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Did you know that by renting out parking spots to outside parties or “monetizing” them, you can earn some extra cash? Numerous establishments in metropolitan areas are capitalizing on parking as a means of generating extra income. A vast, unused parking lot is a golden opportunity for any business. Here are a few ways to monetize car parks:

• Installing Parking Barriers

The first way to make money through your parking space is by using ANPR cameras and barriers to make sure people don’t park where they shouldn’t.

These barriers and cameras make it easier to charge for parking time and keep track of who uses the lot.

Set up different areas for customers and employees to keep things organized and reduce crowding. Install signs that show where parking spaces are available to make things easier for drivers.

You can automate the whole process quickly with readymade IoT GateKits like GMP Access. It retrofits seamlessly with your existing access equipment to make it smarter and faster. Enable smart identification technology while setting up touchless, cashless payment methods with custom-branded apps or QR technology. Provide a hands-on parking experience for both your regular visitors and walk-in parkers.

A more cost-effective solution, if you own a surface lot, would be a QR-based payment system like GMP QR. Your parkers scan a QR code to reach a white-labeled web app through which they can create a session and pay for parking.

• Research Competitors’ Parking Pricing, Regulations, and Facilities

The next step is to set competitive parking rates, which you can do by researching local competitors’ pricing, time limits, acceptable payment methods, and provided add-ons.

If there is no competition, think about local demand and the parking needs of nearby businesses. Remember that prices can change based on location and time of year, so you need to do a lot of research before setting your prices.

You can also think about partnering up with corporates for monthly permits for their employees, or to enter retail partnerships by creating parking coupons and promo codes. AR-Permit solutions like GMP’s Partner Portal automate the generation and distribution of invoices for validations and permits. It also sets up self-serve portals for partners to track permit and validation usage, manage their parkers and settle invoices.

• Implement Parking Management Software Solutions

Parking management software can help monetize car parks by efficiently managing data about occupancy, traffic flow, and parking behaviors. However, before investing, make sure the solution fulfills your needs and connects with your existing systems. While comparing various software solutions, take into account the information gathered, real-time reporting, remote access, and assistance provided by the provider.

Smart parking systems like Get My Parking provides parking lot owners with complete control over their operations with a custom-branded parking app, a highly capable admin dashboard, and deep integrations for Value Added Services like EV charging. Admins can customize tariffs and promotions, keep track of every transaction and session that happens in their car park, and set up monthlies for their regular parkers.

GMP’s Plug N Play solutions retrofit and integrate with any equipment or PARCS, making it the most budget-friendly upgrade for operators.

Also Read: When Did We Start Monetizing Parking?

Wrapping Up

Monetizing car parks requires a combination of enforcing parking barriers, conducting effective competitor research, and investing in a parking management solution. Considering these factors will allow you to design a parking lot that caters to both your customers and employees.

 By using the right parking management solutions and staying ahead of your competitors, you can maximize your car park revenue and ensure its long-term success.