This partnership will help get your resident’s homes sold quickly so they can them move into your assisted living community as soon as possible.
This is part 7 of a series of 9 partnerships (10 articles) every assisted living community should have, that was first presented at the Marcus Evans Long Term Care Summit In Florida. See the side bar for the complete list of partnerships in the series.
This partnership will help get your resident’s homes sold quickly so they can them move into your assisted living community as soon as possible. You want to partner with a real estate company that is committed to getting prospects’ homes sold as quickly as possible. Because the longer a senior who needs to be in assisted living stays in their home waiting for it to sell, the less time they will live with you and the more likely they will experience life-limiting health issues and accidents.
The Right Price
| 9 Partnerships |
|---|
| Introduction |
| 1 – Therapy / Home Health |
| 2 – Physician Group |
| 3 – Skilled Nursing Facilities |
| 4 – Pharmacy |
| 5 – Home Care Companies |
| 6 – A Real Estate Company |
| 7 – DME & Ambulance Companies |
| 8 – Hospice |
| 9 – A Coach |
The most important thing to look for with your real-estate partner is their agent or agents will price the house correctly. Many times homeowners select an agent because the agent promises to list the house at a high price. When that happens the house will often sit on the market for months longer than it should and unnecessarily delay the resident’s transition to your facility.
You need to know that their home will sell quickly, because for every month that a person who needs to be in assisted living, stays at home alone will decrease their longevity. The longer they’re at home — not eating right, not drinking enough, not taking their medications correctly and not getting enough exercise, stimulation or socialization, the more their potential longevity and quality of life will be reduced. As I noted when discussing home care, staying at home is going to limit the amount of activity they engage in, their socialization and the number of physician visits they have.
Creative Solutions
The agent you partner with should have contacts with buyers who do house flips and who have relationships with contractors, because usually seniors have homes that need repairs and cosmetic upgrades. If the house does not look presentable, it may not sell at all, the sale may be substantially delayed or the sale price may be well below it’s value.
If they can’t afford your community until they sell the house, it is worth your while to contract with the resident to defer payment of all or a part of your monthly fee until the house sells. That contract needs to include a lien on the house for those fees until you get paid. You also need to include a provision that you approve the purchase price. That way, the house does not linger on the market because an agent overpriced it.
Scott Middleton
