The operator has acquired eight and sold nine villages since FY13 according to its 2018 Investor Day presentation. Just last week, Stockland announced it’s looking to reinvest capital in their development pipeline, selling Rosebud Retirement Village in Victoria and assessing options to sell off other non-core villages.
In addition to its new contracts, Stockland also plans to enhance ‘customer experience’. This includes more integrated care with co-located medical and childcare and partnerships with care partners including home care providers Home Instead Senior Care and the Tim Russell-backed Five Good Friends.
They have a valuable tool on their side. Following success in their residential division, they have launched the US CRM software Salesforce for retirement living. Stockland has developed an internal algorithm designed to predict how likely customers are to make a purchase.
Low-scoring leads have a conversion rate of 7% while high-scoring leads have a 24% conversion rate – making them three times more likely to buy.
Stockland Retirement Living CEO Stephen Bull adds that while the conversion period for unit sales remains “extended” since the 2017 media coverage, they are seeing a “gradual improvement” in consumer sentiment and inquiries have stayed high.
“We continue to focus on broadening our customer reach by providing more diverse living options and choices of homes, location and contract models,” he said.