How Do I Enhance My Parking Lot’s ROI?

Key Takeaways:

1. Proper pavement access, cleanliness, visible signage, ADA compliance, and an appropriate budget for maintenance and repair. These are all critical elements that can improve the value of a commercial parking lot.
2. Regularly fixing cracks and potholes, sealcoating every three years, repainting faded stripes, and cleaning up debris to ensure the safety of pedestrians in the parking lot. These are essential tips to maintain its value.
3. Planning an appropriate budget is necessary for implementing these strategies without breaking the bank. It involves inventorying materials & services needed along with their estimated costs, then prioritizing them according to their importance & creating timelines accordingly. 
4. Asphalt paving is an affordable option as it’s highly durable. While patching repairs & crack sealing help prevent further damage from water penetration or vehicular traffic. Striping also ensures safety and maximizes space utilization within the area allotted for parking purposes. 
5. Professional contractors should have extensive experience with the latest tools/equipment, along with quality assurance measures taken into account, plus insurance coverage against any damages/injuries occurring during the process completion period.

If you’re a business owner or property manager, you know that the commercial parking lot is the first area of your property that customers or tenants see. Not only is it essential for functionality and safety, but it can also significantly impact your property’s bottom line.

With the right design and maintenance, your parking lot can be a valuable asset that attracts customers and boosts revenue. But how do you enhance the ROI of your parking lot?

That’s where 309 Paving Services comes in. This blog post will share some proven strategies for improving your parking lot’s appearance, functionality, and profitability. From pavement access to maintenance tips, we will go through the crucial aspects to ensure optimal parking lot conditions.

Crucial Elements that Improve Commercial Parking Lot Value

1. Proper Pavement Access

Make sure there is easy access to the pavement from major roads and highways. It will help customers find your lot quickly and easily, making it easier for them to return.

2. Cleanliness

Keeping your parking lot clean is essential for a good customer experience. Regularly sweep away debris, clean up oil spots, and ensure all lights are in working order so customers feel safe using your parking lot.

3. Visible Signage

Make sure all signage throughout your parking lot is visible, including directional signs and available spaces signs. It lets customers make an informed decision when selecting their spot and encourages a positive customer experience overall. 

4. ADA Compliance

Ensuring your parking lot is ADA-compliant and accessible to all customers will increase the value of your lot. The ADA requires that you display proper signage and have an adequate number of designated spots (1:20 parking spots) for disabled individuals. Besides that, you also need to meet the minimum dimensions for access to aisles and ramps.

5. Proper Budget for Maintenance and Repair

The cost of maintaining and repairing a parking lot can add up quickly, but it’s essential for preserving its value. Evaluate your budget annually to ensure funds are available for repairs and maintenance.

6. Experienced Paving Contractor

The longevity of any parking lot depends on its installation’s quality. For this reason, hiring an experienced paving professional specializing in asphalt or concrete paving is essential.

Maintenance Tips To Retain Commercial Parking Lot Value

Asphalt parking lots with proper maintenance can last between 15-30 years. To maintain your parking lot value, you must consider its regular maintenance to keep it in tip-top condition. Here are some helpful tips to consider:

1. Fix Cracks and Potholes Regularly

It’s crucial to fix cracks and potholes immediately. It helps prevent further damage, such as larger potholes or alligator crack formations on the asphalt surface.

2. Sealcoat Every Three Years

Sealcoating is essential for parking lots because it extends the life of your pavement by preventing water penetration. It also enhances the overall appearance of your lot. Ensure sealcoating once every three years to ensure pavement protection.

3. Striping Maintenance

Stripes are the primary guide for drivers in commercial parking lots, so maintaining them is essential for safety and aesthetics. Make sure that faded stripes get repainted regularly to keep pedestrians safe from vehicular traffic and make your lot look neat and orderly.

4. Ensure Cleanliness

Parking lots can quickly get cluttered with garbage and other debris, making it an unpleasant experience for drivers. Invest in regular cleaning for your lot to keep it free from litter and maintain a pleasant atmosphere.

How to Plan a Budget?

Previously, we discussed how to retain the value of your parking lot. The next step is to plan a budget to implement these strategies without breaking the bank. Start by inventorying all the needed materials and services and estimating their costs. Then determine which resources are essential, prioritize them according to importance, and create a timeline for when they should be acquired or completed. Consult with a paving professional or get a quote for all your commercial parking lot needs.

Paving Solutions to Consider

1. Asphalt Paving

Asphalt is an affordable, reliable option for parking lots. It’s highly durable and can withstand extreme weather conditions. Plus, asphalt surfaces are easier to repair than other materials, such as concrete.

2. Patching and Crack Filling

Over time, cracks and divots can form in your parking lot. Patching and crack filling are essential to keep your asphalt area looking its best and free of damage.

3. Crack Sealing

Crack sealing is a form of preventive maintenance. It creates a flexible bond between the pavement and cracks, preventing water from seeping in. It helps maintain the structural integrity of your parking lot for years.

4. Parking Lot Striping

Parking lot striping is essential to keep your parking lot organized and safe. It also helps maximize the space of your lot so that you can fit more cars in a given area.

Qualities of a Professional Paving Contractor

Hiring a professional contractor is the best way to keep the parking lot in optimal condition. There are about 93,273 paving businesses across the U.S. With such a high number, finding the right one can seem like a hassle. Here are a few qualities of a professional contractor that can help you make an informed decision:

1. Experience

Good paving contractors have extensive experience. It helps them understand the needs and challenges of your parking lot.

2. Tools and Equipment

Professional contractors have the latest tools and materials to do the job quickly and efficiently.

3. Quality Assurance

Quality assurance is crucial to ensure the longevity of your parking lot’s appearance and condition. A good contractor will guarantee quality assurance for their service.

4. Insured

A professional paving contractor should have insurance for any damages or injuries during the process.

Related: Questions You Need To Ask Pavement Contractors Before Hiring Them For A Project

Conclusion

Your commercial parking lot is an important asset that adds value to your business. Its ROI can be enhanced with proper maintenance and the help of a professional paving contractor. By following the tips outlined in this article, you can maximize your parking lot’s return on investment and make sure it looks great for years to come.

309 Paving Services Provides Parking Lot Paving Solutions in Peoria, IL

Need help with your parking lot paving project? 309 Paving Services has provided the Peoria, IL, area with high-quality services and top-notch customer service. We offer a wide range of services, including asphalt paving, sealcoating, patching repairs, and striping. Our team is highly trained to handle any pavement project you may have in mind. Contact us for a free estimate on your next parking lot paving venture!

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