Property managers need to constantly be on the lookout for any strategy they can employ that will save them money in the long run. This is why so many talented property managers are beginning to look at their energy expenditures in order to cut back on frivolous spending and invest in greener, more sustainable methods of energy production and use. Nevertheless, many property managers want to pivot in a more environmentally friendly direction but lack the expertise needed to do so in an adequate way.
Here’s a review of what property managers need to understand about energy use, and why the future of the marketplace will be dominated by savvy managers who embrace sustainable means of energy production and use.
It must be incorporated into your marketing
One of the most important things that property managers need to understand about energy use is that your energy production and consumption methods need to be incorporated into your marketing materials. This is because modern tenants are more environmentally conscious than ever before, and renters of tomorrow will have little patience for those buildings that aren’t powered by sustainable energy methods. You don’t have to go entirely green overnight, but making small changes to how you produce or consume energy will both help the environment and open new doors insofar as your advertising strategy is concerned.
It’s long been understood that renters are willing to pay more if they’re able to enjoy energy-efficient spaces. The reasoning behind this should be obvious – an energy efficient space, whether it’s an apartment, home, or commercial operation, will lead to lower bills in the long run, better health for its occupants, and a more sustainable environmental future. When trying to optimize the energy consumption of your property, you should thus focus on environmentally friendly means of generating and consuming energy.
An analysis of the green-lease strategy that many landlords and property managers are increasingly dependent upon stresses the importance of the principal-agent problem. This problem occurs when those in charge of property management find themselves unwilling to take long-term action that will benefit their agents (customers) because of short-term costs associated with such action, such as putting up some firewood for sale in a new energy efficient fireplace. While you may feel that investing in renewable sources of energy is going to be costly in the short term, you need to understand that such a move is a wise investment in your future, and that property managers who ignore environmentally conscious energy strategies will be shunned by consumers of the future marketplace.
Embrace these green management practices
Now that you understand the importance of going green, you can focus your energy and financial resources on embracing specific green management practices. Begin with the little things, like energy efficient appliances and fixtures; if you’re providing pre-furnished apartments, for instance, double check to ensure your refrigerators and similar appliances are energy-efficient and eco-friendly. You should also rely on green pest management in lieu of traditional exterminators who may be utilizing environmentally-harmful chemicals as they get to work. This won’t only help the environment, but will also be an ideal marketing opportunity, as nobody wants to invest in property that’s laden with potentially harmful chemicals.
Your property managers should also be investing in energy-efficient waste management methods. Some people think that they can save money by shunning recycling, for instance, but this is an egregious mistake that will turn many potential customers away from your brand. Embrace local recycling policies and even argue passionately for stricter recycling regulations when local legislation is being drafted, and your company will quickly develop an environmentally-friendly reputation that bolsters its ranks in the local marketplace. These kinds of efforts will really reach out to environmentally-conscious customers who are increasingly driving the market forward.
You should also consider tapping into the power of modern technology in order to optimize your energy operations. Collecting data and leveraging the power of artificial intelligence may seem beyond your property management skills at first, but in reality this is actually becoming easier by the day thanks to wondrous innovations in the tech sector. Set some time aside to read up on how property managers can harness big data to optimize their energy consumption, and soon you’ll see your energy costs plummeting. With more efficient buildings, you won’t only save money on bills but will also be able to market your properties as buildings of the future.
Finally, ensure that all of these changes are being incorporated into your marketing materials if you want to maximize the financial returns you’ll be gaining on your investments in greener properties. Customers simply won’t stick around property management operations that don’t care about the environment for very long. This will also help you gain a leg up on your competitors who continue to rely on tired, dangerous energy management methods of yesterday. Before long, your properties will be greener and more energy efficient than ever before.