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.
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.
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.
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.
“The tech is amazing, and [the lot] really is filling up quickly. ParqEx added a ton of value to the property, simplified managing the lot, and increased our profits.” Doug Saugstad (Property Manager – Ogden & Company, Inc.)
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!