Are you thinking seriously about expanding your real estate portfolio to new markets?
This pivot is the perfect time to leverage sustainability.
Research published by the Harvard Business Review revealed a major rise in sustainably-driven consumption. Real estate investors can expect this trend to surge as younger generations, who are the most sustainable-conscious, achieve more purchasing power.
The study also makes a crucial point about trust. Sustainable practices, like paperless documents and eco-friendly property maintenance, promote a greater sense of trust. Acquiring trust is business 101.
Learn more about sustainable property management in this quick guide.
Sustainable Energy Systems
It helps to create a sustainable checklist to get all your ducks in a row.
Ask yourself how you can "green" your home energy system. Solar panels are the most popular, cost-effective way to go.
Solar panels have a higher upfront cost than typical energy systems, ranging between $10,000 and $30,000, depending on the square footage of the home. However, residents start saving money immediately on energy use, averaging more than $1,500 in annual savings.
The cost-effectiveness of sustainability appeals to nearly all consumer demographics. Plus, the look of solar panels screams "sustainable" to any prospective renter driving by the property.
Recycling and Compost
Consider ways you can green your waste management process, as well.
Ensure recycling cans and greenery bins are available to tenants. Composting also sends a clear message that you care about eco-friendly practices. You can provide composing bins for the kitchen and create space for hot composting in the backyard.
Waste-reduction strategies may also prevent plumbing issues since tenants won't use the garbage disposal as much. Banana peels, egg shells, old vegetables, potato peels, and other organic waste go in the compost bin.
Energy-Efficient Designs For Landscaping
Consider installing a timed lawn irrigation system that conserves water by running on a schedule. This prevents overwatering and keeps lawns looking lush.
Think about ways you can reflect sustainability in your backyard landscaping, too. For example, you could add new soil to the backyard so that it's more conducive to vegetable gardening; this perk will attract tenants who want to grow their own fruits, vegetables, and herbs.
You may have to invest in tree removal to reduce shade cover which can prevent thriving garden beds. Removing dead and diseased trees is also a sustainable practice that protects the soil and optimizes health and safety.
Sustainable Property Management Spares the Air
Choosing the right property location is also a sustainable practice. Thus, you must be mindful of sustainability at the onset of your real estate portfolio.
Look for properties located near public transportation, like bus stops and metro stations. Having Citibikes nearby is also a plus. You could also provide bicycle docking stations or accessories for tenants.
Try looking for properties near parks and walking paths to encourage more car-free transportation.
Adopt Even More Eco-Friendly Ideas
Estimate the cost-savings of renewable energy sources, public transportation, and gardening to understand the full scope of sustainable property management.
At PMI Ancient City, we value the latest sustainability practices, integrating state-of-the-art practices that reduce paper use and streamline communication.
We're part of a network that brings over 20 years of expertise to the lives of property owners. Book a consultation to learn more about our team!
