PARQEX CLIENT SPOTLIGHT
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REVENUE GROWTH
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ADDITIONAL INCOME
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OCCUPANCY
THE SITUATION
As with other Ogden and Company residential accessory lots, the parking lot at 2101 W. Wells was plagued with vacancies due to the booking process. Very few people wanted to have to call a phone number and sign a lease just to book a parking spot, as was the protocol at the time ParqEx partnered with Ogden. As a result, ownership sought higher revenues while renting parking spots out well below market prices.
In addition, a lot audit revealed vehicles parking on the property illegally, highlighting the lack of security coupled with lost revenue due to outdated and obsolete access control systems. A ParqEx audit even found an illegally parked vehicle that had the correct enforcement company permit sticker, despite never leasing or paying for a spot.
THE RESULTS
The ParqEx platform was received positively and quickly by drivers and staff alike, and lot vacancies have dwindled. Revenue increased to $78,500/year, raising rates by 270% and doubling pre-ParqEx net. Illegal parkers were replaced with paying customers, and outdated access control was replaced by the secure-entry Access+ system. Within just 2 MONTHS of implementing the ParqEx solution, occupancy had skyrocketed to over 85%.
Ogden was so pleased with the results that they’ve shifted all internal tenant control to ParqEx and added the program at four more of their properties.
CLIENT PROFILE: OGDEN AND COMPANY
LOCATION: 2101 W Wells St, Milwaukee, WI
2101 W. Wells St. is a 16,720-square-foot parking lot located in the heart of a residential and commercial neighborhood in Milwaukee, Wisconsin.
The property is managed by Ogden and Company, Inc., AMO®, Wisconsin’s largest full-service real estate organization, with a staff of approximately 200 associates offering comprehensive property management, brokerage, development, consulting, construction, and maintenance services.
PROPERTY TYPE
Parking lot
SQUARE FEET
16,720
PARKING TYPE
Paid reserved parking
PARKING SPOTS
200+
The Ogden and Company Paid Parking Lot with Vacancy and Access Issues
A three-tiered technology solution
Intrigued by ParqEx’s SMART Parking Technology, Ogden and Company believed that the platform, particularly Access+, the ParqEx Marketplace, and Enforcer were the answers to their revenue and security problems. The ParqEx app would permit drivers to book their parking on Marketplace in as little as a minute from anywhere, instead of having to call into a phone service, reaching a staff member, and signing a lease just to book a parking spot. With the ease of use, Ogden was sure that they would be able to fill up their lots and bring in that needed revenue while at the same time raising rates to a price more inline with the market.
More than just access
Additionally, Access+ would allow the Ogden and Company property owners to know who is coming and going and when, all automated through the ParqEx app and all in real-time, while eliminating the cost and security risks associated with fobs, keys, clickers, and tickets. Drivers wouldn’t have to leave their car or even roll their windows down to access the lot. With Access+, they could now tap a button in the ParqEx app on their smartphone and open the gate. Only drivers that book through the app would now have access to the lot and only for their individual booking times.
“This tech is amazing and really is filling up quickly. ParqEx added a ton of value to the property, simplified managing parking lots and increased profits.”
Doug Saugstad
Property Manager, Ogden & Company, Inc.
The ease of enforcement
Although Access+ would prevent entry to unauthorized drivers, Ogden and Company management was still in need of an easier way to enforce possible parking violations, such as drivers that overstay their welcome. Enforcer by ParqEx was the perfect solution. Integrated into the reserved parking platform, lot security could now access the parking log from their smartphone and see who should be parked in a spot and when. If someone was illegally parked, staff could now issue and print a ticket or tap for a tow truck, instantly from the palm of their hand.
Marketing & educating— covered
To Ogden and Company help management create awareness of the new program, ParqEx posted informational signs, printed flyers and distributed to nearby apartments in need of parking, called neighboring property managers, and published landing pages to attract more organic online traffic. ParqEx also combined inventory from community players, negotiating and landing larger aggregation deals with neighbors in need of more parking, including Marquette University.
The solutions for Ogden and Company
Control ANY access point
Total, secure access to doors, gates, garages, and more— right from the palm of your hand. Full real-time admin control.
Find or list parking spots
Access an exclusive inventory of private parking spots all over the country that you cannot find anywhere else.
Real-time parking enforcement
Quickly, easily verify vehicles on one or multiple properties, and issue violations instantly.
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