Friday, June 2, 2023

6 Methods to Leverage Paid Parking — LODGING

paid parking

Motels have at all times taken a strategic strategy to promoting rooms to drive demand and optimize room income. They need to be taking that very same strategy to their parking asset. At Towne Park, we consider the influence of parking the identical means accommodations consider room income; we name it RevPAS or income per out there house, which supplies a metric for optimizing parking for the best return. For accommodations searching for new income sources and approaches to optimize their parking operation, listed here are six methods that must be thought-about:

Consider your parking asset as a income supply. First, decide in case your parking asset is a viable income. In case you are not at present charging for parking, do some market analysis to know native tendencies. Are different accommodations in your comp set charging for parking? Not too long ago, we have now seen extra of the trade contemplating paid parking as a income stream, even with economic system accommodations in suburban areas.

The suitable income management system. When charging for parking, it’s crucial to have a system to handle and accumulate income. Should you at present cost for parking utilizing the glory system, you’ll enhance collections, income, and revenue with a proper system. It doesn’t have to incorporate gates and tools. There are gateless digital options at this time, resembling our T-Park resolution, that permit visitors to textual content to pay and even switch parking prices to the folio with property administration system integration.

Visitor expertise. Do your visitors like high-touch service, or do they like a frictionless expertise? Would visitors anticipate a valet staff to welcome them, or would a technology-based self-parking expertise be acceptable? Replies to those questions inform the kind of parking resolution that’s finest on your property and visitors.

Pricing parking. The identical pricing methods you apply to room gross sales must be utilized to parking, resembling dynamic pricing and charge optimization, which guarantee all out there areas are offered and align charge with demand to optimize income.

Optimizing your parking asset. Do you might have unused parking areas? Is there seasonality through the yr when fewer visitors drive, resulting in open parking stock? If that is so, you’ll be able to higher make the most of your areas by promoting them to non-hotel visitors. A method to do that is to place parking spots up on the market throughout a number of aggregators to promote out there stock on the proper worth.

Knowledge is king. You could ensure your parking system supplies you with the best knowledge to make well timed, knowledgeable selections about your parking. Knowledge is used to know quantity and drive-in charges in a market to assist dynamic pricing, in addition to to drive efficiencies in labor.

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