The construction industry is under fire for its ecologically devastating practices, with a global call to cut down on wasteful new constructions in favor of sustainable green building initiatives.
The cry to "reduce, reuse, and recycle" is at the heart of sustainable practices. So, if you're a landlord who owns an existing investment property, you're already on the right track.
Sustainability means simply meeting our current needs in a way that protects the needs of future generations. As such, it applies to every aspect of modern life, including property management.
Sustainable property management hinges on three pillars, namely environmental, social, and economic aspects. Read on to explore how these apply to building operations and management and tips on how to maintain the delicate balance between them.
Environmentally-Sound Property Management
Every business must take steps to protect the natural environment by minimizing its carbon footprint. Your long- or short-term rental business is no exception.
There's little you can do about sustainable construction at this stage of your building lifecycle. Yet, there are many improvements you can put in place to make up for the mistakes of the past.
Assess your current situation. This involves measuring your building's energy, waste, water, and carbon footprints.
Then, take steps to implement sustainable changes. These should involve measures to:
- Reduce waste by recycling
- Implement renewable energy sources like solar power
- Protecting natural habitats by planting local plant species
- Reducing water waste with water-saving plumbing
You must also educate your tenants about environmentally friendly practices to maximize your efforts.
Social-Responsibility and Property Management
Keeping your tenants informed is one aspect of socially responsible property management. Providing them with a well-maintained habitable property is another.
Routine maintenance and prompt repairs are imperative to limit wasteful water leaks and prevent energy wastage. It's also important for meeting the implied warranty of habitability.
Setting a fair rental price is one way to prevent homelessness and the resulting social impact it has.
Economic Aspects of Sustainable Property Management
Property maintenance is also an important aspect of risk management and responsible financial management. It helps you avoid unnecessary replacements, saving you cash and reducing the impact on landfill sites.
Sustainable initiatives can help you attract better tenants and promote lease renewals. Setting fair rental prices has the same effect.
Both these aspects also form part of good business ethics which can help you grow your investment.
The last piece of the sustainable property management puzzle involves consistent analysis of your investment properties. This helps you pinpoint areas for further improvement across the spheres of sustainability.
Do the Right Thing
In the modern age, landlords must get on board with social, economic, and environmental sustainability measures to survive.
Yet, checking all the boxes for Sustainable property management can become a time-consuming and stressful task for landlords in Houston, TX. There's a good chance you have no idea where to start.
PMI Northwest Houston can help you get on track. We offer a comprehensive range of property management services in line with industry best practices.
Join us in our quest to create a brighter future for all.