Parking

How to Increase Your Parking Revenue in 2022

January 10, 2022

While the pandemic has shaken the foundations of industries world-wide, it’s also spurred an appetite for creative business ventures and outside-the-box revenue generation.

The parking industry is no exception. As North America’s largest parking management provider, REEF has a comprehensive and holistic understanding of the parking industry. We enable parking real estate to adapt to global change, while connecting communities and generating more revenue for our parking partners.

Increasing parking revenue in 2022 means striving to identify opportunities for growth that complement traditional parking. REEF's solutions help optimize parking real estate to increase its value for parking operators and communities alike. Here’s how.

Parking Apps

We’re living in a highly digital world. Almost every industry is finding ways to digitize their user experience. Mobile apps make the customer experience easier and more convenient—two qualities that are paramount in the consumer’s decision-making process.

Although parking apps were around long before the start of the pandemic, their use in a post-pandemic world will be more important than ever. The past few years have made us more cautious of what we touch to avoid spreading germs. Because of this, contactless innovations are making breakthroughs in the industry.

Mobile parking apps—like REEF Mobile —allow users to choose where to park based on proximity, amenities, and price. They can pay for parking with a single tap, extend parking sessions from their mobile devices, and receive notifications letting them know when their time is running low.

Implementing an app at your parking facility can also drive customers to your site by highlighting the amenities and services you offer. For example, someone who drives an electric vehicle will likely prioritize parking in a lot that has an EV charging station . The app will show them which lots have what they’re looking for, influencing their parking selection.

REEF Mobile now provides users with easy, one-tap access at select gated locations, minimizing interaction with high-touch parking equipment. More on that here:

Parking Access and Revenue Control Systems

Parking Access and Revenue Control Systems (PARCS), also known as Access and Revenue Control Systems (ARCS), allow owners to control access to their parking facility and collect parking revenue. With various levels of functionality, this tech solution unlocks more operational dynamism and invaluable data at your facility.

REEF’s parking access and revenue control system (REEF ARCS) digitizes your parking operations and allows you to make decisions based on concrete data and extensive financial reporting. The system is inexpensive to install, operates on local and cloud-based connectivity, and runs automatic software updates.

REEF ARCS also allows you to choose from multiple gate-vending options such as:

- Kiosks

- License plate recognition (LPR)

- Bluetooth, or app-generated QR codes.

Touch-free options will continue to be the preferred choice in a post-pandemic world as we seek to minimize the spread of germs and viruses. Parking facilities that implement these solutions are more likely to draw more customers and increase their revenue.

Repurposed Space

A shift toward sustainability and eco-friendly decisions began to reduce the need for parking spaces long before the pandemic. Consumers are becoming more conscious of the changes that need to be made to protect our planet and stop the progression of climate change. Since transportation accounts for approximately one-fifth of all U.S. emissions, the pressure to reduce single-occupant car journeys is steadily growing.

It’s been estimated that there are as many as eight parking spaces for every car in the U.S., adding up to as many as 800 million parking spaces. In short, there are way more parking spaces than can be effectively utilized by cars alone. This means there is a lot of open urban space that isn’t being used to its full potential.

REEF introduces new, complementary uses to active parking lots, helping parking facility owners mindfully monetize every square foot of their real estate. From self-contained delivery kitchens to last-mile delivery centers, our applications enrich the surrounding community with faster, greener access to the goods, services, and experiences they need.

To increase parking revenue in our ever-changing world, we need to think of parking lots as more than just places to put our cars. Instead, they’re a platform for multiple uses—and multiple streams of income. Visit our parking solutions page to learn more.


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