Elevators are quite common today, with more than one million currently operating in the Unites States. It's also a lucrative industry. According to Statista, one leading manufacturer in the elevator space has seen its revenues rise by over $5 billion between 2010 and 2021. Elevators benefit a building by adding accessibility and convenience. However, installing one is a serious undertaking, so it's important to know what to look out for beforehand.

1. What Type of Elevator Is Best for Me?

There are four main types of elevators: traction, hydraulic, vacuum, and machine room-less. Each has its unique advantages and disadvantages. To help you decide on the right elevator for you, you need to know how it will be used; e.g., the amount of traffic it will experience plus the weight and type of loads it will be carrying.

For example, if the elevator needs to accommodate wheelchairs, it needs to be larger. The amount of space available for the elevator will also dictate the elevator you can get. If you're pressed for space, you will likely go for a machine room-less elevator because it will not require a separate machine room.

A hydraulic lift is relatively slow and would therefore be a bad fit for a high-rise building. They are, however, cheaper to install and take up little space, making them cost-effective for small buildings. A traction elevator is, on the other hand, the most energy-efficient. There are many factors to consider before picking an elevator, so it is imperative that you get a qualified technician to advise you.

2. How Qualified is Your Company?

Your elevator will be ferrying people or other valuables up and down, so you must keep their safety in mind. An established commercial elevator service company will have the technical knowledge and expertise to create an elevator that will function as expected. Your relationship with the company will likely continue after installation because they will also be doing the required maintenance.

In choosing the right company, consider their area of expertise. Many commercial elevator service providers have projects they are used to and feel more comfortable working with. Have a look at their portfolio and ensure that they have a record of making reliable elevators.

3. Do You Use Proprietary Parts?

The problem with proprietary parts is that they end up being more expensive in the long run. Installing an elevator with proprietary parts means that no one apart from the manufacturer has the parts necessary for maintenance. It locks you in so that you have to use dealers affiliated with your particular elevator brand.

The end result is that, because the parts can come only from one source, they tend to be more expensive than non-proprietary ones. Therefore, while the installation may be inexpensive, the long-term costs are not. It has become such a problem for building owners that the National Association of Elevator Contractors has stated that they object to the use of proprietary equipment in elevators.

4. What Are the Maintenance Costs and Service Agreements?

The type of elevator and how it's used will determine the amount you pay to maintain it. However, Home Advisor reports that the national average cost to maintain an elevator is around $420, though it ranges from $175 to $700. Seek to gain an understanding of your legal obligations as they pertain to the elevator.

Ask your commercial elevator service provider about the documentation you need to pass an inspection. These documents include annual testing and a record of maintenance. It is also important that you understand the maintenance agreements you sign -- is it a limited-service or a full-service contract? How quick is their emergency response? You want swift solutions in case the elevator breaks down.

When speaking to your commercial elevator service company, don't be afraid to ask for clarification. Read any documents very carefully before signing them so you are aware of the ins and outs of owning an elevator. Last but not least, make sure you know who to call in case of a problem. Keep their name and number handy. To know more about installing an elevator, contact an expert commercial elevator service company.