The concept of ‘building a better block‘ has become the focal point of many real estate investing circles. However, what value does this theory have for real estate investors? What are some ways in which it may be executed? Perhaps even more importantly, how does it impact other responsibilities and goals?
Building a better block, as you may have already guessed, is really about improving local communities. There is a huge need for this particular push right now. With the holidays drawing closer and buying opportunities abound, it is increasingly on the minds of investors. These individuals are among the best equipped and positioned to have a positive impact.
Building a better block is an alternative solution to the globe’s macro social issues. However, it is no less important or valuable. In fact, by focusing on a local nucleus, we can sometimes yield a larger impact in a shorter period of time.
There are both real and perceived challenges when tasked with finding a viable balance between social and personal responsibility, desire for success and the need for profitability in order to sustain both. However, beyond working to improve your community out of a sense of duty, it can be very rewarding for real estate investors. What’s good for the community can improve the value and profitability of investments.
So how can real estate investors have a positive impact on their communities?
Donations may be the first and most obvious solution. However, this doesn’t mean donating cash to third parties in which administrative costs demand a majority of the proceeds. Direct financial help can be used locally, but real estate investors can also donate property. It can be given out right or even offered on long term lease to nonprofits. There are several ways to gift property.
Education has also been identified as one of the biggest issues facing the world today. Accordingly, there are a variety of ways that investment companies can work to improve education, both within the industry and out.
Real estate investing companies can also offer plenty of ways to help improve their local communities over the course of every day business. Investing locally can make a huge difference, whether you are flipping houses or building a portfolio of rental properties. The key here is focusing on service, quality and value.
Building a better block requires the employment of local individuals. However, of course, this has become more difficult as outsourcing has become almost essential for remaining competitive. But you can still eat and shop for personal items at locally owned businesses. Make an effort to contribute to local companies.
Real estate investors who focus on revitalizing communities can also find great advantages in working with local government to receive tax breaks and other support. These relationships can be mutually symbiotic, as projects are made more financially viable, more impactful and better for all sides. In fact, many counties and municipalities are crying out for ideas and entities to come in and ‘build a better block.’ Look for these opportunities and create win – win – win solutions that will go on making a difference for years.
