The phrase “lean, mean, fighting machine” has been around for ages; however, a new trend is starting to hit the multifamily market and it’s adopting a new phrase for itself, “lean, green, money making machine”. While “going green” is a buzz phrase for many millennials, it should start becoming a more sought out phrase for property managers and owners, especially in the multifamily market.
In an article titled “Lean and Green”, multiple companies are highlighted for their success stories in “going green”. Key areas noted for a starting point in multifamily properties going green is to focus on insulation, airflow, and moisture. Before investing in energy efficient HVAC systems, focus on thermal waste from walls, bad seals, windows, etc. After this is taken care of, properties can enjoy even more savings while having to purchase less HVAC equipment for their buildings.
The other important factor to success that this article refers to is becoming a LEED-certified building. LEED (Leadership in Energy and Environmental Design) is a third-party organization that provides a verification rating scale of green building. The “Lean and Green” article even goes to point out how David Zucker, co-founder of Zocalo Community Development, is netting a six to nine percent premium on rental rates for one of his company’s LEED-certified multifamily properties. Zucker also points out that in the multifamily market there are many people, especially in the immerging millennial category, who are interested in being environmentally friendly, trying to save costs, or even for personal health reasons, that are willing to pay a higher premium on their rent in exchange for the property being LEED-certified.
But besides the physical aspects of a building, property managers and owners can increase efficiency, save money, and still go green in another way. By investing in multifamily property management software, a company can take all their paper processes of lease documents, billing statements, and contracts; and go paperless. With multifamily property management software the whole resident lifecycle from the time a resident sees the property online, to them becoming a resident, to when they want to sign their lease renewal online; these processes can all be done without paper. This multifamily property management software will not only decrease a company’s carbon footprint in the sense that they are removing significant amounts of paper from their renting process; it can also help in the increase of resident retention rates and higher levels of efficiencies.
For more information about the resident lifecycle, please visit: https://www.mrisoftware.com/MRI-Resident-Lifecycle