| IN THE
January
26, 2009 ISSUE |
Case Study: Surveys Help Raise Resident
Satisfaction
With building owners and operators focused on how to boost
occupancies, resident surveys can be an effective tool to help keep
buildings full. Surveys can identify problem areas that can be improved
to raise resident satisfaction and help retain current tenants while
generating more referrals.
Take, for example, Life Care Services. The Des Moines, Iowa-based
company has conducted resident satisfaction surveys for the last 10
years at all of its managed properties. Life Care currently manages 82
continuing care communities and has an ownership interest in 14. The
company is developing a new community in Phoenix scheduled to open in
2010.
"We are committed to resident satisfaction," says Ed Kenny, president
and CEO at Life Care, a privately held company. "Resident surveys are a
good way to differentiate yourself from the property down the
street."
Quality Still Counts with Buyers
Like most real estate, seniors housing is a buyer's
market. Owners that want to exit the business, or need to sell a
building, must price it right to make a deal. But price still isn't the
only consideration.
Buyers seek quality operations too, according Ray Braun, president at
Health Care REIT, an owner of assisted living, independent living,
skilled nursing and medical office buildings. The company made $1
billion of net new investments in 2008. Health Care’s stock (NYSE:HCN)
closed at $37.08 on Jan. 22, compared with $41.74 a year earlier.
The Toledo, Ohio-based REIT evaluates each building for purchase based
on two quality measures: shelter and services. "Consumers are becoming
more discriminating about the quality of the shelter and care," says
Braun. "It's important for buildings to be focused on that, or they will
lose occupancy."
Sperry Van Ness Rolls Out Health Care Real Estate
Group
Despite the current economic downturn and credit crisis,
health care commercial real estate’s long-term growth prospects are
favorable, according to Grant Edwards, national director for Sperry Van
Ness’ Healthcare Real Estate Team.
Edwards began his career at brokerage Marcus & Millichap in 2006, where
he worked in the Chicago-based seniors housing group. There he was
responsible for seniors housing transactions, primarily in the Midwest.
In March 2008, Edwards joined Sperry Van Ness to launch the
brokerage’s Healthcare Real Estate Team nationally from St. Louis.
NREI recently spoke to Edwards about the new division, which includes
seniors housing.
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