIONS

Jackie advised against using the cliché question, “Where do you see yourself in five years?” Instead, she suggested more targeted questions to evaluate candidates effectively.

For sales experience, ask, “How do you sell the product you’re currently offering?” To assess handling challenges, try, “How do you handle customer objections?” and “Have you met your sales goals consistently? What challenges did you face?” Gauge industry knowledge with, “What do you know about senior living? Did you research our organization?” Lastly, test strategic thinking with, “If our sales were declining, what steps would you take to improve them?”

ESSENTIAL SENIOR LIVING SALES TRAINING

Specialized training is essential for all salespeople, regardless of experience, to excel in senior living sales. Training should include techniques for overcoming objections unique to the industry and discovery methods that delve into prospective residents’ values for tailored presentations. Emphasis on values-based selling, rather than just giving standard tours, is crucial to connect with what the prospect cares about. Creative follow-up approaches that move beyond simple thank-you notes and incorporate personalized outreach helps sales teams stand out. Training should also cover community outreach strategies, ensuring effective networking and targeted messaging to referral sources.

REVIEW AT 90 DAYS

The 30-day review for new hires is often skipped, as the initial period is focused on learning the community, its processes, and culture. Instead, a 90-day review provides a more accurate assessment of performance. Key evaluation criteria includes meeting sales goals, effectiveness in marketing activities like scheduling appointments and community outreach, and building strong relationships with prospects, residents, and colleagues. Commitment to self-improvement and seeking additional training or support are also important factors.

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. 

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.

Recently on Roundtable we welcomed Jack York from TaleGate. As the chief storyteller at TaleGate, Jack has spent the past five years interviewing senior living residents in 38 states. He shared some of the lessons he’s learned from countless conversations at more than 80 communities, including lessons in sociology and marketing, and a look at where his senior living tour will take him in the future.

The following are some highlights from that conversation. 

HITTING THE ROAD IN SEARCH OF STORIES

TaleGate is a company driven by a shared mission: to uncover and celebrate the essence of America through the extraordinary stories of its seniors. From coast to coast, they’ve captured countless moments with seniors who have helped shape the country. Projects include documentaries that explore the lives of residents within senior living communities and a “Vintage Voices” series that travels the nation to interview centenarians.

KEY LESSONS FROM THE VINTAGE VOICES SERIES

Centenarians show there’s no single formula for longevity—some avoid smoking and drinking, while others indulge, and their exercise routines vary. What unites them is a strong desire for independence. Many also maintain a lifelong passion for learning. Additionally, being featured in documentaries holds great meaning for them, as showing interest in their personal stories can have a deeply positive impact.

RESIDENT STORIES ARE A VALUABLE RESOURCE

Communities are discovering that residents are a valuable yet often overlooked resource. Some of the documentaries created have been funded by marketing teams, recognizing the potential to leverage residents’ stories as a powerful asset for promoting their communities. Sharing resident stories is simply the right thing to do, with a solid business case to back it up.

THINK BEYOND TRADITIONAL MARKETING METHODS

Traditional marketing methods, like trade show booths and sponsored lunches, remain prevalent, yet feel outdated. There’s a growing opportunity to innovate by capturing and sharing residents’ stories in engaging ways. This approach can offer a fresh and impactful alternative to conventional marketing strategies.

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. 

We recently welcomed Lindsey Beagley from Mirabella at Arizona State University as a guest on Varsity’s weekly Roundtable gathering. Lindsey describes her work as “innovating at the intersection of higher education and longevity.” As senior director of lifelong university engagement for Mirabella at ASU, Lindsey creates opportunities for residents to engage with the ASU campus. 

The following are some highlights from her Roundtable conversation. 

TWO INDUSTRIES, ONE POWERFUL NEW POSSIBILITY

Merging higher education with senior living might seem unusual, but this fusion can disrupt and redefine both fields. The concept of a university-based retirement community exemplifies how bringing together two distinct industries can lead to groundbreaking innovations and new possibilities.

DEMAND IS GROWING

The baby boomer generation, being the most educated retiree cohort ever, has a strong nostalgia for its college years. Additionally, boomers are healthier and have different expectations for retirement, compared to their parents and grandparents. Andrew Carle, who coined the term “university-based retirement community,” identified that seniors seek active, intellectually stimulating and intergenerational environments — qualities that are inherent to college campuses. 

A HIGHER EDUCATION RENAISSANCE

Lindsey believes that the 65-85 age range is not about winding down but, rather, a renaissance. Supporting this, the highest proportion of entrepreneurs are between 55 and 64 years old, showing a trend toward retooling and applying skills in new ways. Additionally, many people over 65 feel about 20 years younger than their actual age. To engage this demographic, products and services should meet their functional needs while reflecting their youthful self-perception.

THE BENEFITS OF INTERGENERATIONAL CONNECTIONS

The benefits of intergenerational connections are profound. For young adults, engaging with older generations enhances civic engagement, boosts entrepreneurial skills and builds self-confidence. For older adults, these connections reduce social isolation and improve quality of life, along with offering physical benefits, such as better balance, increased strength and reduced risk of falls. 

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.