When it comes to apartment building parking, managers are stuck in a manual age of needless admin and inefficiency.
However, there are solutions readily available for those who want to retain tenants, have time to concentrate on other tasks, and even gain revenue from their parking lot.
Before we go into how parking can be, let us first look at how residential parking is.
Apartment building parking today
Making a change and embracing new technology is always tough. Some property managers believe that manual systems work better for them. Meanwhile, others are simply happy to stick to what they know.
Whatever your view on technology, there is no doubt that sticking with aged systems leaves the parking lot inefficient. This means it isn’t reaching its full earning potential.
Visitor management
If you work as a property manager or within facilities, then you likely spend more time managing your parking lot than you’d like to admit. This is especially true when it comes to your tenant’s visitors and the spaces that they use
For your building to be secure, these visitors need to be registered and monitored, so they are not overstaying their allotted time.
This all requires a huge amount of human capital.
Unused space
Currently, if there are reserved spaces in your lot, you are not certain whether or not they will be used.
This is the traditional way to do things; give each tenant a space and maybe another for their visitors.
Then, let them use those spaces as they see fit without booking.
However, that system doesn’t account for when the tenant is out of town, when they don’t have a vehicle, etc.
It’s a waste of resources. These spaces can be rented out, especially if your apartment block is near businesses that need extra offsite spaces.
No reduction in carbon footprint
When you’re leaving your apartment’s parking lot to destiny, you’re doing nothing to affect your property’s carbon emissions.
However, the right technology can help tenants and guests who are using your lot to know where their space is. This will then reduce their journey and their carbon footprint.
As a landlord, you may aware of the impending need for EV chargers. This need comes as more and more people continue to embrace electric vehicles.
We know that this is a pressure point for many landlords, who feel as though they are going to have to get a charger for every tenant.
With Wayleadr, you can introduce a rotation system, where each tenant is getting to use EV chargers as they need them.
Money left on the table
With manual parking systems, actual money is being left on the table.
Unused spaces are being left vacant because the property manager doesn’t know they will be needed by tenants or visitors.
However, if there is an efficient booking system in place, property managers know whether they can rent their spaces out.
In a study of a lot with 318 spaces, Wayleadr has estimated that there could be $164,430 unlocked. This is a huge opportunity for property managers.
Using technology in apartment building parking
Alternatively, you couldimplement a comprehensive end-to-end solution that securely automates the access of tenants and visitors.
With this solution, there is an abundance of benefits for landlords, property managers and those who use the lot.
Revenue
It’s worth reiterating that your lot can generate additional revenue for your company.
It does this by activating unused car spots and allowing easier ways to pay for visitors and those who need spaces in the area.
Security
The software allows for accredited guest access, with safe navigation to their exact vehicle spot.
It also makes it much easier to manage the rules and regulations for existing tenants and their vehicles.
Tenant retention
It’s so important that your tenants feel listened to and with residential parking technology, you can communicate with them in regards their use of the lot.
This increases tenant satisfaction, and a happy tenant is a tenant that’s not looking for somewhere new to live.
Efficiency
The time your staff currently spend managing apartment building parking can be refocussed to other areas, allowing for more innovation and efficiency.
You are also ensuring that your lot is reaching its full potential, rather than leaving it with unused spaces and unhappy users.
Future proof
Technology allows property managers and landlords to prepare for the challenges of the future. These include the likes of electric vehicles, smart buildings, and work-play communities.
With Wayleadr, there are a huge number of fully integrated options that can keep you ahead of the ever-changing technological curve.
Sustainability
Of course, there are important ethical reasons to live up to sustainability standards with your properties. There are also reasons around building policy, which can increase the value of your building.
With Wayleadr, you are managing how people get to and from your building and what they do with their vehicles once they get there. The opportunities that exist here are plentiful.
Conclusion
Apartment building parking is an important aspect of property management that can have a significant impact on tenant satisfaction, revenue, efficiency, and sustainability.
Manual parking systems can be inefficient, wasteful, and labour-intensive, leaving money on the table and potentially affecting the environment.
However, technology solutions such as Wayleadr can help property managers automate access, manage visitors, activate unused spaces, increase security, improve tenant retention, and prepare for future challenges such as electric vehicles and smart buildings.
Book a demo below to find out how Wayleadr can help you to optimize your parking lots and enhance the overall value and appeal of your properties.
