Sustainable real estate development is not just a passing trend, but it is the future of the industry. More and more land developers are going green to do their bit for the environment, enhance reputation, and boost profitability. Although adopting new building practices entails some effort and investment, the transition is worthwhile. The best way to go green is by being strategic about implementing sustainable methods and practices. A little preparation is enough to get the ball rolling and maintain the momentum. Here are some ways to get your real estate business ready for a sustainable future.
Be prepared for an increase in upfront costs
Green construction starts with sustainable building products, and they can be more expensive than traditional materials. As a developer, you should be ready for an increase in upfront costs. However, they make a worthy investment as green projects are likely to sell faster. Moreover, buyers are happy to pay for energy-efficient buildings as they save significantly on energy bills down the line. Spending more on sustainable construction today is a surefire way to enhance project profits in the future.
Look for ways to renovate and repurpose
Gearing up for sustainable development is also about finding new ways to renovate and repurpose existing properties. With this mindset, you need not start building from scratch. You can work with the existing features and rework them to reduce the building’s carbon footprint. Retrofitting a property with green estate development features saves a considerable amount of money and achieves the same goal of eco-consciousness.
Stay a step ahead of regulations
The real estate segment is highly regulated as developers have to comply with several compliance guidelines enforced by the authorities. The objective of these guidelines is to protect the environment from unethical practices. For example, you cannot build over wetlands because it can risk several species and drinking water. You must use a Wetlands Inventory Mapper for site selection so that the project stays on the right side of the law. Following regulations future-proofs your projects and protects your business from penalties and reputational damage.
Use new technology
Using new technology is another measure to get your real estate business ready for sustainable development. For example, you can use rainwater harvesting and low-flow plumbing fixtures to minimize water wastage for the project. Likewise, installing solar panels is a reliable way to make buildings more energy-efficient. Also, include smart appliances, LED lighting, and home automation solutions in every project you work on.
Market eco-friendliness
Embracing green materials and practices is only a part of sustainability-readiness. You must also market eco-friendliness to make the most out of the initiative. After all, potential buyers must know the sustainable features of the property and the benefits they can derive from the investment. A robust marketing plan helps you sell faster and secure more profit, so do not miss out on the opportunity.
Preparing your real estate business for a sustainable future sounds like a lot of work. But the benefits make it worthwhile, so go green and capitalize on the advantages it brings for your company.
Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.