Senior Living
Focus on the resident. We’ll make sure you have the right price.
Building value for residents and shareholders
The decision to move into a senior living facility is an emotional process. The sales process is a vital first step to creating a positive customer experience. Yet, too often, the experience is negatively affected by haggling over prices. In addition, operators are pressured on many fronts to increase both occupancy and rent. Many operators also face automatic rent escalators. Ever changing competitive supply and rate offerings make it even more difficult to decide on the right price that sells and is also profitable.
Prorize Solution
Prorize has worked with the largest companies in the senior living industry, providing solutions that allow its clients to strike a balance between volume and profitability. We customized our AI Pricing Platform™ and formally launched the first dynamic pricing system for the senior living industry, Senior Living Rent Optimizer™ (SLRO™).
The SLRO enables a consistent and proactive pricing process across your organization. We provide optimal pricing recommendations, at any frequency, for each unit in every one of your communities. The SLRO leverages your historical inventory, rental, transactional and market data, and applies sophisticated customer response and demand forecasting models to recommend granular prices that achieve sustainable growth. As a result, you regain control of your corporate pricing process, eliminate devaluing your inventory and maximize revenue.
Prorize’s SLRO is also a cultural difference maker. Not only does it raise your entire organization’s pricing IQ, but it gives your salespeople the confidence that the listed price is the “right” price. This removes the distraction of discounting and price negotiation and enables sales staff to shift the conversation with potential residents from price to value.
In 2017, Prorize won the Franz Edelman Award for the revenue lift the SLRO™ software achieved at Holiday Retirement, the largest private owner and operator of independent senior living communities in the United States.