Organizations facing challenges with their parking operations often require the assistance of a custom parking management service. But what exactly is parking management as a service, and how can it help your organization? Let’s take a look at the many advantages of using parking management services.
Parking management begins with a comprehensive, custom evaluation of the parking facility you’re interested in for your organization. A quality parking management company will physically tour your facility to find ways to make the operation more efficient from a customer’s perspective, including the ease of entering, finding a parking space, and exiting.
The next step is to examine the cleanliness and general condition of the garage itself. Is it clean? Does it need better lighting? Does it need to be washed? A new coat of paint? While these upgrades may seemingly go unnoticed, a brightly lit, clean, and clearly marked facility contributes to the efficiency of your operation. In order to remediate those pain points, a quality parking management company will coordinate and follow up on these functions, allowing you to pursue other, more pressing building needs.
From a consulting perspective, a quality parking management company will provide experts to help review fundamental aspects of your operation to include, but not be limited to, revenue control maximization. For example: is the space availability maximized? Is your current revenue control system functioning and programmed correctly? Are upgrades to the PARC system available and taken advantage of? By answering these questions, experts can guide you into making changes that would accrue more revenue and provide a more efficient garage operation.
A quality parking management company will ensure the maximization of revenues for any facility and recognize the signs of a parking operation not maximizing revenues. Is the “FULL” sign constantly being placed on the curb? Is the anti passback feature on your PARC system tuned to “soft” or not activated? Does the facility have an inordinate amount of empty spaces?
A quality parking management company will pay attention to trending activity, perform rates surveys routinely, meet with tenants to discuss parking needs, reach out to non-tenants for increased activity, and not settle for a garage that is less than 98% full.
Generally, there are two main conduits to generate the lion’s share of parking facility revenue: the maximization of monthly and transient parking revenues.
Monthly Parking Perspective
Simply put, is everyone who has access to the facility from a monthly perspective paying for that access? Does each monthly parker or monthly parker group have a signed contract stating terms and conditions for the facility? Is the proper parking ratio being met for each tenant? Can expansion in the parking ratios be implemented? Are the monthly rates set to market, demand and occupancy, not only in your facility but also in nearby competitor facilities? Are tenant lease rate terms being met and/or increase at the specified time? Is there a need to attract non-tenant monthly parkers and is this occurring? Can an “off-hours” monthly program be instituted to nearby businesses or residents? And so on.
Daily Parking Perspective
Determining the correct mix of transient parkers compared to monthly parkers will help maximize revenues. Is the operation’s rate structure set accordingly to that of the market and the current demand of yours and the nearby competitor facilities? Does the operation need to introduce an early bird rate? What are the optimal “in/out” times for this rate? Is the garage advertising to the nightlife in the surrounding area? Is the “FULL” sign being placed on the street too often? Will an evening after business hour rate attract additional parkers? Is the facility’s “hours of operation” set correctly to maximize and blend in with the activity in the area?
A quality parking management company will not need be asked to perform these functions–they will have these initiatives already woven into the fabric of their daily functions.
In the end, this custom process leads to two major benefits for your organization: streamlined and maximized revenue control and exceptional customer service. A top-tier parking management service emphasizes the need for tailored services. After all, all garages are created differently.
Contact us today to learn more about our custom parking management services and how we can meet your parking needs.