We Know How to Add Value
Our proven methods can help unlock hidden value in your parking asset. Here are a few of the steps we take when assessing a parking property:
- Next Parking evaluates operating expenses to ensure all expenditures are appropriate. If operating expenses are also allocated amongst mixed-uses, the propriety of those allocations is ascertained.
- Next Parking examines transient and monthly parking rate structures to ensure they are market competitive and maximize revenue.
- Next Parking evaluates and audits payroll for maximum efficiency. Next conducts an in-depth review of the staffing schedule – analyzing payroll and scheduled hours for each employee and position. This review ensures scheduled hours are consistent with facility demand and service requirements. Pay rates are analyzed and adjusted to appropriate market levels.
We have been able to add value to parking assets in the following ways:
- Conversion to pay-on-foot. One facility was enabled to stay open 24/7. Coupled with increased marketing, NOI was increased by 102%.
- Consolidation of rates and reduction of operating costs. This enabled our parking garage to increase NOI by approximately 30%.
- Analysis of payroll and schedules. Modifications we implemented realized an annual savings of $115,000.
- Competitive Rate Analysis. Our review of the immediate parking area and subsequent alignment with competitors resulted in revenue gains of $100,000 annually.