Six steps to add value to your car park

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Six ways for car park owners and operators can add value to their car park and maximise the performance, and ultimately the revenue, of this valuable property asset.

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Six steps to add value to your car park

  1. 1. six steps to add value to your car park
  2. 2. six steps to add value to your car park marketingmarketing market projections and feasibility studies market projections and feasibility studies risk minimisation risk minimisation managementmanagement designdesign technologytechnology
  3. 3. step one: design Good design creates more spaces and offers visitors a better parking experience
  4. 4. step one: design Essential features of good car park design • Pedestrian walkways & elevators • Clear, colour-coded signage • Adequate lighting • Paint all surfaces • Good security • Split level car parks: clockwise traffic • Large car parks: one-way counter-clockwise perimeter traffic, two-way in subsidiary aisles • Easy manoeuvrability • Entry & exit routes: logically placed, adequate capacity
  5. 5. step two: technology Updated access control technology maximises revenue and user convenience
  6. 6. step two: technology Control solutions must be designed specifically for the site and operation • Reduce labour costs – use automatic paystations with credit card facilities • Integrate with other systems, e.g. security, CCTV, intercom help points • Improve reporting to reduce revenue leakage • Help prevent fraud • Monitor multiple unmanned car parks from single remote location
  7. 7. step three: market projections and feasibility studies Conducting a study into car park efficiency and income projections can identify means to maximise income from each parking space
  8. 8. step three: market projections and feasibility studies Conduct a market study on the efficiency of your car park and project future income • Research your local market and identify opportunities for additional revenue • Establish earning capacity of each space • Analyse parking statistics regularly • Review structure of expenses and operational hours • Update pricing strategies, e.g. early-bird and free parking offers • Identify ways to maximise income from each parking space
  9. 9. step four: management The right car park management will ensure customer satisfaction and profitability
  10. 10. step four: management Review your car park management options • Review the best option for management: in-house, operator management contract or lease to an operator? • Pros and cons of leasing and management contracts. Operators will always focus on leases. Caution regarding management contracts • Management fees should be related to combination of financial and service related KPIs • Implement periodic contract reviews
  11. 11. step five: risk minimisation Protect your car park from revenue leakage by minimising risk and human interactions
  12. 12. step five: risk minimisation Revenue loss is often the result of negligence or lack of understanding. • Car parks are fraud targets: 15% revenue leakage not uncommon • Leakage is often result of negligence or “being kind” to customers. May be attributable to customer, employee or management company • Reducing human interaction by automating cash collections will minimize leakage • Equipment features often not fully utilised because operators fail to implement appropriate systems
  13. 13. step six: marketing Implement a marketing campaign to drive customers to your car park. Higher occupancy = higher revenues.
  14. 14. step six: marketing Never underestimate the power of good marketing • Implement a Direct Marketing campaign to local businesses (retailers, service providers and venues) within 300-500 metres walking distance • Letterbox drop, public display signage, email campaign, online marketing, local paper advertising etc • Incentives to attract short-stay parkers? • Set and monitor Benchmark KPIs for marketing • Computerised signage is a powerful marketing tool especially for variable pricing & information
  15. 15. six steps to add value to your car park marketingmarketing market projections and feasibility studies market projections and feasibility studies risk minimisation risk minimisation managementmanagement designdesign technologytechnology
  16. 16. visit us at www.parkingconsultants.com for more information about PCI subscribe to PCI’s blog for the latest in parking industry news

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