Whether you manage a residential or commercial property, you probably have a busy schedule every day. You are fielding maintenance requests from tenants, looking for tenants to lease vacant units, supervising a staff, processing paperwork, inspecting the property and responding to emergencies. You work hard to ensure that your property retains its value by making sure that it is attractive and properly maintained. With so much to do, it is easy to overlook the condition of your parking lot. However, if you are not proactively maintaining your pavement, you could be making your job harder than it has to be.
Property Management, Asphalt Paving and ROI
Properly Maintained Parking Lots Foster Tenant Retention
Tenants have certain expectations. They expect that they will be able to walk from their cars to the building without tripping over a crack in the pavement or being splashed with water when someone drives over a pothole after a storm. They expect that it will be safe to drive in your parking lot without damaging a tire or scraping the undercarriage of their car. They expect well-defined parking spaces, clear markings for handicapped spaces and other pavement markings that reduce confusion and make the area safer for everyone. If you fail to meet their expectations, they may not be inclined to renew their lease.
Poorly Maintained Parking Lots Are Viewed Unfavorably by Prospective Tenants
Whether they are looking for a new apartment or a new home for their business, prospective tenants can be influenced by the property’s curb appeal. If your parking lot is in poor condition, prospective tenants may assume that the interior has also been neglected. They may assume that you will not handle any repair issues that might arise or that you do not care about your tenants.
Good Maintenance Improves Profits
Maintaining your pavement can improve profits in several ways.
• The pavement will have a longer life. For example, a well-maintained parking lot can have a life that is two to three times as long as a neglected parking lot with equivalent traffic.
• A longer life allows you to achieve the best return on your investment. A parking lot or other land improvement is normally capitalized, which allows you to spread the cost over the life of the asset. Therefore, the longer the asset’s life, the less you need to expense annually, improving your profitability and achieving a better rate of return.
• Tenant acquisition can be costly. There may be expenses for advertising, credit checks, application processing, legal advice or background checks. If you can retain quality tenants, you can avoid the expenses related to acquiring new tenants.
• Poorly maintained pavements can increase your potential liabilities. If someone suffers an injury or damages a vehicle related to the condition of your pavement, you could be found liable for the expenses resulting from the incident.
If you need help maintaining your pavement, contact the professionals at MH Greeson Paving. We are an asphalt paving company that offers a wide variety of asphalt services in Atlanta, including asphalt paving, parking lot striping, crack repair, sealcoating, traffic signs, car stops, bollards and asphalt patching. Our crews are committed to delivering exceptional work at affordable rates. If you would like to request a free quote, fill out the online form or call (770) 335-2983.
We are the asphalt maintenance and seal coating experts in Atlanta, Marietta, and the surrounding areas!
