Unlocking Additional Revenue Streams for Parking Locations: Beyond the Parking Spot

For commercial parking lot owners, the pressure to maximize revenue is a constant. As real estate values increase and customer expectations evolve, innovative strategies to monetize every square foot of parking facilities are more critical than ever. Beyond simply collecting parking fees, there are untapped opportunities to generate additional income streams that align with modern consumer behavior and emerging technologies. Here’s an expert guide to diversifying your parking revenue.

In the world of parking, technology is transforming how facilities operate and generate revenue. For owners considering a digital upgrade, there’s a critical decision to make: invest in a fully integrated parking technology and management solution or opt for an overlay tool that simply sits on top of your existing equipment. While an overlay might seem like an appealing, cost-effective shortcut, it often creates more problems than it solves.

Delivering the best parking experience isn't about offering a one-size-fits-all solution. At Vend, we recognize that each property, tenant, and guest has unique needs that require innovative, flexible, and agile approaches. Recently, we had the opportunity to demonstrate these qualities when a new client faced a unique challenge with their high-profile visitors.‍

QR codes have become a ubiquitous tool for quick and convenient transactions. From restaurants to retail stores, these scannable codes offer a seamless bridge between the physical and digital realms. However, as their popularity grows, so does the risk of criminal exploitation. The parking industry, in particular, has seen a surge in QR code usage for payment systems, making it a prime target for scammers. In this article, we'll explore the rising threat of QR code scams in parking, the impact on consumers and businesses, and effective solutions to mitigate these risks.

As urbanization accelerates and the demand for parking spaces grows, owners and operators face pressure to maximize their revenue while balancing occupancy rates. The problem? Traditional fixed-rate pricing models often leave significant revenue on the table. 

Subscription services have become ingrained in our daily lives. From streaming services like Netflix and Spotify to meal delivery kits like Blue Apron and fitness platforms like Peloton, people are increasingly drawn to services that offer convenience, flexibility, and predictability. This shift toward subscription culture is transforming businesses, including parking management.

Our expert team compiled a cheat sheet to guide you through the RFP process for parking management technology. Here are the top 9 questions to ask to ensure the best solution for long-term success.

As parking management evolves to be an integral element in commercial real estate (CRE) operations and revenue generation, leveraging data analytics is no longer a nice-to-have option. It's become a must-have tool to boost operational efficiency, maximize revenue, and create better customer experiences. However, data in a vacuum or data that is too challenging to extract won't improve business outcomes.

The parking industry is undergoing a rapid transformation to adjust to the changes in consumer behavior. The dramatic rise in popularity of electric vehicles (EVs), which heavily rely on public charging stations, contributes to this shift. This article dives into the role electric vehicles play in the future of parking and how attracting EV drivers benefits facility owners.

By implementing the latest in parking management technology, facility owners and operators can tap into powerful, real-time data with just a few clicks through their dashboards. They can run both out-of-the-box and custom reports, or modify current reports to inform critical decisions on everything from pricing to staffing to maintenance to marketing. The time they save can be better spent on improving operational efficiencies.

The growing popularity of hybrid and remote work schedules, combined with the highest interest rates in decades, has left the commercial real estate (CRE) market struggling for yet another year. However, there are a few bright spots that will hopefully help shift occupancy upwards once again—and help improve the tenant experience in the process.

Parking enforcement is an essential facet of urban infrastructure, ensuring the orderly use of parking spaces. The approach to enforcement varies widely and is shaped by local laws, technological advancements, and specific operational needs.

The integration of advanced parking technologies into new builds and renovations is reshaping how developers approach urban infrastructure projects. This shift is not just about adding value; it's about creating smarter, more efficient spaces that resonate with contemporary lifestyle demands. When a property is being built for the first time or undergoing renovations, it is the perfect opportunity to incorporate the latest technologies, as you are starting from scratch and already investing. By leveraging the latest technologies, you are future-proofing your investment and creating a state-of-the-art facility that will delight tenants and guests.

Flexible space – or “flex space,” as it’s more commonly known – has become an increasingly attractive option for commercial real estate (CRE) developers, as the American workplace continues to rapidly evolve. With traditional office parks morphing into multi-use spaces, more flexible parking management solutions are starting to emerge as a way to support these changes.

As in other business areas, digital transformation in parking management can create new opportunities to drive growth, increase net operating income (NOI), automate manual processes, and bring new levels of flexibility to the consumer and the operator. To achieve these goals, the savviest organizations must adapt quickly and leverage technology as a competitive advantage.

As data-centric solutions mature, smart parking technology is starting to take hold, leveraging the latest PropTech (or property technology) innovations to improve the parking lot experience for owners, operators, tenants, and customers. The key to this transformation is real-time access data. Unlocking this data puts control in the hands of decision-makers, opening up endless possibilities for modernizing this once-stagnant industry. And that modernization comes with real and measurable business benefits. 

For decades, parking was a stagnant industry. Drive into a lot, take a ticket, pay, and exit. Fast forward to the last few years, and changes in how Americans work, live, and play are evolving quickly. These lifestyle changes combined with economic changes, pivots in commercial real estate, and rapid technological advances are igniting new trends in the parking industry. 

Smart parking technology provides real estate owners a way to bring meaningful change and digital transformation to this area of the business and can simplify the process for operations. However, many CREs continue to rely on outdated parking technology. In doing so, they are unwittingly taking on higher costs associated with these legacy systems. Clinging to outdated parking technology can, in fact, be more expensive than making the switch to modern solutions. Here's why.

Many of the original mobile payment apps that once reigned as the future of parking have become a source of frustration for many. This blog explores the current paradox facing the parking industry and how user experience remains key to the future of parking technology.

In today's world, data is one of the most valuable resources a business can possess. The parking industry is no exception, and having access to accurate and comprehensive data is essential for managing a profitable parking operation. Unfortunately, most traditional parking systems do not provide owners with the information to make informed decisions about their facility, and what they do provide, is only accessed in a manual and laborious manner. Leveraging technology-driven parking management unlocks this data, freeing your team and resources to think about how you can best use these insights; this blog explores how.

LPR is revolutionizing the parking industry by providing enhanced security, streamlined operations, and improved customer experience. In this blog, we will delve into what License Plate Recognition is and explore why it is essential for parking development.

In the fast-paced world of commercial parking, delivering an exceptional customer experience is paramount. Every interaction with your facility is a chance to make a lasting impression, but are you truly making the most of these opportunities? If you're still relying on a traditional ticket-based Parking Access and Revenue Control System (PARCS), you might be missing out on valuable customer data that can transform your parking operation.

Making your parking facility stand out isn’t always just about location—it’s about getting drivers to notice and choose your facility over others. In this article, we will dive into some savvy strategies that can boost demand, revenue, and ultimately, the success of your parking facility.

In the competitive landscape of commercial real estate, office owners are increasingly focused on maximizing the value of their investments by strategically attracting and retaining tenants who are willing to pay a premium price for superior workplace experiences. In this pursuit, the role of amenities has emerged as a crucial factor. Read the full blog to learn more.