Property mangers love Parkade, plain and simple.
We wanted to highlight our very first property management partners — First Service's Mariana Salfiti and Nicholas Furey, who manage La Galleria — to exemplify how improving parking at your building isn't just a win for tenants. It's a win for property managers as well.
As covered in our case study of La Galleria, La Galleria partnered with Parkade out of a desire to improve the chaotic and inefficient parking situation the building saw, which is typical of many large residential buildings in urban areas.
Most residents had assigned parking spaces, but the building rented about 6-10 spaces back from residents (for $200/mo) and devoted them to visitor parking. Those spaces almost never earned more than $200/mo, so not only did the building lose money, but the guest parking program generated a ton of work for staff in the form of:
- Dealing with frustrated residents when guest parking was full
- Accurately recording the start and end times of every guest parking reservation
- Turning that log of reservations over to the property management's accounting department, which then tacked small bills onto HOA fees
Since the building switched to Parkade, it's been night and day. Parkade handles all short-term and long-term parking, and now, as Assistant General Manager Nicholas Furey describes,
I have more time now to do practically anything.
I remember dreading when guest parking charges were due and now I’ve been able to audit our storage files, our parking assignments, our resident list. I even created an entire operating manual for the security team. So much time has been saved!
He and his team have saved hours of time each week, and they've been able to deliver a huge win for residents, who now have easy, reliable parking at their fingertips.
No more waitlists
In addition to visitor parking, property management also used to maintain a "wait list" of residents who were waiting for a long-term parking space. They would then connect these residents with other residents who decided they were ready and willing to rent out their parking spot.
It was a cumbersome process, and often property managers got stuck between two residents negotiating over parking prices.
Parkade, similar to visitor parking, has replaced that entire system. Furey said:
It was such a hassle coordinating 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. Still to this day we have no major complaints or feuds over parking.
Improve building finances
Property management at La Galleria has also helped deliver a large win for the HOA's finances. In years past, they would have to report to the HOA about how much money the visitor parking program was losing.
Now, the visitor parking rental program has been eliminated saving thousands, and Salfiti gets to deliver news on how much money Parkade is delivering each month through our revenue share program. Salfiti summarized it as:
It's a huge win, and everyone has loved Parkade. And it helps that you guys are so easy and fun to work with too.
Want to bring Parkade to your building? Reach out to us today on our Get Started page.