In view of the current economic climate we know you will be looking for even more ways to generate maximum revenue from your existing assets. Your car parks are no different!
An easy way to check the financial and operational health of your car park is to undertake an independent performance review. By way of example, following such a review, a client’s monthly car park revenues increased by 20%; as a result of another operational review we were able to increase annual revenues by over $80,000.
Here is our 10 point questionnaire. Whether you have a commercial, retail, healthcare or mixed-use development, ask yourself these questions and discover areas for improved results:
1. Are your fees and permanent parking rates in need of review? Are they in line with your competitors? Have you assessed the impact of the proposed parking levy increases in NSW on your parking rates?
2. Is the agreement with your current operator due for renewal within the next 6 – 12 months? Is there conflict in relation to your current manager and surrounding car parks?
3. Is your car park looking tired, are there broken lights, dark corners, accumulated dirt? Are car bay and wayfinding markings faded or non-existent? Is signage confusing or downright wrong?
4. Do your customers regularly complain about not being able to find their car at the end of their visit?
5. Do you and/or your operator have a comprehensive marketing plan for your car park? Have you explored any added value services such as car wash (waterless?) and additional revenue sources such as advertising?
6. Would increased efficiency resulting from alternative services such as valet and stacked parking give greater access to new clients and improve tenant occupancy rates of your property?
7. Are valuable parking spaces taken up by non customers (eg. commuters or people working/visiting nearby buildings) thus creating pressure on your parking supply?
8. Is the equipment installed in your car park more than 7 years old? Are you missing out on operational efficiencies which could result in savings in personnel and other costs?
9. Are there areas in your car park currently under-utilised, perhaps because customers don’t know how to get to them?
10. Does your car park reflect the image of the rest of the building or the development and make the right statement to your existing/potential tenants and their visitors?
If you have answered yes to any of the above questions, you need our expert and independent advice!
At PCI we have developed a Performance Review Program that can be tailored to meet your needs. By identifying areas of revenue leakage and operational inefficiencies and by creating real opportunities for profit maximisation we GUARANTEE we will increase the net income from your car park by at least the amount of our fee, or we will limit our fee to the amount of additional net income we are able to generate (excluding international travel costs).
Contact us to register your interest – you have nothing to lose!