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How do you create a socially responsible real estate team?

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Creating a socially responsible real estate team is not only good for the planet, but also for your business. Social responsibility means acting in ways that benefit society and the environment, while also meeting your financial and operational goals. In this article, you will learn how to build a real estate team that embraces sustainability, diversity, ethics, and community engagement.

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Pallavi Singh

Head of Products at Inrate | Pioneering ESG impact ratings and data to drive sustainable transformations worldwide…

1 Why social responsibility matters

Social responsibility is becoming a key factor in the real estate industry, as customers, investors, regulators, and employees demand more transparency and accountability from businesses. By adopting social responsibility practices, you can enhance your reputation, reduce risks, attract talent, and increase loyalty. You can also create positive impacts on the environment and society, such as reducing greenhouse gas emissions, improving energy efficiency, supporting local communities, and promoting human rights.

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Pallavi Singh

Head of Products at Inrate | Pioneering ESG impact ratings and data to drive sustainable transformations worldwide. (All views personal)
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The real estate sector holds significant importance in adopting socially responsible practices, given its profound impact on communities, the environment and society's overall welfare. By prioritizing social responsibility in real estate practices, the industry can play a pivotal role in addressing key global challenges, such as sustainability, ethical business conduct and social inclusivity. This not only contributes to the betterment of communities but also fosters a positive reputation, long-term economic viability and a more resilient and sustainable real estate sector.

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2 How to define your social responsibility vision

The first step to creating a socially responsible real estate team is to define your vision and values. What are the issues that matter most to you and your stakeholders? How do you want to contribute to the global goals of sustainable development? How do you align your vision with your business strategy and culture? You can use frameworks such as the United Nations Global Compact, the Global Reporting Initiative, or the International Organization for Standardization (ISO) to guide your vision and values.

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3 How to set your social responsibility goals

The next step is to set specific, measurable, achievable, relevant, and time-bound (SMART) goals for your social responsibility performance. You can use indicators such as the Environmental, Social, and Governance (ESG) criteria, the Social Return on Investment (SROI) model, or the Triple Bottom Line (TBL) approach to measure your impact on the planet, people, and profit. You can also benchmark your goals against industry standards, best practices, and competitors.

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4 How to implement your social responsibility actions

The third step is to implement your social responsibility actions across your real estate team. You can start by assessing your current situation, identifying gaps and opportunities, and prioritizing actions. You can then assign roles and responsibilities, allocate resources, and establish policies and procedures. You can also communicate your actions to your stakeholders, such as customers, investors, suppliers, and employees, and solicit their feedback and involvement.

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Pallavi Singh

Head of Products at Inrate | Pioneering ESG impact ratings and data to drive sustainable transformations worldwide. (All views personal)
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Implementing socially responsible goals requires a multifaceted approach. This plan entails several crucial elements. ? Begin by evaluating existing business practices to identify areas in need of improvement. ? Develop a well-defined strategy with specific social responsibility objectives. ? Set up governance structures to ensure accountability and commitment from all stakeholders. ? Develop a roadmap with initiative planning and timelines. ? Implement mechanisms for ongoing progress monitoring, allowing for timely adjustments and ensuring goals are on track. ?Foster engagement with beneficiaries through focused group discussions and participatory approaches to align initiatives with their needs.

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5 How to monitor and evaluate your social responsibility results

The fourth step is to monitor and evaluate your social responsibility results and report them to your stakeholders. You can use tools such as audits, surveys, interviews, or case studies to collect data and analyze your performance. You can also use platforms such as the Global Real Estate Sustainability Benchmark (GRESB), the Carbon Disclosure Project (CDP), or the Dow Jones Sustainability Index (DJSI) to compare your results with others and identify areas for improvement.

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Pallavi Singh

Head of Products at Inrate | Pioneering ESG impact ratings and data to drive sustainable transformations worldwide. (All views personal)
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To effectively monitor and evaluate the outcomes of your social responsibility efforts, active engagement with beneficiaries is essential. Their firsthand perspectives and feedback provide invaluable insights, helping organizations measure the true impact of their initiatives. Therefore, in my opinion, this aspect should also be considered alongside all mentioned components.

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6 How to improve and innovate your social responsibility practices

The final step is to improve and innovate your social responsibility practices based on your results and feedback. You can use methods such as the Plan-Do-Check-Act (PDCA) cycle, the Lean Six Sigma approach, or the Design Thinking process to identify problems, generate solutions, test ideas, and implement changes. You can also seek inspiration from best practices, trends, and innovations in the real estate industry and beyond.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Pallavi Singh

Head of Products at Inrate | Pioneering ESG impact ratings and data to drive sustainable transformations worldwide. (All views personal)
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I feel that the article lacks effective storytelling and a sector-specific approach. In my opinion, it would be beneficial to provide context that highlights how socially responsible aspects extend beyond CSR-related benefits, making practical and business sense within the real estate industry. This enhances market competitiveness, aligning with changing buyer perspectives. Furthermore, socially responsible projects often exhibit greater resilience due to their incorporation of sustainable designs and practices. Additionally, these real estate projects often hold strong appeal for socially conscious investors, increasing access to funding and capital. This significance is amplified in today's stringent regulatory landscape.

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How do you create a socially responsible real estate team?

1

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4

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1 Why social responsibility matters

2 How to define your social responsibility vision

3 How to set your social responsibility goals

4 How to implement your social responsibility actions

5 How to monitor and evaluate your social responsibility results

6 How to improve and innovate your social responsibility practices

7 Here’s what else to consider

Corporate Real Estate

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How do you create a socially responsible real estate team?

1

2

3

4

5

6

7

1 Why social responsibility matters

2 How to define your social responsibility vision

3 How to set your social responsibility goals

4 How to implement your social responsibility actions

5 How to monitor and evaluate your social responsibility results

6 How to improve and innovate your social responsibility practices

7 Here’s what else to consider

Corporate Real Estate

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