LifeProven launch global service to help property providers communicate true Social Impact

LifeProven launches a global service to help property providers communicate their true social impact.

Communication social impact for Build to Rent providers - LifeProven | BTR News

By Adam Hinds, Co-Founder, LifeProven

There is an industry wide misunderstanding about Social Impact in real estate; and the Build to Rent providers delivering the highest quality accommodation are the ones most negatively impacted by this misunderstanding.

A quick example to explain:

Currently, it is very easy for a Build to Rent provider to report their Environmental Impact to their stakeholders, demonstrating the positive sustainable performance of their portfolio.

This is achieved by the provider defining their Environmental Objective – such as ‘we are a net zero carbon portfolio’ and having Environmental KPI’s which are used to measure and report their performance against each year i.e. the portfolio’s annual water consumption, energy usage, wastage, greenhouse gas emissions etc.

This recognised measurement process against clearly defined KPI’s empowers Build to Rent providers with the data insights they need to accurately communicate their positive Environmental Impact, instilling the trust of investors, stakeholders and customers.

However, unlike Environmental Impact, Build to Rent providers are unable to measure, report or communicate the Social Impact of their portfolio for the people who occupy them.  All Build to Rent providers typically define a Social Objective, such as ‘our homes improve wellbeing’, however, beyond this aspirational Objective are no Social Impact KPI’s to measure and report how their portfolio actually influences their customers wellbeing over time.

For the industry’s leading Build to Rent providers who deliver Socially Impactful properties which truly enhance occupant wellbeing, not measuring and reporting this impact is a significant missed opportunity to demonstrate the enormous benefit of their accommodation. This is equivalent to delivering the industry’s leading net zero carbon buildings and not communicating the benefit.

Typically reporting only anti-bribery, volunteering hours and diversity & inclusion clauses of the business provides investors, stakeholders and customers little insight as to the genuine social benefit of the accommodation. Real estate is the core business function of Build to Rent providers and therefore the positive health, wellbeing and quality of life impact the accommodation has on the occupants is what should be consistently reported.

Additionally, without measuring this impact, any real estate provider can make ‘marketing claims’ they deliver Socially Impactful properties, even if they do not, making it difficult for investors, customers, and the wider market to identify who the industry’s leading Social Impact real estate providers truly are.

As a sector, Build to Rent accommodation delivers occupants far greater amenities and lifestyle benefits than that of other residential tenures and sectors; so this positive benefit should be communicated.

Therefore, by actively and consistently measuring how a Build to Rent portfolio influences the health, wellbeing, and quality of life of the people who occupy them, the industry’s leading providers and the sector as a whole can make seismic steps forward in the reporting, management and delivery of Socially Impactful real estate assets; further supporting industry claims as a high quality accommodation solution. 

The Social Impact Measurement Process 

It has always been possible to accurately measure how building environments influence the health, wellbeing and quality of life of its occupants’ overtime; however, the correct academic process used by other industries had never been applied to real estate. Over four years, with a team of international researchers, academics and property professionals; LifeProven have developed the world’s first data science based survey platform which measures how building environments influence the health, wellbeing and quality of life of occupants over time, so real estate companies have the robust data they need to report the positive Social Impact of their assets, to enhance their existing assets operation and to inform the design and delivery of their new build assets. This data based process empowers Build to Rent providers to:

Report

Uniquely and strategically report the measured health and wellbeing benefits of your property assets within annual ESG Social Impact, CSR, Sustainability and Project Reports to your stakeholders, investors and customers against defined KPI’s.

Manage

Drive asset operational performance by pin-pointing the direct impacts of your individual property assets on occupant wellbeing, providing objectivity in management decisions through adaption and optimisation strategies.

Deliver

Objectively inform your future development designs and operational strategies to ensure occupant wellbeing and health is optimised and supported using a measurable standard, supported by LifeProven’s boutique wellbeing and delivery consultancy services.

Please contact LifeProven’s Co-Founder, Adam Hinds – adam@lifeproven.co.uk to start measuring your true Social Impact today.