Investing In A Parking Garage? How To Increase Profitability

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Investing In A Parking Garage? How To Increase Profitability

If you've decided to invest in a parking garage, you want it to be as profitable as possible. The best way to ensure that is to choose the right location. One way to choose the right location is to consider the major attractions in your community. Another way is to focus on the main business districts. But, there are other steps you can take to increase the profitability of your new parking garage. Now that you're in the planning stages, read the list provided below. You'll find four ways to increase the success of your parking garage.  

Encourage Event Parking

If you want to ensure the success of your parking garage, you want to make sure it maintains full parking capacity. One way to do that is to make your parking garage available for event parking. Many parking garages close up during events. But, that's not the best approach to take. Instead, talk to local event planners. Let them know that your parking garage is available whenever they have events planned in the area. That's a great way to keep your parking lot full on weekends and holidays. 

Offer Long-Term Parking

If you're looking for a way to increase the profits you make from your parking garage, take a look at the premium spots. Those are the spots that are closer to exits, and closer to elevators. If you want to make more money, offer those spots as long-term parking spaces. You can rent the parking spaces out on a monthly basis. Or, you can provide long-term leases for those spots. That way, you can charge premium prices for those premium spaces. 

Make Spaces Accessible

If you're investing in a new parking garage, think of accessibility and profits. If you've ever been inside a parking garage, you know how cramped the spaces can be. Unfortunately, if parking spaces are too cramped, customers will look elsewhere to park their cars. While you're designing your new parking garage, plan for a bit more room between the spaces. You might lose a few parking spots, but you'll make up for it in customer satisfaction. That means you'll get more repeat business. 

Install Charging Stations

If you want to increase the profitability of your new parking garage, don't forget about the electric vehicles. It's not always easy to find charging stations, especially in parking structures. You can increase traffic to your parking garage by offering charging stations to your customers. Not only will you make money from your parking garage, but you'll also make money from the charging stations. 

Contact a local parking garage service, such as 1112 Clay Street Garage, to learn more. 

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