31/08/2018 By: anube-admin

Utilizing Every Parking Space to Increase Revenue

How Parking Sense helps CRE property owners use parking facilities in big ways

Parking facilities are ranked the number amenity in the property management sectors. Providing the first and last impression on a property a better parking experience makes for a better overall experience. However, parking facilities are not always utilized in the most effective ways to generate notable revenue. But, Parking Sense has an innovative system that is built around how parking facilities can maximize individual spaces and ultimately increase the bottom-line.

Parking Sense is a technology company that has dominated the parking industry. Providing a suite of Intelligent Parking Solutions that offers the best driving and parking experience available. An innovative system that works in essentially three parts. The first part is parking guidance, LED lights and signs installed in every stall that indicate if the space is available, occupied or reserved. Each install includes a bluetooth beacon that works with the second part of the system, the mobile app. The app allows for the system to work like the “uber” of parking. A user can pull into a parking facility outfitted with the Parking Sense system and be guided to an available space. An alert pops up on the mobile device with charges and any time restriction that users can accept and be sent a mobile receipt when they leave the space. That lends to the final piece of the system, asset and data management. The Parking Sense system works on a serverless architecture that relays real-time truly accurate data on how each stall is used. It is with this data that CRE property owners are discovering the best utilization of their parking facilities and finding an increase in revenue.

With the Parking Sense system of asset and data management, property owners can understand and control how their parking facilities is being used and discover the best utilization for each stall. If tenants are using more spaces than what been allocated to them, the Parking Sense system can allow for additional charges. For example, if tenants have been assigned 200 spaces, the moment they reach 201 they will be fined an additional charge. Or, if visitors are staying longer than allowed or parking in areas not assigned to them the system will alert the user on the mobile app of the extra charge for more time or that they have parked in a restricted area.

The data aspect of the system also allows CRE property owners the ability to see what spaces go unused throughout the day. Perhaps the under-used stalls can provide an opportunity for taxis, lyfts or ubers to use the parking facility to connect with clients. The mobile app can link-up the users and property managers can charge for the use of the parking facility.

Even if the facility does not charge for parking, the Parking Sense system still provides opportunity for revenue increase. The parking facility is the first and last impression anyone has of the business. With a better driving and parking experience, the better the impression and overall experience users have. Tenants will continue to lease-up, employee retention will improve and patrons will return again and again, all lending to an increased bottom-line.

Property owners that have had their parking facilities installed with the Parking Sense suite of Intelligent Parking Solutions have been able to use the real-time accurate data to oversell parking by 300%. The data management allows for the oversell with a margin of error. The Parking Sense system guides users to available space with the mobile app and the real-time data allows them to know when and which spaces are available. Prior to installation of the Parking Sense system, property managers were only selling an average of 75% of their stalls.

THE FUTURE

It is very likely that we are moving toward driverless cars. It is estimated that in 5-10 years uber, lyft or the like will be the primary mode of transportation. Indeed, we are close to this as a reality. These cars will still need a place to park. As stated above property managers can allocate available stalls to these driverless cars at a fee through the Parking Sense mobile app. Even in 10-15 years when cars are truly driverless, Parking Sense tech can provide a way to link up with these cars to guide them to parking stalls, and to users. So as time changes so can the Parking Sense system, making it truly “future-proof”.

The Parking Sense system provides so many ways to utilize the parking facility by providing modern, innovative, future proof technology. It reduces operating expense and increases revenue by generating more users and provides the best impression on tenants. The use of this product represents property owners’ buildings in the best light possible. The Parking Sense system puts the property on top of the game and increases revenue in ways often overlooked.

Our CEO, Jake Bezzant, discusses how Parking Sense can add value to Commercial Real Estate properties. Have a listen!