In recent years, implementing sustainable practices has become a crucial part of improving our businesses across every industry and learning how to better serve our communities. And we definitely see this being an increasing trend for the property management industry in 2024.
The truth is, many of us are asking the same question: how can we make our business practices more sustainable? In this article, we hope to help property managers answer that question. We will cover everything that you need to know about how to implement sustainable practices in your property management company.
First, we will talk about how to define sustainability when it comes to real estate, and we will go over why it is important. Then, we will give you five different ways that you can make the properties in your care more sustainable.
From making your property more energy efficient to choosing the right rental property upgrades, by the end of this blog post, you will be able to craft a solid plan for a greener future within your property management company.
What Does It Mean to Be a Sustainable Property Manager?
As you may know, property managers have a long list of responsibilities that they are in charge of. The fact is, managing a rental property is more than just advertising and collecting rent!
That being said, to be a truly sustainable property management company, you will need to take a deeper look into how your rental property is operating on a day-to-day basis.
There are many things that a property manager can do to make their rental property a little more green. Here are just some of them:
- Focusing on energy efficiency
- Working to conserve water as much as possible
- Ensuring that there is good air quality in the property
- Prioritizing recycling, composting, and overall waste reduction
- Maintaining a clean property for tenants to enjoy
Why Is Sustainability Important?
There are many reasons why property managers should consider making their business practices more sustainable.
The first one is, most obviously, to take better care of our planet. After all, we’ve only got one, so it is all of our responsibility to do what we can to be as eco-friendly as possible!
Beyond caring for our planet, sustainability can actually go a long way in reducing common costs that many landlords, tenants and property managers have to deal with regularly. For example, by making the switch to energy-efficient appliances, or focusing on conserving water, you will be able to lower utility bills significantly.
If you cover any of the utilities for a rental property you manage, this is a huge plus for you. If your tenants cover the utility bills, you will be able to use this as a huge selling point.
Finally, you will be able to boost your rental property’s appeal to new tenants, allowing your company to stand out from the crowd. Many people are looking for ways to enhance their sustainability in every aspect of their lives, and that includes tenants who are looking for a new home.
5 Ways to Make Your Rental Properties More Sustainable
1. Focus on Energy Efficiency
Minimizing your rental property’s energy consumption is the main key that is needed in order to maintain true sustainability with your property management company. Luckily, you have a lot of options for how exactly you can make that happen.
First, you may consider installing solar panels. While this can be a larger investment for a rental property, it’s one that can really pay off in the long run, as this will boost your property’s energy efficiency significantly.
The federal government offers a tax credit for rental properties with solar panels called the Federal Solar Tax Credit. Depending on your state, you may be able to access even other tax deductions and credits, as well.
The second option we recommend is a lower commitment one that should help you get started on your path to sustainability: installing LED bulbs. This is a simple and relatively easy way to improve your rental property’s energy efficiency.
Another thing you can do is install a programmable thermostat. At the end of the day, you want your tenants to be comfortable in their home, and that often means making sure that they always have heat when it is cold outside, and that they can access air conditioning when it is hot outside.
A programmable thermostat will allow your tenants to control the property’s temperature and set a timer for it to shut off when they aren’t using it anymore. This ultimately conserves energy and saves money when it comes time to pay the utility bills.
On that note, if you are planning on cutting down on energy and saving on your utility bills, a great way to do this is to add new windows to a rental property. With larger windows, more sun will be allowed into the home, meaning your tenants won’t have to turn on the light nearly as often. If this isn’t an option, try weatherproofing the windows that you already have to keep the temperature isolated.
Lastly, we recommend looking into different energy-efficient appliances that you can install in your rental property. This is particularly helpful with kitchen appliances. Using an Energy Star Certified appliance can be 10-50% more energy efficient than a standard appliance, so it can definitely be worth the investment.
From washer and dryer units to refrigerators, using an Energy Star Certified appliance can help you cut back on costs and energy consumption.
At the very least, doing some of these things in the common areas of a rental property can help to make your rental property more sustainable, in addition to saving you and your tenants some money.
2. Consider New Water Conservation Methods
After taking a look at how to make your rental property more energy efficient, the next step in your journey to sustainability in your property management company is water conservation.
Water conservation should be a top priority for rental property owners. The best and easiest way to make sure that you are conserving as much water as you can is by replacing your toilets. Newer models tend to use less water with every flush. However, upgrading a toilet isn’t the only way a property manager can reduce water usage.
Installing a dishwasher is a great way to conserve water in a rental unit. While it may be costly, an Energy Star-certified dishwasher uses approximately three gallons of water per load. Washing a load of dishes by hand, however, can use up to 27 gallons.
Dishwashers are not only the green choice, but they are also extremely attractive to new tenants and will help your rental property stand out.
3. Find Ways to Reduce Waste
In this day and age, there is simply no excuse for a rental property to not have a solid recycling system in place for tenants to use. If you do not already have one, we recommend setting one up today. Provide your tenants with recycling bins and have clear labels for which bins are recycling and which ones are for trash only.
You can even go a step further and set up a composting system for things like food scraps, leaves, and grass. Reducing your waste is a huge step in the right direction for any property management company looking to be more sustainable, and your tenants will be thankful for the effort.
4. Use Eco-Friendly Maintenance Practices
After you have put systems in place to increase your sustainability, including providing recycling bins and installing energy-efficient appliances, you will need to make sure that your maintenance practices are eco-friendly too.
For example, the next time you paint your property, try choosing zero VOC paint. This is paint that is free from any harmful ingredients that can be irritating to both the human body and the environment. Even a low VOC paint can make a large difference in the air quality of your rental property.
5. Use Native Plants for Landscaping
In order to boost your rental property’s curb appeal, you will need to have some solid landscaping done. But did you know that by using the right plants, you can boost your sustainability at the same time?
When you start to make plans to have trees, shrubs, flowers, or bushes planted outside your property, try going with plants that are native to your region. A regional plant will have a better chance of thriving with minimal upkeep, so your tenants will thank you as well!
Green Property Management: Bottom Line
As a property manager, it is important to consider sustainability as your business grows. Not only does sustainability help our planet, but it can also help your company save money and boost your appeal among tenants.
Whether you choose to install new eco-friendly appliances, improve your recycling program, upgrade your windows, or all of the above, making your company a little greener is always worth the effort.
If you have more questions about how to make your property management company more sustainable, contact our team at Blanket for help!
