You’ve probably heard the old adage ‘no news is good news.’ As a former property manager, I know that phrase equates to a successful day on the job. After all, customers, tenants, employees, and stakeholders tend to quickly mention negative conditions of a property, but remain quiet if all appears well, as that is the expectation. Indeed, keeping properties maintained and continually operating is an endless endeavor. And, in today’s economic environment, it is also increasingly difficult to maintain an aging portfolio in an efficient way.
From reduced resources and diminished budgets to limited visibility, property managers must implement cost-effective solutions without compromising the integrity of their properties. Retail and restaurant properties, in particular, often have a brand standard to uphold which, at its core, aims to deliver a consistent customer experience from site-to-site. Just one section of a property failing to meet the standard could impact the overall brand image. One of the largest areas, and often- times the most overlooked, is the parking lot. While it’s true that customers do not conduct business on the pavement, their experience starts the moment they drive onto the property and step foot on your parking lot.
However, since most of the focus is on the interior (where the transactions occur), exterior maintenance may be deferred until there is a widespread problem or liability. Unfortunately, when this occurs, issues may be too costly to repair…
With a simple, net present value (NPV) financial analysis, we can demonstrate that investing in ongoing proactive maintenance of an asphalt parking lot yields a significant financial return over 15 years by extending the lifespan and reducing the need for a full replacement.View Article