We’re going to let you in on a secret: you can add more income and boost the value of your property with something as simple as paid guest parking. This hidden gem is the secret weapon you didn’t know you were missing.
Paid guest parking permits can not only boost your property’s Net Operating Income (NOI), but also promote fairness and parking equity among residents. We’ll dive into some practical examples of how to leverage your guest parking and explore the additional benefits of using parking software.
Create fair (& convenient) guest parking
Guests play a vital role in the vibrancy of any community, and creating a designated space for their parking isn't just a service, it's a fundamental amenity that contributes to your residents' quality of life.
It can be incredibly frustrating for residents when guest parking is being constantly monopolized (especially by extra resident vehicles or live-in “guests”) and equally frustrating for your team if you don’t know who’s doing it. So how can paid parking help both your residents and you as a manager?
This isn’t a method for exploiting guests, it’s a way to give residents equal access to share visitor spaces. If there are certain guests visiting frequently and using a lot of guest parking, this can also be a great opportunity to make revenue with their extra time.
A good parking software platform such as Parking Boss will allow guests to register their own permits and make payments based on your rules. Parking time can be limited per vehicle or per unit so that all residents have fair guest parking use.
Here are some ways you can set up Pay-to-Park rules:
Offer a limited amount of free guest parking time first
We suggest offering anywhere from 24-72 hours of free guest parking time per unit each month. Once that time is used up, guests are automatically charged a small fee of $2-$3/hour for additional time.
Require a fee per day
Instead of hourly parking, you can charge for 24 hours of parking at a time for a small fee of $5-$10.
Charge for overnight parking
If you don’t want to charge during business hours, offer free parking during the day and set a small fee for overnight guests after a certain time.
Other cases where paid parking is beneficial:
Retail parking in a mixed-use community
If visitors are parking in your guest/retail parking spaces, you have the option to offer no free time or limit it to a time that feels fair to you. Then, similar to paid guest parking, it’s common to set parking at $2-$3 (or more, depending on where you’re located) per hour. A good way to keep these spots from being monopolized is to set vehicle time limits, such as six hours of parking at a time.
Residents have extra vehicles
This can be set up on a rolling 30 day basis. If you have open parking spaces (resident or guest), residents with an extra vehicle can register their car through Parking Attendant for a 30 day permit.
Real examples of Pay-to-Park revenue with Parking Boss:
In recent years, many communities have embraced the shift to paid guest parking permits, reaping yearly revenues anywhere from $100 to $260,000. Let's delve into some real-life examples of different apartment communities using Parking Boss’ Pay-to-Park feature.
Additional benefits of an organized parking program
A modern, convenient solution for guests and residents
The best thing you can do for your on-site teams and residents is to utilize a 24/7 self-service parking platform like Parking Boss. Convenience is key!
Technology adds to overall resident satisfaction and helps you streamline daily operations. The Zego 2023 Resident Experience Management Report shared that “companies say that a tech-enabled lifestyle is the single most important aspect of the resident experience for their renters." Give guests and residents the best parking experience with the modern tech they expect.
Time savings for you and your team
Make it hands-off so you don’t have to be involved in this daily process. Self-service parking registration is commonly used in public parking spaces and it’s gaining popularity in the private sector. Self-service parking permits are convenient for guests and allow them to register after office hours. That also means no more time spent handing out physical guest permits in the office.
Stop guest parking abusers (and even unauthorized occupants)
Dealing with unauthorized guests or even “live-in” guests, but not sure who they are? You can more easily track residents and guests as well as identify unauthorized vehicles when you ditch spreadsheets and unreliable methods of parking management.
An effective parking program will make you aware of who’s parking in your community. If anyone is taking advantage of guest parking time or parking extra vehicles that aren’t included in their lease, you’ll know.
Parking management software can also reduce unnecessary towing when there are clear, digitally documented violations and guest permits; a recipe for easily enforced rules.
So, what are you waiting for? Take control of your guest parking while making it more valuable!
Get a free consultation!
With Parking Boss, you can start earning revenue in as little as 30 days.
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