Drive More Revenue with ParqEx Reporting and Analytics Dashboards
No matter what industry you are in—especially in the real estate market—maximizing revenue from existing parking assets is more crucial than ever. Rather than running promotions or giving parking discounts to see what works, doing this in an informed manner helps property managers optimize their parking operations. ParqEx’s suite of reporting analytics and real-time parking dashboards provides property owners and managers with all the tools they need to leverage what ParqEx offers fully. Let’s dive in and explore six ways to drive more revenue with ParqEx reporting and analytics dashboards, accompanied by six real-world ParqEx case studies.
1. Understand Parking Utilization Patterns
The first step to drive more revenue with ParqEx reporting and analytics dashboards is optimizing parking assets for revenue growth and understanding how those parking spaces are utilized. ParqEx analytics deliver insights and data on occupancy rates (daily, weekly, or monthly), peak usage times for those parking spots, average duration of parking stays, frequent returners, guest usage with a complete access log, and much more.
ParqEx Revenue Tip: If our real-time parking dashboards show that certain times or days of the week are underutilized, underperforming, and unoptimized, we suggest considering promotional prices or parking bundle deals to increase appeal and property revenue.
Real-World ParqEx Case Study: Ogden & Company, Inc.
Ogden & Company, a ParqEx client, manages a parking lot on West Wells Street in Milwaukee, Wisconsin. This parking facility consistently underperformed due to unauthorized and non-paying users occupying the open spaces and an inefficient booking system. By implementing ParqEx’s parking marketplace and Access+ parking access control technology, Ogden & Company secured the lot, allowing only authorized vehicles access, and enabled authorized vehicles seeking parking to book spots easily through the ParqEx parking app. With their reporting tools for property managers, Ogden & Company diligently monitored their property and experienced a 270% increase in revenue.
2. Optimize Dynamic Pricing Strategies
How do you drive more revenue with ParqEx reporting and analytics dashboards? One of the most strategic and powerful features of ParqEx’s reporting dashboard is enabling property owners and managers to track, adjust, and test pricing strategies based on real-time demand and occupancy insights. With comprehensive data and clear visibility into usage trends at the parking facility, along with all demand fluctuations observed over time, ParqEx’s AI dynamic parking pricing approach empowers property owners and management to set optimal prices for hourly, daily, monthly, and designated parking (i.e., EV parking, guest parking, VIP parking, etc.).
ParqEx Revenue Tip: Events and peak seasons, such as summer and spring (unless your parking facility is part of a ski resort parking ecosystem, in which case winter is your bread and butter), naturally show a much higher demand for parking. Take full advantage of ParqEx’s dynamic pricing during these events or seasons to maximize revenue when demand is at its peak.
Real-World ParqEx Case Study: 112 North May Street
At 112 North May Street in Chicago, Illinois, property owners maximized the potential of ParqEx’s Marketplace platform and parking enforcement technology by listing their 26 available parking spots. Despite ongoing construction in the retail portion of their property, they effectively implemented optimized dynamic parking pricing strategies, used marketing signage, and enlisted ParqEx to promote their available parking digitally. All these efforts resulted in their parking occupancy analytics indicating an additional $72,000 income.
3. Monitor Performance and Identify Trends
Trends are always significant, and ParqEx’s parking reporting suite lets property owners and managers generate custom reports that help identify long-term trends and potential areas for improvement (e.g., are monthly renters more profitable than daily transient renters, or are certain parking zones more favorable than others).
ParqEx Revenue Tip: If reports and trends indicate that certain types of renters, such as monthly parkers, consistently generate more income for your property, direct your efforts towards monthly parking. Consider listing some short-term parking spaces as monthly parking to unlock additional revenue potential for your property.
Real-World ParqEx Case Study: 1660 Condominium Association
The 1660 Condominium Association in Chicago, Illinois, implemented ParqEx’s technology to handle internal tenant parking management and visitor parking needs. With ParqEx’s technology, 1660’s property management analytics recorded a 200% increase in income, over 3 million secure entries to the property, and more than $4,000 in savings.
4. Gain Full Transparency Across Multiple Properties
Many property managers and owners oversee multiple properties, each with several parking facilities, and ParqEx’s reporting is strategically designed for this purpose. ParqEx’s centralized parking management dashboard enables you to easily track and view the performance of each property in your entire portfolio if you manage numerous parking locations. This multi-property feature allows property owners and managers to compare each parking facility effectively, examine ROI more closely, and allocate resources where they will be most valuable and profitable.
ParqEx Revenue Tip: If you notice that one of your parking properties is performing more strongly than another, use that top-performing location, figure out what is the reason for more success at that location (more parking signage and marketing signage, better pricing strategies, or something simple like better lighting making drivers feel more safe), and replicate it at under performing properties.
Real-World ParqEx Case Study: The Avenue at East Falls
The Avenue at East Falls, a sizeable apartment complex in Philadelphia, Pennsylvania, approached ParqEx because its diverse tenant base faced many parking management problems, including Airbnb units with Airbnb-reserved parking. To address the parking problems faced by The Avenue, ParqEx delivered a fully customized digital parking solution with license plate reading cameras and an access control app to facilitate and strengthen parking security. The reporting dashboard noted a 90% tenant enrollment rate, met the parking revenue goals within their first year, and reported a drastic improvement in tenant satisfaction.
5. Automate Reporting and Save Time
Another straightforward and often overlooked way that ParqEx’s reporting analytics and real-time dashboards can increase property revenue is through automation and time savings! With ParqEx’s scheduled reporting features, property managers and staff no longer waste time manually tracking, compiling, and comparing parking data. With ParqEx’s reporting capabilities, property managers can automatically receive automated parking reporting to their inbox, app, or admin dashboard, making it seamless and straightforward to conduct regular performance checks.
ParqEx Revenue Tip: Enter monthly revenue goals into the ParqEx platform and utilize the automated reports to monitor your property’s progress continuously. Regular performance checks will help keep your property and parking management team on the same page and remain proactive about revenue-generating goals for the parking facility.
Real-World ParqEx Case Study: 340 on the Park
340 on the Park, a luxury condo association in Chicago, Illinois, utilized ParqEx’s GuestParq guest parking management system. With the support of ParqEx’s reporting systems, 340 OTP gained immediate and detailed reporting on enhanced operational performance, increased resident and guest satisfaction, and observed 20% staff time savings!
6. Track Parking and Prevent Revenue Leakage
Unauthorized parking is the bane of every parking operator, manager, and property owner, as it always threatens the property’s bottom line. With parking tracking, access control integration, license plate recognition cameras, detailed access logs, and pay-on-exit features as last-ditch efforts to catch the stragglers who still have not paid, ParqEx’s platform ensures that every vehicle is accounted for and paid for. All these technologies and features help prevent parking revenue leakage for parking facilities.
ParqEx Revenue Tip: Use ParqEx’s reporting dashboards to gain detailed insights into patterns of unauthorized access. Then, to protect revenue, fine-tune and tighten access control, and instill enforcement measures to start issuing parking violations (which also earn parking revenue).Â
Real-World ParqEx Case Study: Lincoln Park Plaza
Lincoln Park Plaza, a property with two distinct garages and 268 parking spaces, implemented ParqEx’s license plate recognition system, marketplace platform, parking enforcement app, and internal tenant parking management system to manage the property’s parking operations. ParqEx’s technology suite helped deliver impressive, detailed reports highlighting over $671,000 in revenue in the first six months and averaging 2-3 additional caught transactions, preventing revenue leakage, with ParqEx’s LPR pay-on-exit feature turned on.
That’s a Wrap!
With these six examples, we have given you solid suggestions to drive more revenue with ParqEx reporting and analytics dashboards. ParqEx’s reports are more than just a compilation of data; they are strategic assets that can help every property earn more revenue. By gaining a deeper understanding of all parking usage, making efforts to optimize parking pricing, closely monitoring parking performance, maintaining control and transparency of various properties all in one place, maximizing automation, tracking all parkers, and ensuring there is no parking revenue leakage, property managers can make data-informed decisions that truly benefit their bottom line.
Start unlocking the full potential of your parking assets today with ParqEx! Contact a ParqEx sales representative.
FAQ Section: Drive More Revenue with ParqEx Reporting and Analytics Dashboards
Yes, ParqEx’s platform and analytics dashboard are designed to serve all properties with parking management needs, including multifamily residences, mixed-use developments, commercial buildings, and more. Our flexible features and customizable reports make it adaptable to diverse property management needs.
Of course! ParqEx’s platform has integration capabilities, allowing it to work seamlessly with existing property management software. This ensures a unified approach to managing parking operations alongside other property management tasks.
Yes! The dashboard monitors every access point and parking area on the property, allowing for swift identification of unauthorized vehicles or security threats. It also facilitates compliance by tracking enforcement actions and providing detailed reports on parking violations, parking tickets, and resolutions.
Yes, the platform is incredibly user-friendly and intuitive. Its real-time updates and customizable views ensure that users can quickly access the information they need without extensive training.
