In a sign of the times, retirement village asset manager, Village Care has launched a national campaign to promote its management services to independent operators who are frustrated by demanding regulatory requirements.
Village Care currently manages close to 20 seniors communities across Australia and is currently engaging in a concerted expansion effort.
The company’s CEO, Loretta Byers said she expected an increase in demand for management services as the regulatory burden on village owners continues to increase.
“I think people are finding it an attractive idea to explore,” said Ms Byers.
“The legislative frameworks that village operators are working under in each state have requirements that can be quite burdensome.”
Ms Byers has more than 30 years’ experience in the aged care and retirement living sectors and she said that in that time, the retirement community has become increasingly complicated.
Research conducted by Village Life shows that much of the frustration among village owners is levelled at the consumer demand area.
“There can be lot of difficulty in responding to all of the questions that consumers may direct towards owners,” said Ms Byers.
“The budgeting requirements in each state are quite restrictive and sometimes there is a great dilemma about the allocation of expenses; who should be paying for what?”
The CEO of the Retirement Village Association, Jane Holdsworth said third-party management options are becoming common as more people look to invest in the growing retirement sector.
“There is a lot of this going around and it makes a lot of sense if there is a management company that does a good job of it,” she said.
“There are quite a few companies that provide these services and they are generally really good at it.”