Reliable Revenue Through Smart Parking Software- How much revenue potential does your parking lot or parking garage have?

There have been recent reports that the economy is going through a negative trend. In other words, times are tough. It is important for everyone to make smart financial choices in order to make ends meet and generate some form of savings for when times get tougher. Even though we have a slight decrease in the economy, people are motivated to start traveling and driving again for a variety of reasons whether it is for work or leisure. With this, there is a new surge in the strain of parking areas, as well as the need for increased safety and security. The same can be said for residential areas for their tenants and guests. Did you know that parking can be an excellent revenue source as well as a booster to overall satisfaction to users of these systems?

Digital Smart Parking Systems Defined

Smart parking is defined as the use of tools or equipment to enhance and automate the parking experience. This is done through the use of a variety of tools like license plate readers, sensors, cameras, lighting, signs, and more. This also includes mobile applications. The level of automation in the parking area is strictly up to the manager’s goals, needs, and overall demand by users of the parking area.

Digital parking has its roots in Europe back when the first vehicles started to take to the roads. As a means of helping to organize cars and parking, cities began to employ parking lots and garages. Some took it a step further and created ‘smart’ parking spaces where vehicles were parked for the driver in a sort of vending machine style of parking. Today, smart parking comes in a variety of shapes and sizes and is ideal for all applications of parking no matter the location and type. These systems are becoming more and more mainstream as managers and drivers alike begin to incorporate more technology into their everyday tasks.

ParkingBadge Digital Parking and Revenue 

The ParkingBadge parking software is a state of the art cloud-based software that can be fully customized and formed to meet the needs of every parking area and operation. This includes all the above listed areas and more. The major benefit of digital parking is the ability to generate more revenue with overall less inputs. ParkingBadge had taken this idea and ran with it in order to bring the application and knowledge at a cost of only a 30 percent fee to the facility, property, or operation. The amazing thing is that this 30 percent fee includes all related expenses with cashless payments like card fees, the availability of full access online and mobile applications that include paid guest parking, virtual and paper permits, reserved parking for tenants, resident parking permits, interactive reports, and the ability to control access to the property.

Quick Number Crunch

With digital parking, another benefit is the ability to increase the usage of the parking facility. Instead of only having some of the spaces filled, smart parking allows for users of the facility to use every space on the lot. This is done through signage and trackers through license plate readers and sensors. The interactive system can indicate available spaces outside the facility and inside the facility at the same time in real time. This also is shown on the interactive app on all connected IOS devices. There is soon to be an android version of the app for download!

The size of the parking facility does not matter in the fee of 30 percent- from great to small ParkingBadge covers them all. If for example the parking facility has 50 spaces at $5 each with an average of 3 occupants per space at a 75 percent total occupancy, the revenue would average at $562.50 each day with a monthly revenue of $16,875. After the 30 percent fee is subtracted from the total revenue, the facility is marked to make an estimated $11,813.

Even from a smaller operation stand point, the revenue potential is still great as the fees are the same at 30 percent cut from the total monthly revenue. A parking facility for a residential parking area with 20 guest parking spaces has the potential with 75 percent occupancy over the course of the week to make $375/ day. This equates to roughly $7,984 per month of revenue.

Want to find out what your parking area revenue potential is?

Check out ParkingBadges awesome revenue calculator here: https://parkingbadge.com/pricing/

ParkingBadge also offers a subscription based system for parking areas that do not charge a fee. Be sure to reach out to a ParkingBadge expert to find out more about their subscription service!

Start up and overall maintenance costs can add up for a facility. With ParkingBadge’s all inclusive fee, these costs are reduced and left for ParkingBadge to take care of. This leaves the operation available to care for other matters of the operation.

Click here for more information about Parking Badge’s innovative parking software- https://parkingbadge.com/solutions/

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