Ready or not, sustainability has become table stakes in property management. Tenants and investors are increasingly intent on partnering with operators who are committed to greening their operations and taking the lead on climate issues.
“The idea of sustainability has been around for decades, but the awareness around climate-related issues has evolved,” agrees Kim Saunders, RPA®|HP®, CLO®, BOMA Fellow, Property Manager with East Port Properties, adding, “Today, there’s a recognition that real estate accounts for a significant portion of the world’s energy usage – up to 40% according to the United Nations – and that property managers and operators have a big role to play in contributing to a healthier, more resilient planet.”
Prioritizing sustainability also makes business sense. Assets that embrace energy-saving equipment and eco-forward practices are more resilient and cost-effective to run. It’s little wonder, then, that a recent Bloomberg report states Global ESG assets will surpass $53 trillion by 2025 to represent over a third of the world’s total assets under management1
In short: It pays to put environmental, social, and governance (ESG) strategies at the top of the property management agenda. And to do that, says Saunders, property managers need the training, skills, and support to lead the way.
“To be successful, [property managers] need to know a bit about everything when it comes to sustainability,” says Saunders. “They need to know what technologies or processes will make their buildings more efficient, and they have to be able to sell sustainable strategies and investments to owners and other stakeholders.”
Going further with BOMI
Championing sustainability in property management takes more than good intentions. It requires additional training and resources to ensure impactful strategies take root. It’s for this reason that programs like BOMI’s High Performance (HP) Sustainable Buildings and Real Property Administrator Designation programs are designed to provide property managers with the tools, resources, and skills to rise above evolving climate change challenges.
“BOMI’s RPA® designation basically prepares you for anything that comes your way,” says Saunders. “It gives you the additional skills and knowledge to take your job to the next level or even take steps towards your future career in property management.”
“I always tell my coworkers to plan for the job they want, and that’s what the RPA® course allows,” she adds.
BOMI’s RPA® program is complemented by the organization’s HP program, a designation source that offers a more granular exploration of this fast-evolving topic.
“The BOMI-HP® program is deep dive into the things you do as property managers, how they relate to sustainability, and how to get future ESG initiatives off the ground,“ Saunders explains.
“And that’s an important piece,” she continues. “To make any progress on sustainability, you need to know how to engage stakeholders and communicate both the financial and social benefits.”
Indeed, gaining buy-in for sustainable initiatives can be a barrier for property management teams. It is a skill that requires insight into how investments in cleaner, more efficient operations translate into long-term savings. And that’s not always an easy sell.
“I remember trying to implement daytime cleaning among our tenants because I knew it would save energy,” Saunders recalls. “I got a lot of resistance at first until one of the tenants finally agreed to try it on a pilot basis. I kept track of the results and shared them with other tenants, and pretty soon everyone started seeing the benefits. Soon after, they started asking me to sign them up.”
The good news is that it’s getting easier to sell property management stakeholders on sustainability – both in regards to the return on investment and the positive impact on tenant relations. The key, Saunders notes, is communicating the value: “Once people understand how sustainability benefits an operation, it’s easier to get that support and engagement. And now, because climate change is such a public issue, that buy-in is becoming easier to secure.”
The pressure is on property managers to go further with sustainability and ESG. For those in the industry, that means understanding what needs to be done and acquiring the skills to take action.
Learn more about BOMI’s RPA® and BOMI-HP® Designation courses.
