How to earn more commercial real estate cash flow from multi-family properties with paid parking permit software.
When it comes to commercial real estate, finding all the different ways to profit, save, and earn extra money from an investment or portfolio property is always high priority. Whether it be installing a selection of vending machines, paid for onsite laundry machines, vacuum cleaners for residents to clean their cars, self serve car wash, electric car charging stations, small convenience store, etc.; there are many creative methods to generate additional revenue from multi-unit properties. As there are many creative ways to earn extra revenue from multi family apartment complexes and other types of multi-family residential developments, one frequently overlooked asset is multi-family paid parking management software.
Paid parking software is an excellent asset as it works both at generating additional revenue for the multi family property or development, but it can also directly contribute to saving the development revenue in terms overhead expenses, increasing the property value, along with potentially indirectly increasing revenue from increased occupancy across the board due to enhanced safety and security due to the new parking management software.
Types of Multi-Family Parking Software Applications-
- Monthly Parking Management Software-
- Reserved Parking Space Management-
- Paid Guest Permit Parking Software-
- Multi-Unit Parking Lot Management Software-
- High-Rise and Condo Parking Lot Management Software-
- HOA and Gated Community Parking Management Software-
Parking Enforcement Software
Some of these types of parking software also have the capabilities for parking enforcement and parking citation software services as well. This allows property managers the means to be able to monitor parking spaces, track violations, block access, and implement complete parking enforcement best practices seamlessly into their specific type of residential or multi-unit parking software.
Parking Software Benefits-
- Less contact with employees and other staff.
- Less overhead in terms of staff office hours
- Increase safety & security- know who is on your property at all times while keeping those you don’t want off your property.
- Enforce visitor and lease restrictions
- Potential to bring in additional revenue at no cost
- Increase tenant satisfaction, retention rates and thus long-term property growth
- 3rd party integrations-i.e: tow companies for repeat violators and unauthorized vehicles
Interested in finding out more on how parking software for a multi-unit residential property can add value and increase revenue? Visit ParkingBadge to find out more information about their innovative parking software solutions. https://parkingbadge.com/solutions/
