When is a wait list really a wait list?

Good salespeople understand that an enquiry starts a relationship. Retirement living decisions can take months or years, and circumstances often change along the way. Health changes. A partner dies. A softening property market makes the move harder to fund.

When the residential market softens – as it has – prospective residents become hesitant. Their home takes longer to sell. The price falls short of expectations. A straightforward decision suddenly feels less certain.

An engaged wait list gives the sales team somewhere to work from when these pressures emerge. People already understand the village, know the staff and can see the lifestyle they are moving towards. That relationship provides confidence when the financial side of the decision becomes more difficult.

It can also help defend unit pricing.

The moment potential residents start to entertain lowering the price of their home to make the move into a village – they expect the operator to do the same.

An operator with several informed, qualified prospects ready to act has greater confidence holding the price of an available unit. An operator calling through an ageing database, hoping someone remains interested, has far less leverage. Price discipline begins well before the unit reaches the market.

The word “wait” may be where we go wrong. It suggests that a prospective resident sits patiently until a suitable home becomes available. They don’t, they keep looking.

Our focus needs to be on keeping connected to these people. Invite them to an open day, community event or resident presentation. Share useful information. Call occasionally without turning every conversation into a sales pitch.

Give them the chance to become part of the community before asking them to sign the dotted line.

The real test comes when a unit becomes available. How many people on your wait list would take the call, inspect the home and be prepared to proceed at the asking price?

If the sales team cannot identify them, the headline number means very little.

A wait list earns its value through the work done between enquiry and vacancy. When the market softens, those relationships become even more important. They give prospective residents the confidence to proceed and operators the confidence to hold their price.

So, look past the number in the CRM. A wait list should tell you who is likely to buy next. Otherwise, it is simply a record of people who once enquired.