Got a property that’s losing its charm for tenants or struggling to reel in newcomers? Are parking jams turning customers off your retail or hospitality spot? Poor parking management quietly chips away at property value and tenant happiness. But there’s a silver lining: smart parking systems, fuelled by the Internet of Things (IoT).

The Headache: Unhappy Tenants and Lost Revenue

Could you believe that, on average, we fritter away 17 hours each year circling around in search of a parking space?

Studies show that a bad parking experience can significantly impact tenant satisfaction and customer loyalty. A National Parking Association survey in 2022 unveiled that 66% of workers see easy parking as a job satisfaction deal-breaker. (1) A Texas A&M University study discloses that 73% of shoppers ditch their visit if parking eludes them for over 5 minutes. (2)

What does it mean for asset owners?

  • High tenant turnover: Frustrated tenants search for locations with better parking.
  • Reduced customer foot traffic: Customers abandoning visits due to parking woes, impacting retail sales and hospitality revenue.
  • Inefficient use of valuable space: Underused parking slots or overcrowding equals missed profit opportunities.

The Solution: ParkingAround for Smarter Asset Management

Smart parking systems utilize a network of sensors and cameras to collect real-time data on parking availability. This data empowers asset owners to:

  • Deliver a dream parking experience: Real-time data, displayed in buildings or via a mobile app, helps tenants and customers pinpoint free spots pronto.
  • Nail parking allocation: Data-fuelled insight paves the way to efficient allocation of reserved and visitor parking, maxing out space usage.
  • Boost revenue with paid parking: Paid visitor parking schemes with automated payment systems crank up the cash, especially for retail centers and hospitality venues.
ParkingAround’s mobile app interface enables easy reservations, management, and payment for parking spots

Perks Tailored to Different Asset Types

Corporate Buildings:

  • Draw in and keep tenants hooked with a sleek, hassle-free parking experience.
  • Set up reservation systems for assigned parking, making commutes a breeze for employees.
  • Harness data analytics to fine-tune parking allocation based on tenant and worker profiles.

Retail Centers and Shopping Malls:

  • Reduce customer frustration and encourage repeat visits with a smooth parking experience.
  • Implement dynamic pricing models to manage parking demand during peak shopping hours.
  • Enhance security with automated parking barriers and payment systems.

Hospitality Centers:

  • Attract guests by offering a stress-free arrival experience with readily available parking.
  • Integrate parking reservations with the booking process for a seamless experience.
  • Analyze parking patterns to optimize valet services and improve operational efficiency.

Beyond the Benefits: Additional Considerations

  • Security and data privacy: Robust security measures are crucial to safeguard user information.
  • Integration with existing systems: Compatibility with building management systems ensures smooth data flow. ParkingAround is integrated with most parking system providers.
  • Scalability for future growth: Choose systems that adapt to evolving parking demands.
  • Cost-benefit analysis: Evaluate installation, maintenance, and potential revenue generation for informed decision-making.

Investing in the Future of Smart Parking

Smart parking systems are not just a technological upgrade – they’re a strategic investment in the future of your asset. By prioritizing tenant and customer satisfaction, you can boost occupancy rates, generate new revenue streams, and streamline operations. As smart cities become the norm, integrating smart parking solutions will be key to maintaining a competitive edge. Don’t let congested parking lots hold your property back. Embrace the future of parking and unlock the full potential of your asset.

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