Guest Parking Creates $1.6k In 8 Weeks
HOA boards & property managers: do you have a condominium property in your portfolio? If so, check out how guest parking creates $1.6k in 8 weeks for your condo with ParqEx!
ParqEx’s client, The Habitat Company, manages Silver Tower, a 39-story condominium building located in the heart of Chicago’s River North neighborhood. The property was complete back in 2010, featuring modern architecture with large windows wrapping around the entire property. So if you are looking for a fantastic skyline view in Chicago, this is undoubtedly one of them.
The Situation
Silver Tower’s property is home to 229 condo units and has 284 parking spaces in a secure parking garage for their tenants. Silver Tower was designed to be a high-end building with the most outstanding amenities possible. Unfortunately, it has struggled with guest parking since it was built. Rightfully so, tenants were extremely frustrated. They wanted guest parking for their visitors for convenience, of course. But also, public parking surrounding one of Chicago’s most popular areas is costly. As a result, residents often complained to property management and the HOA board.
Silver Tower has a very unusual set-up for their parking garage to complicate matters further. There are two separate garage doors, numerous fobbed pedestrian doors, and a long-distance walk between the lobby and garage doors. The HOA board came up with some solutions, but the complicated arrangement made it difficult to find a long-term fix.
With fears of losing tenants, Sheridan Plaza needed to address the guest parking dilemma as soon as possible.
The Solution
ParqEx understood Silver Tower’s pain points and quickly came up with a solution for the HOA board. Not only were they going to fix the guest parking problem, but they would also generate income for the HOA. ParqEx’s parking solutions for Silver Tower include GuestParq and Access + technologies.
GuestParq
GuestParq was a no-brainer solution as it met all requirements. It limits reservations only to residents and automatically gathers guest vehicle details. Additionally, it processes payments and provides transparency into usage (security and finance reporting). ParqEx could also start Silver Tower on a phased approach. For example, the HOA could begin with just five HOA-owned parking spaces. Then at a later date, ParqEx could expand to all resident-owned spots.
The remaining issue: how do guests get into the garage and the building? The HOA board certainly did not want guests to stop in the lobby to get a fob and then access the property. It needed to be more convenient!
Access +
ParqEx had the answer! The flexibility of ParqEx’s proprietary Access + technology allows multiple access points to be configured. As a result, the numerous pedestrian and garage doors were no longer an issue! With Access +, users can control multiple access points using the ParqEx mobile app. Therefore, ParqEx installed Access + onto both garage doors and coordinated with a security vendor to configure the pedestrian doors and elevators. After installation, guests can seamlessly access parking without needing to stop at the front desk.
Additionally, staff had training on the platform and all administrative tools they could use! Creating awareness amongst existing tenants was essential as well. We wanted people to know that we solved their guest parking issue. So, ParqEx designed custom resident handouts and hosted lobby events to raise awareness amongst existing tenants. All questions were answered, allowing a seamless transition to a guest parking solution with zero issues for property management.
The Result
GuestParq was received with open arms by all residents, guests, and even Silver Tower’s staff. The HOA board was relieved that they finally met their tenants’ demands and expectations regarding this amenity. Within its first launch, GuestParq was heavily used, resulting in content tenants and immediate additional income.
Within the first 8 weeks with ParqEx, Silver Tower had zero complaints resulting in zero management issues. Additionally, they had over 70 guests successfully use GuestParq, creating $1.6k added HOA income!
“We’d been searching a long time for a solution for our parking needs. ParqEx was the only one that could do everything we wanted. And they’ve delivered – we’re very pleased.” Laura Norris (Community Manager, The Silver Tower Condominium Association)
ParqEx is a technology platform that unlocks the hidden value sitting idle in privately-owned parking spaces. Much like Silver Tower, with ParqEx, HOA boards and property management can increase income, reduce operating efforts, simplify management, and provide a valuable guest parking amenity to tenants and visitors.
Download the Silver Tower case study and contact us to learn more about how we can solve your property’s guest parking issues and generate additional revenue.
