3 Ways Commercial Property Owners Can Modernize Their Parking Assets

By  //  March 21, 2022

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Parking lots pose a conundrum for many property owners. Here are these sizeable parcels of land, which can ostensibly generate a great deal of additional revenue for owners. But they often go underused. 

They are a not-inconsequential part of the overall cost of a property – whether you construct or acquire the property – and they also cost a fair amount to maintain. (The average single spot costs $24,000-$34,000 to construct and $800 yearly to maintain). 

How does a Florida property owner reconcile these facts? How do you maximize your parking lot’s potential so that it not only offsets the cost of construction and maintenance but also generates passive income? 

The answer is relatively straightforward: embrace modern parking management strategies. Like most consumers these days, parking customers want convenience, choice, security, and mobile solutions. In this article, let’s discuss three ways to give parking customers what they want – and give you a parking lot full of paying customers. To enact these solutions, consider partnering with a parking management company. 

E-Vehicle Charging Stations

EV sales have steadily climbed in the past ten years, cresting in 2017 with an annual leap in sales of 65%. Far from a flash-in-the-pan, electric vehicles represent a paradigm shift in vehicle ownership – and parking lots need to reflect that change. 

As EV penetration rises, a sizeable section of the parking consumer market will look for lots that can accommodate charging. Talk to a parking management company about the costs and potential ROI of implementing EV charging stations. They can let you know if the solution is right for your lot/area demographic.

Cloud-Based PARCS

A Parking Access and Revenue System (PARCS) is the lifeblood of a successful parking lot. It ensures vehicle security through access measures and provides owners with audit records to monitor revenue. But several properties still operate with antiquated PARCS that function as glorified spreadsheets using rudimentary technology. 

If you haven’t updated your PARCS recently (or, worse, operate without PARCS), consider cloud-based PARCS. Cloud-based parks come with numerous gate-vending options and an interactive, real-time dashboard for financial insights.

Mobile Apps

People expect a lot from their mobile phones these days. They can order food, read the news, hail rideshares, play the stock market, and shop for home goods. It’s only natural that they expect their parking to be mobile too. 

A mobile parking app allows customers to find your lot, compare rates with other nearby lots, reserve spots, and pay for parking – without engaging with a ticket kiosk or gate attendant. As you search for a parking management company to help modernize your lot, look for one with a powerful mobile app.

There are several other ways to modernize your parking lot (updated signage/wayfinding, bike storage, car-care amenities, shuttle service, etc.), but these three represent a fantastic starting point. Speak with a knowledgeable parking management company to determine what solutions work best for your unique parking real estate.