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Running a parking facility is no easy business. But it is certainly a lucrative one. As per a survey by Markets and Markets, the global parking management industry is estimated to be worth more than $5 billion by the year 2023.

This also means that competition will turn even more cutthroat. To stay competitive and profitable, facility owners will need to look at novel ways to reduce costs and increase operational efficiencies.

Here are some tips for cutting costs at your parking lot.

LED Lighting

Parking facilities that are operational 24X7 must be lit all the time to offer customers a smooth and safe experience. High electric bills due to lighting are a significant part of the business’s fixed costs. This can really prove to be a burden if old fashioned choices such as CFL, fluorescent or incandescent lights are continued. The solution? Switching to LED lights. LED lights are proven to lower electricity costs by over 50%. In addition, they enhance the facility’s security through brighter lighting, which in turn makes customers feel safe. Also, they are durable in cooler temperatures and are more long-lasting than other options available on the market; hence, replacement costs are reduced as well.

Motion Sensors

Once the realm of sci-fi, motion sensors can reduce electricity usage by nearly 70% when paired with LED lighting. They are able to sense when a vehicle or person is close by and light up to full brightness automatically. At other times, they remain dim. Motion sensors are hence invaluable if your facility is fully automated, or if you rely on periodic patrols to verify the security of the vehicles parked. Also, since the lights are only at full capacity when actually needed, their wear and tear are much less, and so need for replacement are few and far between.

Secure Bike Racks

With more people choosing eco-friendly options like public transports or cycling for their daily commute, offering an option to securely store cycles can draw new customers. It can also be availed by existing customers who previously didn’t have this option. Bike theft is commonplace, and a secure bike rack can combat this problem by locking both the frame and wheels, which makes it much more difficult to pinch a bike. Placing the rack near the entrance or exit of the parking facility ensures that customers can easily reach it, and that car drivers and bicycle owners never get in each other’s way.

Housekeeping

Appearance matters and a messy, dirty parking facility can really lower a customer’s opinion of the safety and management, no matter how well run your facility actually is. Install trash cans in easily visible places so customers are not tempted to litter. In addition, clean every morning before the facility opens and the cars line up – this is the best time to locate oil spots, odors, and full trash cans.

These are some of the easiest ways you can start a cost reduction mission for your parking facility. Whether they require a small one-time investment or regular spending over time, the implications for your bottom line are exceptional. Parking lot owners constantly on the prowl for cost-effective operational tools should lose no time in adopting these simple-to-implement methods.