2 of 3 Realtors Promote Energy Savings in Listings
NAR study: 63% of agents and brokers promote a listing’s energy efficiency, 48% say their buyers like sustainability, and 32% are concerned about climate change.
WASHINGTON – Almost two out of three agents and brokers (63%) say it’s “very” or “somewhat” valuable to promote a listing’s energy efficiency, according to a new report from the National Association of Realtors® (NAR).
The 2023 Realtors® and Sustainability Report – Residential examines sustainability issues facing the real estate industry.
“While each area of the country has a unique climate and community resources, Realtors are finding the need to embrace their clients’ sustainability interests,” says Jessica Lautz, NAR deputy chief economist and vice president of research. “Buyers often seek homes that either lessen their environmental footprint or reduce their monthly energy costs. There is value in promoting green features and energy information to future homebuyers.”
Half of Realtors said they were directly involved with a property that had green features – on the buyer or seller side – in the past 12 months, and one in three (32%) said their multiple listing service (MLS) had green data fields. Of those with green-data fields:
- 37% use that info to promote green features
- 24% to promote energy information
- 14% to promote green certifications
- Almost half (48%) of agents and brokers found that consumers were “very” or “somewhat” interested in sustainability.
- Nearly one-third (32%) of Realtors were personally concerned about the effects of climate change events on the real estate market.
- Nearly one-fifth (17%) of respondents said a significant portion (between one-quarter to more than three-quarters) of their clients consider environmental risk in the purchase process.
- 14% had clients ask for advice about energy efficiency upgrades very often or often.
When it comes to a high-performance home – defined as a systematic, building-science approach to home improvements that can increase indoor comfort, health, operational efficiency and durability – approximately one-fifth (17%) of Realtors said those had an increase of 1%-10% of the dollar value offered compared to similar, non-high-performance homes.
“The first words of the Realtor Code of Ethics are simple yet powerful, and well understood by members: ‘Under all is the land,’” says NAR President Kenny Parcell. “Good stewardship of the land – and the built environment – is critical to the real estate industry. Realtors who can speak with authority about a home’s sustainable features and convey the value, health benefits, energy savings, durability and operation costs provide a major advantage in every market.”
The green home features that Realtors believed were most important to clients, included:
- Windows, doors and siding (39%)
- Proximity to frequently visited places (37%)
- A comfortable living space (37%)
- A home’s utility bills and operating costs (25%)
In terms of sustainability issues and considerations in their market, agents and brokers mostly listed:
- Understanding how solar panels impact a transaction (35%)
- Understanding lending options for energy upgrades or solar installations (33%)
- Valuation of solar panels on homes (32%)
Green issue concerns cited by Realtors in NAR’s report
- A lack MLS data about home performance and/or solar installations (25%)
- Any efforts to improve the energy efficiency of existing housing stock (24%)
- The valuation of green-certified homes (19%)
- Potential liability of misrepresenting a property with green features (18%)
- Their inability to search for green properties (12%)
- The impact of climate change events on a transaction (9%)
© 2023 Florida Realtors®