LifeProven Wellbeing Property Consultancy will be bringing you an educational series focused on how Build to Rent providers can leverage – and benefit from – health and wellbeing to improve financial outcomes.
How can a Build to Rent provider get health and wellbeing information?
By following each episode of this brand new BTR News educational series. LifeProven is an award-winning Wellbeing Advisory, Project Management & Quantity Surveying practice and has spent the last 24 months undertaking world leading academic research and analysis on the relationship between building environments and its occupant’s health and wellbeing overtime.
This research, data and subsequent 99-point building analysis framework tool enables accommodation provides to quantify how any building does or will perform from a health and wellbeing outcome perspective.
An industry first educational series is born
This article is the introduction to ‘The hidden financial benefits of health & wellbeing’ educational series, whereby LifeProven bring BTR News’ followers industry leading education and information on how Build to Rent providers can continually improve social and financial development outcomes.
Each episode in the series will enable providers to convert the knowledge gained directly into design, operational and marketing team actions, so providers can improve social, business and investor outcomes from day one.
Health and wellbeing performance = financial and operational performance
The business objective for every Build to Rent or Student Accommodation provider is to deliver real estate assets which have the greatest possible customer demand, with the longest possible tenancies. As a result, the asset will produce the most lucrative and reliable income stream for that assets lifecycle; maximising the financial return for the business and its investors.
The financial performance challenge
As market competition from providers increases and black swan events (Covid-19) interrupt business as usual, consistently evolving accommodation offerings to remain the most attractive and unimpacted housing solution with high customer demand and low voids to achieve desired financial objectives becomes significantly more challenging.
The financial opportunity
This challenge also presents itself as an enormous opportunity. The opportunity exists for providers who are willing to better understand their customers; specifically, to identify the exact aspects of their accommodation offerings – which provide the greatest improvement to their customer’s quality of life.
By understanding what aspects provide the greatest quality of life benefit to a customer, Build to Rent providers can strategically adapt their building environments to consistently attract more customers and keep them as residents for longer, because of how the accommodation makes them feel.
A happy, healthy customer pays more and stays longer.
This level of accommodation understanding gives providers the unique ability to strategically adapt physical and operational building environments to positively influence customer physical health and mental wellbeing outcomes. The result is improving building occupancy and better leveraging the real estate asset for long term financial performance.
Step 1: Understanding the relationship between a building and customer health and wellbeing is key
Delivering building environments which are strategically designed and operated to improve every facet of each customer’s quality of life to improve asset financial performance may sound farfetched, but this commercial approach to wellbeing is happening right now.
Due to significant advancements from world first academic research, evidence and information innovations have enabled the creation of a unique framework which enables property providers to identity how a building will impact the health, wellbeing and quality of life of their customers before it’s even built. This research and subsequent framework is the key to understanding the relationship between a built environment and the customers quality of life.
The financial benefits to accommodation providers
This information advancement enables accommodation providers to make evidence-based decisions, informed by robust data to accurately adapt design and operational aspects of a building. This approach means construction and operational budgets can now be structured to protect the aspects of a building, which provide the greatest positive health and wellbeing outcomes for customers while value engineering the aspects with little to no customer quality of life benefit. This means design and construction budgets are better invested for improved social and financial outcomes.
Additionally, providers with the ability to understand and quantify how their accommodation will improve their customers physical health and mental wellbeing have a significant sales and marketing advantage over other accommodation competitors.
Providers with this knowledge can confidently advertise how every single aspect of their building will positively influence their customers quality of life during their stay; while warning prospective customers of the health dangers associated with competitor accommodation not designed and built specifically to improve their health.