Retirement village evolution: what customers want

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The retirement village residents of the future want care – and savvy operators need to capitalise on this demand now or face being left behind, according to Aura Holdings’ and Five Good Friends’ Tim Russell.

“In Australia, the larger retirement village operators all have a real estate background, with development and asset management. Over in New Zealand, the CEOs have a background in care and providing services. Managing resources and managing care are two very different business propositions,” he said.

“We have been a bit slow in identifying the need to enhance our offering. Retirement villages need to offer more than just residential accommodation.”

Tim sees the concept of providing care services in a retirement community as the immediate future for Not For Profits and For Profits alike.

Keeping a resident for as long as possible is good for the business bottom line. It is also what the consumer demands.

“Today’s customers and their children demand it. They want to know that if they enter a retirement community there is a good standard of care available. A good location and first-class services are in high demand. This is a great opportunity for the retirement sector.

“Partnerships with Five Good Friends are a win-win situation. Five Good Friends provides a level of care that is not available within a retirement community, and at Aura, Five Good Friends operates from within the village.”

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