Long-term Partnership Sustains 97%+ Occupancy and Sparks Successful Expansion
After many years of maintaining strong occupancy of 97%+, Pennybyrn wanted to expand its 180 independent living residences with 42 new apartments to serve more seniors in North Carolina’s Piedmont Triad. Pennybryn looked to its long-term partner, Love & Company, to accomplish this vision.
With a firm foundation and collaborative working relationship well in place, Pennybyrn looked to Love & Company to guide them through the expansion marketing process. This included market intelligence to ensure the expansion was designed for the market, a cohesive marketing program to educate consumers, and detailed plans for a priority deposit program and 10% conversion process. It was a true partnership with open communication.
“Throughout our entire time working with Love & Company, they have been trustworthy, respectful and have honored our goals as an organization. Pennybyrn is appreciative of how the Love & Company team really listens to what we have to say, and when we have questions, they provide their honest advice. It has worked very well for us.”
The expansion was well received by the market, and the sales team achieved its priority deposit goal in five months. And despite launching 10% conversions right as COVID shut down in-person appointments in late March of 2020, Pennybyrn secured 70% of its 10% reservation deposits within four months, ahead of its aggressive schedule. Pennybyrn’s results show the power of sage advice blended with the strength of a true partnership.