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1、ARTICLEPromoting sustainability in the United States multifamily property management industryErin A. Hopkins1 ? Dustin C. Read1 ? Rosemary Carucci Goss1Received: 16 July 2015 / Accepted: 17 May 2016 ? Springer Science+Bu

2、siness Media Dordrecht 2016Abstract Efforts to promote environmental sustainability in the real estate industry con- tinue to proliferate throughout the United States in response to both economic and social forces. This

3、trend has received a considerable amount of attention in the academic liter- ature, yet relatively little is known about the importance of sustainability to third-party property management firms operating in the multifam

4、ily sector of the housing market. For those interested in promoting sustainability, an important question that arises is whether barriers to environmentally-friendly business practices commonly observed throughout the ho

5、using industry extend to the market for third-party property management services. A second question of equal relevance focuses on determining what sustainability initiatives third-party property management firms are actu

6、ally using in their efforts to procure new clients or retain existing ones. The qualitative analysis presented in this paper is one of the first to the authors’ knowledge to explore third-party property managers’ percept

7、ions about sustainability in an attempt to address the aforementioned issues. The findings of this study support two overarching conclusions. First, sustainability is increasingly being promoted by large, third-party pro

8、perty management firms in the multifamily housing industry. Nonetheless, numerous barriers are perceived to exist that may impinge upon future efforts to reduce the environmental impact of the rental housing stock. Secon

9、d, some firms appear to be better positioned than others to take advantage of sustainability initiatives as a result of the types of properties they manage and the characteristics of the owners they represent.Keywords Bu

10、siness strategy ? Environmental sustainability ? Green buildings ? Multifamily housing ? Property managementmodifying apartment lease structures to realign the allocation of costs and benefits among the parties involved;

11、 and investing in human capital to increase awareness of environmental concerns. First and foremost, third-party property managers can empower the owners they work for to make more sustainable business decisions by provi

12、ding them with information. Since these professionals control granular data measuring the operational efficiency of the real estate assets they manage, they can potentially encourage owners to invest in capital improveme

13、nts promoting resource conservation and other environmentally favorable outcomes if they can clearly illustrate the resultant financial benefits (Wai-chung Lai 2006; Kyro ¨ et al. 2012). Property managers can also p

14、rovide their clients with information about the rent and sales premiums that can potentially be achieved as a result of environmentally- friendly design features and programming (Zieba et al. 2013). Multiple studies show

15、 that green buildings often command higher rents and sales prices than conventional buildings (Eichholtz et al. 2010; Fuerst and McAllister 2011; Miller et al. 2008). Property managers can also advise their clients about

16、 the advantages offered by envi- ronmentally-friendly leases. The provisions included in these leases impose few direct costs on real estate owners, while generating environmental benefits by requiring tenants to engage

17、in sustainable behaviors such as using public transportation, composting or par- ticipating in recycling programs (Caulfield 2015). For example, a green lease could include an energy efficiency upgrade clause where tenan

18、ts agree to have increased monthly rents to cover these costs. Besides the obvious environmental benefits, this can be mutually ben- eficial to the tenant and owner as the owner can receive a return on his or her investm

19、ent and the tenant’s overall rental expenses can be lowered if the monthly energy savings are higher than the monthly rent increase (SPUR 2009). Finally, third-party property management firms can work to ensure site mana

20、gers and maintenance staff are appropriately trained in sustainable practices and procedures. Such training has been shown to effect the priorities of real estate practitioners, as well as their commitment to sustainabil

21、ity (Kyro ¨ et al. 2012; Saha and Paterson 2008; Oladokun 2010). One way to implement this training is through an environmental management system (EMS). An EMS is a comprehensive environmental program addressing env

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