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Parking management is a headache for most multifamily communities, but it doesn’t have to be. With a limited number of spaces and the constant flow of visitors and guests, maintaining order and ensuring fair access to parking can be a nightmare for property managers.
The good news is that with a bit of creativity and help from a trusted partner, you can effectively manage your guest parking and transform those parking spots into a lucrative source of ancillary revenue. Below are the top 3 ways to quickly and efficiently solve your guest parking lot problems and improve your bottom line.
- Online Permitting System
Implementing an online permitting system is a game-changer for parking lot management. Requiring guests to purchase their parking permits online helps community managers ensure that only authorized vehicles occupy designated guest spots.
This not only helps maintain order in your parking lot – it also provides an opportunity for increased revenue. When you partner with vendors like ParkM, who operate on a revenue-sharing model, you not only streamline the permitting process by having guests manage their own parking, you can also reduce your team’s administrative burden and improve their overall efficiency.
- Reserved Guest Parking Spaces
One way to elevate your guest parking experience is to designate a limited number of parking spaces specifically for guest use. These reserved spaces provide guests with the assurance of a parking spot upon arrival, eliminating the stress of searching for parking.
You can also specify time limits for guests so that the spaces aren’t constantly being monopolized by the same non-residents. Charging a fee for these designated guest spaces increases your monthly revenues and also protects your parking lot from unauthorized vehicles.
- Hourly/Daily Parking
Recognizing the transient nature of some visitors, offering hourly or daily parking passes can also be a smart strategy. Daily or hourly permits cater to guests who require parking for short durations, such as service providers or short-term visitors. Making these passes available for purchase through a mobile app or website provides guests with flexibility and convenience while monetizing short-term parking opportunities.
Whether it’s hourly rates for quick visits or daily passes for longer stays, this approach allows apartment communities to capture revenue from short-term visitors who may not require overnight parking.
If you’re not monetizing your guest and visitor parking today, you’re missing out on an untapped opportunity. Parking lots can be a source of noticeable incremental revenue. By implementing the strategies mentioned above, you can get control of your parking lot chaos, enhance resident and visitor satisfaction, and boost your financial performance. It’s time to rethink visitor parking and transform it from a headache into a valuable asset.