Five Facts That Make a Parking Management System a Must

“Since we digitized management, the profitability of property owners has increased by between 10-30%”

— Patricia Wallin Granhagen, CEO, Falu P

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85% reduction in queue management time

How much time do you spend on queue management today? From expression of interest to rental, it is not uncommon that it takes about 60-100 minutes for a case manager to fill a parking space (and then we have not counted the days of waiting and processing time).

In our Parking Management System, most things can be automated. Your tenants and parking customers themselves can get a parking permit with a click (a process that usually takes about 15 minutes to administer) or submit an expression of interest. If you choose to accept applications manually, it will take 5 minutes at most, because the system takes care of all other administration (for example matching between expressions of interest and vacancies, and sending contracts and reminders).

Depending on how you work with queue management today, this saves a lot of time. For one of our clients, this meant 85% time reduction in queue management. Another customer saved 25 hours in their first week alone, just from digitizing parking permit administration.

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30% reduction in administration costs

With increased automation and a greater possibility of self-help for parking customers, manual administration is reduced, which in turn makes it possible to reduce costs. On average our customers have reduced their administrative costs by approx. 30-40%. If you turn your eyes to your business, what would the corresponding decrease mean for net operating income?

“For example, we can offer parking for residents and tenants at different prices, at different times of the day. The flexible packaging also makes it easier to increase the occupancy rate. In order to do this, you definitely have to have a system.”

— Eva Näsholm, Group Manager Parking, Corem

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10% more parking spaces

Could it be possible for a Parking Management System to lead to more parking spaces? Yes, the majority of our customers discover about 10% additional parking spaces in the stock during inventory. Of course, it is not that more places will magically appear, but when you take inventory, measure and draw new lines, it is likely that you too will discover spaces that you did not know existed. (If you cover these with unreserved parking, you can also at least double the revenue per spot!)

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Excellent NPS (Customer Satisfaction)

NPS (Net Promoter Score) is a method for measuring customer satisfaction, where the result is a figure between -100 and +100. Generally, one wants to have as good an NPS as possible - the further above 0 you get, the better the results. The Customer Survey Company Netigate say that:

“A score around 30 is very good. If you reach a score of 50, it's great., and over 70 is exceptional. A perfect score is like unicorns — they simply don't exist.”

A lot comes into play when it comes to customer satisfaction, such as ease of use, service experience and affordability — three factors that are all facilitated by a Parking Management System. One of our customers who has digitized parking management for a long time and conducts regular customer satisfaction surveys usually receives a NPS of between 65-75.

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30% increase in net operating income

Reduced administration costs, more parking spaces, increased occupancy and more satisfied customers. Together, this results in increased profitability on the last line. Would you like to increase the operating net income from the parking business by 30 per cent? It is highly likely that you would do with a Parking Management System — 30% increase in net operating income is the average for our customers.