ShareLast month, NAR Research released the 2022 REALTORS® and Sustainability: Commercial report, which presents information regarding sustainability issues facing the industry as reported by our members. For example, a majority of agents and brokers (71%) said that energy efficiency promotion in listings was very or somewhat valuable. I spoke with my colleague Sidnee Holmes, Research Associate, about the 2022 report's essential findings and main takeaways.
What is the 2022 REALTORS® and Sustainability: Commercial report – what kind of data can we find in this report?
Sidnee Holmes: As the topic of sustainability becomes more prevalent in the real estate industry, the REALTORS® and Sustainability: Commercial report for 2022 strives to demonstrate to members where they should focus their attention. The research breaks down the areas in which members have strong support for and an awareness of sustainability in real estate while also providing insight into the areas in which sustainability knowledge and resources can be leveraged.
What are the main takeaways from the report?
Sidnee Holmes: When it comes to sustainability, which encompasses a wide range of topics, including energy efficiency and the reduction of the effects of climate change, the real estate business has the potential to play a significant role and provide ample growth opportunities. Potential buyers are extremely concerned about ongoing expenses in today's market because of the possibility of increasing construction rates and monthly utility bills. It is wise to promote a property's green or high-performance aspects to potential buyers, more than half of whom have expressed interest in such information. Doing so can help the property attract a higher selling price, regardless of whether the building is brand-new construction or a resale. Many buyers in today's market place a high value on amenities such as low utility and operation expenses, good indoor air quality, effective utilization of lighting, and energy-efficient windows, doors, and furniture. This building should see an increase in demand as a result.
What significant trend(s) stood out to you in the 2022 report?
Sidnee Holmes: Thirty percent of people who participated in the survey stated that they had been directly engaged with purchasing or selling a home with green features. This is a significant improvement from the previous year, when 21% of respondents stated that within the last year, they had been directly involved with a property with green features, either on the buyer or seller side of the transaction. This indicates a positive trend in the right direction.
