January 13, 2025 • 18 mins
The podcast explores the evolving landscape of senior living, discussing the limitations of AI, the shifting dynamics of marketing, and the importance of community design. It highlights the need for adaptability in the industry to meet the changing demands of a new generation of residents.
• AI's role in senior living is nuanced, requiring human connection
• Decline of third-party referral sites changing power dynamics
• REITs are increasingly taking active roles in operations
• Staffing challenges remain from pandemic impacts
• Demand from aging baby boomers pushing innovation
• Evolving design emphasizes intergenerational connections
• Industry must adapt to attract younger decision-makers
• Shift towards dynamic, engaging community environments
• Perception of senior living is changing positively
• Need for personalized and high-quality care remains strong
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:07):
A few years back, there was this widespread belief
that AI would revolutionizesenior living, with promises of
increased efficiency, automatedtasks and even robot caregivers.
Speaker 2 (00:17):
But the reality has been a bit more nuanced.
The excitement around AI andsenior living is starting to
fade, seems like it's not quitethe magic bullet everyone was
hoping for.
Speaker 1 (00:26):
While AI is being used in some areas, like fall
detection and data analysis, ithasn't transformed the industry
in the way many predicted.
In fact, there's growingskepticism.
People are starting to realizethat AI can be a powerful tool,
but it's not a replacement forhuman care and connection.
It highlights the need forhuman oversight and critical
thinking.
We can't just blindly rely onalgorithms to solve complex
(00:48):
problems in senior living.
As AI becomes more integratedinto senior living, it's crucial
to have clear guidelines andsafeguards in place to ensure
it's used responsibly andethically.
Speaker 3 (01:04):
Welcome to the Senior Housing Investors Podcast.
If you are an owner operator,investor, developer or buyer of
senior housing, you've come tothe right place.
The best way to stay connectedwith us is to sign up for our
weekly newsletter athavenseniorinvestmentscom.
This podcast doesn't existwithout you, our community.
(01:26):
Thank you for listening andreach out to us anytime.
Speaker 2 (01:35):
We're going to do a deep dive into the future of
senior living.
Speaker 1 (01:39):
The future of senior living.
Speaker 2 (01:40):
Yeah, we're going to be exploring all the trends and
transformations that are shapingthis industry in 2025 and
beyond, and beyond and beyond.
Our guide for this journey isTim Reagan's insightful article
Senior Living in 2025, trendsand Transformations.
Speaker 1 (01:57):
Great article.
Speaker 2 (01:58):
It's published in Senior Housing News.
Speaker 1 (01:59):
Senior Housing News yep, so it's a fascinating time
for this industry.
Housing news Yep, so it's afascinating time for this
industry.
We're seeing a convergence ofchallenges and opportunities
that are really pushing seniorliving to evolve in new and
exciting ways.
Speaker 2 (02:12):
It's like they're rebuilding the plane while it's
still in flight.
Speaker 1 (02:15):
Yeah, that's a good one.
It's a good analogy.
Speaker 2 (02:17):
And you know there are some real surprises in this
report, things I never wouldhave expected.
Oh, yeah.
Like the decline of those bigthird-party referral websites,
yeah, and how.
Ai isn't quite the game changer.
Everyone thought it would be.
Speaker 1 (02:30):
Right.
Those are some of my biggesttakeaways, too, especially with
the referral sites.
It seems like senior livingcommunities are taking more
control over their marketing andrelationships with potential
residents.
Speaker 2 (02:40):
That's a huge shift, but let's back up for a second
and talk about the challengesthat are still lingering from
the pandemic.
The article mentions lostrevenue, staffing shortages and,
of course, the ongoing need tomaintain high quality care.
Speaker 1 (02:53):
All valid concerns, for sure.
But you know, the silver liningis that the aging baby boomer
population is creating a massivedemand for senior living
options.
Yeah, a massive demand forsenior living options.
Yeah, this surge in demand isactually driving innovation and
forcing the industry to adapt inways we haven't seen before.
Speaker 2 (03:10):
So it's like necessity is the mother of
invention, in this case.
Speaker 1 (03:13):
You got it.
Speaker 2 (03:14):
Now let's dive into one of those surprising trends
we mentioned earlier thedeclining influence of third
party referral sites like APlace for Mom, yeah, apf, apfm.
These sites used to be thego-to resource for families
searching for senior livingoptions.
Speaker 1 (03:28):
They did yeah.
Speaker 2 (03:29):
But they seem to be losing their grip.
What's driving that change?
Speaker 1 (03:33):
Well, there are a few factors at play here.
Okay, first, google changed itssearch algorithm.
Speaker 2 (03:38):
Oh right.
Speaker 1 (03:39):
Which has made it harder for these referral sites
to show up prominently in searchresults.
Makes sense and then you havemajor senior living providers
like Brookdale and Sunita Bignames, Big players Pulling back
from their reliance on thesesites, choosing to focus on
their own in-house marketingstrategies instead.
They want more control overtheir brand messaging and to
(04:00):
reduce the costs associated withthose referral fees.
Speaker 2 (04:03):
It sounds like a power shift is happening, with
senior living communitiesreclaiming control over their
lead generation process, butwhat about the referral sites
themselves?
Are they just going to fadeaway?
Speaker 1 (04:16):
Well, I don't think it's a complete extinction event
for them.
Speaker 2 (04:18):
OK.
Speaker 1 (04:19):
They're adapting by working more closely with
operators and offering differentservices.
A place for mom, for example,is trying to become more of a
partner to senior livingcommunities Instead of Rather
than just a lead generator.
Speaker 2 (04:30):
Interesting.
So it's not a completeextinction event for referral
sites, but definitely a shakeup.
Speaker 1 (04:36):
Definitely a shakeup.
Speaker 2 (04:37):
Now let's move on to another power dynamic, that's
changing REITs, or real estateinvestment trusts.
Speaker 1 (04:44):
REITs, reits.
Speaker 2 (04:45):
REITs.
They're going on what thearticle calls a shopping spree.
Can you break that down for us?
What exactly does that mean?
Sure?
Speaker 1 (04:52):
Essentially, REITs are companies that own and often
manage various types ofproperties.
Okay and SHOP stands for SeniorHousing Operating Portfolio.
Speaker 2 (05:02):
Senior Housing Operating Portfolio.
What's happening is?
Speaker 1 (05:05):
that these REITs are increasingly converting their
properties to SHOP.
Senior housing operatingportfolio.
Senior housing operatingportfolio.
What's happening is that theseREITs are increasingly
converting their properties toshop, meaning they're taking a
more active role in theday-to-day operations of the
senior living communities theyown.
They're not just landlordsanymore.
They're becoming more likehotel chains.
Speaker 2 (05:19):
Oh, interesting.
Speaker 1 (05:19):
Or even health care providers.
Speaker 2 (05:21):
So they're getting more skin in the game, so to
speak.
Speaker 1 (05:23):
Exactly.
They're taking on moreresponsibility but also
potentially reaping greaterrewards Makes sense.
Some executives quote in thearticle see this as a unique
opportunity to shape the futureof senior living.
They can have more influenceover everything from resident
care to staffing to the overallquality of the community.
Speaker 2 (05:40):
That makes sense, but I imagine there are challenges
that come with that level ofinvolvement too right.
Speaker 1 (05:45):
Absolutely.
Managing a large portfolio ofsenior living communities is
complex.
It requires expertise,resources and a deep
understanding of the industry.
Speaker 2 (05:53):
For sure.
Speaker 1 (05:54):
It'll be interesting to see how these REITs navigate
the potential risks and rewardsof this increased operational
control.
Speaker 2 (05:59):
Okay.
So we've got these majorplayers shifting their
strategies and vying forinfluence, but let's not forget
about the impact of thepolitical landscape.
The new administration isstirring up some old anxieties
around trade and immigration,and those could have ripple
effects throughout the seniorliving industry.
It's all about uncertainty.
The article mentions potentialtariffs similar to the ones that
(06:22):
drove up lumber prices back in2018.
Oh wow.
That kind of thing couldsignificantly impact
construction costs for newsenior living projects.
And, of course, there's thepotential impact on staffing.
Senior living communities arealready facing a workforce
shortage, and the prospect ofmass deportations certainly
wouldn't help matters.
Speaker 1 (06:42):
Right, and it's not just about the number of workers
.
It's also about losingexperienced caregivers who
understand the unique needs ofthis population.
Yeah, that kind of disruptioncould have a real impact on the
quality of care.
Speaker 2 (06:55):
The article also mentions the appointment of some
controversial figures likeRobert F Kennedy Jr and Dr
Mehmet Oz to key health-relatedpositions.
Right, that adds another layerof unpredictability, especially
if we were to face anotherpandemic.
Speaker 1 (07:08):
Yeah, we saw during the COVID-19 pandemic how
crucial clear, evidence-basedguidance from health officials
is for the senior livingindustry.
Having individuals withquestionable stances on health
issues in positions of authoritycould make it more difficult to
navigate future health crises.
Speaker 2 (07:24):
It sounds like senior living providers need to be
incredibly agile and adaptablein the coming years to navigate
all these potential challenges.
Now let's shift gears and talkabout something that's been
generating a lot of buzz.
Speaker 1 (07:36):
Artificial intelligence, ai.
A few years back, there wasthis widespread belief that AI
would revolutionize seniorliving.
Speaker 2 (07:43):
Yeah, I remember that .
Speaker 1 (07:44):
With promises of increased efficiency, automated
tasks and even robot caregivers.
Robot caregivers there was alot of hype around AI back then.
Speaker 2 (07:52):
It was, but the reality has been a bit more
nuanced.
Speaker 1 (07:55):
Yeah.
Speaker 2 (07:56):
The article mentions that the excitement around AI
and senior living is starting tofade.
It seems like it's not quitethe magic bullet everyone was
hoping for.
Speaker 1 (08:04):
While AI is being used in some areas, like fall
detection and data analysis, ithasn't transformed the industry
in the way many predicted.
In fact, there's growingskepticism.
People are starting to realizethat AI can be a powerful tool,
but it's not a replacement forhuman care and connection.
Speaker 2 (08:21):
The article gives some interesting examples of
AI's limitations.
For instance, those AI-poweredtools designed to generate
marketing content often producewhat they call AI slop,
basically meaningless gibberish.
Speaker 1 (08:34):
Right.
It highlights the need forhuman oversight and critical
thinking.
We can't just blindly rely onalgorithms to solve complex
problems in senior living.
Speaker 2 (08:43):
And speaking of oversight, the article mentions
the increase in regulation of AIin health care.
Speaker 1 (08:47):
Yeah.
Speaker 2 (08:48):
It seems like lawmakers are starting to pay
attention to the potential risksand ethical considerations
surrounding AI.
Speaker 1 (08:54):
That's a positive development, yeah.
As AI becomes more integratedinto senior living, it's crucial
to have clear guidelines andsafeguards in place to ensure
it's used responsibly andethically, especially when it
comes to people's health andwell-being.
Speaker 2 (09:08):
It seems like the key takeaway here is that AI has a
role to play in senior living,but it needs to be approached
strategically, ethically andalways with a human-centered
focus.
Speaker 1 (09:18):
Well said.
Speaker 2 (09:18):
It's a tool to augment and support.
Care not to replace it entirely.
Absolutely Okay, so AI it's atool, not a takeover.
Speaker 1 (09:26):
Not a takeover, Not yet anyway.
Speaker 2 (09:27):
Not yet.
Speaker 1 (09:28):
Right, okay, so we've talked about some of the forces
shaping the industry from theoutside.
Now let's zoom in on thecommunities themselves.
The article really emphasizeshow senior living is breaking
free from those old cookiecutter models.
Speaker 2 (09:42):
Right.
It's fascinating to see howsenior living communities are
evolving to meet the needs anddesires of a new generation of
older adults.
Speaker 1 (09:51):
Gone are the days of bland beige walls and bingo
nights being the main attraction.
Speaker 2 (09:55):
Exactly.
It's like senior living isfinally getting a much needed
makeover.
Speaker 1 (09:59):
I love that the article gives some great
examples of this shift.
For instance, some communitiesare being built alongside other
housing types to encourage moreintergenerational connections.
Speaker 2 (10:08):
Yeah, that's a great idea, and we're seeing more
incorporation of biophilicdesign.
Biophilic design, that meansbringing elements of nature
indoors to create a calming andrestorative environment Think
indoor gardens oh nice, naturallight and using natural
materials in the design.
Speaker 1 (10:25):
It's all about creating a space that feels
vibrant and alive, notinstitutional, absolutely.
Senior living is becoming morepersonalized and tailored to
specific lifestyles andinterests.
I like that.
For example, the articlehighlights a company called
Avenue and their innovative VivaBene concept.
Viva Bene, it combines activeadult living with preventative
(10:47):
health services so residents canfocus on staying healthy and
engaged.
Speaker 2 (10:52):
It's like a proactive approach to aging well.
I can see that being reallyappealing to baby boomers and
future generations, who are usedto having more options and
control over their lives.
Speaker 1 (11:01):
Absolutely.
And you know what else isinteresting?
The article points out howsenior living companies are
increasingly targeting theirmarketing efforts towards
younger decision makers.
Often, it's the adult childrenwho are influencing their
parents' choices.
Speaker 2 (11:14):
Makes total sense.
Even it's the adult childrenwho are influencing their
parents' choices Makes totalsense.
They're the ones who arelooking for modern amenities,
vibrant communities andactivities that align with their
parents' interests and values.
They want their parents to havethe same quality of life they
do.
Speaker 1 (11:26):
Exactly.
They grew up with things likeyoga studios and farmer's
markets.
They're not going to settle fora place that feels outdated or
isolating.
Speaker 2 (11:35):
Now this next topic raises a big question how big
can these senior livingcompanies get while still
maintaining a focus onpersonalized, high-quality care?
The article uses Brookdale, thenation's largest senior living
operator, as a case study.
They're constantly grapplingwith that balance between growth
and maintaining a personaltouch.
Speaker 1 (11:55):
It's a delicate balancing act.
For sure, there are certainlyadvantages to scale Larger
companies can often negotiatebetter rates with suppliers and
potentially offer more services.
But there's also a risk ofbecoming too impersonal and
losing sight of the individualneeds of residents.
Speaker 2 (12:11):
Like that old saying, too many cooks in the kitchen.
Speaker 1 (12:13):
Exactly.
Speaker 2 (12:13):
But on the other hand you need a certain amount of
scale to meet the growing demandand keep costs manageable.
It's a tough challenge.
Speaker 1 (12:20):
It really is.
The article also mentions theemergence of other large players
, like Discovery, senior Living,who are experimenting with
different growth models.
It'll be interesting to see howthese companies adapt and find
that sweet spot between size andquality.
Speaker 2 (12:35):
And you know, the article throws in this really
fun twist.
Speaker 1 (12:38):
Oh yeah.
Speaker 2 (12:38):
The idea that senior living is starting to appeal to
younger demographics.
They even call it the Taco Belleffect.
Speaker 1 (12:45):
The Taco Bell effect.
Speaker 2 (12:46):
Remember those Taco Bell ads featuring seniors
enjoying their retirement withtacos and carefree fun?
Speaker 1 (12:52):
Oh, I remember those.
They were hilarious.
Speaker 2 (12:55):
Weren't they great.
Speaker 1 (12:56):
But it makes a point, doesn't it?
Yeah, that whole image ofretirement is changing.
Speaker 2 (13:00):
Right, it's not just about shuffleboard and early
bird specials anymore.
Nope, people are looking forcommunities that are vibrant,
engaging and relevant to theirinterests, regardless of their
age.
Speaker 1 (13:13):
And this is where the influence of Gen X and
millennials comes in Right.
Not only are they potentialfuture residents themselves, ok,
but they're also the oneshelping their parents make
decisions about senior living.
Speaker 2 (13:25):
And they're looking for something different than
previous generations.
They want to see modernamenities, diverse activities
and a focus on communityengagement.
Speaker 1 (13:33):
It's about creating a space where people can truly
thrive, connect with others andcontinue to pursue their
passions.
Speaker 2 (13:40):
And the media is playing a role in shifting
perceptions too.
Oh huh so the article mentionshow shows like Netflix's A man
on the Inside and thedevelopment of Disney's Story
Living Communities arepresenting a more positive and
appealing image of senior living.
Speaker 1 (13:54):
That's great.
It's like senior living isfinally getting a much needed
image makeover.
It's moving away from thosestereotypical depictions of
stuffy retirement homes andembracing a more modern,
inclusive vision.
Speaker 2 (14:07):
This has been such a fascinating conversation.
So far We've covered a lot ofground, from the challenges of
the pandemic to the powerdynamics of the industry, to the
evolving desires of residents.
Speaker 1 (14:19):
It's remarkable how much is changing.
Speaker 2 (14:21):
It really is.
Speaker 1 (14:22):
And I think it really highlights the need for the
industry to be flexible,innovative and truly responsive
to the needs of a changingpopulation.
It's been quite a journey,hasn't it?
We've covered a lot of ground.
Speaker 2 (14:32):
We have, from the lingering impacts of the
pandemic to the surprisingdecline of those big referral
sites, to the evolving role ofAI.
It feels like this industry isin a constant state of flux.
Speaker 1 (14:43):
It is, and that's what makes it so fascinating to
follow.
There's always something newhappening, some new trend
emerging, some new challenge toaddress.
Speaker 2 (14:52):
You know.
After all this talk aboutindustry trends and
transformations, I'm curiouswhat stands out to you as the
most significant shift happeningin senior living right now.
Speaker 1 (15:02):
That's a great question.
Honestly, it's hard to pickjust one thing.
There are so many factors atplay.
But if I had to choose, I thinkthe most profound shift is the
evolving perception of seniorliving itself.
Speaker 2 (15:15):
Can you elaborate on that a little bit?
What do you mean by evolvingperception?
Speaker 1 (15:18):
Well, for decades, senior living had this image
problem.
It was seen as a last resort, aplace you went when you
couldn't live independentlyanymore, and it was often
associated with images ofsterile environments and a lack
of autonomy.
Speaker 2 (15:31):
Yeah, those stereotypical images of bingo
halls and bland dining roomsdefinitely don't paint the most
appealing picture.
Speaker 1 (15:38):
Right, but what we're seeing now is a real effort to
change that narrative.
Senior living communities arebecoming more vibrant, more
engaging and more focused onmeeting the individual needs and
desires of residents.
They're offering a wider rangeof amenities, activities and
lifestyle options.
Speaker 2 (15:56):
They're offering a wider range of amenities,
activities and lifestyle options.
It's like senior living isfinally catching up to the
expectations of a new generationof older adults who are used to
having choices and control overtheir lives.
Speaker 1 (16:03):
Exactly, and this shift in perception is being
driven by a number of factors.
We talked earlier about theinfluence of baby boomers and
their desire for morepersonalized experiences.
And then you have the adultchildren, who are often involved
in the decision-making process.
They're looking for communitiesthat are modern and appealing,
that offer their parentsopportunities for growth and
engagement.
Speaker 2 (16:22):
And let's not forget the role of media in shaping
perceptions.
We mentioned the positiveportrayals of senior living in
shows like A man on the Insideand the development of Disney
story living communities.
Those are really helping tobreak down stereotypes and
showcase a more modern andvibrant vision of senior living.
Speaker 1 (16:39):
Absolutely, and that shift in perception is crucial
If we want to attract the besttalent to work in this industry
and create communities thattruly meet the needs of a
diverse aging population.
We need to change the storywe're telling about what senior
living can be.
Speaker 2 (16:53):
I completely agree.
It's not just about providing aplace to live anymore.
It's about creating communitiesthat foster a sense of purpose,
belonging and continued growth.
Speaker 1 (17:01):
Well said.
And that brings me to a finalthought-provoking question for
our listeners to ponder assenior living continues to
evolve what role will technologyplay in shaping the future of
care?
Will we see more AI-poweredtools that enhance independence
and safety, or will the focusshift towards human-centered
design and creating spaces thatfoster genuine connection and
(17:22):
community?
Speaker 2 (17:23):
That's such an important question.
It really gets to the heart ofwhat matters most in senior
living, and it's something thatwe all, regardless of our age,
should be thinking about.
After all, we're all aging, andthe choices we make today will
shape the communities oftomorrow.
Speaker 1 (17:37):
So true, and that's what makes this topic so
compelling.
It's not just about seniorliving.
It's about envisioning a futurewhere aging is embraced as a
natural part of life and wherecommunities are designed to
support well-being, purpose andconnection for everyone.
Speaker 2 (17:53):
Well, this has been a truly fascinating DupDive.
Thanks to Tim Regan and SeniorHousing News for providing such
insightful perspectives on thisevolving landscape.
Speaker 1 (18:02):
It was my pleasure.
Thanks for having me.
Speaker 2 (18:04):
And to our listeners, thank you for joining us.
We encourage you to explorethis topic further, share your
own thoughts and questions andstart envisioning the kind of
senior living experience youwould want for yourself or your
loved ones, because, remember,it's never too early to start
thinking about how you want tolive well, need, gracefully, and
create a future filled withpurpose and joy.
Speaker 1 (18:22):
Until next time.
Speaker 2 (18:24):
Stay curious, stay engaged, keep those minds sharp.
You.
A few years back, there was this widespread belief
that AI would revolutionizesenior living, with promises of
increased efficiency, automatedtasks and even robot caregivers.
Speaker 2 (00:17):
But the reality has been a bit more nuanced.
The excitement around AI andsenior living is starting to
fade, seems like it's not quitethe magic bullet everyone was
hoping for.
Speaker 1 (00:26):
While AI is being used in some areas, like fall
detection and data analysis, ithasn't transformed the industry
in the way many predicted.
In fact, there's growingskepticism.
People are starting to realizethat AI can be a powerful tool,
but it's not a replacement forhuman care and connection.
It highlights the need forhuman oversight and critical
thinking.
We can't just blindly rely onalgorithms to solve complex
(00:48):
problems in senior living.
As AI becomes more integratedinto senior living, it's crucial
to have clear guidelines andsafeguards in place to ensure
it's used responsibly andethically.
Speaker 3 (01:04):
Welcome to the Senior Housing Investors Podcast.
If you are an owner operator,investor, developer or buyer of
senior housing, you've come tothe right place.
The best way to stay connectedwith us is to sign up for our
weekly newsletter athavenseniorinvestmentscom.
This podcast doesn't existwithout you, our community.
(01:26):
Thank you for listening andreach out to us anytime.
Speaker 2 (01:35):
We're going to do a deep dive into the future of
senior living.
Speaker 1 (01:39):
The future of senior living.
Speaker 2 (01:40):
Yeah, we're going to be exploring all the trends and
transformations that are shapingthis industry in 2025 and
beyond, and beyond and beyond.
Our guide for this journey isTim Reagan's insightful article
Senior Living in 2025, trendsand Transformations.
Speaker 1 (01:57):
Great article.
Speaker 2 (01:58):
It's published in Senior Housing News.
Speaker 1 (01:59):
Senior Housing News yep, so it's a fascinating time
for this industry.
Housing news Yep, so it's afascinating time for this
industry.
We're seeing a convergence ofchallenges and opportunities
that are really pushing seniorliving to evolve in new and
exciting ways.
Speaker 2 (02:12):
It's like they're rebuilding the plane while it's
still in flight.
Speaker 1 (02:15):
Yeah, that's a good one.
It's a good analogy.
Speaker 2 (02:17):
And you know there are some real surprises in this
report, things I never wouldhave expected.
Oh, yeah.
Like the decline of those bigthird-party referral websites,
yeah, and how.
Ai isn't quite the game changer.
Everyone thought it would be.
Speaker 1 (02:30):
Right.
Those are some of my biggesttakeaways, too, especially with
the referral sites.
It seems like senior livingcommunities are taking more
control over their marketing andrelationships with potential
residents.
Speaker 2 (02:40):
That's a huge shift, but let's back up for a second
and talk about the challengesthat are still lingering from
the pandemic.
The article mentions lostrevenue, staffing shortages and,
of course, the ongoing need tomaintain high quality care.
Speaker 1 (02:53):
All valid concerns, for sure.
But you know, the silver liningis that the aging baby boomer
population is creating a massivedemand for senior living
options.
Yeah, a massive demand forsenior living options.
Yeah, this surge in demand isactually driving innovation and
forcing the industry to adapt inways we haven't seen before.
Speaker 2 (03:10):
So it's like necessity is the mother of
invention, in this case.
Speaker 1 (03:13):
You got it.
Speaker 2 (03:14):
Now let's dive into one of those surprising trends
we mentioned earlier thedeclining influence of third
party referral sites like APlace for Mom, yeah, apf, apfm.
These sites used to be thego-to resource for families
searching for senior livingoptions.
Speaker 1 (03:28):
They did yeah.
Speaker 2 (03:29):
But they seem to be losing their grip.
What's driving that change?
Speaker 1 (03:33):
Well, there are a few factors at play here.
Okay, first, google changed itssearch algorithm.
Speaker 2 (03:38):
Oh right.
Speaker 1 (03:39):
Which has made it harder for these referral sites
to show up prominently in searchresults.
Makes sense and then you havemajor senior living providers
like Brookdale and Sunita Bignames, Big players Pulling back
from their reliance on thesesites, choosing to focus on
their own in-house marketingstrategies instead.
They want more control overtheir brand messaging and to
(04:00):
reduce the costs associated withthose referral fees.
Speaker 2 (04:03):
It sounds like a power shift is happening, with
senior living communitiesreclaiming control over their
lead generation process, butwhat about the referral sites
themselves?
Are they just going to fadeaway?
Speaker 1 (04:16):
Well, I don't think it's a complete extinction event
for them.
Speaker 2 (04:18):
OK.
Speaker 1 (04:19):
They're adapting by working more closely with
operators and offering differentservices.
A place for mom, for example,is trying to become more of a
partner to senior livingcommunities Instead of Rather
than just a lead generator.
Speaker 2 (04:30):
Interesting.
So it's not a completeextinction event for referral
sites, but definitely a shakeup.
Speaker 1 (04:36):
Definitely a shakeup.
Speaker 2 (04:37):
Now let's move on to another power dynamic, that's
changing REITs, or real estateinvestment trusts.
Speaker 1 (04:44):
REITs, reits.
Speaker 2 (04:45):
REITs.
They're going on what thearticle calls a shopping spree.
Can you break that down for us?
What exactly does that mean?
Sure?
Speaker 1 (04:52):
Essentially, REITs are companies that own and often
manage various types ofproperties.
Okay and SHOP stands for SeniorHousing Operating Portfolio.
Speaker 2 (05:02):
Senior Housing Operating Portfolio.
What's happening is?
Speaker 1 (05:05):
that these REITs are increasingly converting their
properties to SHOP.
Senior housing operatingportfolio.
Senior housing operatingportfolio.
What's happening is that theseREITs are increasingly
converting their properties toshop, meaning they're taking a
more active role in theday-to-day operations of the
senior living communities theyown.
They're not just landlordsanymore.
They're becoming more likehotel chains.
Speaker 2 (05:19):
Oh, interesting.
Speaker 1 (05:19):
Or even health care providers.
Speaker 2 (05:21):
So they're getting more skin in the game, so to
speak.
Speaker 1 (05:23):
Exactly.
They're taking on moreresponsibility but also
potentially reaping greaterrewards Makes sense.
Some executives quote in thearticle see this as a unique
opportunity to shape the futureof senior living.
They can have more influenceover everything from resident
care to staffing to the overallquality of the community.
Speaker 2 (05:40):
That makes sense, but I imagine there are challenges
that come with that level ofinvolvement too right.
Speaker 1 (05:45):
Absolutely.
Managing a large portfolio ofsenior living communities is
complex.
It requires expertise,resources and a deep
understanding of the industry.
Speaker 2 (05:53):
For sure.
Speaker 1 (05:54):
It'll be interesting to see how these REITs navigate
the potential risks and rewardsof this increased operational
control.
Speaker 2 (05:59):
Okay.
So we've got these majorplayers shifting their
strategies and vying forinfluence, but let's not forget
about the impact of thepolitical landscape.
The new administration isstirring up some old anxieties
around trade and immigration,and those could have ripple
effects throughout the seniorliving industry.
It's all about uncertainty.
The article mentions potentialtariffs similar to the ones that
(06:22):
drove up lumber prices back in2018.
Oh wow.
That kind of thing couldsignificantly impact
construction costs for newsenior living projects.
And, of course, there's thepotential impact on staffing.
Senior living communities arealready facing a workforce
shortage, and the prospect ofmass deportations certainly
wouldn't help matters.
Speaker 1 (06:42):
Right, and it's not just about the number of workers
.
It's also about losingexperienced caregivers who
understand the unique needs ofthis population.
Yeah, that kind of disruptioncould have a real impact on the
quality of care.
Speaker 2 (06:55):
The article also mentions the appointment of some
controversial figures likeRobert F Kennedy Jr and Dr
Mehmet Oz to key health-relatedpositions.
Right, that adds another layerof unpredictability, especially
if we were to face anotherpandemic.
Speaker 1 (07:08):
Yeah, we saw during the COVID-19 pandemic how
crucial clear, evidence-basedguidance from health officials
is for the senior livingindustry.
Having individuals withquestionable stances on health
issues in positions of authoritycould make it more difficult to
navigate future health crises.
Speaker 2 (07:24):
It sounds like senior living providers need to be
incredibly agile and adaptablein the coming years to navigate
all these potential challenges.
Now let's shift gears and talkabout something that's been
generating a lot of buzz.
Speaker 1 (07:36):
Artificial intelligence, ai.
A few years back, there wasthis widespread belief that AI
would revolutionize seniorliving.
Speaker 2 (07:43):
Yeah, I remember that .
Speaker 1 (07:44):
With promises of increased efficiency, automated
tasks and even robot caregivers.
Robot caregivers there was alot of hype around AI back then.
Speaker 2 (07:52):
It was, but the reality has been a bit more
nuanced.
Speaker 1 (07:55):
Yeah.
Speaker 2 (07:56):
The article mentions that the excitement around AI
and senior living is starting tofade.
It seems like it's not quitethe magic bullet everyone was
hoping for.
Speaker 1 (08:04):
While AI is being used in some areas, like fall
detection and data analysis, ithasn't transformed the industry
in the way many predicted.
In fact, there's growingskepticism.
People are starting to realizethat AI can be a powerful tool,
but it's not a replacement forhuman care and connection.
Speaker 2 (08:21):
The article gives some interesting examples of
AI's limitations.
For instance, those AI-poweredtools designed to generate
marketing content often producewhat they call AI slop,
basically meaningless gibberish.
Speaker 1 (08:34):
Right.
It highlights the need forhuman oversight and critical
thinking.
We can't just blindly rely onalgorithms to solve complex
problems in senior living.
Speaker 2 (08:43):
And speaking of oversight, the article mentions
the increase in regulation of AIin health care.
Speaker 1 (08:47):
Yeah.
Speaker 2 (08:48):
It seems like lawmakers are starting to pay
attention to the potential risksand ethical considerations
surrounding AI.
Speaker 1 (08:54):
That's a positive development, yeah.
As AI becomes more integratedinto senior living, it's crucial
to have clear guidelines andsafeguards in place to ensure
it's used responsibly andethically, especially when it
comes to people's health andwell-being.
Speaker 2 (09:08):
It seems like the key takeaway here is that AI has a
role to play in senior living,but it needs to be approached
strategically, ethically andalways with a human-centered
focus.
Speaker 1 (09:18):
Well said.
Speaker 2 (09:18):
It's a tool to augment and support.
Care not to replace it entirely.
Absolutely Okay, so AI it's atool, not a takeover.
Speaker 1 (09:26):
Not a takeover, Not yet anyway.
Speaker 2 (09:27):
Not yet.
Speaker 1 (09:28):
Right, okay, so we've talked about some of the forces
shaping the industry from theoutside.
Now let's zoom in on thecommunities themselves.
The article really emphasizeshow senior living is breaking
free from those old cookiecutter models.
Speaker 2 (09:42):
Right.
It's fascinating to see howsenior living communities are
evolving to meet the needs anddesires of a new generation of
older adults.
Speaker 1 (09:51):
Gone are the days of bland beige walls and bingo
nights being the main attraction.
Speaker 2 (09:55):
Exactly.
It's like senior living isfinally getting a much needed
makeover.
Speaker 1 (09:59):
I love that the article gives some great
examples of this shift.
For instance, some communitiesare being built alongside other
housing types to encourage moreintergenerational connections.
Speaker 2 (10:08):
Yeah, that's a great idea, and we're seeing more
incorporation of biophilicdesign.
Biophilic design, that meansbringing elements of nature
indoors to create a calming andrestorative environment Think
indoor gardens oh nice, naturallight and using natural
materials in the design.
Speaker 1 (10:25):
It's all about creating a space that feels
vibrant and alive, notinstitutional, absolutely.
Senior living is becoming morepersonalized and tailored to
specific lifestyles andinterests.
I like that.
For example, the articlehighlights a company called
Avenue and their innovative VivaBene concept.
Viva Bene, it combines activeadult living with preventative
(10:47):
health services so residents canfocus on staying healthy and
engaged.
Speaker 2 (10:52):
It's like a proactive approach to aging well.
I can see that being reallyappealing to baby boomers and
future generations, who are usedto having more options and
control over their lives.
Speaker 1 (11:01):
Absolutely.
And you know what else isinteresting?
The article points out howsenior living companies are
increasingly targeting theirmarketing efforts towards
younger decision makers.
Often, it's the adult childrenwho are influencing their
parents' choices.
Speaker 2 (11:14):
Makes total sense.
Even it's the adult childrenwho are influencing their
parents' choices Makes totalsense.
They're the ones who arelooking for modern amenities,
vibrant communities andactivities that align with their
parents' interests and values.
They want their parents to havethe same quality of life they
do.
Speaker 1 (11:26):
Exactly.
They grew up with things likeyoga studios and farmer's
markets.
They're not going to settle fora place that feels outdated or
isolating.
Speaker 2 (11:35):
Now this next topic raises a big question how big
can these senior livingcompanies get while still
maintaining a focus onpersonalized, high-quality care?
The article uses Brookdale, thenation's largest senior living
operator, as a case study.
They're constantly grapplingwith that balance between growth
and maintaining a personaltouch.
Speaker 1 (11:55):
It's a delicate balancing act.
For sure, there are certainlyadvantages to scale Larger
companies can often negotiatebetter rates with suppliers and
potentially offer more services.
But there's also a risk ofbecoming too impersonal and
losing sight of the individualneeds of residents.
Speaker 2 (12:11):
Like that old saying, too many cooks in the kitchen.
Speaker 1 (12:13):
Exactly.
Speaker 2 (12:13):
But on the other hand you need a certain amount of
scale to meet the growing demandand keep costs manageable.
It's a tough challenge.
Speaker 1 (12:20):
It really is.
The article also mentions theemergence of other large players
, like Discovery, senior Living,who are experimenting with
different growth models.
It'll be interesting to see howthese companies adapt and find
that sweet spot between size andquality.
Speaker 2 (12:35):
And you know, the article throws in this really
fun twist.
Speaker 1 (12:38):
Oh yeah.
Speaker 2 (12:38):
The idea that senior living is starting to appeal to
younger demographics.
They even call it the Taco Belleffect.
Speaker 1 (12:45):
The Taco Bell effect.
Speaker 2 (12:46):
Remember those Taco Bell ads featuring seniors
enjoying their retirement withtacos and carefree fun?
Speaker 1 (12:52):
Oh, I remember those.
They were hilarious.
Speaker 2 (12:55):
Weren't they great.
Speaker 1 (12:56):
But it makes a point, doesn't it?
Yeah, that whole image ofretirement is changing.
Speaker 2 (13:00):
Right, it's not just about shuffleboard and early
bird specials anymore.
Nope, people are looking forcommunities that are vibrant,
engaging and relevant to theirinterests, regardless of their
age.
Speaker 1 (13:13):
And this is where the influence of Gen X and
millennials comes in Right.
Not only are they potentialfuture residents themselves, ok,
but they're also the oneshelping their parents make
decisions about senior living.
Speaker 2 (13:25):
And they're looking for something different than
previous generations.
They want to see modernamenities, diverse activities
and a focus on communityengagement.
Speaker 1 (13:33):
It's about creating a space where people can truly
thrive, connect with others andcontinue to pursue their
passions.
Speaker 2 (13:40):
And the media is playing a role in shifting
perceptions too.
Oh huh so the article mentionshow shows like Netflix's A man
on the Inside and thedevelopment of Disney's Story
Living Communities arepresenting a more positive and
appealing image of senior living.
Speaker 1 (13:54):
That's great.
It's like senior living isfinally getting a much needed
image makeover.
It's moving away from thosestereotypical depictions of
stuffy retirement homes andembracing a more modern,
inclusive vision.
Speaker 2 (14:07):
This has been such a fascinating conversation.
So far We've covered a lot ofground, from the challenges of
the pandemic to the powerdynamics of the industry, to the
evolving desires of residents.
Speaker 1 (14:19):
It's remarkable how much is changing.
Speaker 2 (14:21):
It really is.
Speaker 1 (14:22):
And I think it really highlights the need for the
industry to be flexible,innovative and truly responsive
to the needs of a changingpopulation.
It's been quite a journey,hasn't it?
We've covered a lot of ground.
Speaker 2 (14:32):
We have, from the lingering impacts of the
pandemic to the surprisingdecline of those big referral
sites, to the evolving role ofAI.
It feels like this industry isin a constant state of flux.
Speaker 1 (14:43):
It is, and that's what makes it so fascinating to
follow.
There's always something newhappening, some new trend
emerging, some new challenge toaddress.
Speaker 2 (14:52):
You know.
After all this talk aboutindustry trends and
transformations, I'm curiouswhat stands out to you as the
most significant shift happeningin senior living right now.
Speaker 1 (15:02):
That's a great question.
Honestly, it's hard to pickjust one thing.
There are so many factors atplay.
But if I had to choose, I thinkthe most profound shift is the
evolving perception of seniorliving itself.
Speaker 2 (15:15):
Can you elaborate on that a little bit?
What do you mean by evolvingperception?
Speaker 1 (15:18):
Well, for decades, senior living had this image
problem.
It was seen as a last resort, aplace you went when you
couldn't live independentlyanymore, and it was often
associated with images ofsterile environments and a lack
of autonomy.
Speaker 2 (15:31):
Yeah, those stereotypical images of bingo
halls and bland dining roomsdefinitely don't paint the most
appealing picture.
Speaker 1 (15:38):
Right, but what we're seeing now is a real effort to
change that narrative.
Senior living communities arebecoming more vibrant, more
engaging and more focused onmeeting the individual needs and
desires of residents.
They're offering a wider rangeof amenities, activities and
lifestyle options.
Speaker 2 (15:56):
They're offering a wider range of amenities,
activities and lifestyle options.
It's like senior living isfinally catching up to the
expectations of a new generationof older adults who are used to
having choices and control overtheir lives.
Speaker 1 (16:03):
Exactly, and this shift in perception is being
driven by a number of factors.
We talked earlier about theinfluence of baby boomers and
their desire for morepersonalized experiences.
And then you have the adultchildren, who are often involved
in the decision-making process.
They're looking for communitiesthat are modern and appealing,
that offer their parentsopportunities for growth and
engagement.
Speaker 2 (16:22):
And let's not forget the role of media in shaping
perceptions.
We mentioned the positiveportrayals of senior living in
shows like A man on the Insideand the development of Disney
story living communities.
Those are really helping tobreak down stereotypes and
showcase a more modern andvibrant vision of senior living.
Speaker 1 (16:39):
Absolutely, and that shift in perception is crucial
If we want to attract the besttalent to work in this industry
and create communities thattruly meet the needs of a
diverse aging population.
We need to change the storywe're telling about what senior
living can be.
Speaker 2 (16:53):
I completely agree.
It's not just about providing aplace to live anymore.
It's about creating communitiesthat foster a sense of purpose,
belonging and continued growth.
Speaker 1 (17:01):
Well said.
And that brings me to a finalthought-provoking question for
our listeners to ponder assenior living continues to
evolve what role will technologyplay in shaping the future of
care?
Will we see more AI-poweredtools that enhance independence
and safety, or will the focusshift towards human-centered
design and creating spaces thatfoster genuine connection and
(17:22):
community?
Speaker 2 (17:23):
That's such an important question.
It really gets to the heart ofwhat matters most in senior
living, and it's something thatwe all, regardless of our age,
should be thinking about.
After all, we're all aging, andthe choices we make today will
shape the communities oftomorrow.
Speaker 1 (17:37):
So true, and that's what makes this topic so
compelling.
It's not just about seniorliving.
It's about envisioning a futurewhere aging is embraced as a
natural part of life and wherecommunities are designed to
support well-being, purpose andconnection for everyone.
Speaker 2 (17:53):
Well, this has been a truly fascinating DupDive.
Thanks to Tim Regan and SeniorHousing News for providing such
insightful perspectives on thisevolving landscape.
Speaker 1 (18:02):
It was my pleasure.
Thanks for having me.
Speaker 2 (18:04):
And to our listeners, thank you for joining us.
We encourage you to explorethis topic further, share your
own thoughts and questions andstart envisioning the kind of
senior living experience youwould want for yourself or your
loved ones, because, remember,it's never too early to start
thinking about how you want tolive well, need, gracefully, and
create a future filled withpurpose and joy.
Speaker 1 (18:22):
Until next time.
Speaker 2 (18:24):
Stay curious, stay engaged, keep those minds sharp.
You.
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