Today green is the way of everything. Property management is no different. It is certainly the wave of the future. Everyone these days expects green solutions. Providing them in your investment properties is just good business sense.
Even the Federal Government is getting in on it. In July of 2007, the Department of Housing and Urban Development (HUD) introduced a Green Initiative. This initiative was put in place to encourage owners to rehabilitate their properties using sustainable Green Building principles. The program provides some eligibility for a program to restructure “property debt to account for market rent levels, to pay for rehabilitation and 20 years’ of estimated repairs and replacements, and to establish a financially viable project for the long term.”
Credential for Green Property Management (CPGM)
Another program available is the Credential for Green Property Management (CPGM). It offers management companies and owners a mechanism for meeting the training commitments required if they qualified for the restructuring. Property management companies can also qualify for this program. Credential holders will learn the latest information about making cost-saving green improvements for properties, and involves 16 hours of training in a variety of green building topics.
So what topics are covered?
- Green building principles and practices overview
- Energy efficiency
- Water efficiency
- Integrated pest management
- Indoor air quality
- Green operations and maintenance
- Green site landscaping, xeriscape, composting, etc.
- Green building systems
- Alternative energy sources (solar, wind, geothermal, combined heat and power, co-generation)
- Energy star (including indoor and outdoor lighting) and WaterSense programs
- Recycling and waste reduction
- Resident green education
But why do it? Because you will have an advantage over those who don’t. You will attract tenants and investment property owners who value the green practices and environmental sensitivity.
Be kind to the earth
Being kind to the earth is a good thing. Even if you, as an individual, don’t agree with the political viewpoint of climate change, being kind to the earth, saving energy and being green will help you in the end.