Ways to Increase Your Parking-Related Revenue [Infographic]

There are many ways to increase your parking-related revenue. Some are obvious, others are less obvious. This post will briefly discuss tips to keep in mind as well as a few ways that have proven successful for PSI and our client partners.

Should you:

•         Charge or not charge for valet parking?
•         Increase parking fees?
•         Provide value added features?
•         Increase marketing and signage?
•         Install technology?
•     Increase parking enforcement?

These are just a few of the questions you might ask yourself when thinking of ways to increase your parking-related revenue. Unfortunately, there isn’t a one size fits all plan that works for every facility. It’s very important to know your facility, know your customers, know your options and know the demand.

Here are a few ways we've been able to help our client partners increase their parking revenue [Infographic]

TIPS:

To Charge or Not to Charge for Valet Parking

• The positive impact of charging for valet parking is the revenue it generates to help offset the cost of the valet service. The negative impact is the decrease in usage and temporary customer complaints.

Increasing Parking Fees

• Remember, increasing rates will increase revenue as long as the increased rates don’t have a significant impact on demand.
• If your rates are fixed per hour and the collection method is flexible (e.g., pay and display, pay on foot, etc.), you could increase your rates for either short term or long term parkers depending on the demand. Increasing the rate for short-term parkers (e.g., $3.00 for the first hour, $1.00 for every hour after that) or increasing the rate for long-term parkers (e.g., $1.00 for the first hour, $3.00 for every hour after that) can help meet the demand at your facility.

Providing Value Added Features

•  Value added features can increase the attractiveness of your facility, increase cars parked and can also improve customer service scores. Offering value added features such as directional assistance, wheelchair and luggage assistance, jump starts, tire inflation and lock-out assistance doesn’t add much cost and increases customer service resulting in more cars parked.

Increasing/Improving Marketing and Signage.

• Poorly marketed and signed parking facilities result in customers either unsure if parking is available, unsure if they’re allowed to park without being ticketed, unsure if the facility takes credit card or customers leaving all together.

 Installing Technology.

• PSI’s cloud-hosted technology offerings include: Point-of-Sale System (POS), Valet Metric System (VMS), Text-for-Retrieval, Pay-by-Phone, Reservations, Handheld Devices and Real-Time Reporting. Installing technology pays for itself by increasing car counts, increasing revenue and decreasing labor hours.
• Pay-by-Phone sends the customer a text alert when their parking fee is running low allowing them to add time through the application.

Increasing Parking Enforcement.

• Parking enforcement can not only increase revenue but also increases customer service by opening up space for your customers to park. If you don’t enforce parking regulations, parkers quickly recognize whether they need to comply with regulations or not and start taking advantage of the system leaving your customers with no place to park.
• Routine parking enforcement has the following benefits:
• It encourages customers to comply with time limits and restrictions which increases turnover of spaces giving your customers a place to park.
• Encourages customers to pay for the time parked and adds revenue through ticketing those non-compliant customers. 

PSI services include: Valet Parking, Garage & Lot Management, Shuttle Services, Ambassadors, Concierge, Traffic Control and Special Events.