As a property manager or owner, you spin a lot of plates. In the daily rise and grind, you have to think about tenants needs, customer complaints, & property repair schedules. So, it is not a surprise to us that you likely have not stopped to realize your parking lot’s full potential. What do we mean? Think about all of the time frames during the week when your parking lot is not full. We are here to help you think creatively about how you can utilize those empty spaces. Using these strategies, you can help offset the heavy duty price tag of maintenance for your lot.
Evaluate Potential
We know you are busy spinning plates, so get some help with this. Your tenants probably have a pulse on the parking lot. Some may see large spaces of time where portions of your lot go unused. Others may note that their patrons would love to utilize valet parking. Being present in your lot will help you evaluate potential as well. If you can, take a swing by your lots at various times of day. Note empty parking spaces, and begin to formulate a plan for how you can monetize those spaces.
Event Potential
You may have read that heading and thought “what special events?” Maybe you are not near a major concert hall or stadium. However, even community gatherings, Grand Openings, and other minor events need overflow parking. Seek out community publications to discover events near you. Contact the event coordinator or planner to discuss their parking needs. If you are near a major venue, fantastic! Contact the venue and discuss their need for overflow event parking. You may be able to earn a lump sum or per spot charge by opening your lot up to their patrons. Either way, you are making your empty spots work for you!
Valet Potential
Do you have a large portion of your parking lot that is underutilized regularly? Valet parking may be a great un-tapped resource for you. Contact a local valet service and ask if they are looking to expand their business. If you have a fancy restaurant or hotel on your property, daily valet parking may be the perfect addition to your services. A local valet service may prefer to rent space in your lot just for the weekend or special event. Do your research ahead of time so you know a fair rate to charge. You do not want to miss out on a potential deal due to lack of price knowledge.
Potential In Every Parking Lot
Maybe events and valet services don’t suit your needs or benefit your business model. However, if your parking spaces being under-utilized, remember that there is potential in every lot. Contact local businesses to see if they need employee parking. Install e-vehicle charging stations with a meter for a slight fee. Now that we have the wheels turning, you may think of ideas that we haven’t even thought of! We hope you do! Realize your parking lot’s full potential by utilizing those empty spaces.
