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Basically, green real estate refers to any property with characteristics that make it environmentally friendly. For instance, the construction of the building and/or its utilities may be specifically designed to save resources like water and energy. Insulation on doors, windows, and roofs may cut down on air conditioning and/or heating. Specially-designed plumbing (i.e. toilets that use gravity as well as water to flush out their bowls) may also add to the "green" status of a particular property. As such, green realty does not only refer to people who are (or want to be seen as) environmentally conscious. It can also be marketed towards people who wish to save money on utilities. Simple renovations to a building can be advertised as saving the new buyer about 10% of utility costs. Of course, you should target your advertising towards people who plan to live on the property for several years. Saved money "adds up" over a long period of time, and will of course be more significant for long-term residents.
Green real estate is also for corporate or business owners, not just for residential properties. A company looking for office space might be more willing to buy the whole or part of a building classified as green real estate so as to bolster its reputation as a socially conscious business enterprise, particular with the recent rise of the concept known as corporate social responsibility, or CSR. If you are a real estate developer or a construction company in the United States, try looking up the standards of the Leadership in Energy and Environmental certification of the Green Building Council. If you can manage to get this certification, you can probably drive up the value of your project by several percentage points.
If you are new to marketing the environmental friendliness of property, you could try to find out how other experienced green marketers do it. For instance, search online for agencies that market green real estate, or for development/construction companies that are known for having many such properties on their portfolio. Take a good look at their advertising materials. If you can, attend an open house and try to speak briefly with the dealer. This way, you will not only pick up on the type of renovation work that is often done to make a building "green," but also the sort of marketing and sales pitches that are used to "sell" these renovations.
In short, real estate that respects the environment is not only for niche markets or stereotypical tree-huggers. It has crossover appeal as well. Even if the fashionableness of green consciousness fades, people will still be looking for a place that saves utility expenses. In fact, it is even possible that you have already made the necessary renovations to the property. All you have to do is remind people that these changes are good for the environment as well as for their monthly bills.
About this Author
Beverly Manago is a freelance writer focused on the real estate industry. She is also a consultant for My Single Property Websites, a web 2.0 marketing tool that lets real estate agents create stunning virtual tours and single property sites easily, with a free version available for listing presentations. She also contributes to the Top Ten Real Estate Tools there.
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