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We love what we do! Not only do we help Central Florida seniors find a safe and secure senior living community to live in, we get to work with the best administrators and owners in the local area. North Star Senior Advisors has partnered with several adult family care homes and assisted living facilities in Orlando and we are frequently asked whether or not their price is competitive to others in the market. What should I charge my residents? Are my rates too high or are they too low? There is a lot to factor when creating your business budget! Don’t undersell yourself because caring for the elderly is a lot of work. Do not forget to factor in the cost of living and care when creating your budget and be realistic! If you own one small 4-6 bed home, remember that you are not competing with large facilities. When conducting your market research, ask yourself a few questions…. Is my home a memory care facility only? Do I accept residents that need a higher level of care? Who is my closest competitor and what are their rates? Just because the adult family care home up the street is charging $2500 all inclusive for a shared room DOES NOT mean that your private room is worth more. Consider what’s included and also the location of the home. If your competitor owns an Orlando assisted living facilityx, what type of license do they have? Now ask yourself, can I charge more or less than those facilities near me?
Administrators have an important and rewarding job so be realistic with your rates. Orlando’s assisted living facilities are to help people not take advantage of them. Don’t focus so much on money but don’t sell yourself short either! Our answer to you is to not only conduct a marketing and business analysis but factor in the quality of care that you can provide for your residents! I know, cliche but that’s how you’ll know whether or not you are charging an accurate amount for each resident!
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