How to Increase Parking Lot Revenue
Stadiums and airports put in a lot of work managing and maintaining parking lots every day. Whether people are enjoying an evening watching their favorite athletes or a family is on an extended vacation hundreds of miles away, the patrons who use the parking lot expect their cars to stay safe while they're away.
A business's responsibility is to turn the patron's desire into a reality. However, operating a parking lot can be expensive. Fortunately, it's possible to increase parking lot revenue while still attracting people to the parking lot for their car parking needs. By following the right tips, businesses and venues can draw in more customers while also increasing parking lot profits.
Contact VPS today to learn more about parking shade structures that will help increase parking revenue, and protect your patron's assets.
Read the full article or jump to a specific section:
- 1. Keep Track of Parking Rates
- 2. Use Electronic Parking Technology
- 3. Partner with Other Businesses
- 4. Offer Valet Services
- 5. Provide Amenities
- 6. Install Parking Shade Structures
- Benefits of Purchasing Parking Shade Structures
Top 6 Ways to Increase Parking Revenue
A parking lot covers a large property area, and as a result, it can bring in a lot of money. Use these six tips to experience parking revenue improvements.
1. Keep Track of Parking Rates
Supply and demand are two of the strongest driving forces for the prices of products and services worldwide. The same factors apply to parking lot pricing. Make sure to keep track of prices to ensure the parking lot is striking the right balance between supply and demand.
If the parking lot is always reaching capacity, it may be charging lower parking prices than other nearby stadiums and airports. Conversely, if the parking lot is always empty, the prices could be too high. Reevaluate prices so visitors fill parking spots at a manageable rate and the business will make a healthy profit at the same time.
2. Use Electronic Parking Technology
Try using internet-based or cloud-based technologies with the parking lot. People want to find a parking spot as quickly as possible so they can get to their next activity. Driving in circles around a packed parking lot is the last thing on anyone's agenda.
Electronic parking technology allows people to use their computer or smartphone to search the parking lot for a free spot before they even arrive. They can then claim a parking spot to guarantee their place in advance. This technology helps patrons save time and increases revenue.
3. Partner With Other Businesses
Stadium parking lots can suffer from decreased patronage on rest days or away games. One way businesses can drive up sales is by partnering with nearby businesses. Reach out to establishments near the parking lot that lack a parking lot of their own, such as:
- Bars and restaurants
- Music venues
- Museums and art galleries
- Small businesses
By offering paid use of the parking lot to these establishments' customers, those customers are more likely to visit the business that owns the parking lot. Plus, other businesses will advertise the parking lot in their communication efforts, raising awareness of the parking lot's availability. The business will enjoy increased revenue as other establishments' customers pay to use the parking lot on days when the parking lot sees less action.
4. Offer Valet Services
Valet services can set an airport or stadium parking lot apart from the competition, bringing in more business and more revenue. When it comes to catching a flight, people want as much wiggle room in their schedule as possible. Skipping the process of finding a parking spot can save several valuable minutes for patrons, which can be a good enough reason enough for some customers to choose the parking lot's airport for their flight.
Valet service can also put patrons into the "vacation mindset." People tend to spend more money on vacations, so they will be more willing to pay more for valet services. Raise the appeal of a parking lot and the airport or stadium it serves with friendly, efficient valet services.
5. Provide Amenities
Parking lots can be vast, causing people to walk several minutes to get to the entrance of the building from where they parked their car. If a parking lot gets the reputation of demanding long walks, people may look for another place to park their vehicle. On the other hand, if a business provides amenities for patrons, parking a far distance can become a tolerable and even enjoyable experience.
Here are some amenities an establishment can provide for parking lot guests:
- Comfortable benches for patrons who need a break
- Tram service to transport guests to the main entrance and back to their cars
- Charging stations for drivers of electric cars
6. Install Parking Shade Structures
Many people are hesitant to leave their car in a parking lot for an extended period for fear of damage. The sun's UV rays and inclement weather can both cause severe damage to people's vehicles in the parking lot. Parking shade structures can be the answer to this dilemma.
Parking shade structures show patrons that the business cares about the well-being of their vehicles. Give them a place safe from the sun's harmful rays that can also defend their cars from damages caused by hail, sleet and other types of weather. If people feel like their cars will be safe, they will be more likely to choose the lot for their parking needs.
Benefits of Purchasing Parking Shade Structures
Parking shade structures can set a parking lot apart from the rest, and the benefits they offer are extensive. Consider the following benefits of buying parking shade structures for the parking lot:
- Protect the guests' cars: As noted above, parking shade structures can protect a customer's vehicles from sun damage and violent weather. This protection can save customers from paying for repairs and higher insurance premiums.
- Add to the lot's aesthetic appeal: Give a parking lot some extra character with the appealing appearance of parking shade structures. These structures give the parking lot a luxurious look. Parking protection structures can also be customized with company colors, emblems or logos to add to the aesthetic appeal.
- Give patrons a more comfortable experience: Getting into a car after it has been sitting under the hot sun all day is a very stifling and uncomfortable experience. With parking shade structures, establishments can lower the inside temperature of patrons' cars by up to 40 degrees. Guests will enjoy driving away in a much more comfortable vehicle.
- Incorporate lighting and surveillance features: Use parking shade structures to house lighting, cameras and other surveillance features in the parking lot. Patrons will feel safer when leaving their car parked in the parking lot.
- Increase the property's value: Parking shade structures can increase the value of the property. Install solar hail protection structures to create a source of renewable energy and increase the property value even more.