Posted: Sept, 15, 2020 11:52AM ET • 3 min read

Arrows point up with a business man in the background pointing at one of the arrows

If done right, implementing paid parking regulations on your property can provide a significant and steady revenue stream for your business to rely on. As the price of owning and maintaining real estate across Canada rises, it makes sense for property owners to offset these costs by implementing paid parking programs.

For example, mixed-use developments implement paid parking to generate the revenue required to maintain and grow their facilities, as well as manage the use of parking on their site.

But can parking actually generate substantial revenue? The short answer is “yes” but it needs thoughtful business planning from the outset.

Business Environment

Where are you located? Do nearby businesses charge for parking? Are you trying to attract or deter certain types of parking (e.g., visitors, permit parking)?

Parking Equipment

In a nutshell, you need to invest in parking equipment that is reliable, user-friendly, and aligned with your business and customer service goals. In some instances, a multi-space parking meter solution may make more sense than gating your parking facility, or vice versa. But don’t let cost deter you. A less advanced system usually results in more problems, and greater revenue loss from downtime will inevitably exceed initial upfront cost differences.

Maintenance and Technical Support

Protecting your parking investment with ongoing maintenance and technical support is key to ensuring your equipment is fully functional. To help keep your equipment up and running, look for organizations that provide 24/7 live central monitoring and dispatch services. With this solution, if system failures do occur, they are immediately addressed. This will keep your parking revenue secure.

Mobile Parking Payment Apps

Give your visitors the option to pay for and extend their parking sessions from wherever they are with the quick tap of an app. Mobile payment apps leave visitors no excuse not to pay for parking, and every excuse for you to enforce your property’s paid regulations.

Signage

Inform your visitors of the paid regulations on your property to ensure compliance.

Parking Enforcement

Unfortunately, the honour system just doesn’t work. If parking meters are running your paid parking operation, you need to ensure compliance and protect your revenues with effective enforcement patrols. A well thought-out program would include site-specific regulations, randomized visits, and an electronic ticket management system that simplifies enforcement and payment activity.

Beyond the Basics

Once you have covered the basics, additional services that will enhance your parking operation include the following:

Parking permits: If you have the capacity, consider securing ongoing and recurring parking revenue by offering monthly parking permits for regular visitors, staff, and tenants.
Digital marketing: With 92% of parking transactions beginning online as drivers plan where to park six to 14 hours before heading to their destination, it’s imperative that your parking facility location and details are highly visible and readily available on Google.
Remote customer assistance: Remote customer assistance replaces the need for on-site parking attendants; with reliable audio and video connections between parking facilities and a central monitoring site, high levels of customer service can be maintained at a fraction of the cost of on-site attendants.
Amenities: The secret to business success is to provide your customers with everything they need; for example, EV charging stations and valet and car wash services are high-demand amenities that can increase your parking revenue by attracting more visitors to your parking facility.
Facility maintenance: Safe and pleasant parking experiences encourage customer loyalty and thereby increase parking revenue; for this reason, facility maintenance — such as power sweeping to keep stalls clean or seasonal maintenance to ensure spaces are free of obstruction — is integral to drawing customers in the first time and keeping them coming back.