The contents of an appraisal report are an essential way to gauge the value of your assisted living facility. A good assisted living facility needs to meet the needs of its clients in a way that makes their lives happier and more comfortable. Getting an appraisal report can not only tell you how well your business is doing but give you a better understanding of the value of your company.
What Are The Elements in the Contents of an Appraisal Report?
Before discussing the elements included in the contents of an appraisal report, it is a good idea to understand the nature of the report. It is an independent examination of your assisted living facility designed to gauge the quality of your business in a constructive way. Each report will break down your business and its many elements and present them in an easy-to-understand manner that should make solutions simple to implement.
Many different elements make up a good appraisal report, and each one should help you understand the value of your business. It also gives you an idea of where you could improve. The contents of an appraisal report for an assisted living facility will include the following items:
● An overview of the entire industry, including its value and future worth
● Physical evaluation report of your business, including the building itself and all the physical items inside, such as the beds, kitchen facilities and entertainment options
● Analysis of non-physical items, such as reputation, employees and current market value
● Expert consideration of the income approach to the assisted living facility
● Comparison of its sales approach to others in the business
● Client happiness levels and employee morale
● Happiness of client family members
● Quality of medical care, treatment and personal care provided to each client
Fully understanding each of these items is essential to using your appraisal report in an intelligent way. Before moving on to using the report, let’s break down the specific items an appraisal will look at in your facility.
A Good Appraisal Review Checklist for an Assisted Living Facility
Many items will appear in the contents of your appraisal report. Each one details an essential part of your business. Weakness at any point will decrease the value of your business and potentially scare away investors or customers. Items that you’ll see include:
● The licensing status of your business
● Any complaints lodged against the business
● Awards or commendations received
● Status of the living facility (i.e. whether it needs repairs to be more comfortable)
● Quality of employees (positive and negative reviews of each, their training, morale, etc.)
● Advertising approach and success (is there a strong online presence for the facility?)
● Inspection of living facilities (such as the comfort of the beds, reliability of entertainment equipment, quality of treatment items, etc.)
Maximizing the quality of each of these points is a difficult process that takes time. That’s why appraisal reports are a useful item to invest in every year. They can give you an idea of your annual progress toward improving the quality of your living facility.
Using the Contents of an Appraisal Report to Improve Your Assisted Living Facility
A focused approach toward improving the quality of your assisted living home starts with understanding and breaking down the contents of an appraisal report. Sit down with your managers and anyone else who makes decisions about the company. Go through each item on the checklist and come up with workable solutions.
For example, if you learn that the poor quality of your beds is decreasing the value of your facility, purchase and install higher-quality beds that your customers will enjoy. In this way, you manage a problem that could snowball into a more severe concern.
Or if your employees are suffering from low morale, it is important to gauge the source of that issue. Perhaps they feel they don’t make enough money or are grieving the death of someone in the facility. Discussing this problem with them, and finding a solution, can help improve their morale and the overall quality of your business.
As you can see, there are many benefits to getting an appraisal report for your assisted living facility. Fully understanding the contents of an appraisal report and using them to your advantage can improve your business success almost overnight. There’s no reason to keep moving forward making the same mistakes or overlooking the issues that may be holding back your facility from growth. Let us help you to fine-tune all aspects of your facility so you can become better and better each year.
Are you interested in learning more about valuation reports for an assisted living facility? Contact the experts at Global Valuation today. Visit us online or call (772) 215-5738.