Challenge

Colonial Parking^® operates eight garages for Washington REIT, including a mix of both staffed and remotely managed locations. While customer service has always been the Client’s top priority, financial performance has become increasingly important in DC’s competitive market. Colonial regularly works with the Client to strategize and implement new ways to attract customers and enhance revenue, all to protect the bottom line.

Approach

Colonial’s management team for this portfolio aggressively monitors the local market and analyzes rates. Utilizing our Pricing and Yield Management Team, Colonial has implemented a series of daily and monthly rate increases to bring in more revenue, while remaining competitive. We have also developed dynamic pricing structures, allowing us to adjust rates on slow days to attract more customers and fill every garage, and new signage packages to grab attention from the street. For one location near the DC Improv, our team partners with the theater to advertise a VIP parking package that comes with “skip the line” passes, a popular choice when big headliners come to town.

Results

Our regular and close collaboration with the Client has built trust between both parties, and our relationship has evolved into a true partnership as we seek to improve the performance of each garage. For example, at one facility experiencing construction, Colonial collaborated with Property Management to adjust rate bands and implement strategies, which mitigated the effects of construction on both financial performance and customer service until all work was complete.