There is a continuing debate about whether or not senior living communities should post pricing information on their individual community websites or at lead generation sites like Caring.com
When I met with Andy Cohen, the CEO of Caring.com a Senior Housing Partner several weeks ago I was curious about his thoughts about posting pricing information. He acknowledged that there is an ongoing debate on whether this is a good or bad idea.
The continuing debate about whether or not senior living communities should post pricing information on their individual community websites or at lead generation sites like Caring.com looks something like this:
- Don’t Post Prices – The thinking behind this is that if you have prospects who are pushing the upper limits of their budget they might skip considering your community before ever seeing how great it is. The hope is that once they experience all your community has to offer they will figure out a way to fit your prices into your budget (or maybe you are expecting to negotiate some sort of financial concession to make it fit their budget).
There is risk though; particularly if your community shows spectacularly well on the internet. It is possible that your community could appear more expensive than it really is, which means they would not bother scheduling a tour.
There is also a school of thought that even if you do receive unqualified leads (and you will), it will give you the opportunity to help them find something else which enhances your reputation in the community.
- Post Your Prices – I am not aware of any community that posts the price of every single unit and provides on-line a detailed list of care levels. Largely this is because pricing is a pretty fluid and is likely to become more fluid with the emergence of big data pricing tools like Senior Housing Forum Partner Prorize. What the communities that post prices typically post are ranges or representative prices similar to this:
- Studio Suites: $2,000-$2,200
- One Bedroom Suites: $2,700-$3,000
- Two Bedroom Suites: $3,400-$3,700
There are at least two really good reasons to post prices:
- It sends the message to your prospects that you are a transparent and open senior living community; that you are trustworthy, that you have nothing to hide.
- It makes it more likely that you will not end up with inquiries from prospects that are not ever going to be able to afford your community no matter how great it is. By eliminating those fruitless prospects you are better able to concentrate on those prospects who can afford what you are offering.
Based on what the Caring.com team and other organizations they work with see, it seems pretty clear that those communities that post prices receive more leads that are more likely to turn into move-ins. While it ultimately needs more study it seems that consumers reward transparency and in effect punish secrecy. Exploring senior living options is time consuming and emotionally draining for residents and families.
Providing pricing is one fairly simple way for senior communities to slightly ratchet down the burden of the search.
So how about you, do you post prices or not?