Four Ways Parking Lot Maintenance and Repairs Deliver Great ROI
When an emergency like COVID-19 hits, the natural tendency is to place the maintenance and repair of property parking lots on the back burner and focus on economic survival. While the tendency to prioritize short-term economics is understandable, investing in the preventive maintenance and repair of your parking lot offers benefits that can ensure the long-term viability of your business.
In our recent article in Retail & Restaurant Facility Business, we shared deeper insights about the importance of parking. In this post, we’ll look at four ways a well-maintained parking lot delivers lasting ROI.
1. A well-tended parking lot increases the visual appeal and value of your property.
When most people think of “curb appeal,” they envision landscaping and building renovations. However, parking lot maintenance and repair play an important role in contributing to the overall visual appeal of your property. A parking lot filled with faded line striping and potholes can deter someone from renting a unit or buying your property before they ever set foot in your facility. By contrast, a well-maintained parking lot enhances the visual appeal of your property and increase its value.
2. Preventive maintenance and repairs will save you money.
Over time, your parking lot takes a beating from traffic and natural elements like the sun, rain, snow, and ice. During freeze and thaw cycles, oxidation can cause cracks in asphalt and the wear and tear of vehicles can worsen any underlying issues. Investing in asphalt patching and repair, sealcoating, and preventive concrete maintenance can extend the life of your parking lot by 10 to 15 years. When you factor in the permitting, materials, and labor costs associated with installing a new parking lot, spending money to reseal your asphalt every two to three years is a bargain that can save you several thousand dollars over the life of your parking lot.
3. Proper maintenance helps you comply with accessibility regulations and local ordinances.
Over time, the paint on parking lines can fade, leading to poor visibility and non-compliance with municipal and federal regulations. The Americans with Disabilities Act requires businesses to make spaces that are open to the public accessible to persons with disabilities and that includes parking lots. Local ordinances lay out additional requirements for the width, markings, and placement of fire lanes. Restriping parking lines every 1-2 years and replacing signage will ensure that your parking lot remains compliant with the ADA and municipal requirements.
4. Having a well-maintained parking lot is a safety issue
Ensuring the safety of tenants and visitors is probably the most important reason for keeping your parking lot in good repair. According to a study by the Independent Insurance Brokers of America, 1 in 5 motor vehicle accidents occur in parking lots and 13% of parking lot events involve pedestrian fatalities. Making sure your parking lot has bright, newly painted lines will increase the visibility of parking spaces, speed bumps, loading zones, and other areas, while Installing speed bumps and signs can reduced distracted and reckless driving. Eliminating cracks and potholes will further reduce the potential for accidents and protect your business from personal injury lawsuits.
As a property owner or manager, you have a duty of care to provide a parking lot that is safe, accessible, and convenient. If you are looking for a service provider to maintain your parking lot, RWS offers comprehensive services, including asphalt patching and repair, sealcoating, concrete maintenance, installation of speed bumps, adding or improving accessibility markings, and seasonal contracts for snow plowing, salting, and shoveling. Whether you’re looking to repair a neglected parking lot or invest in preventive maintenance, our parking lot services deliver a return on investment that can drive the economic health of your business for years to come.
For more information about parking, sweeping, line striping and repair services from RWS, download a PDF here.