Greystone sales, marketing and operations consultants, working with leadership for Moldaw Family Residences, increased the occupancy rate at the community nearly doubling it from just under 50% to 95% occupied and 100% of the apartment homes reserved.
“Reaching this milestone for the community didn’t happen overnight,” said Tim Mallad, Greystone first vice president/operations management services. “We were very strategic in our approach regarding outreach in the community to area older adults, as well as working internally with the entire Moldaw team on a variety of operational and marketing tactics.”
Moldaw Family Residences opened in the height of the Great Recession and experienced significant challenges, including a slow housing market, transitions in leadership, and brand awareness, to name a few.
“We really looked at every aspect regarding marketing the community, and put the right people in place as sales counselors, increasing marketing communications efforts and outreach within the greater community,” said Merna Smith, Greystone first vice president/marketing services. “We needed to offer the right mix of contracts for our prospective residents, incorporate incentive programs, and boost the buzz in the area with public and community relations.”
The outcome resulted in the generation of more than 1,000 new leads in the database, and achieving a 51% conversion ratio resulting in one-on-one presentations. The average sales closing ratio reached just over 10%.
“These are the type of numbers that really start making the difference in a turnaround situation,” added Smith. “We were averaging nearly five sales a month and four move-ins. And, to top it off, we now have a wait list of more than 60 couples and individuals wanting to move to Moldaw.”
On the financial side, the resident contracts were revised to include an immediate entrance fee refund provision, receiving approval from the City of Palo Alto on the Below Market Rate (BMR) contract to a 50% refundable contract, and also paying down nearly $57 million in long-term debt.
“There is no doubt our success is the result of a solid strategic plan from Greystone, great collaboration on all fronts and the willingness to be flexible in order to stabilize our campus,” said George Pillari, Moldaw CEO. “Having full occupancy is a definite signal that older adults view Moldaw Family Residences as the premier community in Palo Alto.”
About Greystone Communities, Inc.
Greystone Communities, Inc. has been a trusted advisor in senior living since 1982. Greystone advises senior living organizations in strategic planning, project planning, business improvement, repositioning, development, marketing and management of continuing care retirement communities (CCRCs). Greystone has partnered with more than 350 clients in 46 states. Greystone is located at 225 East John Carpenter Freeway, Suite 700, in Irving, Texas. More information about Greystone is available by calling (972) 402-3700 or by visiting GreystoneCommunities.com.