The Value of ParqEx’s Marketplace

 

Everyone has experienced the pain and inconvenience of looking for a parking spot. Despite the endless number of parking lots, structures, and places, there never seems to be enough. Some of these locations are too costly, and some are inaccessible to people seeking parking. Due to this parking dilemma, urban planning groups continue to carve out real estate.

ParqEx is here to tell you that cities no longer need to spend money creating more locations! There is already a surplus of parking available. Instead, cities have just needed a solution to open these parking spaces to transient renters seeking spots, and ParqEx’s property technology solutions fit that bill. 

Real estate entities, builders & developers, and anyone looking for parking: continue reading to understand the value of ParqEx’s Marketplace and how it can benefit you.

What is Marketplace

With ParqEx’s Marketplace, users and owners can find or list private parking spaces. Our platform enables non-commercial parking owners to rent their underutilized private parking spaces to transient renters.

Search & Find Parking

Do you have a specific hour, day, or week that you are looking for parking? Do you need long-term parking? Enter where and when you want to park, choose between short-term and monthly, and reserve your parking.

Stress-Free Parking

Once you have reserved parking on the platform, you can relax. You no longer have to worry about finding parking upon arrival at your destination. Instead, you can gain peace of mind knowing your secure spot will be waiting for you. So stop circling blocks looking for over-priced parking! Rather, experience the value of ParqEx’s Marketplace.

Questions? Answers

Do you have any questions about the parking spot you are renting? Through our app, you can contact the parking owner and get answers to your questions. Remember that when you book a spot, you never actually have to meet or come into contact with anyone; our parking is 100% touchless. Just pull in & park at your spot.

Have Parking? Earn Easy Money!

Do you have a parking spot? Rent it out on ParqEx’s Private Parking Marketplace for the weeks, days, or even a few hours you are not using. Once your spot is on our platform, your work is done. Start collecting supplemental income on your parking asset & gain insight into the activity surrounding your spot. Our owner dashboard will give you the stats and earnings of your listing.

Availability Calendar

Do you need your parking spot for only a handful of hours during the day? Do you want to set a more advanced schedule for your spot? Our availability calendar allows you to control your spot right down to the hour. So go ahead, and set special terms, blackout dates, booking & lead times, surcharges, cancellation fees, and availability variations through our app. It’s your spot, after all; you should have complete control of your asset.

Marketplace for Short-Term & Monthly Parkers

Do you want to find parking ahead of time and avoid the headaches of searching high and low for a decently priced spot? Access our exclusive inventory of private parking spots and book the perfect spot in advance. Whether it is a short-term or long-term rental, we have got you covered. So download our app and get to parking!

Marketplace for Residential Properties

Our Marketplace platform does not just add value to individual renters and owners. The value of ParqEx’s Marketplace extends to any residential property. And it does not just serve to find or list parking. It also helps properties with parking management, security, guest parking, and costs. Some value for residential properties include:

 

Booking & Management of Resident Parking

With ParqEx’s platform, our tech streamlines the booking and management of resident parking on your property. Gone are the days of constant headaches surrounding parking management. With Marketplace working alongside our tenant management system, management can relax.

Visitor Parking – Luxury Amenity

Does your property offer a slew of amenities to try and keep up with competitors? A comfort that many properties fall short of is visitor parking. With Marketplace working in tandem with GuestParq, add a new luxury amenity that will increase the satisfaction of your current tenants & their guests, all while attracting prospective tenants. The value of ParqEx’s platform does not stop at tenant and guest satisfaction; your property can also earn supplemental income on these visitor parking spaces. So, list those guest parking spaces on ParqEx’s Marketplace and add more value to your property.

High-Tech, Easy-To-Use Technology 

Technology is, more often than not, a key selling point to new residents. Impress your tenants with ParqEx’s parking management technology. Do you want to up the ante versus your competitors? Upgrade your access control to ParqEx’s Access + or Access + Premium LPR lines. With Access +, our Access + app will open and close all doors, garage doors, gate arms, etc., to all approved residents and their visitors. Are you looking to take it one step further? Our License Plate Recognition technology goes 100% touchless. Approved drivers can enter and exit simply by pulling up the LPR camera.

Increase Revenue

Your property will increase revenue and reduce costs via renting out surplus parking to transient renters on the ParqEx platform. With property technology such as Access Control & LPR, all gated properties can now open their doors to approved renters & guests. So start earning an additional income via parking with ParqEx!

Reduce Costs 

When ParqEx’s Marketplace works with Access + or LPR, properties can eliminate the need and cost of managing all fobs, keys, cards, and tickets. So go ahead and save thousands of dollars on operating costs!

Better Parking Experience 

Property management aims to impress on all accounts. However, more often than not, the parking experience is forgotten. ParqEx is here to remind you that tenants and visitors do not forget about parking as quickly. ParqEx property technologies offer a better parking experience for your residents and guests, leaving a good taste in everyone’s mouth regarding their stress-free parking.

Total Transparency

Property management is always striving to find ways to improve the security of their property. The ParqEx platform has all pertinent information in real-time on every vehicle entering and exiting the property. In addition, with ParqEx’s Enforcer app, management can enforce all parking violations from the palm of their hand. So, increase your security and gain total transparency with ParqEx!

 

Value of ParqEx’s Marketplace in Use

 

ParqEx has experienced repeated success with its Marketplace platform at hundreds of properties across the country. One of several examples is Sheridan Plaza, a 12-story multifamily property in Chicago. Before ParqEx’s parking solutions, the property noticed an unfortunate trend that residents were not leasing available parking. To make up for this loss of revenue, they sought external renters but were not experiencing any success on their own. However, once ParqEx’s full suite of technology – Marketplace, Access+, Enforcer, and GuestParq – were on-site, the property saw an additional $34k added income.

Want to learn more about “The Value of ParqEx’s Marketplace”? Download our Sheridan Plaza case study here.

 

---

Inquire About ParqEx’s Marketplace

 

ParqEx’s parking platform is for everyone and anyone dealing with parking.

Do you need a parking spot for a meeting downtown this week? Reserve your spot today. Are you looking for monthly parking? Reserve your long-term monthly parking with ParqEx. Do you have a parking spot but never use it? List that spot and start making money off it. 

Does your property have a surplus in parking spaces available? Are you looking for ways to increase revenue, decrease costs, add an amenity, fix your guest parking situation, and increase security? Then, reach out to ParqEx, and we will get your parking squared away with Marketplace and whatever other ParqEx property technology your property may need.

Marketplace Solution Creates $78k Per Year

Property owners & managers: do you have a surface parking lot in your portfolio? If so, check out this case study on how ParqEx’s Marketplace parking solutions create $78k per year.

ParqEx’s client Ogden & Company, Inc. owns a pay lot on West Wells Street in Milwaukee, Wisconsin. This parking lot sits on the edge of Marquette University’s campus, making it a heavily frequented pay lot for students, parents, professionals, and guests.

The Situation

2101 W Wells Street parking lot has over 200 parking spaces behind a gated access point. Sure, having a gate discouraged some unauthorized parkers from leaving their cars in this lot, but people knew they could get away with not paying for parking as the lot was rarely enforced. Not only was Ogden & Company losing money on tickets they could issue for illegal parking, but they also lacked an efficient booking system. To rent a parking spot, people had to call a phone number and sign a lease to book the spot. 

Multiple steps to book a parking spot discouraged many leading to high vacancies, thus encouraging illegal parking. Because of this, they were not earning all their potential revenue, and unauthorized vehicles were frequently using the parking spaces intended for pre-authorized parkers. Obviously, this was aggravating for property managers and owners and painful to see potential revenue loss. 

Ogden & Company needed a solution to properly monetize their parking spaces and ensure only authorized vehicles had access to their pay lot.

The Solution

ParqEx needed to propose a solution to deliver security for the gated lot, enforce unauthorized vehicles, and provide a more convenient booking system for parkers. The best solution for 2101 W Wells Street was implementing our Marketplace, Access +, and Enforcer technology. 

This parking lot already had a gate surrounding the pay lot. Therefore, ParqEx’s Access + technology was the logical solution. It now secures the 200+ parking spaces from all unauthorized parkers while still giving easy access to approved vehicles. With this technology on-site, authorized vehicles simply have to approach the gate and use the Access + app on their phones to open the gated lot. This solution immediately eradicated all unauthorized parkers as they no longer can gain access to the lot unless they book and pay for a parking spot via ParqEx’s Marketplace app.

The Access + technology also enabled the property to be placed on the ParqEx Marketplace for short and long-term parking rentals, allowing this pay lot to finally monetize its 200+ parking spaces. Thanks to ParqEx marketing signage surrounding the entire lot, the power of word of mouth, and varying digital advertising efforts, all provided by ParqEx, 2101 W Wells Street’s parking lot had a 270% increase in revenue. 

Finally, this lot needed an enforcement option to monitor, enforce, and ticket all violations. ParqEx trained Ogden & Company, Inc’s management team on the ParqEx Enforcer tool, granting easy real-time oversight of all parking operations. With the Enforcer App in the back of their pocket, property management can also add revenue by ticketing unauthorized vehicles.

The Result

ParqEx’s parking solutions completely transformed the parking experience for property management and all short-term and long-term renters. With Access + technology, tenants and guests gain easy entry and exit from the property via their phones. All the while, unauthorized vehicles cannot gain entry, and management can easily collect payment on every parking transaction. 

By the end of their second month with ParqEx, 2101 W Wells Street had an 85% occupancy rate. Additionally, the property had a $78k per year net payout by the end of the year. Lastly, as mentioned earlier, this property experienced a 270% revenue growth through the implementation of ParqEx parking solutions.

ParqEx is a technology platform that unlocks the hidden value sitting idle in privately-owned parking spaces. Similar to Ogden & Company, Inc’s property in Milwaukee, with ParqEx, property owners and managers can increase income, reduce operating costs, simplify management, and provide a convenient way to book parking downtown.

Download the 2101 W Wells Street case study and contact us to learn more about how our Marketplace solution creates $78k per year!

9 Ways to Add Value to Your Rental Property

 

A rental property is an excellent way for you to generate passive income. Thus, it can help if you look for ways to increase your rental property’s value. Here are 9 ways to add value to your rental property:

 

1. Schedule a deep cleaning session.

   Planet Maids House Cleaning NYC advises that you deep clean your property before letting potential tenants in for viewing.

   If you’re going to take photos of your rental property to post on any listing, it’s best that you deep clean first. It’s especially vital to deep clean first if your rental property had previous tenants in it.

   Deep cleaning first ensures that you get more eyes on your rental property listing. However, once you get more people viewing your property, a well-maintained and clean property can really up its value. Regular cleaning is fine, but deep cleaning will get into the finer details of cleanliness in your property.

2. Update the kitchen and bathroom.

   If you choose to upgrade or renovate a specific part of your rental property, we recommend the kitchen and bathroom. That’s because an upgraded kitchen and bathroom can elevate someone’s quality of living. And tenants are willing to pay for that.

   Of all the rooms, the spaces that degrade the fastest are the kitchen plus bathroom. That’s why if you renovate or upgrade them, tenants will notice that, and it will elevate the value of the rest of your property altogether.

3. Think about green space.

   Another way you can elevate the rental value of your property would be by incorporating green spaces in it.

   A garden in a rental property is not typical, but it can be a great addition to your rental property since it’s uncommon. First, of course, you need to make sure that the garden is well-maintained and looked after.

   When you don’t have tenants, you shouldn’t forget to look after the garden to serve as an asset for your rental property. However, since you have a garden, you should clarify to your tenants that they need to tend to it while renting your property.

   However, it would be best if you gave them free rein on making use of the space. They might end up turning your garden into a vegetable patch, which is also beneficial.

4. Stay on top of maintenance.

   Staying on top of maintenance is another way for you to add value to your rental property. If anything else, it will also ensure that you won’t decrease the value of your rental property over time.

   The more tenants your rental property has had, the more damages it might incur, especially if you ignore maintenance requests. Connecting with the right service providers is a great way to make it easier for you to maintain your property.

   Aside from that, it would be best if you also considered organizing a routine inspection at least once a year. Again, this is to prevent any damages from escalating.

5. Add amenities and appliances.

   Amenities and extra appliances are add-ons in your rental property that will increase the value of your rental property.

   Of course, some amenities and appliances are worth more than others to add value to your rental property. Thus, it would help if you didn’t willy-nilly spend on anything and everything under the sun.

   Do your research on which amenities and appliances can be an affordable add-on and a great addition that increases value.

   For example, a fully-furnished rental property is a great way to increase the price of your rental. A dedicated laundry area with the appliances to match is another excellent addition. Plus, it can be attractive for potential tenants.

6. Make your rental pet-friendly.

   Many people would love to have their pets with them when they move around. Some people would even compromise on the quality of their lifestyle and accommodations just because of their pets.

   Therefore, if you want to add value to your rental property, you might want to open up your rentals for pets.

   Of course, you want to protect your assets, so you should do some preparations first. For example, removing carpeting throughout the rental is one example. Another tip would be to add high or semi-gloss or even satin paints onto your doors, windows, and walls for protection.

   Having a dedicated outdoor space in your rental is another value add to your property and a way to make it more pet-friendly.

7. Lighten it up.

   A rental property that’s bright and well-lit is an excellent way to make your rental property welcoming and cozy. More so if you have enough windows that provide plenty of access to natural lights.

   As long as your rental doesn’t have spots that look gloomy due to a lack of light, then your rental should be well-lit enough.

8. Offer added convenience.

   If you want to add value to your rental property, then sometimes, you have to go above and beyond to skyrocket the price of your rental. For example, parking space, which we’ll cover later on, is an excellent add-on for places with premium parking. A fast internet speed is another convenient add-on that can level up your real estate.

9. Add a parking space.

   If you want your rental property to attract the attention of potential tenants, having a parking space is a great way.

   You can add a parking space into your rental by using innovative parking solution technology like ParqEx. Then, you can offer it as an add-on for what they already pay monthly for your current tenants.

   You can also use this to attract more tenants who might be interested in staying in your property. Innovative parking solutions provide your tenants with the space to park their cars if they have any. It also helps you enforce parking rules.

 

 

It can be a worthwhile investment if you have a rental property. First, however, you must know how to maintain it. That said, following the 9 ways to add value to your rental property can give you a thing to two that can help increase your property’s rental value.

 

Guest Author: Andi Croft

How To Make Your Rental Property Stand Out

 

Renting out a real estate property is an excellent way to earn an extra income. However, there is more to renting than having an empty house, apartment, or condo. You also have to think about how you will make it attractive to the right tenants. Keep on reading to know how you can make your rental property stand out.

 

Spruce Up Your Curb Appeal

The first thing that prospective tenants of your rental property will see is not the entranceway. It won’t even be the front door. Instead, it will be your curb, which is why you need to be more conscious of your curb appeal. Think of your curb appeal as your prospective renter’s first impression of your property. Hence, there are things you can do to spruce up your overall curb appeal for the better. Keeping up with your landscaping is one way you can improve your curb appeal. Ensuring that everything is neat and that there are no fallen leaves is another way to make sure your curb is welcoming.

 

Embrace Smart Technology

Nowadays, more people live their lives while using innovative home technology to improve their quality of life. Therefore, if you want to make your rental property stand out from all the other options out there, you can incorporate smart technology into it. One example is connecting your light bulbs with your phone so that you can turn them on and off remotely. You can also purchase energy-efficient and hi-tech coffee makers, TV, air conditioner, and fridge. You can extend that innovation to your parking space aside from using smart technology in your rental property. ParqEx, a parking solution technology provider, can help you manage your parking spots and regulate it all through your phone.

 

Consider Staging

As much as possible, you should not fill your rental property with personal belongings. Instead, stage it in a way that will allow potential tenants to understand the purpose of a space. A key to great staging is ensuring that everything is spic and span. Get rid of any personal decorations and only keep those statement pieces to make your place look drab. Some examples are faux plants, a macramé hanging on the wall, and art pieces. If it’s something you cannot do, you can hire an interior decorator to stage it for you.

 

Clean and Maintain Your Rental Property

At Maid Sailors Home Cleaning Services NYC, we believe that it’s vital that your rental property is well-maintained. This means ensuring that the property is regularly cleaned. Maintenance also includes checking for leaky faucets and pipes, busted lights, molds in the bathroom. That’s because how your property looks can compel a tenant to rent it or not. If a unit looks problematic, they would not want to rent it. That’s because the tenants will deem it as an additional expense on their end. On the other hand, a well-maintained property allows you to increase your property’s rental value.

 

Work on the Kitchen and Bathroom

Aside from the bedroom, the two most important rooms in your rental property would be your kitchen and bathroom. If you’re looking to make any notable upgrades in any part of your rental property, you should focus on these two rooms. There are plenty of features there that you can upgrade to help make your property stand out. In the kitchen, getting new and modern appliances is a huge plus for many potential tenants. Upgrading your current countertops is another cost-effective way to update your kitchen. You can upgrade the fixtures like the faucet, the showerhead, and the toilet for the bathroom. Don’t forget to keep things clean in there as well.

 

Add Extra Rooms

If you’re looking for significant changes in your rental property to make it stand out, why not create an extra room? If you think you have the space for it, you should consider giving your property a spare bedroom or even a second bathroom. When you add extra rooms to your rental property, you can attract more eyes to it. Aside from that, this is an additional feature that could help you raise the rent prices for your property. Of course, if you think adding an extra room would make the rest of your property look small and crowded, it’s best not to add space. 

 

Create Some Outdoor Space

If you have a property with an outdoor area, you should work on that place and create a more welcoming outdoor space. Having an outdoor working space that is welcoming and appealing can be the reason why your rental property will stand out. After all, few rental properties can have an outer area that works. Adding a few chairs and tables in that outdoor space can make all the difference in making it a more workable and appealing place. 

 

Stick to Neutral Paint Colors

When considering the color palette of your rental property, try and stick to neutral paint colors as much as possible. For example, white is a reliable paint color for your walls because it’s much easier for people to picture themselves using the walls that way. It also makes the room a lot brighter, which is more refreshing to look at for people. Other neutral paint colors to consider would be cream, beige, and grays. 

 

Secure the Property

Another exciting way you can make your rental properties more appealing is by adding built-in home security. Heading home security in your rental property can make it all the more attractive, especially towards women and families. In addition, you can use your home security as a significant selling point, especially when talking to a tenant interested in having a more secure home. After all, a secure home it’s a comfortable and safe home. 

 

Over to You

When you have an unoccupied house, apartment, or condo unit, it makes sense to have it rented out. That’s because it is an excellent way to earn passive income. However, it would be best if you also considered how you could attract the right tenants. First, you need to list down your property as available for rent. Second, you need to make it look attractive to potential tenants. As such, you can follow the tips listed above to make it happen.

 

About the Author:

Jacky Xu is the Chief Operating Officer for MaidSailors.com, home cleaning services NYC. Maid Sailors provide a wide range of cost-effective yet high-quality cleaning services that are sure to delight their customers.

 

 

If you’re looking to increase your property’s overall security for tenants and management alike, check our ParqEx’s Access +, LPR, and Enforcer App & book a demo with us today!

3 Tips When Renting Out Your Property

 

Renting out your property can be a great way to make a little more income, or depending on your situation, allow your property to be your sole source of income. Over one-third of Americans rent their homes, meaning that there is a large market to tap into. However, renting does come with a few considerations that should be taken into account before diving into it. Here are three tips you should be aware of when renting out your property.

 

Protection

Make sure that you have removed any irreplaceable items, such as family heirlooms or handcrafted items, or particularly expensive pieces that you would sorely miss should anything happen to them. While any accidents or thefts hopefully never occur, it’s better to be prepared.

 

One way to help put your mind at ease during the rental process is by considering some home warranty options. Home warranties help cover your appliances and your electrical and plumbing and will make any repairs or replacements much simpler and easier. This should allow you to rest assured that everything will be taken care of, and you can put your property back up for rent as quickly as possible.

 

Before renting out your property, screening your tenants is a great way to make sure that you will be getting the responsible guests you are aiming for. People who will be respectful of your property and make payments on time are always preferred to other tenants who can be more of a handful.

Parking

Having designated parking spots for renters, guests, and visitors when staying at your rental property can be a large draw and can help boost your attractiveness on the market! Using GuestParq by ParqEx can help you reserve spots for your guests and eliminate any hassles that finding parking can bring. This can be incredibly useful, especially in more crowded urban areas or simply areas that may be new and unfamiliar to guests.

 

In addition, this can help you rent out multiple spots at the same time and keep track of everything in a single simple location. Guests will greatly appreciate this aspect of your rental, as finding a parking spot can be a stressful factor in the renting process. This way, their spot will be reserved and waiting for them!

Price

When determining a price for your rental property, it’s important to research the fair market prices of rentals in your area. Take into account if you have certain amenities that other properties don’t have, such as the best view or a pool or spa that can allow you to raise your price. Here is a list of some of the most sought-after real-estate amenities that will increase the value of your property!

 

You should keep in mind that pricing will depend on your income sources; if renting is your main source of income, you should put yourself in a position to charge more than using rentals to supplement your current income, which may give you more flexibility in pricing.

Tally up all your fixed costs, such as mortgage payments, property taxes, water, and electricity, etc., and you have your “break-even” point that you must charge in order to not lose money. Here are a few rental property expenses to keep in mind! Compare this to the average rental price in your area, factor in any bonuses that your property might have in comparison, and ballpark a rental price that suits both you as well as your guests!

 

Renting out your property can be a relatively stress-free way of adding to your income, provided you take the proper steps beforehand. Making sure your house is protected from any unruly guests or from general wear and tear can ensure that you are protecting your assets, and getting the most out of your rental property can help add to your bottom line—and provide a great place for your guests to stay!