Social responsibility is crucial for all businesses today. In real estate, this often means educating yourself on the environmental impact of the properties you’re managing or investing in.
Developers and property owners must understand their options when it comes to eco-friendly construction and utility usage. How do you reduce your property’s carbon footprint through the right building practices, materials and appliances? And what other green aspects or technologies should you be keeping in mind? Below, seven members of Forbes Real Estate Council share ways to help you make responsible decisions for both your company and the environment, as well as touch on techniques you can try. Here’s what they advise:
Members discuss approaches you can use to help build environmentally friendly projects.Photos courtesy of the individual members
1. Talk To Local Government Partners
We know that buildings have large environmental “footprints.” This creates opportunities for developers. It’s a significant platform for change. Also, many environmental features pay for themselves during operation. Talk to your local government partners. Many have incentives for environmental technologies, or would like to find a way to bring them to their community. – Deborah Rabbino Bhatt, Vesta New York
2. Build LEED-Certified Smart Homes
Developers need to build smart homes that are green, sustainable and energy-saving. Additionally, everything in the home should have the ability to be controlled by the homeowner’s smartphone. These features will not only entice buyers, but will also create better neighborhoods. The U.S. Green Building Council is a good resource, as it promotes LEED certification. – Bill Lyons, Griffin Funding
3. Meet With Local Lobbying Groups And Colleges To Discuss Conservation
The list of past industrial uses in the Northeast is long and varied. Little of our land has not been put into service at one time as an orchard, a locomotive repair garage, commercial laundry facility or nuclear waste storage. Half of today’s environmental management is addressing the past. But for conservation, local lobbying groups and colleges are a great place to ask about coming issues. – Kristin Geenty, The Geenty Group, Realtors
4. Reclaim And Reuse Water
The developer should look to reclaim and reuse as much water possible. Solar should be in developments on some level, whether in common areas or pool areas where the load can be carried. As far as what is available information-wise, look at building maintenance. – Michael J. Polk, Polk Properties
5. Consider The Impact Of Global Warming On Building Projects
We should all be cognizant of our environmental footprint, both with our personal and work lives. Developers should consider the impacts of global warming on the projects that they are designing and building, both on location and building materials. The increasing frequency of storms, protracted droughts, increased wildfires and rising sea levels are all elements that should be considered today. – Gary Beasley, Roofstock
6. Make Small, Inexpensive Energy-Efficient Upgrades
Solar panels and geothermal heat pumps are the premium green home improvements. However, several low-cost sustainable home improvements exist on a smaller scale, like replacing shower heads and faucets with low flow models to conserve water. Using smart home thermostats can help preserve energy costs, and LED light bulbs will also keep your electricity bills lower while helping the environment. – Beatrice de Jong, Open Listings (YC W15)
7. Offer Resident Incentive Programs
The environmentally conscious equation is more than LEED certification, Nest thermostats and recycling programs. Multifamily developers should not only be focused on minimizing their building’s impact, but also their resident’s impact. Incentive programs, where renter energy consumption data is shared and rewarded, are key to achieving a reduction in energy, water and waste within a building. – Aaron Galvin, Luxury Living Chicago Realty