Property managers deal with a variety of technicians and contractors on a routine basis. However, they normally have more frequent dealings with landscaping contractors, HVAC technicians, painting contractors, and mechanics than with paving companies. When budget time rolls around, many property managers find it challenging to create an accurate budget for the routine maintenance of their asphalt parking lot or other pavements. Here are three tips for determining how to budget for your asphalt maintenance.
Asphalt Maintenance Budget Tips for Property Managers
What Are Three Tips for Creating a Budget for Asphalt Paving Maintenance?
If you want to simplify budgeting for your asphalt maintenance, you should start with the following steps.
1. Find a reputable parking lot maintenance company. If the asphalt company that built your parking lot does not offer asphalt repairs and maintenance, ask the contractor to recommend a reliable, experienced alternative source.
2. Make asphalt repairs and preventive maintenance your top priorities. Procedures that are primarily cosmetic in nature can be pushed down the list if funds are tight.
3. Plan your budget for periods longer than a single fiscal year.
How Do I Identify Reputable Paving Companies to Handle My Asphalt Maintenance?
Recommendations can often be helpful, so ask other property managers, relatives, and your paving contractor for recommendations. Once you have several possibilities, conduct your own research. Most paving maintenance companies have an online presence, so you can browse the company’s website to see which paving services they offer, check for testimonials from clients, and learn more about the company’s experience. Invite at least three excellent candidates to assess your pavement, recommend a maintenance plan, and provide you with an estimate. Pay careful attention to each representative’s attitude and professionalism. For example, if they fail to keep appointments without contacting you, refuse to explain terms that are unfamiliar to you, or pressure you to sign a contract immediately, you might want to reconsider hiring them.
Why Do Paving Companies Recommend Prioritizing Asphalt Repairs and Preventive Maintenance?
Although asphalt paving is economical, a new parking lot still represents a sizable investment. Depending on the company’s accounting policies, your parking lot could be depreciated over a period of 15 years, or the entire cost could have been expensed upon completion. The point is that even the Internal Revenue Service expects a parking lot to last for at least 15 years. However, parking lots that do not receive timely paving repairs and regular maintenance often need to be rebuilt in half that time. Preventive maintenance, including sealcoating, removing leaked automotive fluids, and routine sweepings, can help you avoid the need for budget-busting repairs or a premature reconstruction. If you need a crack sealed, a pothole patched, or other type of parking lot repair, taking care of it immediately can help prevent the damage from spreading. If you ignore paving repairs, the damage will soon reach the pavement’s supporting foundation. Once the foundation incurs sufficient damage, your only choice will be to have your parking lot rebuilt.
Why Should Property Managers Plan Long-Term Budgets?
There are two reasons for taking a long-term approach to budgeting for your asphalt maintenance.
1. You will not need every service every year. For example, you will likely need sealcoating once every two or three years, and you should not need an overlay for at least 10 years if you are proactive about your preventive maintenance. If you set aside funds in your annual budget to cover these types of expenses, the money will be there when you need it.
2. Asphalt pavements do not age in a straight line. When your pavement is new, it should not need any significant paving repairs for its first two or three years. After that, the likelihood that you will need to have cracks repaired increases with each passing year. Therefore, you cannot rely on a look-back period if you want to create an accurate budget. Ask your contractor to project how many repairs you will likely need each year for the next three or four years. Keep in mind that contractors can only provide you with estimates, and these estimates may change.
If you have questions about building, maintaining, or repairing your property’s pavements, contact Asphalt Care Services. We are a highly respected, family-owned operation with an exemplary reputation for quality, customer service, and honesty. Our services include parking lot repair, asphalt sealcoating, parking lot striping, thermoplastic line striping, asphalt paving and overlaying, traffic signage, speed bumps, and bumper blocks. To request a free quote, call 772-888-2840, email [email protected], or submit our online form.