Owning or operating a business with a parking lot isn’t without its challenges. So, whether you’re new to the game or looking to improve your operations, here are some quick tips to improve your parking lot management and ensure your customers a good experience.
Parking Lot Management Tips
Managing Monthly Tenants
If your business allows monthly parking for a fee, managing and keeping your long-term customers is a priority. Monthly tenants make great customers as they are guaranteed revenue, but when these customers leave, it can be a significant blow to your bottom line. This is especially true when large tenants with dozens or hundreds of paid parking spots leave all at once.
The good news is that this sort of thing happens all the time, and there is recourse to get those spaces filled up again. Once you find out a large vacancy of spaces is going to open in your lot, you can:
- Advertise the available spaces
- Make your rates more competitive
You can attract new business entering the area or from a tenant looking to save money on their current parking costs through these two methods.
Even if you’re in a good position currently, you should always be aware of other parking lot rates in your area. Periodically checking those rates will keep your rates competitive and help you adjust your pricing in a crisis.
Finding the perfect price for your parking spaces can depend on several factors. Besides the price at other lots, look at how occupied they are compared to yours and any amenities offered. For example, if you notice your parking lot is empty on a busy night compared to a competitor’s lot, it may be time to lower your prices and advertise a change in rates.
Automate the Parking Lot
There are two significant benefits to automation. First, with automation, you can improve the user experience by making parking more accessible and quicker. The second benefit is that it can cut down your costs over time. For example, while the upfront investment of automating a parking lot can be high, it can replace the salary of multiple workers, saving you thousands of dollars every month.
Parking lots can be expensive and challenging to manage, especially as many people increasingly drive less and work from home. However, with prices becoming more competitive in large urban areas, staying ahead of the game is crucial to remaining profitable. With these quick tips above, you should be able to adjust to the market when needed and make a lot of money at the end of the day.
Unlimited Recovery and Towing
Removing illegally parked cars is part of parking lot management. However, Towing cars is tricky and needs to be done professionally to avoid liability. Unlimited Recovery and Towing are the professionals you need. Their experienced teams can handle all situations and keep your parking spaces available for paying customers. Call us at 919-790-9393 and see what we can do for you.