Value Today: Transient parking revenue used to be a matter of location and price—if you had the former, you dictated the latter. Today, new technology is leveling the playing field when it comes to what used to be a location-based market. According to the Pew Research Center*, nearly 2/3 of all American adults now own smart phones and increasing numbers are now purchasing parking online with the plethora of services that have popped up over the past few years. These app-based services are allowing parking to takes its place among the travel-related services that are increasingly being sold via smart phones. National companies, such as ParkMe, Best Parking, Parking Panda, ParkWhiz and Park Now, all offer online options to reserve and prepay for a parking space, which has opened up an entirely new market for property owners and customers. According to Colonial Parking’s Senior Operations Manager, Steven Kopelman, “Providing online reservations at my facility near the National Zoo has made a major impact on revenue and space yield. Our location is a little off the beaten track for those searching for parking in traditional ways, but perfect for the online marketplace.”
Gone Tomorrow: Parking spaces are perishable- sell them today or they spoil and cannot be sold again. Another advantage to the online market is the ability to segregate sales channels and prices. Utilizing predictive analytics and monitoring demand, Colonial Parking® is actively adjusting rates and capacity via the various online channels, as well as the pricing available for drive-up visitors. “This active approach to online sales is a real differentiator for us in Washington, DC,” commented Erica Ireland who handles Yield Management for Colonial Parking. “We have more channels to sell through than ever and can focus inventory where and when the most value can be created.” It is an exciting time to be in the parking business and Colonial® is leading the way in embracing and managing the technological changes that are unlocking value for property owners and consumers alike.
*Source: Pew Research Center
About Colonial Parking: Colonial Parking manages 240 plus parking locations in the Washington, DC area. We are dedicated to providing exceptional service to both our customers and clients, as well as hiring trusted and driven employees that exude our integrity and accountability. We would be happy to review your project, be it large or small.