How to Keep Your Parking Operation Costs Low
3 min read
Originally Published on Parking Industry Insights
Property managers typically implement a parking system in order to generate an additional revenue stream for their organization. When it comes to your parking system it’s important to make informed decisions and smart investments, all the while keeping your costs as low as possible. Choosing the right technology, suppliers and service providers will guide your parking operation in a profitable direction.
Strategies to consider to ensure your parking operation maximized it’s return on investment are:
Live Central Monitoring
Remote monitoring and response for your parking facility allows you to enjoy the same peace of mind as you would with on-site parking attendants, but at a fraction of the cost. A live central monitoring facility can be a great addition to on-site staff or a replacement altogether. It’s wise to invest in a parking system that can be integrated with a remote monitoring and response facility, because it also stabilizes parking revenue with instant back-end troubleshooting for equipment malfunction or immediate technician dispatch.
Smart and Connected Technology
Parking equipment is the foundation of your parking operation. It’s essential to invest in parking technology that is smart and connected—meaning it generates reports, analytics, and is connected in real time to a central management system that communicates performance statuses and failures. When your parking equipment is functional at all times, you ensure that your parking revenue stream is steady and provides you a return on your investment. The analytics and reports that your technology generaties will also provide you with insight into how to improve logistics within your parking lot and increase your monthly parking revenue.
Mobile Payment Apps
Mobile parking payment apps are an affordable integration that will spike your parking revenue while making payment convenient for customers. Moving away from cash payments reduces costs associated with cash handling procedures.
Parking Permits
Secure recurring revenue from the get-go. Parking permits allow you to collect payment upfront, cover your operating costs, and require drivers to commit to your parking lot instead of the one across the street. An online permit solution provides drivers 24/7 access and reduces your administrative hours and costs.
Financial Services
Paid parking facilities can generate thousands of dollars each day. As a result, it’s crucial you take steps to ensure you're collecting all your parking revenue and protecting it against fraud. Factors that will mitigate such risks include partnering with financial processors that are Level 1 PCI-compliant. If coin and bank notes are being collected, make sure bank security standards are in place. You should also use a financial processor that will deposit your revenue directly into your accounts, and one that undergoes regular external audits to ensure financial industry protocols are met.
Reducing the cost of your parking operation is not about cutting costs. It’s about making smart investment decisions that will promise a return on investment and mitigate risk on your property. Partner with a parking services provider that will guide you in making smart decisions from the start, and you’ll be on your way to proficient and profitable parking operations in no time.
References
Bray, J. (2020, August 31). On-Street vs. Off-street Parking Systems: Permits and Enforcement [web log]. https://www.parkingindustry.ca/parking-101/on-street-vs-off-street-parking-systems-permits-and-enforcement?rq=permits.
McKenty, C. (2020, July 24). A New, Common Form of Access [Web log post]. Retrieved May 13, 2021, from https://www.parkingindustry.ca/feature-articles/a-new-common-form-of-access?rq=permit
Powell, J. (2020, September 10). How to Keep Your Parking Operation Costs Low [web log]. https://www.parkingindustry.ca/parking-management/how-to-keep-the-cost-of-your-parking-operation-low?rq=permits.
Justin Powell
Director, Western Canada, Precise ParkLink
