If you had the opportunity to earn a passive income, why wouldn’t you? Often, property managers miss the opportunity to gain additional income through their parking system. By simply monetizing parking, property managers can earn hundreds of additional dollars each month without exploiting residents or guests. With Reliant Parking’s easy to use app, property managers can bring in additional funds while still keeping parking fair and regulated.
Here are 4 ways property managers can find the hidden treasure within their parking system:
1. Charge residents for extra parking spaces
If your property has extra parking stalls, consider charging residents for the luxury of additional parking. According to the Bureau of Transportation Statistics, on average, Americans have 2.8 cars per household. This means if a unit has 2 parking spaces, one car is likely left without a place to park. Property managers can charge an additional monthly fee to these households and monetize vacant and unused parking spaces. Residents are happy they have safe and secure parking for all of their vehicles and property managers are bringing in extra cash.
2. Premium Reserved Spaces
Whether you have first come, first serve or reserved parking spaces, the most convenient spaces often hold more value to residents. High value increases demand and demand shelters hidden treasure. With a good control system for guests and residents, property managers are able to create demand for premium rentables and create an unexpected income stream. The higher demand parking spaces (spaces closer to main entrance points, away from high traffic areas, end spaces, etc) can have higher price points.
3. Monetize Guest Parking
Using the Reliant Parking App, property managers can implement paid guest parking areas by generating instant guest permits. Eliminating free spaces will help stop resident parking abuse and keep limited guest spaces available for actual guests. Instant parking permits will allow property managers and residents to easily identify which permits have expired or gone past their time allotment. Instant guest permits allow property managers to gain full control of guest parking. To keep things fair, property managers can consider giving each household a set number of free guest parking permits to use each month or week. Any additional guest parking permits beyond the complimentary passes will be at a charge. Through the Reliant Parking app, residents can order permits anytime on any device and property managers can choose guest permit limits. Users can get permits via text, email, print, or simply write a permit n
umber on a piece of paper and visibly display it on the vehicle dashboard.
4. Paid Overnight Parking
If a property wishes to keep daytime guest parking as a free amenity, another option is to implement paid overnight parking. Property managers can have guest parking free during the day and then begin charging for overnight parking after a designated time. This will help keep unwanted vehicles from unauthorized parking on the property. Be sure to have appropriate signage clearly posted around the property informing guests of the policy. Also, check with your local governance prior to posting signs to ensure you adhere to all rules and regulations.
Drew Sciortino the Community Manager for Simpson Property Group says, “I’m always an advocate for programs that actually work and benefit our business. And you guys are super easy to work with. Having a large tenant base with varied needs, heavy turnover and a surplus of both resident and guest parking, it’s been a big challenge for us over the years to manage this piece with accuracy… gone are our stressful and time-consuming days of on-site parking management and frustrated tenants.”
The Reliant Parking App can help property managers streamline the process of unlocking a property’s parking potential and find the hidden treasure in parking. Our easy to use app and 24/7 customer support is designed with the user in mind.
We realize every property is different and that is why Reliant Parking offers a customizable system to help solve any problem. To learn how we can help you find the hidden treasure in your parking, request a demo.