Seattle-based real estate brokerage, Redfin, plans to introduce a new feature to all its listings - a climate risk analyzer.
As global warming continues to way heavy on everyone's mind, Redfin has decided to work with company ClimateCheck to incorporate a system that will analyze the risk of heat, fire, drought, and storms over a 30-year period in a specific region. Redfin conducted a report and discovered that many Americans consider climate risks when deciding where to reside. The report discovered that 80% of respondents would not feel comfortable moving to a location with increased natural disasters. Therefore, incorporating this new climate risk assessment tool was a natural step for the brokerage.
The analyzer will rate a neighborhood out of 100 - 100 representing an extreme forecasted change - and will also provide a series of categorical analyses, such as 'heat risk.'
Climate Risk Trackers
Redfin Brokerage Introduces a Tool to Asses Climate Risk
Trend Themes
1. Climate Risk Analysis - Incorporating climate risk analysis tools into the real estate industry creates opportunities for innovative risk management solutions and proactive adaptation efforts.
2. Consumer Demand for Climate Data - As more consumers consider climate risks when making housing decisions, there is a growing demand for tools and services that provide climate risk data and analysis.
3. Collaboration with Climate Tech - Partnering with climate technology companies enables real estate businesses to incorporate cutting-edge risk assessment tools and position themselves as leaders in climate-conscious practices.
Industry Implications
1. Real Estate - Incorporating climate risk assessment tools within the real estate industry can create new methods of risk management for businesses and more informed decisions for consumers.
2. Climate Technology - Climate technology companies have opportunities to partner with the real estate industry to provide innovative and data-driven solutions that address climate risk concerns.
3. Insurance - Climate risk analysis tools can be utilized by insurance companies to better understand and quantify the potential risks associated with climate change and better serve their clients.