Hiring An Assisted Living Management Company Can Be Great For Your Assisted Living Facility.
One of the biggest decisions you’ll make as an owner is whether you should hire an assisted living management company. Many owners manage their assisted living facilities on their own or with the help of their employees. But our highly-regulated industry is very demanding and owners need more help and a management company makes sense. Management companies can be a huge asset to the assisted living facility business.
What Does an Assisted Living Management Company Do?
An assisted living management company deals directly with prospects and residents, saving you time and worry over marketing your facility, collecting payments, handling maintenance and repair issues, responding to resident and family complaints, hiring, training, disciplining and separating employees as well as keeping your facility in compliance and profitable. We also do your bookkeeping and invoice handling, retain the best vendors and third party providers and generally keep cash flowing. Plus, a good assisted living management company brings its know-how and experience to your facility, giving you the peace of mind that comes with knowing your investment is in good hands. We are an independent contractor so you avoid the hassle of being an employer.
When Should You Hire an Assisted Living Management Company?
You have lots of units or facilities. The more facilities you own and the more units they contain, the more you’re likely to benefit from an assisted living management company.
You don’t live near your rental property. If your facility is located far from where you live, hiring a management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
You’re not interested in hands-on management. Many owners look forward to the challenge of finding good residents and the rewards of maintaining a safe and attractive facility on their own. But if you view facility ownership strictly as an investment and want little or nothing to do with the day-to-day management of your facilities, consider hiring help to manage your property. A competent assisted living management company can add significant value to your investment, which is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold.
Market your property. An experienced assisted living management company has written many advertisements and understands what to say and where to advertise in order to get a larger pool of candidates in a shorter period of time. They are also familiar with online presence and social media and how to use it effectively.
Your time is limited. Even if you enjoy hands-on management, you may not have much time to devote to your business, especially if operating isn’t your day job. And if you prefer to spend your time growing your business, including searching for new facilities, arranging financing for renovations, or changing your business structure, then a management company is a good way to spend your money.
You can afford the cost. Hiring an assisted living management company is an attractive option if you can afford the fees. Management fees are a percentage of the gross revenues.
You’re suddenly inundated with management tasks. If your business is growing, at some point you may find that you need a substantial amount of help to manage everything properly. At that point, it might make sense to hire an assisted living management company.
You don’t want to be an employer. If you hire staff, you are their employer. You’ll have to handle payroll and deal with a host of other legal requirements and considerations. But, because an assisted living management company is not your employee (it’s an independent contractor), and neither are the people who work for the company, by using one you avoid the hassles of being an employer.
Your property is licensed. If you are licensed, things can get complicated. In order to continue being licensed, the owner must comply with a complicated set of regulations. With so much at stake, it’s often worth hiring an assisted living management company that has expertise and experience with licensed facilities.