Last Updated on Apr 8, 2020 by James W
The parking industry is worth $100 billion worldwide. From metered street parking to gated garages, there’s a notable need for convenient, safe, and affordable parking spaces. Whether your business is solely focused on parking or simply maintains a small lot for additional income, proper management is a key way to increase your revenue quickly and conveniently.
Optimize Parking Management
Your parking space is a valuable money-making asset that’s available to you 24 hours a day. Are you managing it properly to optimize your profits, or are you letting potential income sit untapped? Proper parking management by a company like National Parking in Atlanta will help you make the most of the space available to you. Managing the use of parking spaces may seem like a fairly passive endeavor, but taking an active role in parking management will yield numerous strategies for increasing revenue.
Smart parking management can involve thoughtful approaches such as:
- Adjusting prices in accordance with traffic trends.
- Tracking and responding to parking needs for special events.
- Offering advanced parking reservations for a premium price.
- Supplying valet parking for upscale events while switching to a self-park model at other times.
The right parking manager will carefully analyze all possible avenues for revenue in this area to make the most of those available.
Configure Entrances
Configuring the entrance to your parking facility is one of the most important steps in optimizing your revenue. The right entrance will effectively collect payment from your customers whether your garage is staffed or not. If you’re currently using a gateless system, you’re likely losing about 30 percent of your total revenue to non-payment. Upgrading to a gated parking lot or garage with either cashiers or an automated system will help you recover a significant amount of money with this one simple solution.
Automate Payment Systems
An automated payment system is an outstanding way to increase revenue without raising operating expenses. Modern automated systems are sleeker and more sophisticated than ever. Users can reserve a spot via smartphone before arriving and make payments through an app. There are also options for installing automated machines within the garage or beside street-side parking to conveniently collect credit card payments without the need for cashiers.
Improve Guidance Systems
One of the major flaws in today’s parking systems is their disorganization. Most drivers don’t begin to look for parking until they’ve reached their destination, driving around hopefully until they find a space. The International Parking Institute says that the best way to improve environmental sustainability in parking is to implement guidance systems that help drivers find parking faster. This could help drive more customers to your lot, as 36 percent of drivers indicate that concerns about the environment and sustainability impact their parking decisions.
If you’re looking for a fast way to improve your revenue, addressing your parking management strategies is an excellent place to start. With minimal effort, you can aggressively drive your income through thoughtful use of your parking spaces. Whether you provide parking full-time or for special events only, it’s time to rethink how you’re handling that valuable real estate.
Image via Flickr by Photographing Travis
