Combine Social and Financial Scores for a more holistic view of your social and affordable housing portfolio
Increasingly, SDS is being asked by Housing Associations (HA) for a complete holistic view of their social and affordable housing portfolio. They need Social and Sustainability metrics alongside the financial Net Present Value (NPV) scores to achieve the objective of reporting both financial and social value across their business because as the saying goes “What gets measured gets done”.
Having a combination of financial and social scores enables the HA to better know and understand their portfolio. They can investigate and plan their strategic and tactical investment responses and act according. For example, an area with a low sustainability score may be experiencing low tenant demand alongside high void rates and above average turnover. Resident surveys may indicate a desire to live in the area, but a lack of child friendly outdoor spaces. The Provider can invest in local amenities, or youth focussed social programmes to help alleviate this position. This will improve local area sustainability alongside making use of and earning rent from void properties.
Data can be broadly split into internal and external categories. Internal sources will usually be at the unit or scheme level, dependant on the strategy and focus of the organisation. External sources may be limited to Census Lower Super Output Area if from an official Government source, although postcode or unit level data may be able to be purchased from commercial providers.
Take a look at the examples here:
Using SDS StockProfiler, the HA can import and consolidate data from a range of sources to give a holistic view of the housing portfolio. In other words the HA can truly know their stock.
Consider an HA who owns about five thousand dwellings mostly catering for older people. They wanted to find properties with poor internal energy ratings (worse than 5 out of 10), low repairs (less than two visits in the reporting period) and high tenant support matrix score from the neighbourhoods team (more than 8 out of 10). SDS StockProfiler helps them find the specific 517 units that represent the set of Housing for Older People dwellings, and then down to the 13 units of particular concern.
Each of these properties can be reviewed by a cross-functional team from Neighbourhoods, Repairs, Planned Asset Maintenance and Asset Management to ensure the properties each meet both the mission of the organisation and the asset strategy. While each property had a positive NPV there were further financial hurdles to overcome before all options could be appraised. Each property that matched the selection criteria moved into the next phase to ACT as part of a remedial action plan. A corrective action plan may include priority Stock Condition Surveys, a re-phasing of planned major repairs to improve energy efficiency alongside a visit from the Neighbourhood team to offer social and inclusion programme support.
Figure 1: StockProfiler showing 517 example Housing for Older People units filtered by 3 variables
An additional benefit of this analysis is the visibility of hidden problems. For example, a property with low repairs visits may be considered a good property that does not give any problems. However, the lack of Repairs Team visits may mask property issues when a resident does not want to bother the HA and the property falls into disrepair. It may be more costly to replace faulty components than service or repair the components in the long run.
The data sets available on your property portfolio are wide and varied, from internal system generated property data, commercial datasets, to publicly published data sets. The skill is in processing that data so it is meaningful to the person who receives it and turns it into information to KNOW your stock. A clear understanding of the priorities of your organisation will allow the most significant data to be selected and turned into insights to improve the financial and social value for your organisation.
The data sets available on your property portfolio are wide and varied, from internal system generated property data, to commercial data sets, to publicly published data sets. The skill is in processing that data so it is meaningful to the person who receives it and turns it into information to KNOW your stock. A clear understanding of the priorities of your organisation will allow the most meaningful data to be selected and into insights to improve the financial and social value for your organisation.
SDS StockProfiler is a data mining and consolidation tool that combines internal financial alongside internal and external sustainability data to enable a social housing provider to profile, report and map their housing portfolio using financial (quantitative) and social (qualitative) metrics.