Generating Extra Revenue Through Smart Parking in Commercial Apartment Complexes
Digital parking has the potential to generate extra revenue for the apartment community that could be used for maintenance or improvements to the parking area or the complex as a whole. There are many benefits to making the switch to a more modern parking system. These highlight the opportunities for all parking facilities and residential areas…
The Application of Smart Parking Defined
The use of digital or smart parking is on the rise with the advancements and continual growth of the technology sector. Every day the integration of technology begins to be used more and more by the modern person. If we look to an average day for a consumer, there is technology integrated into our lives as soon as we wake up and until we go to sleep. From smartphones, watches, fridges, and more technology is there making life more convenient. Parking is no exception- as facilities are switching over to more digital platforms.
In parking, the switch to digital means the integration of equipment and tools that automate tasks in the parking area. These include, but are not limited to sensors, license plate readers, cameras, lighting, signage, and the use of a cloud-based system for tracking, monitoring, and enforcing parking. The amount of integration is solely dependent on the area, size, traffic, goals, and overall needs of the parking area. Every parking area can benefit from the use of this technology no matter the type from commercial and residential, short term and long term parking.
How Digital Parking Adds Revenue
Smart parking technology has the ability to allow a driver to find the nearest parking place, pay, and find their way without a hassle. Overall the use of this digital platform reduces carbon footprints, but also has the potential to increase revenue at the place of parking. This technology can also open additional streams of revenue through guest parking, resident parking, and event parking.
A residential complex can generate additional revenue without a hassle through a cloud-based platform like ParkingBadge. One of the first impressions left on future or potential tenants is the parking. Is it safe, secure, easy accessible, and easy to get to their home? Digital parking offers security, ease of use, and the ability to provide additional parking for guests 24/7. This can all be achieved through mobile payments, data generation, and the use of the digital cloud to add ease of use for management, users, and guests.
One of the simplest ways to generate additional revenue for the residential complex is through the charge of commission or parking. For residents this could be a yearly fee applied to the rent contract, monthly parking fees, or the charge of parking for guests. These systems could also offer reward programs or incentives in order to make the deal on parking more sweet. With this method an apartment complex has the ability to make some serious revenue. For example, for a residential complex with 150 spaces for residents and an additional 50 for guests, the complex can charge a fee for residents yearly and a daily pass for guests. If the complex would charge a $150 fee for the year for residents there is the potential for $22,500 a year generated. If the guest parking software has an average usage of 20 spaces a day at a rate of $5, this would generate an average of $33,600. After ParkingBadge’s small fee, that accounts for an estimated $40,000 a year of additional revenue! This would help mitigate other costs and help with parking lot repairs and maintenance.
The data generated through the cloud based parking management platform is in real time, meaning that a complex can make current decisions based on the needs of the residents and guests. This aids in policies and pricing, as well as assists in identifying possible areas of lost revenue. The systems can also track users and the comings and goings of the parking areas. This also helps in making informed decisions for the complex.
Smart or digital parking systems open new revenue streams for all types of parking operations including those that are for residential parking like apartments and townhouses. With the use of modern technology and a customized digital cloud app, residents, guests, and management can truly have convenient access to parking that is reliable and secure.
Interested in finding out more information about ParkingBadge’s innovative free parking management software and parking enforcement software? Please visit- https://parkingbadge.com/request-demo/
