Property Management, Sealcoating, and ROI
A job in property management can be stressful at times. Property managers field complaints from current tenants and work to attract new ones. They schedule the routine maintenance of interior and exterior spaces, manage employees and show potential tenants around the property. Property managers are also responsible for monitoring the budget and ensuring that expenditures do not exceed the funds allocated. With so much to do, it is easy for some tasks to be overlooked. However, if you want to be a successful property manager, you should make sure that you do not overlook the condition of your parking lot.
Property Management, Sealcoating, and ROI – Why the Condition of Your Parking Lot Is Important
First impressions matter — and you will never get a second chance to make a good one. When they arrive at your property, one of the first things that people will notice is your parking lot. If it is unsightly, they may subconsciously assume that you do not take pride in making your property appealing or that you may be lax about maintaining the interior spaces. By extension, they may perceive your property as being of lesser value.
In addition, an unsightly parking lot is often a dangerous one. Potholes can damage vehicles or pose tripping hazards. Missing pavement markings can make it difficult for drivers to park properly, resulting in dented doors or parked vehicles that become blocked. Pavement markings also make the parking lot less confusing, reducing the risk that a distracted pedestrian or driver could have an accident.
The condition of your parking lot can be especially important to your current tenants. If they are having to drive over potholes, dodge standing water or negotiate uneven pavement on foot, they can become disenchanted with your property very quickly. They may dislike subjecting their customers or visitors to an unsightly and potentially risky parking lot. When it is time to renew their leases, you may find that they have made other arrangements.
Proper Maintenance Pays
Professional pavement maintenance can boost the return on your investment. Routine maintenance is typically quite economical and is normally charged to an expense account. Since your parking lot is a capital asset, you naturally want to achieve the highest return on your investment. Professional maintenance can often double the life expectancy of your parking lot, allowing you a much higher return.
You may also realize a financial benefit from your savings in other areas. For example, you may save on the cost of advertising to fill vacancies if you can retain a higher percentage of your tenants or reduce your liability issues by eliminating hazards in your parking lot that could lead to someone being injured on your property. Furthermore, if there are plans to sell the property, a well-maintained, attractive parking lot could increase your property value by 5 percent or more; buyers often make assumptions that everything else has also been properly maintained.
Choosing the Right Contractor
The contractor plays a major role in how well your parking lot looks and performs. You want to work with an experienced, reputable, knowledgeable contractor. At Driveway Sealing Call Frank is a sealcoating contractor and we have been delivering quality work at competitive rates since 1998 and offer an extensive range of maintenance and repair services for concrete and asphalt pavements. Our services include customized asphalt maintenance plans, residential and commercial sealcoating, crack filling, infrared asphalt repairs, asphalt overlays and paving, curbing, parking lot striping and concrete installation. If you would like to receive a free estimate, you can submit the online form or call us at 1-800-DRIVEWAY or (203) 378-0080.
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