In a competitive real-estate environment, real estate owners and property managers are always looking for ways to generate new revenue, optimize utilization, and reduce operating costs to make their property more valuable and get the highest possible return on their investment. Here is a list of the Top 10 parking tech for real estate owners and property managers. These technologies are being used in the industry by some of the most successful players in the real estate business.
1. Non-Commercial Rental Marketplace (AirBnB for Parking)
With a parking marketplace, parking owners and managers can maximize their revenue by renting their underutilized parking spaces. Real estate entities, builders & developers, and anyone looking for generating revenue can benefit from this product and technology.
TECH SOLUTION: In the real estate industry, new platforms offer parking marketplace to solve this problem. In this article, one such company demonstrated the value of its parking marketplace platform and provided the steps to use its parking marketplace to generate revenue. The software is free for owners to list their parking spaces and the company makes its money on a commission basis.
2. Visitor / Guest Parking
Visitor / Guest parking is a much sought-after amenity, but it has never been an easy task for property owners & managers. It can be a hassle for visitors to find parking, a security nightmare, a headache for residents, and even the cause for wrong vehicles being towed.
TECH SOLUTION: Real estate owners and property managers are solving the guest/visitor parking problem with their technologies that simplifies the parking process for residents and their guests! Depending on the property management requirements, parkers can be managed via enrollment or a transaction-based workflow. So, real estate owners and property managers—now have a way to eliminate unnecessary stress regarding guest parking. Check out this article explaining the guest/visitor parking solution.
3. Parking Enforcement
Effective parking enforcement at properties is necessary for the smooth running of any property operation, tenant satisfaction, and retention. Unfortunately, no matter the type of property, parking security, and violations are two of the biggest complaints and hassles for property managers, residents, and tenants alike. Historically, properties with parking run into unauthorized vehicles resulting in frustrated tenants. Moreover, they also have seen higher crime rates in the parking areas that lack adequate enforcement technology & processes, resulting in frustrated tenants/residents, higher operating costs, and lost revenue.
TECH SOLUTION: Property Management, enforcement officers, and owners are able to catch parking violations, improve security, and stop losing paying customers using technology. Today there are solutions available to issue instant citations via paperless tickets or send email/text alerts to the enforcement providers when a violation occurs at the property. For these solutions and more, check out how this one company is trying to solve enforcement issues using the latest technologies.
4. Integrated Access Control Systems For Parking
Gone are the days of using fobs, key cards, keys, guest passes, etc. With its reliable access control system, users can open any access point; from gate arms, garage doors, pedestrian doors, main entrances, elevators, meeting rooms, common areas, office sensitive areas, and receptions, with just a few taps of a smartphone. Based on research, we know that accessibility through secure mobile devices is the name of the game. Advancements in technology continue to prove that the future of safe access is in mobile credentials, which we have been pioneering for years.
TECH SOLUTION: Real-estate property owners, investors, and property management companies are investing in future-proof access control technology for a higher return on investments (ROI) while delivering new amenities that lead to tenant/resident satisfaction resulting in higher retention and better NOP (Net Operating Profit).
5. License Plate Reading (LPR/ALPR) Tech for Parking
License Plate Reading (LPR) technology (also widely known as Automatic number-plate recognition (ALPR)) uses advanced cameras to read and validate the sequence of numbers and letters on a car’s license plate. With AI and advanced analytics, LPR provides consistent and accurate readings of license plates. Weather and other uncontrollable elements are now no longer an issue in the reading license plate sequence. Due to these advancements, LPR is not just a tool for law enforcement, it is also a tool for property managers in commercial settings. Without a doubt, LPR has been changing city parking for parkers and parking management for the better.
Technology and artificial intelligence have allowed us to push through boundaries and imagine greater possibilities than ever before. With these advancements, the parking industry has also drastically changed to facilitate parking, prioritize safety, and give property management a sense of security they didn’t know existed. For example, with technological strides in parking management and real estate technology, License Plate Reading (LPR) tech, which uses advanced cameras to read and validate the sequence of numbers and letters on a car’s license plate, has reached a point where it’s being put to use in hundreds of cities nationwide.
TECH SOLUTION: Property owners & management: if you are seeking ways to improve your property’s security, learn more about the advantages of using LPR tech at your property.
6. White Label Parking Tech
Every company is looking for ways to get ahead of its competition while maintaining a high ROI. Working with a white-labeled solution is a way to quickly add proven product/tech to your portfolio & tech stack; offering it as your own to your customers to add a new revenue stream.
TECH SOLUTION: Most products in the market today that offer white-labeled solutions offer more than one way to integrate depending on whether you have an existing platform or not. If you are currently using a tech platform there are ways to integrate via a punch-out integration or a fully customizable API integration. Punchout integration is faster to go to market by embedding the white-labeled tech into the client’s native mobile app. API integration requires more development time and can be more expensive but gives you full control over the customization. Property owners, read up on all the benefits ParqEx’s White Labeling solution will provide you.
7. Parking Management Software
Managing parking at any property has its fair share of challenges. Managing tenants moving in and out, vehicle database management, revenue management, payment collection, enforcement and the list goes on.
TECH SOLUTION: There are a limited number of specialized parking management platforms out there that can be customized for unique property needs. We found one that offers parking property management software that eliminates several of these challenges. Property management companies across the nation are now using parking management software to streamline tenant management, revenue management, enforcement, and more. Read on to learn how.
8. Parking Operations Software
Organizing parking in parking zones has tremendous benefits to track, prioritize, manage tenants, and more. Nevertheless, it is not easy to manage parking spaces by zone without a platform that can be flexible while also powerful enough to handle the complexities of adding, and removing parking rows or spaces to the parking zone. Furthermore, if parking is in high demand, there is a need for waiting list management by parking zone.
TECH SOLUTION: We found one platform that can help you manage your parking area by parking zones, and rows while also providing a robust parking waiting list management platform.
9. Parking Customer Relationship Management (CRM) platform
Parking Customer Relationship Management (CRM) software is used to manage and track all communication with their tenants/residents/customers. The CRM can be used to send communication via email, or SMS campaigns. These campaigns can be planned and scheduled hours, days, or months in advance. Tracking the communication to make sure the email/sms is delivered is very important to make sure the messages are being received. Email/ SMS delivery tracking can come in very handy with dispute resolution. Regular reminders help enforce the rules and avoid frustration for owners, managers, tenants, residents, visitors et all.
TECH SOLUTION: Property management companies benefit from using this Parking Customer Relationship (CRM) platform for handling all communication with their tenants/residents.
10. Parking Reporting & Analytics Software
There is tremendous value in the data but more so what you do with it. With intuitive dashboards, timely well-designed reporting, and analytics software, the parking data can be visualized via graphical reports that can be made available on demand in the app or scheduled to be sent via email. These powerful reporting and analytical tools can help with forecasting, optimization of parking utilization, and gaining business insights for effective decision-making.
TECH SOLUTION: Property managers struggle to make timely decisions when it comes to parking because they do not have the best in class parking reporting & analytics software. We found a tech platform that offers the best in class parking reporting & analytics software. If you are serious about optimizing your parking utilization to maximize revenue, you should check it out. Click here to learn more about this best-in-class parking reporting & analytics software.