As senior living demand accelerates and new supply remains constrained, operators are being pushed to rethink how they grow, staff, market and deliver the resident experience.
For Paul Boethel, CEO of Watermark Retirement Communities, change starts with a willingness to move decisively while keeping the consumer experience at the center. In this Changemakers interview, Boethel discusses the market forces reshaping senior living, the importance of standardization, the role of technology and data, and why the industry must become more agile to meet the expectations of the next generation of older adults.
What economic forces or market trends are currently changing the senior living industry?
The obvious one is the aging demographic, coupled with limited new development over the last five years. That lack of development delivery will likely continue for a few more years, as new starts remain very low. We’re going to see stabilized occupancies higher than we’ve seen historically, creating a scarcity of product that will allow for outsized rate growth over the next three to four years.
The demands of the consumer are also changing. Our residents expect a more personalized experience, created uniquely for their needs and interests. Operating models need to be revised to meet that expectation, while also working within cost and regulatory constraints.
That will be facilitated by a greater reliance on technology in the future. AI technologies have already started emerging to address many different aspects of our business, from agentic AI sales call centers to labor management tools and everything in between. As an industry, we’ll have to be more agile and open to change than ever before to fully embrace these innovations as they mature.
In what ways do you think senior living operators need to change for the incoming generation of older adults?
Today’s consumer demands a frictionless experience, instant response and gratification and highly personalized service. That’s amplified in industries like senior housing, where a poor experience can result in more than dissatisfaction. It can lead to a negative outcome for the consumer.
Traditionally, senior housing operators have done an exceptional job delivering a strong health care experience to residents, from the lifestyle-seeking, independent, active couple to the higher-acuity resident who has outgrown the support available in a home setting. But today, that level of care is expected, and expectations are evolving well beyond that core function.
The biggest need for change lies in two areas: reaching the consumer and keeping the consumer happy, both of which are among the most challenging aspects of our business today.
In terms of reaching the consumer, marketing requires a fundamentally different approach than it did 10 years ago. Campaigns must be tailored to different audiences with a range of value propositions that resonate without diluting the identity of the service being offered. We have to meet consumers where they are, which now means a broadly distributed presence across multiple platforms, often consumed in micro-bursts of information.
In terms of keeping the consumer happy, training and data are critical investment areas. We need to evaluate the consumer experience daily and at multiple levels across the organization. It starts with training to ensure our teams can consistently deliver an exceptional experience to residents and their families every single day. At the same time, data must be available in near real time to identify where we’re falling short or, better yet, where we’re at risk of falling short, so we can respond quickly.
In what ways can senior living companies change the public’s perception of the industry?
The best way to change the public’s perception is for the public to experience it. That’s difficult to do at scale physically, but with a strong social media presence and engagement, we can display the experience and benefits of living in a senior living community.
As an industry, we are far behind others when it comes to social media presence and authentic engagement. We have an opportunity to showcase the experience and benefits of senior living more effectively and tell our story in a more meaningful way. As that improves, sharing more intimate, real experiences on these platforms can help deliver consistent, meaningful messages at scale.
Tell us about some of your recent efforts to change the senior living industry for the better.
We’ve spent a lot of time over the past year identifying activities within our communities that can be standardized. Standardization can feel like micromanagement if it’s not communicated properly, but the impact is significant. The more consistency we create, the less time our leadership teams spend solving unnecessary problems, and the more time they can spend on what matters most: the resident experience.
It also creates a more consistent experience for the consumer, which benefits not just our communities, but the industry as a whole.
One example is our implementation of an outsourced call center in the fourth quarter of 2025. The call center manages all inbound digital lead volume, answering calls and responding to digital inquiries with the goal of scheduling tours. It absorbs the time-intensive work of screening unqualified leads, allowing our sales leaders to focus more squarely on selling. It also ensures an exceptionally fast speed to lead, typically under 10 minutes.
What staffing changes does the larger senior living industry need to make to meet the staggering level of demand ahead from new residents?
In the immediate term, operators need to drive stronger rental rate growth as we approach high occupancy levels and minimal new supply. Historically, hospitals have outpaced senior housing in top-line revenue growth, achieving a 4% to 5% CAGR compared to senior housing CAGR closer to 3% to 3.5%. That disparity has contributed to a significant wage gap.
The more we’re able to push rates relative to other health care sectors, the more we can close that gap, become more competitive for high-quality talent and expand the pool of individuals willing to consider senior housing.
Long term, we’ll need to explore technologies that support care delivery. Some countries, like Japan, are already facing significant labor shortages. They are leaning heavily on robotics and predictive technologies, and they offer valuable insight into how we can improve efficiency without sacrificing the quality of the resident experience.
Is the senior living industry moving quickly enough to change in the ways it needs to? Why or why not?
It’s not moving as quickly as the technology would allow. The three primary constraints are cost, regulatory compliance and fragmented ownership structures.
Change is often driven by management companies, many of which have limited capital to invest in new technologies. At the same time, operators often manage communities for multiple ownership groups. Even when some are ready to adopt change, others may not be, and it’s often an all-or-nothing proposition when it comes to implementation.
Change is hard. Can you talk about a time when you tried to execute a change and things didn’t go according to plan? How did you pivot, and what did you learn as a leader?
If you recognize that change needs to be made, make the change. I think change is a concept we spend a lot of time worrying about, especially in terms of how it will land and how it will be received in the field. Change is frequently resisted because people fear disrupting existing culture or breaking systems that currently function. However, stagnation poses a far greater risk than transition.
As I started my role here at Watermark, I reflected on different experiences I’ve had in the past with respect to change. One common observation is regret for not making necessary changes sooner, and very few instances of regretting making a change. That doesn’t mean every change was great, but even when change doesn’t go as planned, it highlights things you may not have seen before and allows you to fix what didn’t work.
In the last 14 months, we’ve made significant changes at Watermark, from operations to sales and marketing to FP&A and many others. Initially, there was some reservation and surprise around how much we were doing right away, but our teams quickly embraced that culture of change once the first few rollouts were implemented. Now, I think we’ve made it part of what people look forward to and expect.
Delaying change doesn’t protect company culture. It prolongs frustration and damages morale. The longer people live with no change, the more resistant teams become to change. My advice is: if you think you need the change, make the change.
What’s the biggest change you ever made in your career or life? How did it go and what did you learn?
I was an officer in the military, and I really enjoyed what I did. I loved the camaraderie and selfless service of those around me. It was also very fulfilling knowing that what I was doing served a greater purpose: serving my country.
But I knew that if I wanted to accomplish certain things, I needed to transition out of the military and pursue a civilian career. That decision significantly changed every facet of my life, but I’ve never regretted it.
I learned, for me at least, that whatever I did long term had to have some sort of purpose to it. When I found senior housing, I realized it checked many of the same boxes. There were great people, great servant leaders and incredible camaraderie. Most importantly for me, there’s a deep sense of purpose. The ability to serve and care for seniors is incredibly rewarding, and it provides that same sense of meaningful impact and reward.
What senior living technology do you find most promising or interesting right now?
Among technologies already in use, advanced fall detection tools are incredibly promising. They provide around-the-clock visibility, allowing us to proactively address one of the leading causes of injury among seniors. Looking ahead, robotics will likely play a big role, from mobility and transfer assistance to social engagement and activities.
What advice do you have for other senior living companies implementing their own changemaking efforts?
I don’t think this will be controversial, but the planning and execution of the rollout of something new is as important as the change itself. We often spend significant time researching, modeling and testing new initiatives, but less time on implementation and execution.
An experienced project manager is invaluable. The difference between success and failure often comes down to how well a change is rolled out and adopted by the field and by residents.
What is one thing people get wrong about senior living?
Outsiders hear “seniors” and think sleepy or not interesting. This is an incredibly complex, fast-paced industry with an extremely rewarding element: our residents.
If you didn’t work in senior living, what would your career be?
I’d fly fighter jets in the Air Force.
What’s your personal theme song?
“Beautiful Day” by U2. No matter what stresses and pressures you face day to day, there’s always some brightness to be found.