This may sound crazy, but a lot of people think that parking lots exist for the purpose of parking cars. That might be a reason to own a parking lot but it is not the purpose. The purpose of owning a parking lot investment is to make money.
Even if you do not charge for parking, you expect to make money when it is more convenient to shop at your store than the one that has no parking. You make money by improving productivity when your staff doesn’t have to circle the block 50 times looking for an open spot.
You can certainly make money when, in a crowded urban environment, you charge people to park in your lot. Yet there is a fine line when it comes to charging for parking. You must know what fee will pay the bills and generate a profit without driving off all your customers. Charge too much and everybody takes the bus or finds another lot to park in. Charge too little and overhead costs eat up all your profit and leave you with a pot-holed space that nobody wants to risk parking in.
In order to know what kind and how large of a parking lot you need, it is best to seek the advice of an experienced consultant. Whether you already own one or are thinking about getting into the business, your parking lot investment needs to be based on a clear-eyed assessment of the possibilities.
Anywhere in the country, Parking Advisors Inc, can provide you with a concise estimate of all the potential advantages and pitfalls.
