Why Parking Lot Managers Say License Plate Reader Tech Is ‘Revolutionary’

Presented by AirGarage

Propmodo Technology

By Franco Faraudo · October 7, 2024

Greetings,

This week, Propmodo Technology is diving into parking management with the support of our friends at AirGarage. Learn how to boost your parking revenue using dynamic pricing.

I imagine many of you are old enough to remember how parking facilities were managed in the ‘old days.’ An attendant would sit at the booth, likely bored and paging through the latest issue of Sports Illustrated, handing out and collecting time-stamped paper tickets. Drivers would use the tickets to calculate fees upon exiting. This system was slow and prone to error, and it feels like something Gen Z couldn’t fathom, similar to a world without high-speed internet.

Today, parking lot management has transformed from manual ticketing systems. Now most parking lots are smart and automated to work with little to no human labor needed. As we explore this week in Propmodo Technology, advances in technologies such as License Plate Reader (LPR) systems are starting to take parking lots to the next level. These new systems automate vehicle entry, exit, and payment processes without the need for the driver to even take a ticket or pay at a kiosk. 

Most parking lots nowadays are addressing the growing demand for electric vehicle charging stations. There are roughly 4 million EV charging stations in the US and that number is expected to grow to 35 million by 2030. The opportunity in EV charging is so big that some of the largest building systems companies in the world are starting to jump in. Equipment manufacturer Siemens recently announced that they would be starting an EV charging line.

Parking operators are also becoming increasingly sophisticated in pricing their spaces. Drawing inspiration from the ride-share industry, some technologies now automatically adjust prices based on real-time demand, maximizing revenue potential and improving space utilization for owners.

Let’s go!

Presented by AirGarage

Boost Parking Revenue With Dynamic Pricing

Real estate owners are increasing parking revenue by switching from static to dynamic parking rates, powered by the parking management company AirGarage. Instead of flat, printed rates, dynamic pricing adjusts in real-time based on demand, local events, weather, and time of day.

At AirGarage, we helped 182 Church St in Charleston, SC boost revenue by 44% after implementing our dynamic pricing system. Drivers scan a QR code to see current rates, maximizing revenue while maintaining driver satisfaction.

Dynamic pricing ensures efficient use of spaces, avoiding “Lot Full” signs and increasing occupancy. This model is already standard in industries like hotels and airlines, and parking is catching up fast.

Bytes

Curb appeal
Comcast Smart Solutions has partnered with parking tech startups to facilitate curb management into their smart parking solution.

Out of juice
Popular EV charging station manufacturer Enel X has abruptly pulled out of the North American market and explained to its commercial properties clients that their Juicebox charing stations "will lose functionality in the absence of software continuity."

Reservations required
Google recently announced a new feature to their Google Maps that will allow users to reserve parking spaces inside the app.

More Propmodo Technology

Propmodo Technology is edited by Franco Faraudo with contributions from readers like you and the Propmodo team.

📧 Forward it to a friend and suggest they check it out.

🔗 Share a link to this post on social media.

🗣 Have ideas for future topics (or just want to say hello)? Share your feedback and tips at [email protected] or connect with us on X through @propmodo.

✅ Not subscribed yet? Sign up for this newsletter here.

📣 Want to share your marketing message with over 60,000 commercial real estate professionals? Email [email protected] to learn how to sponsor this newsletter.

📫️ Please add our newsletter email, [email protected], to your contacts to make sure you don’t miss any updates.