Importance Of Sustainability In The Real Estate Industry

Importance Of Sustainability In The Real Estate Industry

The rise of globalization and continuous population growth have prompted numerous innovations and infrastructures around the world to disrupt different industries for good. However, while we progress, have we ever wondered at what cost we are getting all these advancements?

Sadly, we are leaving behind footprints that are slowly playing havoc with our planet.

While we cannot stop these developments as they open the doors for economic progress and mankind’s convenience, we can always live and build homes in a way that contributes to environmental conservation—that is, going green and opting for sustainable construction. This is a new approach to building sectors that further improve people’s quality of life as well as infrastructural sustenance.

Sustainability from a macro perspective

When we talk about sustainability in real estate, we mean future-proofing homes. We strive to create a sustainable ecosystem that balances productivity and environmental support. Per the United Nations, sustainability is the economic development that meets the present generation’s needs without compromising the future generations’ ability to sustain their needs.

However, the term ‘sustainability’ has been overused over the years to imply excellency and environmental friendliness, which prompts what we should avoid—greenwashing or a marketing strategy that businesses do to market themselves as eco-friendly even if they don’t actually minimize their detrimental environmental impact.

Just like how businesses and brands should genuinely identify how to produce more sustainable products, the real estate market must also harness the power of sustainability. This can help you also grow your business holistically, especially if you know the best yet authentic, sustainable marketing practices and employ the most strategic and honest real estate advertising ideas.

It paves the way for energy conservation, ensuring safer and livable spaces, and cost-effectiveness. Now, let’s discuss the key reasons why sustainability is crucial in real estate.

Sustainability in the real estate industry

1. Better and safer spaces

Many are now embracing the concept of greener buildings and subdivisions with lifestyle centers and parks as these don’t only promote comfortable private spaces after a long day in busy cities. They also promote a healthier way of life that allows everyone to thrive.

With sustainable landscapes and tools, more people can feel more at peace knowing that the things they consume and surround them today don’t hamper environmental conservation.

2. People want to go eco-friendly

Nowadays, consumers demand and expect sustainability in most of their lives’ aspects. Per Nielsen’s recent survey, 81 percent of consumers globally believe that businesses should include environmental improvement as one of their goals.

According to the National Association of Homebuilders, homebuyers want and are willing to pay more for sustainable home features such as energy-efficient appliances, and windows, among others. At present, more younger generations are entering the homebuying market. Knowing they’re socially conscious, green features are now a must-have in the homes they’re looking at.

3. Economic viability

Sustainability implies the presence of economic growth. Under the economic viability concept, businesses are expected to be lucrative to be sustainable. It involves different areas like proper governance, policy compliance, and risk and disaster management.

It is critical for real estate businesses to align their interests with the interests of their value chains, shareholders, government, and end-user consumers. This way, businesses can ideate better and strategically for sustainability.

4. Environmental conservation

Sustainability just goes to show how the environment is not an infinite source of resources. It must be protected and subdued responsibly and sensibly. As we build more homes, the more we leave trails of carbon footprint. To keep our environment safer, especially for the future generation, real estate businesses should be committed to harnessing sustainable construction practices and making sustainable architecture accessible. The good thing about pursuing sustainability in real estate is that it does not only help our planet, it can also lay on positive financial effects such as supply material cost reduction.

5. Cost reduction

The real estate investment market is a $10.5 trillion global industry, however, its financial battles are real since all rework has higher costs. This is mainly the reason why greener alternatives are the best options.

Green buildings, or the ones made with eco-friendly and sustainable materials, are cheaper in the long run than the traditionally made ones. Construction may be expensive at the onset, however, maintenance does not require much. Studies show that green buildings also consume 25 to 35 percent less energy than traditional ones as they use fewer resources. They also have a promising ROI as the property value rises with sustainable construction.

6. Improved health

Green buildings are not only cost-effective, but they are also good for people’s health. Traditional construction and furnishing materials like paints and other chemical-fueled cleaning products cause pollution, which is detrimental to both environment and human health. With green construction, you avoid those materials and use only good ones that help purify the air you breathe.

7. Minimize waste and save water

Real estate construction is undeniably responsible for a chunk of the world’s waste. So, pursuing sustainable construction allows you to use only renewable sources and materials. You can consider sand, demolition debris, and burnt coal for environmental and aesthetic purposes.

Eco-friendly construction also uses a lesser amount of water. Water is likewise saved during construction through the incorporation of rainwater harvesting, low-flow plumbing fixtures, and water pressure reduction.

Future-proofing homes and lives

Embracing and employing sustainable construction practices is good for human health, environmental conservation, economic viability, and cost reduction. Ultimately, it allows you to help your real estate business grow.

Sustainability is something the real estate industry must tap into to also help future generations have a livable home—our mother Earth.