After people, data is your most important asset. Your parking attendants may be friendly, and your amenities may seem popular, but are you optimizing your facility to the best of your ability? And how do you know if the adjustments are making a positive impact on your overall success?
These questions—and so many others—can be answered with data insights from comprehensive reporting, a critical function of successfully and efficiently operating your parking facility. Let’s take a look at the top reasons why you should employ reporting in your management process.
The Focus of Reporting
A comprehensive report on your parking facility will focus on these three main aspects:
- Revenue stream. Is your operation maximizing the revenue you could be earning from transient, monthly, special-event parkers, nightlife in the area, weekend activity, etc., or is there room for improvement and growth?
- Facility maintenance and upkeep. Is the facility clean? Are the light bulbs all functional? Do any areas need a fresh coat of paint?
- Amenity service and status. Is the fluid in the windshield washing station full? Does the tire pumping station work properly?
Reviewing a thorough evaluation of these three operational areas will allow you to better determine if your equipment is working as intended, if visitors are being taken care of, and your projected profits are being met. Otherwise, if amenities break or your garage isn’t clean and efficient, you likely won’t know until a customer complains. Of course, it’s best to address any problems now than later—because reactive problem-solving will inevitably lead to frustration for both you and the customer. Show your customers that you are proactive in solving problems so they never have to see them in the first place.
Aided Decision Making
For the most part, you may not be physically in your parking facility everyday—you trust that your customers are satisfied with their parking experience, regardless of whether you receive their direct feedback.
However, a better way to keep a closer eye on your facility without needing to visit it every single day is by reviewing your reporting on a basis that best suits your needs. Your operator should be flexible to meet any reporting deadlines you request. Since the reports flag any potential issues, you’ll be aware of what is and isn’t happening in your operation. In this case, you’ll be able to craft a comprehensive to-do list of problems that need to be addressed so that everything is usable and functioning properly.
Specifically for revenue, reporting data can guide you to make informed decisions. Reports about rate optimization, space optimization, and hours of operation to accommodate all daily, nightlife and weekend activity, etc. will inform as well as guide you to efficiency. In this regard, you won’t need to make guesses solely based on gut feelings or competitor pricing.
Effective, frequent reporting drives results. If you’re not getting clear, comprehensive reports from your operator, you need to rectify that problem as soon as possible in order to stay informed and proactive in your decision-making.
Penn Parking can identify the areas in which your facility needs regular reporting to ensure that it’s is running optimally and profitability. Contact us today for more information on our reporting services.