Need to Cut Costs at Your Building? START WITH PARKING

As a 30-year veteran in the parking industry, I'd like to share some proven systems to reduce parking capital and operating expenses at your building.

First, How Much Are You Spending?

1. Ask accounting to calculate all parking operation related costs at your building for the past 3 years. 

Be sure to include:

• general operating costs

• insurance

• management fees

• credit card fees

• labor and burden

• software upgrades

• PCI compliance upgrades

• remote monitoring

• add-ons (Business Intelligence, 2D Scanners, Aggregator Fees, etc.)

• gate and equipment repairs

• supplies

• device fees

• uniforms

• SEO marketing

• mystery shoppers

2. Calculate the average cost from these 3 years. Add in any new PARCS install costs as well. Then divide this number by the number of spaces at your building. This figure is your cost per space. 

Now that you have some data, let’s re-imagine your parking facility by asking logical questions. 

1. Does the parking staff add enough value to justify their cost, keeping in mind, most FT attendants cost about $45K per year?

Staffing 2 attendants per day (M-F) will cost, at a minimum, $90K per year. That’s a lot of money for someone to wave to your tenants and wait for gates to break down so they can repair them. Imagine buying a car and having to pay a mechanic to ride with you every day in preparation for when the car undoubtedly breaks down.

2. Do the parking gates ensure we maximize our revenue capture or do they just cause more pain and friction for me, my tenants and their visitors? 

A two-lane garage with a pay machine will cost about $125K in capital costs with another $600,000 in warranties, repairs, part replacement, emergency service calls, and software upgrades. Think of how long it takes to recoup that $725K and $900K in labor ($1.6MM) over 10 years, while causing slow facility ingress and egress, backups, and oftentimes gridlock at your buildings.

3. Has parking management technology evolved to where we can manage parking with less expenses and improve the parking experience?

Premium Parking has developed a modern parking management system that enables asset managers to organize all aspects of the parking operation by utilizing ONE very robust platform, built by a parking management company. 

As Premium’s roots are not grounded in a technology company’s “proof of concept”, our PARCS system was completely designed to create a smarter, better access and revenue control system. 

Our end-to-end GLIDEPARCS platform comprehensively serves as a virtual permit, reservation, and mobile payment system using the vehicle license plate as the credential. 

It is a single source of reporting, allowing all data to be aggregated to a hub and then analyzed by an internal Business Intelligence team of parking professionals to ensure rates are optimal during peak and slower periods. 

Premium can manage your parking portfolio’s operations as a parking management vendor, or we can license our GLIDEPARCS software in a SAAS agreement to your organization at $3.00 to $8.00 cost per space, depending on complexity.

Do the 'cost per space' math, then share the potential savings with your bosses!

If you’ve ever managed parking, directly or indirectly, you know that the biggest expenses and headaches are caused by gates and labor. Allow the public to pay for parking the way they want to, with their personal smartphone devices. Monthly accounts are easily managed with their phones and hourly parkers simply pre-pay for their sessions as they walk to their destinations, similar to an on-street parking meter.

Instead of wasting money on parking use this huge savings for other building improvements or amenities with smarter ROI's. Don’t be the only building on the block that is still using gates two years from now. It’s a proven fact that leasing brokers and agents are more likely to lease space in a gateless parking facility than one with gates due to the convenience.

Visit our website below to review our innovative parking company and modern GLIDEPARCS ecosystem.

Then contact Premium Parking to schedule an outreach call or a 'no-obligation' free online SAAS demonstration.

[email protected] or Direct: 240-688-6903