Are Your Waitlists Real?
At the National Retirement Living Summit, Rachel Lane from Aged Care Gurus posed a question that has been rattling around in my head ever since:
How well educated are the people on your waitlist?
It sounds simple, but in a sector where many operators are effectively full and demand continues to outstrip supply, it may be one of the most important questions we can ask.
Rachel brings a unique perspective. Through Village Guru, she works directly with consumers as they navigate one of the biggest lifestyle and financial decisions of their lives. While operators see waitlists from the supply side, Rachel sees prospective residents from the demand side. She hears the questions, concerns and misconceptions that can delay—or completely derail—a decision.
And that’s why her question matters.
Waiting lists are generally seen as a sign of success. For years, operators worried about vacancies and attracting enough prospects. Today, many villages face the opposite challenge. Occupancy is high, enquiries remain strong and waitlists continue to grow.
The temptation is to view that waitlist as a safety net.
Need to sell a unit? There are 20 people on our wait list.
Problem solved. Or is it?
Rachel’s (pictured right) challenge was that not all waitlists are created equal.
How many people on your list understand the costs involved? How many understand the contract options? How many have thought through future care needs, Support at Home, or what village living actually means for their lifestyle and finances?
Most importantly, how many are genuinely ready to make a decision?
Interest and readiness are not the same thing.
Many consumers spend months (or years) educating themselves before they feel confident enough to move. Some join a waitlist long before they fully understand the product. Others may have changed their circumstances entirely since first expressing interest.
That means a long waitlist can sometimes create a comforting illusion of demand.
The operators best positioned for the next decade won’t necessarily be those with the longest waitlists. They’ll be the ones who consistently educate, nurture and engage the people on those lists.
That’s becoming increasingly important because the decision to move into a retirement village is getting more complex.
Prospective residents are weighing housing decisions alongside pensions, home care, health needs, family considerations and future aged care pathways. Education is no longer something that happens after someone decides to move. It’s often the process that helps them reach that decision in the first place.
Being structurally full is a wonderful position for our sector to be in. But it shouldn’t make us complacent.
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