With climate change and other environmental issues a key concern for businesses and individuals the world over, it’s hardly surprising that many companies are keen to demonstrate their green credentials by adopting more sustainable and eco-friendly business practices. Certainly, the property management sector here in the UK has been quick to adopt such practices in an effort to reduce their carbon footprint and their subsequent impact on the environment.
In this article, we’re going to look at sustainability in property management and how the UK industry is being transformed by taking on a more eco-friendly approach. But first, let’s answer an important question:
What Do We Mean By Sustainability?
In property management terms, sustainability isn’t just a matter of implementing green policies. Rather, it’s a threefold approach that combines environmental impact with economic and social aspects. This helps property management firms to be ecologically responsible while maintaining their corporate growth and providing value to their tenants.
These are some key reasons why sustainability is so important:
Knowing the Market
A recent report from the Office for National Statistics indicates that almost three-quarters of UK adults are concerned about climate change and seeking to reduce their personal carbon footprint. This makes sustainability and energy efficiency a key consideration for most new buyers and owners, and the property management sector needs to reflect that by implementing green policies of their own and training their staff to be knowledgeable about these and national regulations concerning the same.
Regulatory Compliance
Speaking of regulations, the current Labour government has committed to reducing UK net carbon emissions to zero by 2050. Combined with their ambitious building proposals for increasing housing opportunities, it seems likely that more legislation will be introduced regarding sustainability and green building standards. This is an area that all property management professionals need to keep abreast of to avoid potential legal problems in the future.
Cost-Efficiency and Value Addition
While implementing sustainable practices may require an initial outlay of capital, the combined impact of energy-efficient appliances and installations, water conservation, and waste reduction can lead to significant savings for property owners and renters alike in the long term.
Enhancing Property Value and Marketability
Properties that are managed sustainably with an eye for energy efficiency and low environmental impact are becoming increasingly attractive to potential buyers and renters. This leads to higher market values and increased revenue for us and our partners. A key part in this development is having property management staff who are familiar with these practices and able to explain the benefits to prospective clients.
Client Education
Not all tenants and partners are as well-informed about the importance of sustainability. By introducing green practices across our combined housing stock, we can help them get a better understanding of the concept and how it can benefit them and the broader community. This is part of our duty as a socially responsible property management firm.
If you’re a property owner in London looking to partner with a property management firm that understands the challenges and embraces the opportunities presented by sustainability, you have come to the right place. Here at Abel Living, we help tenants and partners alike reduce their environmental impact while improving their properties and potential at the same time. For more information, call Abel Living today on 020 3924 4001 for a free consultation.