As rapid innovation continues with IoT technologies, the results of their combined use are yet to be fully understood. The reverberations of the shift, though, will be felt as an after effect of the sweeping change, the transformation from outdated legacy systems, modes, methods, and tools – to innovative online software solutions in the cloud.

Smart cities are being developed by many individual companies using separate systems that communicate with each other. 

Market Analysis and Knowledgeable Research

One of the most challenging and logistically confusing daily tasks is parking. Traveling around in cities or unfamiliar neighborhoods, drivers are wasting valuable time and money trying to find the ideal parking spot. At the same time, the home parking garage is still a piece of equipment that has yet to fully be integrated into the digital home.

Whether you’re booking your spare bedroom or an entire investment property, where your guest’s park can make a big difference. Garage space provides a protected and homey welcome, but you don’t just want to leave your garage door hanging open until your guests arrive or make them call you to open it.  Multifamily residents currently rely on a non guaranteed reservations for a spot within their garage or guest parking is not even available at the community. Residents also find having to exchange a fob or provide a parking sticker as a means of validation. IoT technology is working together through the innovative cloud and mobile solutions, in order to solve complex logistical issues. The agility and flexibility being offered by the cloud are far preferable to, exclusively, on-premise logistical solutions. 

IoT technology is working together through the innovative cloud and mobile solutions, in order to create business opportunities and solve complex logistical issues. The agility and flexibility being offered by the cloud are far preferable to, exclusively, on-premises logistical solutions.

Sights On The Future of Real Estate Tech

The IoT is always involved when speaking about smart anything, and almost all technology is smart at this point. Smart parking garages are using monitoring devices to detect vacant spaces, then automatically sharing the data to their own systems and any specified partners.

For instance, the parking garage business may want to automate real-time updates of vacancies to the city’s tourist guide mobile app, or event centers’ apps might want their customers to have access to available spaces.

This isn’t to say that all hardware, paper, and analog systems will be completely eliminated, rather, they’ll be reduced and minimized. SaaS, PaaS, and emerging subscription software are allowing SMBs to streamline, expand, and improve the quality of their work and production – this is hard to ignore. Technology is promising to be the best solution for overcrowded city streets, in the U.S. and worldwide.

Competition in this space has generated an increased awareness from the real estate owners and the providers of these technology stressing their importance for growth. The Future of Real Estate Tech continues to push VC’s and startups in this space for a multitude of reasons. No one has found the key to Pandora’s box at this given junction, leaving the door open for challengers to propel the groundwork needed for the sector’s continued growth and development.

Property Management and Residents Look For Education

The real estate community is using technology in ways that make sense for residents. The advantages and opportunities that innovative cloud and mobile technologies offer are promising to solve parking woes and boost the local economy at the same time. Before, solving parking woes would have meant building more parking spaces, which means cities and/or businesses had to spend money, therefore making taxpayers and consumers pay for it.

The IoT, in relation to smart cities, is the technology and online systems being used to create innovative solutions and solve complex logistical issues, such as parking. For instance, parking spot sensors are being used by parking garages and city governments, in order to inform drivers of vacancies (and owners of non-compliance) and navigate them to the spot – all through their smartphones. Technology and the IoT have even shown to play a positive factor on individual health.

Essentially, what makes IoT technology so powerful is its ability to communicate and integrate with other systems and technological solutions within a city or community. Using cloud and mobile computing technology, combined with the nearly universal rate of smartphone usage, the IoT is creating innovative solutions not possible before. Closing a garage door from across the world through a mobile app is a good example.

Listen To The IoT Parking Expert

Katie Williams recognizes the lack of movement and innovation within the real estate realm. IoT within the private parking/ multifamily properties are newly discovered and emerging – there is a need to revolutionize and disrupt the current trends and inefficiencies with smart real estate technologies and smarter parking.

Katie realizes there is an underutilization of parking assets in the Chicago and surrounding markets. This is evident by poorly managed private garages offering ease of resident-guest experience or lack thereof. She looks to educate multifamily owners, residents, and property managers on the hidden value of their parking and how IoT technologies serve as a tool for the space. They provide an additional amenity in a space that is always searching for the next best thing, with a value-add to aid in boosting their ROI and bottom lines.

Please reach out to Katie if you would like additional information on how these IoT solutions can help your property today!

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Finding parking for guests when you live in a condo or multi-family home the guest parking challenge is one that always comes to mind, especially if you don’t have adequate space. Many times, you find yourself trying to sneak guests in. Your next door neighbor isn’t usually home at this time, right? That parking space down the parking lot isn’t in regular use…you think. Unfortunately, even with your best efforts, your guests may find themselves needing to move their cars midway through their visit–or worse, there may be no parking when they arrive. Fortunately, there’s a solution: ParqEx’s GuestParq feature. Thanks to GuestParq, you can find parking spaces for your guests before they arrive.

Take Advantage of Unused Spaces in Your Lot

When your neighbors use ParqEx, you won’t have to worry about whether or not they’re going to suddenly appear to get their spot back–or worse, that your guests might end up having their car towed. Instead, you can simply hunt for spaces throughout the condo parking lot on GuestParq. You’ll be amazed by how many of your neighbors don’t use their extra spaces–or, in some cases, don’t use their parking spaces at all. With GuestParq, you can connect with them easily, using their parking spaces for your guests. They get paid a small stipend; you get convenient parking for your guests. It’s a win all the way around!

Find Ideal Spots for Your Guests

Sometimes, there’s just not a spot in the lot, no matter how hard you try to find one. Perhaps you live in a multifamily dwelling with too short a driveway to allow for extra cars. Whatever the case, you need to be able to find a decent parking space before your guests arrive–and they seem to be in incredibly short supply! Thanks to GuestParq, you can quickly and effortlessly find spaces near your home that are perfect for your guests. It’ll be the last time you have to worry about the neighbors bursting in and complaining because your guests have accidentally blocked their parking spaces, or worse, borrowed them.

Get Spots Tailored to Your Needs

Not everyone has the same level of comfort when it comes to pulling into a parking space, especially if you’re in an unfamiliar area. Are your guests looking for a parking space with plenty of room to get out? Do they need extra room for a large vehicle or to help unload the kids? Some guests may feel more comfortable with a parking spot in a well-lit area, especially if they’ll be walking alone to their cars when your event is over. Thanks to ParqEx, you can easily flip through pictures and descriptions of the parking space, allowing you to determine which spots will be a great fit–both literally and figuratively.

Rent Out Your Unused Spaces

Do you have an extra parking space that you aren’t using at your condo? Do you have the perfect parking space tucked away just down the road from a multifamily dwelling? If you have a parking space that you aren’t using, why not turn it into extra money? Just snap a few pictures, create a listing on ParqEx, and voila! Before you know it, you’ll have extra money coming your way.

If you want to learn more about ParqEx and how it can transform your ability to park in the city, whether you’re parking outside a condo or down the street from the must-see event of the year, Schedule a Demo Today! You’ll discover a wealth of possibilities, including the convenience of an app that will streamline parking no matter where you are in the cities we cover and make it easy for you to earn extra money on a space that you aren’t using.

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What about other sharing economy services like parking space or backyard camping rental? Many renters wonder what, if any, of their rented properties they’re allowed to share with polite strangers for a small profit. The answers to these questions may not be clearly enumerated on your lease, but you should make sure you know before listing.

Are You Allowed to Sublet?

Some rental leases allow subletting (sometimes called subleasing) and will say so clearly on the lease. Subletting is essentially renting out residence in your rental home like secondary roommates, long-term guests, and along these lines, sharing economy guests. Read your lease carefully to determine if you are legally allowed to bring in new tenants who answer to you rather than the landlord or property manager. If so, you are much more likely to at least legally be clear to Airbnb your spare rooms. Another good reason to read the lease closely is to check for any special clauses that might get in the way of other sharing economy services. Most homes, for instance, don’t have any rules about parking spaces, but some apartment buildings do.

The Guest Clause

Even if you’re not officially allowed to sublet, you may still be able to host on Airbnb if you carefully conform to the guest clause. Most leases, especially those that don’t allow subletting, will enumerate how long you can have a guest over, usually no more than a few weeks. Your landlord may not mind your series of unusual guests that happen to pay you as long as you limit their booking times to less than the time guests are allowed to stay with you. Parking is even more innocuous because your parking spot guests probably won’t enter the house but offering your yard for camping might be pushing the boundaries a bit.

Ask Your Landlord

No matter what your lease says, unless there is a clearly worded sharing economy clause, you’ll want to talk to your landlord and property manager before starting to book guests. Many have opinions and you might be surprised how much they appreciate the heads up even if they’re okay with the arrangement. Avoid the awkward discovery scenario by making your intentions clear from the outset and get their blessing to host your guests. If you establish that you plan to take full responsibility for protecting the property, your landlord is much more likely to be okay with your plans.

Keep the Property Safe

Finally, if you are legally allowed to sublet or have short term guests and your landlord has agreed that this is alright in their home and your property manager is cool with the situation, it’s your job to make sure that their approval won’t be regretted. Keep your guests activities on the calm and safe side. Avoid wild parties, try to stick with relaxed people who just want to crash for the night or hang out quietly, and do your best to clean up after them. If one does, for some reason, get out of hand, expect to cover at least part of the repairs.

Hosting lodging guests through Airbnb, Parking guests through ParqEx, and camping guests through CampInMyGarden can be incredibly rewarding and a great way to make a little extra money from space you’re not using. Just remember that if you’re renting, this means taking on some extra responsibility as well for the actions of your guests and their impact on the property. Acknowledging this responsibility right off the bat is the best way to get your landlord on your side and might even persuade them when they would otherwise have reservations. For more great tips to help everyone join the sharing economy, contact us today!

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Owning investment property is an incredibly rewarding way to make some passive income. Whether you are retired, have a job you love, or make a living from land-lording, you rely on keeping your properties occupied in order to generate rent. Without a tenant, you not only lose any profit made, but also have to worry about covering mortgage payments and property tax. Naturally, you work hard to keep each property in good condition and try to fill vacancies as quickly as possible but you also can’t rush applications or the screening process. The good news is that while your property sits without a long-term renter, the growing opportunities in the sharing economy offer you a variety of ways to make a little extra money from your currently unoccupied homes until the next ideal tenant comes along. Here are our top picks:

Rent Your Parking Spots

Did you know that those parking spots normally reserved for your tenants are useful for other people too? Good, safe, and legal parking can be hard to find whether in a downtown area or a busy residential neighborhood. You can rent your parking spots for anywhere from hours to weeks depending on your willingness and the needs of those who seek parking. With ParqEx, you can list your empty property’s parking spots and the times they will be available so drivers in need can rent them, and even your garage is a viable option. When someone wants to park in one of your listed spots, whether for a large family gathering, overflow from a local stadium, or just because they need to be in the neighborhood, they pay you for the privilege and the amount of time they spend parked.

Invite Backyard Campers

There are a surprising number of travelers and camping enthusiasts who would rather camp out in someone’s backyard than pay hotel prices while they’re on the go and there’s a sharing economy service just for them. Camp In My Garden is a site for connecting people with backyards they don’t use much and people who want to camp. If your backyard is attractive and spacious, this is a great way to dip your toe into the hospitality side of the sharing economy without the requirement of opening up the house. Backyard campers will pay you a per-person-per-night fee to camp out in your yard, appreciative of simple amenities like access to the hose, a firepit or grill, and outdoor power outlets.

Airbnb the Empty House

Contrary to popular belief, you don’t actually have to have a fully furnished property with little hotel soaps to get customers on Airbnb. Many people value a private bathroom and full kitchen over hotel perks and would be more than happy to stay for a night or two in an empty apartment or house. They’ll bring the sleeping bags and supplies, all you have to do is let them in or give them a temporary combination to your IoT smart lock box and they will happily pay you for each night they stay. You may even find a friendly thank-you note on your kitchen counter.

Besides keeping your property profitable between approved lease-signing tenants, the best part about the sharing economy solution is that you can simply close your listings when a new resident is ready to move in. After doing your usual full cleaning and inspection, the place will be ready to return to its normal purpose as a long-term home. Because this option is available to anyone at any time, you can do this with any property every time a tenant moves out, making sure your passive income stream never fully comes to a stop. For more neat advice on how to use the sharing economy in ways that work best for you, contact us today!

The post How to Make Money Between Renters with the Sharing Economy appeared first on ParqEx.

According to YardiMatrix, the average monthly rent in Chicago is $1,628. Rents grew nationwide, on a year-over-year basis, by 6.5% in the last year, so there’s no relief in sight.

If you are feeling the financial pinch of high rent, you’re going to have to get creative.

Take on a roommate or three? Well, maybe. You have thought about it, but then you take a look around your place and start imagining: pizza stains on the wall, strange wall-banging in the night, and a doesn’t-know-when-to-quit-talking stranger who hogs your favorite chair.

Maybe not.

Here’s a concept:

Rent out your garage or parking space.

People are out there right now who need a place to park in your neighborhood. If you live in a popular area such as Bucktown, Near Northside, Lincoln Park, Wicker Park/West Town or The Loop, they are especially desperate for a spot.

If your space is vacant—for an hour, a week, a month or long term—it’s a hot commodity. Maybe it’s time you turned that commodity into cash, creatively.

MEET PARQEX, THE PEER TO PEER PARKING APP

ParqEx is the peer to peer parking app that allows people who need parking to find people who have parking. We provide a user-friendly online marketplace that matches registered members who own parking spots (Owners) with members who want to use them.

Download the app to your android or smartphone device and you are instantly connected to hundreds of people who are searching for a parking spot.

TELL ME ABOUT THE MONEY

You set the price for your parking space. Prices vary by time, demand, location and other factors. You can use the app to see what other people are charging for similar spots to get an idea of the going rate.

You earn 80% of the rent money your parking spot earns. At the end of every month, the income is deposited into your account, or if you want to receive a check in the mail, allow an extra 15 days.

SAFETY

Not sure you want to rent your space to just anybody? The good news is that you don’t have to. At ParqEx we check and approve accounts, but in the end, you decide. Rent your space or not, it’s up to you.

We recently added an in-app chat feature (proof that we listen—this came as a result of app user feedback), that allows you to communicate with a prospect before committing, and after, to pin down all the details. This kind of personal connection sets ParqEx apart from the competition.

PRIVACY

Your privacy is protected… we promise! Your information is safe and secure with us. Only the people you approve will receive your personal data. But don’t take our word for it, check out our Privacy Policy.

CONVENIENCE

What if you listed your space as available, but decide to stay home and sink into your couch and Netflix?

Or what if your friends show up at your door with that road-trip look in their eyes and you get the feeling that your parking space might be vacant for, well, quite a while?

Not a problem—with ParqEx you can add or subtract your space from the list instantly.

In addition, we’re all about parking and only about parking at ParqEx. Unlike Craig’s List or the classifieds, you won’t have to share space with Go Pros and baby strollers.

LET’S TALK

ParqEx lives in Chicago too—at 111 West Illinois Street.

If you want more info, contact us and we’ll talk about how you’re going to turn your blank space into cash.

And while you’re making creative cash by renting out your parking space, try Elizabeth Atkinson’s 10 Things to Do for a Dollar in Chicago.

We’ll see you at Lillie’s Q.

The post Consider This: Your Vacant Parking Spot in Chicago Could Help Pay the Rent appeared first on ParqEx.