Recovery is the word on everybody’s mind, and operators are learning on the go as the industry continues its course toward recovering 52% of its pre-pandemic revenue levels by the end of 2021. People have changed their attitudes about transit and parking, and historical revenue models need to change with them. And, no other model is as affected by this major shift as much as monthly parking. That’s why it’s imperative for monthly parking operators to exhibit smart parking management to take advantage of trends, stay relevant, and more importantly, drive revenue.
Smart monthly parking systems can actually help cut costs and boost recovery. We’re in the mobility hub era of parking, and the right monthly parking strategy can keep customers happy while ideally building a sense of loyalty, as well as options for additional services. FLASH A/R, which was built with Parkit’s monthly software, is a complete cloud-based solution that increases efficiency and automation.
Below, we explain how to audit your own monthly parking process to ensure you’re gaining revenue and eliminating outdated or wasteful practices.
But First, the Elephant in the Lot: Flex Work
Arguably, the biggest factor affecting monthly parking revenue is the shift toward a flex work culture. According to the recent Road To Recovery Index from EY, NPA, and FLASH, 57% of respondents indicated that flexibility in where they work is extremely important, with an additional 31% attributing it as of medium importance. In other words, most employees will either ask or expect a flexible remote work arrangement.
That changes how you approach monthly parking—and if it is even, in fact, monthly anymore. A good parking system will be able to adjust to the needs of your customers. Operators who understand these shifts and the necessity for technology that accommodates are the gatekeepers of flexible work.
Auditing Your Monthly or Recurring Parking
Your recurring parking can still be a strong backbone of your business and can be a major revenue driver. However, if you’re running systems that rely on manual payment processing or independent instances across your multiple assets, it’s time to determine how you can save money and streamline operations. Your audit can be broken down into the following categories: access, payments and processing, and data and reporting. Read below to check how your systems match up with the optimal setup.
Access
Access includes everything to do with the ease of entry for recurring or new customers. If your systems are intuitive, parking will become a non-issue for your visitors.
Payments and Processing
How you accept payments and process parkers through the system plays a large role in how much you’re spending on your operation. With a system that focuses on automation and ease, you can save money and encourage new customers.
Data and Reporting
So, you have all of these wonderful new capabilities and automated efficiencies—now what? Here’s where data and learning come into play. These new capabilities allow you better access to information that can uncover revenue and create better customer experiences.
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