Are you looking to protect the long-term value of your commercial property?

Every commercial property owner knows that they want their investment to retain as much value as possible over time. After all…

Prosperous properties lead to:

Higher tenant retention
Stronger lease rates

The problem is, many property owners spend all of their time thinking about what’s going on inside their building. They forget about what’s right outside.

Your parking lot.

A crumbling parking lot tells your customers and tenants everything they need to know about how you manage your property.

Parking lot resurfacing is one of the best investments a commercial property owner can make. It helps to protect your asset, enhance curb appeal, and keep your tenants happy. What’s more?

It’s much cheaper than replacing your parking lot altogether someday down the road.

What you’re going to learn:

Why Property Upkeep Drives Business Value
How Parking Lot Resurfacing Pays For Itself
Why You Should Avoid Deferred Maintenance
Strategies For Growing Your Property Value

Why Property Upkeep Drives Business Value

Taking care of your commercial property is one of the best investments you can make. Period.

Why? Simply because well maintained properties retain value better. They attract higher quality tenants and command higher rents. When you take care of your property, the market knows you’ll take care of theirs.

Better maintenance = Better property value.

When tenants or buyers first pull into your parking lot, they’re already making a judgement about your property. An expansive lot full of weeds and crumbling asphalt does not convey professionalism.

That’s why preventative Denver parking lot maintenance should be a top priority. Regular parking lot resurfacing keeps your asphalt looking fresh and prevents major cracks that will scare away tenants.

As reported by the U.S. Department Of Energy, every $1 you spend on preventative maintenance can save you an average of $4 to $5 in future repairs. If you do the math, that pays for itself pretty quickly.

How Parking Lot Resurfacing Pays For Itself

Regular parking lot resurfacing should be non-negotiable for commercial property owners.

Here’s why…

When performed properly, asphalt pavement can last upwards of two decades with preventative maintenance. But once you let it go, you’re looking at replacing the entire parking lot. And replacement costs cost multiples more than resurfacing.

Let’s take a look at a few of the benefits of parking lot resurfacing:

Enhances curb appeal – Nobody wants to rent in a rundown property. Keep your parking lot in tip-top shape to keep tenants and customers impressed.
Prevents liability – Trips and falls lead to lawsuits. Repairing cracks and resealing your parking lot eliminates those types of hazards.
Increases property valuation – Property appraisers pay special attention to the condition of your pavement. Deferred maintenance translates to lower property values.

Properties that invest in preventative maintenance cost up to 30% less to maintain than properties that only perform repairs.

Why You Should Avoid Deferred Maintenance

Here’s the kicker…

Avoiding parking lot maintenance does NOT save you money. It actually costs you money.

How does avoiding maintenance cost you money? Water enters small cracks and freezes over the winter. Eventually, those cracks expand and your parking lot is full of potholes.

But the costs associated with deferred maintenance don’t stop there:

Reduced tenant retention – Tenants are only going to stay at your property while it meets their needs. Once they find a nicer place to rent, they’ll be gone.
Lower property valuation – If your pavement is in rough shape, investors and property buyers will pay you less money when it’s time to sell.
Emergency maintenance costs – Emergency maintenance is far more expensive than regular repairs. Losing money by not maintaining a parking lot properly adds up fast.
Legal liability – If someone gets hurt because a parking lot is uneven, the property owner could be sued. Not only will the property lose value, but personal assets can be targeted as well.

Put simply, not performing maintenance regularly costs more money over time. What starts out as a small crack in the pavement turns into a surface destroying pothole.

Strategies To Increase Your Property’s Value

Now it’s time to look at some actionable strategies. Below are proven tactics that will allow any commercial property owner to protect and increase their property value.

Conduct Routine Inspections

Schedule routine inspections of the property. Walk the grounds at least twice a year and after major storms. Look for cracks in the pavement, standing water, fading paint, and anything out of the ordinary.

The earlier an issue is caught, the cheaper it is to fix. Don’t let that small crack in the parking lot turn into an expensive pothole.

Sealcoat Your Parking Lot

Sealcoating a parking lot every two to three years will protect the asphalt from harmful UV rays, moisture, and chemicals. It’s one of the most affordable maintenance projects available.

Ensure Proper Drainage

Standing water is the worst thing for pavement. Make sure that the parking lot is graded properly and water isn’t able to pool on the surface.

Water wears out asphalt faster AND creates a safety hazard for everyone.

Plan To Resurface Early

If the parking lot is already in bad shape, it’s already too late. Monitor the condition of the pavement and plan to resurface BEFORE the damages become too great.

Budget For Maintenance

Building a maintenance budget for a property is one of the best things any owner can do. By budgeting a percentage of the property’s value for maintenance, there will always be money available when it’s needed. Preventative maintenance becomes routine, not emergency.

Conclusion

Maintaining a commercial property is one of the best investments any owner can make. Parking lot resurfacing is one of the best maintenance projects to protect those assets.

It can save:

Time – Resurfacing a parking lot is quick. Don’t let it transform into an asphalt replacement.
Money – Emergency maintenance costs are far greater than preventative. Avoid headaches by staying on top of parking lot condition.
Stress – A happy tenant is one that stays renewed on their lease. Plus, there’s no need to worry about liability from uneven pavement.

Businesses that hold their value the longest are ones that proactively take care of their property. They know that taking care of their parking lot is not optional, it’s a business strategy.

Here’s the takeaway…

Inspect the parking lot regularly
Sealcoat every couple years
Repair damages quickly
Budget for maintenance
See property value increase year after year

For any commercial property owner serious about growing value, it all starts with the parking lot laying right outside the business.