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

Parking management technololgy

Author

Franco Faraudo
October 16, 2024

Propmodo Technology

By Franco Faraudo · October 7, 2024

Real Estate Owners Are Boosting Revenue by Optimizing Parking Rates

Real estate owners are increasing revenue by adopting dynamic pricing for parking facilities, replacing outdated static rates. Parking management companies now adjust prices in real-time, considering factors like time of day, weather, and local events. This approach avoids underpricing, optimizes occupancy, and maximizes profitability, following strategies similar to rideshare, hotel, and airline industries. Dynamic pricing is becoming the industry standard, aligning with the evolving demands of modern parking operations.

READ ONLINE: https://propmodo.com/real-estate-owners-are-boosting-revenue-by-optimizing-parking-rates/

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.

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

License Plate Recognition technology is drastically changing how parking facilities are managed in airports, urban centers, and commercial properties. While the technology comes with challenges, many parking lot managers claim the tech is ‘revolutionary’ for good reason.

READ ONLINE: https://propmodo.com/why-parking-lot-managers-say-license-plate-reader-tech-is-revolutionary/

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

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