Marketing a High End Affordable Housing Exclusive Senior Community?

A little history on our community we were built in 2003-2004 and are a taxcredit property exclusively for seniors. Our market rents were at the max of 671 for a 1x1 and $812 for a 2x2. We are a gated fully enclosed community with elevators,beauty salon,shuffle board, water & sewer included and then your standard amenities. We are in the process of adding a green house this year for our residents and a enclosed pet park. The problem is that seniors who are okay with paying the rental amounts are over income and the ones who are under income balk at the price of the apartments saying they are on a fixed income. We currently have 25 vacant units all 2x2 and have just lower those to $749 a month. Now the average rent for a 2x2 in the area is $645 and those are other tax credit communities but not for seniors. I have tryed all the marketing ideas that were posted previously when I ask for help and I'm still not getting traffic like I should be. Our housing office says we are to high for them but can't go any lower or we wont have any cash flow. So what would you suggest that I do? Anything will be appreciated!!!

If you like to look at the community it is www.themeetinghouseatcollinscove.com

Thankyou

Jolene Sopalski

Hi Jolene,

How far below is the housing authority's max? I have found that we can negotiate with them and take their max if they agree to bump up more each year after. What I see is that once we get them in, at recert time we are able to get FMA for the county, even if it lower than what their max is (which I don't understand how they can do that, but THAT is a whole other can of worms). There are a few thngs to do and not do at recert time. As long as you don't charge their clients more than that what you are charging others you should be able to be able to get max TC rents, or at least closer to it.

Also, you should be putting your HVC residents in the lowest % units you have. It seems backwards but consider this: say the rent on a 30% unit is $300, but the housing authority max is $600 for a 2 bed. You have just gained an extra $300/month or $3600 hundred per year. If you can do that with 3 units that is $10,800 in extra income per year!

Also, you can swap unit percentage units to get that extra income. Do the math; you may concession some to an existng resident with the swap BUT as long as you gain more from the housing commission, you are or should be ahead some. Talk with your Regional and explain how you can get the extra. She should allow you to offer some reductions in rent (temporarily on selected hard to rent units) to attract other
applicants.

I am not sure what you have done from a marketing standpoint but do not give up! Sell your "senior-ness" to attract from conventional commuities. Direct mail; I have a few tips that works great! Have Bring a Friend specials at any community events. Give a gift to your residents who brings a friend. Host VA, Red Hat Society, events at your community. Hit every senior center, VA office, and groups that your exisiting higher percent quailified resdients may be affiliated with. I encourage very big resident referrals in the form of VISA gift cards or paying moving expenses rather than reducing rents if it can be helped.

I have about a million other questions I could ask and offer other ideas. It sounds like you have an awesome community to sell. Email me at your convenience and we could set up a time to talk if you wish. Good luck!

Hi Joleen,

I had the same issue with a senior community with similar amenities and age here in South Florida. We got very created with our marketing, and ensure that the focus was in what the community had to offer vs. the pricing of the floor plan. Pricing was actually the very last thing we got into; as it was imperative the prospective resident was sold the home before the cost.

Areas to market:

1. Websites – Make sure you advertise on any free websites out there. Get the word outside of your demographics, in case some seniors are looking for a nice place to relocate.
2. Magazine – There are many exclusive magazines for seniors, such as coupon magazine, Area55 from ForRent, Senior Sitezen Digest, etc. Advertise where they are looking at. Don’t waste your money or Apartment Guide or the regular ForRent magazine where mostly families look for apartments.
3. Diners – seniors love diners, and many diners allow in-house promotion. For example, here in Boynton Beach, there is a Diner called the Boynton Beach Diner, which has dinner mats with local advertisement. Very affordable and great exposure.
4. Pharmacies – Go to the smaller pharmacies and advertise. The big chains like Walgreens and CVS might not let you, but the smaller mom-and-pop locations might. Seniors always need their meds, and while waiting they can see your advertisement.
5. Shopping – Seniors are forever shopping at Walmart and Supermarkets like Publix. Talk to the onsite Manager of those locations and see what you can do in regards to advertising.

Don’t give up, hit the ground!!! And trust me you will find your crowd.

Thanks,
Pedro

Senior Tax Credit properties are tough! Always sell your community BEFORE selling the rent! (In my opinion, this goes for any community!) In many cases you will also have to sell to the children of the Senior. Be aware of who the decision maker is for that family. . .it may not be the Senior! Do you have a Guest Suite? Allow the senior to spend the night at your community.
Think about making a poster with a cost comparison of owning a home/condo or living at your community with the following:
Mortgage and Association Fees
Taxes
Maintenance Repairs in/outside
Fire, theft and liability Insurance
Electricity and gas
Water, sewer and trash pickup
Meals
Car ownership (ownership, maintenance, repairs, insurance)
Insurance
Housekeeping
Laundry
Cleaning
Comraderie with privacy

Outreach is very important!
* Do you allow pets? Visit the Humane Society, Vets, the pet stores.
* Visit and make friends with the Gerontologists and Podiatrists offices. Offer them a referral fee.
* Make friends with a local Realtor. They know Seniors who are trying to sell their homes. Allow the Realtor to use your building for meetings.
* Partner with the local Senior Centers and YMCA to have a Health Fare at your community.

Follow up, follow-up, follow-up! And I'll say it one more time~~~FOLLOW-UP! It sometimes takes Seniors months to make a move!

Keep smiling! At a Senior Community YOU are part of the package!