June 8, 2022
Why Real Estate Developers Should Actively Engage with Local Communities
When a new development comes to an area, it can have a positive impact on the local community and offer great benefits. These projects can help advance the area through tax generation, employment opportunities, and building a sense of community.
As a real estate developer, significant value is placed on the ethical obligations encompassed within that organization’s duties to the community. Though it is easy to get caught up in the monetary gain that comes with a new project, it is important to not overlook the opinions of the community you are infiltrating.
The main reason why developers should be communicating with the community is because it is the right thing to do. In doing so, you are building a corporate social responsibility strategy and demonstrating the reason you are building in a specific area means more than just gaining profit.
Corporate social responsibility (CSR) is beneficial to any organization in many ways. CSR demonstrates to your stakeholders and target audiences that you have taken into account the social and environmental concerns that come with your business’s operations.
For real estate developers, this is largely to be considered based on the immense effect construction will have on the community. Evaluating the potential negatives that could come out of out of your organization’s actions can help to prevent possible issues from arising and will also help ease the minds of unaccepting community members.
Community acceptance is what truly drives the success of a new development. Engaging with the local community where your development will exist is a great strategy to implement when considering your key stakeholders and the prosperity of your project in the end.
By incorporating community engagement strategies, developers can collaboratively include the community in their decision-making process, which helps to meet the needs of the people that call their target market home.
According to Gensler, community engagement and involvement in the design process helps to improve acceptance because the community is more likely to feel a sense of ownership and connection to the final product.
Another reason real estate developers should consider engaging with the community members is because they will know the area better than anyone else. These individuals help to provide insight into what is needed or desired in the community. Leveraging their knowledge, concerns, and experiences can be useful in producing strong outcomes for the project. The community should be treated as an asset.
To actively engage in the community is to treat the community as if it were one you call home. When real estate developers are able to break down the barriers that separate contractors and community members, it shows a commitment to the community and fosters a mutually beneficial relationship.