More property management companies are moving towards adopting smart building technology. However what they may not have considered is how smart tech can improve one of the site team’s largest challenges: parking.
Unfortunately, sometimes there is not enough parking space inventory available to meet the needs of all residents. Due to these frustrations, residents are willing to pay for a guaranteed parking spot. In fact, residents will pay anywhere from 1 to 5% of their rent, additionally every month for a parking spot, according to the National Apartment Association.
Implementing a parking management system can vastly impact productivity, organization and complicated enforcement for site teams. Better yet, parking management can be added onto an existing smart home ecosystem, making it simple for site teams to manage all of their smart building technology in one place.
Additionally, communities can access free interactive parking maps through our Engrain partnership. Parking map technology provides visibility to a property's parking inventory on a per space basis - substantially improving all parking management capabilities.
Find out how SmartRent clients are implementing smart parking management and receiving a free interactive parking map through Engrain, contact us today.
Organizing Parking Management
A disorganized parking management strategy can mean that site staff don't have a clear picture of what their parking inventory actually is. If a parking space is shown to be occupied by a resident that has either moved out or is no longer using it, that’s underutilized space that is costing the property money.
A parking space can cost anywhere from $50-$400 a month depending on location and proximity to a city center. Now imagine if a property doesn’t have accurate parking space inventory reporting - they could be missing out on ancillary income every month.
A Parking Management System That Works
Finding a parking management system that truly solves these pain points was once a difficult task. However, that’s why SmartRent created Alloy Parking . The SmartRent founders are former multifamily operators that understand the difficulties site staff face, so they created a smart parking product that actually delivers.
For one, Alloy Parking has real-time reporting on parking space inventory. Once implemented, it becomes the single source of truth for property management teams, meaning that you never have to guess how many parking spaces you have available or wonder if you’re missing out on potential revenue.
Furthermore, properties that have underutilized parking spaces can create ancillary revenue opportunities by monetizing guest parking spaces. With the use of designated guest parking signs, guests visiting the property will scan a QR code and pay for parking directly in the app. This creates additional revenue for the property, and eliminates confusion for guests as to where they are supposed to park.
Alloy Parking is also compatible with Engrain mapping, providing interactive maps that sync with Community Manager Web so site staff can easily manage their parking inventory in one platform.
Parking enforcement is not something most site teams enjoy. Dealing with towing companies, parking passes, and upset residents while also managing an entire property can be overwhelming.
Using the vehicle validation feature within a parking management system allows site teams to easily ensure only an authorized resident is parked in their assigned space.
Furthermore, parking sensors enable site teams to see immediately if a space is occupied or not. Site staff can also easily enforce payment requirements if guests have not paid without even leaving their workspace.
A Fully Integrated Parking Platform
Alloy Parking is fully integrated with the SmartRent ecosystem, allowing site staff the flexibility and ease to manage all of the property’s smart home technology solutions from one platform.
It’s Time for a Parking Management System
Overall a parking management system is a necessary addition to any smart community. Smart technology for parking should not be overlooked as an opportunity to increase revenue and bring efficiency to your operations. The ease of use will save site staff valuable time and allow them to focus on the more pressing tasks at hand. Moreover, having a parking management system that provides an accurate single source of truth to your parking inventory is vital to the financial success and monetization of your community.
To find out more about implementing Alloy Parking at your community, contact us here.