Assisted Living Network:
Learn about Assisted Living through the expert Gene Guarino! Gene is the President, CEO & Founder of RALAcademy.com. Gene has over 30 years experience in real estate investing and business. Today, Gene is focused on just one thing… investing in the mega-trend of senior assisted housing. Having trained tens of thousands of investor / entrepreneurs over the past 25 years, he now specializes in helping others take advantage of this mega-trend opportunity.
Business Plans For Opening An Assisted Living Home
The number one reason to have a business plan is for you, so that you have clarity of vision of who you are, what you're doing and where you're going. The second reason for a business plan is to help raise capital. No private investor or a lender is going to give you the money you need without a business plan. You need to be able to show to other people that you know what you’re doing and where you’re going, where it starts, where we break even, where we're profitable, what's my reserve and all of the details. You want to give them a clear vision so they can buy into or lend to you. But that lender wants to know that they're going to make money, and that they will eventually get out of that deal.
You also need to consider the 5 Ps in your business plan. They are People, Position, Product, Projection, and Plan. We go over all of these individually in more detail in our Blog. There's a lot to know in a business plan, but the two keys are clarity of vision for you and the ability to raise capital
Transforming Your Home Into Senior Housing
You can turn your home into senior housing anywhere from independent living up to Assisted Living. Independent living is senior safe. I mean grab bars, smoke detectors, wider doors, trip hazards removed. That home itself maybe has four bedrooms. There's four different people living there. Now if you have a home right now that is maybe on a single level that could be converted to four bedrooms and maybe there's at least two bathrooms, so there's two people to a bathroom or maybe you add some extra bathrooms. Being close to different activities as well. Libraries, grocery shopping, movies, those kinds of things are more important for independent living, That could be a good transformation or conversion from your current home into some senior housing.
Assisted Living means somebody is there to take care of them. We provide a service for them, and you need to get it ready because Assisted Living means there's going to be caregivers that there. They're not necessarily living in the house with them, live in caregivers, but if you are doing it that way, there might be a room that's designated for the caregivers. The conversion itself is fairly similar, senior safe, but there may be a few more requirements to make sure it's appropriate for assisted living.
You Don’t Have To Be The Caretaker Yourself
As our family ages they start to need more. Their independence is gone and they don’t want to admit that they may not be capable emotionally or physically. So I think a lot of times we just assume that we should take care of our own mom, our own dad.
The reality may be we just aren't designed for that or have the time and ability to do so. So assisted living provides the care, the home, and the opportunity for us to take care of our parents without physically doing it ourselves.
There's a lot of people that will have Alzheimer's or dementia issues, memory care issues. The idea of memory care and understanding how to handle that is just as important as the physical contact. Assisted living is not just physical, it's also in memory care and brain change.
You know there's so much to learn, but the reality is we're all going to have to. We are all aging. Assisted Living is going to affect each and every one of us. You're either going to own the real estate the assisted living home is in, you're going to own and operate the business that is taking care of those seniors, or you or a family member may be living in a home, writing a check to somebody else who does. So how will you be a part of it?
Assisted Living Explained
A long time ago Assisted Living meant a big institution. Today it is completely different. When you think about living at an Assisted Living home, it has all of the comforts of home and there's other people in that home. It's a group of 8, 10, to 12 seniors in a home with peers their own age, living in that home together. It’s a community. Having a community of people to be with is incredibly important. It's not just your physical health, it's your mental health, your attitude.
Assisted Living is for when somebody has an event, they move into Assisted Living after that event where they need additional help or monitoring. They need help with their medication, bathing, feeding or whatever it may be. They move there because they have to. And it's a home setting and that's specifically what we do with residential assisted living.
Let's face it, we're all going to pass away. The question is when, not if. The family will come and they'll spend the last few days saying their goodbyes. 9 times out of 10, they pass away in the middle of the night. The opportunity to care for them and share with other people during that time is incredibly powerful. The families are thankful that we were there to take care of their family member all during that time.
Marketing Offline Helps Build Personal Relationships
Offline Marketing is having brochure, flyers and business cards. The brochures should match your website and your online presence. You only get one chance to make a first impression.
One of your biggest and probably the most important way to market your business is referrals. Referral marketing is the best way to get new business in Assisted Living and Residential Assisted Living. We need to have those relationships.
There are professional referral sources, placement agents that refer seniors to homes, attorneys that specialize in working with seniors, insurance agents that work with long-term care insurance, and financial planners that specialize in working with people's estates as they get older. They went out and created the relationships.
Hospitals and doctors offices are your two other primary sources for referrals. It could be something as simple as having your brochure in the waiting room or building a relationship with the nurses and staff.
Imagine if you show up once a week and bring in a flat of coffee, a small box of chocolates and a handful of brochures. Everything I just described costs about $100 per month. You're going to get one, two, even up to 22 referrals from that. Every one of them is worth thousands of dollars to you.
Hospice - Who Really Pays For It?
Hospice provides benefits for people at end of life care.The money that pays for it is provided through the government, which comes from our tax dollars. When somebody is on hospice, the services are provided to them at no cost to them. That company that is providing them the hospice provider, they'll bill insurance and the government to get reimbursed.
We're all getting closer to the end of life every day. But somebody who is really truly closer to end of life now could be on hospice for years. Hospice provides all of the care, equipment, supplies, care, nursing visits and so on. They may need 24 hour care, maybe even a few visits a day or per week. Some people come in on hospice and they're with us for months and years.
Assisted Living works hand in hand with hospice providers. They give us referrals and we give them referrals. One of the things I truly appreciate about hospice is their heart's in the right place. They really want that resident, who needs to help, to get the care that they need.
Hospice is a wonderful service that we do fully utilize in Residential Assisted Living. Someday you or your family member may need exactly that. Don't hesitate to call them.
Great RCFE Education
Learning from Gene helps me set myself up for success in the RCFE business. Very succinct episodes with major bullet points!
To the point
I love that these are short and too the point. Podcast are getting so long these days. These are prefect for me.
I love the fresh perspective on senior living and how to take advantage of this RE trend. Great podcast.