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Green Incentives For Residential Property Managers – Part 1

Posted on 31. Aug, 2009 by Marc Courtenay in Green

There has never been a better time for creative ways to attract and retain the kind of residents you want to rent or lease your properties. Appealing to thoughtful, conscientious and responsible people is actually easier than you think.

When I was a practicing counselor (I have an M.S. in Psychology with an emphasis in Marriage, Family and Child Counseling) I noticed that people who were passionate about conservation, protecting the environment and social responsibility were usually also the types who were financially more careful, cleaner and often more socially responsible.

Later in life when I owned my own residential rental properties, I noticed that the folks who paid their rent on time and took good care of their dwellings often also had “green” interests.

In other words, they would be involved in recycling, eating organic food, using non-toxic forms of pest control and conserving energy in their apartment or house.

Yes, I know there are always exceptions to the rule, but my experiences taught me that people who we refer to as “Green” or “Greenies” made good residents. They would respond positively to certain features and incentives that property managers and owners offered to them.

Some examples of “green” features that would benefit both the owner and the renter would include: thermal windows, insulating window fixtures (such as pull-down shades that insulate from external heat and cold while also helping keep the interior at a desired temperature), energy efficient furnaces, air conditioners, appliances and solar energy.

If you, as an owner and/or property manager, are willing to make these kind of “green” improvements to your properties, by all means advertise proudly to potential residents and your current ones too.

Again, conversation-oriented personalities are the types that appreciate such thoughtfulness. They often respond with loyalty and by taking care of their homes and apartments.

Solar energy (such as solar-generated hot-water) is more lucrative for landlords than homeowners. Why? The Federal Tax Credit for Solar Energy is capped for personal residences at $2000, but there is no cap for “investment” properties.

In addition, landlords can depreciate the value of their solar installations over a shortened period of 5 years.

Finally, landlords can take a 50% Bonus Depreciation for items purchased and placed in service during 2008 and 2009 (expires 2009). See www.depreciationbonus.org for details.

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Tags: business, Green, Marketing, Real Estate, resident retention