| You can try to be an expert in many phases of real | | | | often than not, once residents move into an Assisted |
| estate, or you can specialize in a niche markets and | | | | Living Home they will be allowed to live out the rest |
| become the authority in that markets. | | | | of their lives in these familiar surroundings. |
| There are a number of very successful real estate | | | | How can you get involved in this niche? To start with |
| agents and brokers that have narrowed their real | | | | you are going to have to view yourself as a problem |
| estate marketing niche focus to a specific | | | | solver. You will need to: |
| geographical area, a type of property or a category | | | | - Educate yourself on the rules as they pertain to |
| of consumer. Recognizing the opportunities that are | | | | your City, County and State. Be aware that just like |
| out there and selecting a niche that appeals to you | | | | with building or zoning codes each city may be a little |
| can be a lucrative strategy. | | | | different than the other. |
| Consider the niche market of opening Assisted Living | | | | - Have a general knowledge of the typical rates |
| Homes. It is a common assumption that it take | | | | residents pay. |
| millions of dollars to successfully open and operate an | | | | - Have a general idea of the typical expenses |
| Assisted Living Facility, and while this may be true for | | | | associated with operating an Assisted Living home |
| a large facility, there is a huge niche market being | | | | - Establish a network with those who provide |
| ignored. Tens of millions of baby boomers are | | | | services in this industry. |
| approaching retirement age. Many of them will need | | | | Many smaller homes operate very successfully in |
| medical or personal care. A growing majority of these | | | | both the private pay and Medicare arenas. |
| seniors do not want to spend the rest of their lives | | | | Think of the home in your current inventory, do you |
| in a nursing home. They want to be in an | | | | have any four or five bedroom homes? Do you have |
| environment that seems like home, with caregivers | | | | Seller's who can be creative? Do you have several |
| who seem like family. So where do they turn to? | | | | homes close to each other? All of these could be |
| These homes are often called Board and Care homes | | | | great candidates for starting an Assisted Living Home. |
| or Assisted Living Homes. They generally have no | | | | Who are you Buyers? Your Buyer could be the |
| more than twenty residents and in most cases less | | | | Caregiver who wants to rent a few rooms and be |
| than ten residents at any given time. The big | | | | able to work from home. Your Buyer could be the |
| difference between an Assisted Living Home and an | | | | Doctor or Investor that wants several homes that |
| Assisted Living Facility is level of care. Typically the | | | | they manage but may or may not work directly in |
| business model of an Assisted Living Facility does not | | | | the home. |
| allow a significant amount of one on one time with | | | | Do you have buyers that are facing foreclosure or |
| each resident. What this means is that when a | | | | even bankruptcy because of their mortgages? Would |
| resident needs more than minimal assistance with | | | | they be willing to do a lease purchase? By leasing to |
| daily needs or if they need two people to assist in | | | | someone who is starting an Assisted Living Home, |
| providing those daily needs, the resident will generally | | | | you can feel much more confident that they will fulfill |
| be moved to either a different unit in that facility or | | | | their obligations and not leave you or your Client in a |
| the family will need to move their loved one to a | | | | bad situation. |
| different setting. | | | | I urge you to take the time to study this niche. Find |
| An Assisted Living Home (or a Board & Care | | | | the information you need to be the problem solver |
| Home) has the ability to be very flexible with the | | | | for your Clients, who knows you may even wind up |
| residents they choose to do business with. More | | | | owning a few yourselves! |