How to build a sustainable property management company?

zoom meeting working from home

Why go green?

There is a growing demand for sustainability. As the impacts of climate change are just beginning to surface, consumers are now holding businesses accountable including property management companies. According to a survey by Forrester, 32% of consumers prioritize companies that are actively reducing their impact on the environment. Renters today are looking for more built-in sustainable features especially renter's from later generations such as Gen-Z and Millennials. These generations are just now entering the renter market and will be the main renters in the future. Too continue being competitive in the market it's important to start building more sustainable business practices.

So how do you start building a more sustainable business?

If you’re not actively improving your sustainability efforts or updating your units with the latest energy-saving technologies, you may be at risk of falling behind the competition. By moving to more sustainable practices now, you can stay ahead of the competition, attract more renters, and increase profitability. Here are some ways you can improve the sustainability of your business:

  • Offer remote work - This reduces commute time thus lower pollution generated by traffic emissions. 

  • Go paperless - Get rid of paper bills, leases and invoice, etc.

    • Offer tenants and potential renters electronic agreements and eSignatures. DocuSign is a great tool for managing electronic documents.

    • Use online property management software’s such as AppFolio to reduce the number of paper application, bills and invoices.

  • Add energy efficient appliances to your buildings it will not only attract more renters but also reduce water/electricity/gas use depending on the appliance

    • Newer appliances will require less maintenance and as more companies switch to selling only energy-efficient appliances repairs and maintenance will become cheaper

Conclusion

To stay competitive in the renter’s market, property management companies need to start incorporating sustainable practices in their businesses. This can include offering remote work, improving buildings with energy-efficient applies, and reducing paper waste. These relatively easy changes will attract renters and improve your companies efficiency and profitability.

Courtney Krone