Everyone here loves Parkade, especially me.
- Mariana Salfiti, Property Manager
La Galleria has been through many different iterations of its parking options.
When the building was first built, parts of the parking garage were actually open to the public, and a parking attendant manned a booth to collect gate entry fees from visiting cars. As security concerns and costs rose, that commercial garage entrance was abandoned.
However, visitor parking was still a need, so the building rented deeded spots from residents and turned them into full-time visitor parking spots. The security desk kept a guest log, on paper, where guests signed in and signed out. Problems were myriad:
- Rates were expensive, as high as $2.50/hr
- To maximize fairness, parking was limited to a maximum of 36 hours, which wasn't even long enough for a visitor to stay the weekend.
- Guests often forgot to "Check out" and end their billing, meaning hundreds of wasted hours by security personnel scrolling back through video footage to see when the car left.
- Billing was time-consuming, as the guest log was handed off to the property management team, who manually tabulated the bills and tacked them on to HOA fees. George Leonard, La Galleria HOA's treasurer, confirmed the mess: "We’ve had 3 different management companies within the past 5 years, and visitor parking had been a record-keeping nightmare for the managers and their accounting teams."
- Spots couldn't be reserved in advance, as availability was only determined in real time, when a guest arrived and asked for a spot.
We’ve had 3 different management companies within the past 5 years, and visitor parking had been a record-keeping nightmare for the managers and their accounting teams.
Additionally, even though each resident was assigned a deeded parking spot, long-term parking remained a big need — as some residents had more than one car. So, property management maintained a "waitlist" spreadsheet, and would manually match up people who needed a spot with those who decided they didn't need their spot.
Because sharing was so difficult, especially for those who didn't want to loan their spot out permanently, dozens of spots sat empty at La Galleria at any given time. Which led them to search out a solution.
Park has transformed how guests and residents find parking in our building.
Parkade launched at La Galleria in 2019, and parking hasn't been the same since. Assistant general manager Nicholas Furey laid it out well, saying:
"Park has transformed how guests and residents find parking in our building. We never use to have enough guest parking. Now, residents just exchange spots directly, and security has an eye on what’s going on through the admin portal. I haven’t had one complaint."
Parkade is a secure app, only for building residents. To maintain this security, the Parkade team sent individual invitation emails to each resident with a unique, one-time link to join La Galleria's Parkade group.
This was made possible by La Galleria, who shared a list of resident emails with Parkade. At other buildings who were less comfortable sharing contact info of residents, management has sent the emails themselves.
Residents received their invitations, and then posters were additionally hung in the lobby. Within a day, 25% of the building was using Parkade and multiple spots were shared. Within a week, 50% of the building was. Within a month, 2/3 was using the app.
How it works
Initially, Parkade just layered on top of La Galleria's existing parking-sharing, with guest parking remaining intact.
Soon though, residents were trading spots with each other directly, even for short stays. With residents paying each other around $.50/hr, just 1/5 of the price for guest parking, the building decided to completely eliminate its formal, security team-run visitor parking program. Instead, those spots would be returned to their deeded resident owners, who could just post them on Parkade!
Thanks to an "admin view," La Galleria's security team maintains insight on what residents or guests are parking in which spots, at all times. In the old system, security used to have to call residents when their 36 hour limit was up — now, residents are automatically notified via email and push notification that their reservation has ended. This has translated to great parking behavior, with almost no involvement in parking by the security team anymore. And because residents are given each other's contact info when sharing parking, there have been ZERO cars towed since launching Parkade. Any issues have been sorted out directly by residents, or in rare cases by the security team, who is equipped to know who to contact.
Despite an initial lack of support for recurring billing, the Parkade team noticed a high portion of the reservations at La Galleria were for 30+ days. So in spring of 2020, Parkade launched support for monthly, recurring reservations.
Launching that feature allowed the property management team to remove themselves from managing a monthly parking waitlist, and reserving an extra monthly spot (or offering one) has become easy and simple. Furey said,
It was such a hassle coordinating long-term leases (signed, paper leases, not even electronic), finding tenants, going back and forth on behalf of the resident on price and trying to haggle etc. Now, I send the residents the link to the app and that’s it. Saves me hours of work every week and the residents can rent spots without my help.
Happy residents, happy property managers
Furey has seen the changes at La Galleria, and reports that residents have been delighted. Accommodating the extra vehicles that park on site (be they owned by a resident or a guest), even an area with very difficult parking, has become easy, at any time of day (or night).
It's more enjoyable to live at La Galleria as a result now.
The impact has been tremendous for the property management team as well. Furey says:
I still have nightmare flashbacks of the old pen-and-paper guest parking system — I can’t even image going back to that method at this point.
Parkade truly has dramatically reduced my work load, my auditing every month, etc. I literally used to type out guest parking receipt emails each month/quarter for residents and used a screenshot from Excel to show their total. So archaic.
Financial impact: More HOA revenue!
La Galleria used to pay about 10 residents $200/mo to rent spots from them, and use them as visitor parking spots. Revenue from those spots was usually around $50/mo, so this presented a $1,500/mo net loss to the HOA.
On top that, La Galleria has taken advantage of one of Parkade's most powerful features: Revenue sharing. 10-20% of every transaction goes directly to the HOA as a revenue share with Parkade, allowing the HOA to generate new income. There is no cost to utilize this feature.
So, La Galleria's HOA has gone from losing $2,500/mo on its parking — plus staff time billing residents manually for visitor parking charges — to generating hundreds of dollars each month. By 2021, they expect to generate nearly $1,000/mo through the revenue share, as usage continues to increase.
La Galleria HOA's treasurer couldn't be happier:
Rolling out Parkade in our building could not have been smoother. In addition to the great features and benefits of app, Parkade offers adoption stats, insights and recommendations. It’s as if we have a parking consultant at our disposal.
At La Galleria, spots sitting empty for months at a time has truly become a thing of the past, thanks to Parkade.