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Parking Lot Answers

Banking On Preventative Maintenance For Your Financial Institution

Posted by Steven Brahney on March 27, 2017


Prevenative Maintenance For Your Bank Parking Lots

 

It goes without saying that banks understand the value of a dollar. 

From the appearance of many financial institutions asphalt parking lots, it appears some may fall short recognizing the value of Preventative Maintenance.

If financial institutions place as much value on their second largest capital expenditure (Parking Lots & Sidewalks) as their financials, they would recognize an immediate return on their investment.

When depositors visit your bank branches does the asphalt parking lots, say "Welcome!" or something else? Is the asphalt smooth with clearly marked line striping or is the parking lot gray and rough with faded pavement markings? Are their large cracks in the asphalt parking lot which could cause a woman in high heels to trip and twist her ankle? Is your handicap parking stalls ADA compliant for disabled customers who need to gain access to the lobby to speak with a customer service rep or access the ATM? Are your sidewalks level and free from heaving and tripping hazards?

Recognizing the value of Preventative Maintenance:


What is preventative maintenance?

Preventative maintenance is a systemized approach to executing pavement maintenance services not only to delay expensive asphalt milling and paving but also to provide an aesthetically pleasing surface for your bank customers to drive, park and walk on!

Preventative Maintenance For Your Bank Parking Lot Includes:

Asphalt Sealcoating- Applying a 2-3 heavy duty application of coal tar emulsion, eco-friendly hybrid emulsion or asphalt emulsion pavement sealer to the asphalt parking lot on a 3-year rotation.

 

 

 

 

 

Crack Sealing- Applying a hot pour rubberized crack sealant to open cracks in the parking lot to prevent infiltration of water to the subgrade. Crack sealing keeps the water out and prevents potholes and alligator cracks from forming.

 

 

 

 

Asphalt Repairs- Repairing potholes with hot mix asphalt through saw cut and removal or Infrared asphalt restoration. Furthermore, identifying alligator cracked asphalt pavement and repairing the areas with full depth asphalt repair or saw cut and removal. Hot rubberized crack sealer and seal coating is NOT designed as a long-term fix for alligator cracks.

 

 

 

Concrete Sealing- Applying a penetrating concrete sealer to sidewalks and drive up concrete pads to prevent spalling from deicing chemicals.


Line Striping- Restriping your bank parking lots on a 2-year rotation will keep the parking lot marked and orderly thereby preventing vehicle accidents. A fresh restripe lights up a parking lot similar to how fresh mulch highlights a landscape berm.

"Great info but I have 100 branches in my portfolio I manage at all different ages and states of deterioration. How do I manage all this on top of managing the roof, ATM machine, plumbing, HVAC, landscaping, snow removal, and security system?"

All Of Your Bank Branches Can Be Managed Through A Pavement Management Plan:


What is a Pavement Management Plan (PMP)?  A Pavement Management Plan (PMP) utilizes a technology-driven approach to managing all of your asphalt and concrete assets. An initial parking lot inspection is performed whereas a site report is generated listing the condition of the asphalt and concrete. The report will have an inventory of all defects with supporting pictures and measurements along with budgeted cost estimates.

From there you have a solid work plan of what needs to be done where and how with the exact cost to make the repairs.

Also, the PMP will have a 3-10 year budget plan outlining all of the future work to be completed on a schedule.

A technology driven pavement repair company will be able to set up a computerized database in the cloud for you to access anytime. You will be able to go into your project file and drill down to any amount of details needed for any of your branches. For example, you can look at the history of completed work with backup documentation to include completed pictures to doing a one year look ahead to see what branches are on schedule the following year for what services and the budgeted cost to help you complete your CAPEX Budget with the click of the mouse.

Recognizing The Savings Of A Preventative Maintenance Plan For Your Bank Parking Lot:

The spread sheet above demonstrates that by developing a Preventative Maintenance Plan for your bank parking lot you will save $100,000.00 over the course of 14 years.  Thats $100,000 "per branch"- how many branches are in your portfolio?   

10 Branches: $1,008,000.00

25 Branches: $ 2,520,000.00

50 Branches: $5,040,000.00

As you can see from the numbers, the savings over 14 years are enormous and would get any bank executives attention to help you capitalize your Preventative Maintenance Budget.  


What is the cost of a Pavement Management Plan?

The cost for a Pavement Management Plan is typically $300.00 - $700.00 per branch parking lot. Some contractors will offer the plans free of charge with a service agreement in place to complete your parking lot maintenance work.

How much does it cost to seal coat a bank parking lot?

For a typical two coat application of pavement sealer, the cost ranges from $0.17 - $0.35 sq ft. Pricing is dictated by the size of the bank parking lot, a number of mobilizations and the type of pavement sealer used. For example, if your bank is open 7 days a week it will require a fast setting pavement sealer similar to the ones used at airports that will be dry and ready for traffic in under 3 hours. These pavement sealers are on the more expensive end of the scale close to $0.35 sq ft versus a standard drying pavement sealer that can be applied after the branch closes at Noon on Saturday and dries within 24 hours. These pavement sealers will be closer to $0.17 sq ft.

(How Much Does It Cost To Seal Coat A Parking Lot)

How much does is cost to crack seal a bank parking lot?

Hot rubberized crack sealing is typically $1.00 per lineal foot with most paving companies having a minimum charge of $750.00 - $1,500.00 or $1.00 per lineal foot- whichever is greater.

(How Much Does It Cost To Crack Seal A Parking Lot) 

How much does it cost to line stripe a bank parking lot:

A typical sized branch parking lot should be $500.00 - $700.00 to restripe.

(How Much Does It Cost To Line Stripe A Parking Lot)

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Topics: Sealcoating, Preventative Maintenance, Pavement Management Planning

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Posted by Steven Brahney on February 23, 2015

What Is A Pavement Management Plan For Property & Facility Managers?

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Topics: Pavement Management Planning

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