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Just read an article on investing in Parking Garages from two folks who have some hard won personal experience.  AND YES …. they are the Cash Cow you might imagine them to be.

At the same time, Parking Garages are also a business with their own unique methods of driving profits. Here is one unique insight from Michael Tepper and CJ Follini at the Black Swan Blog …

Treat your parking garage as if it were a Hotel and focus on Presentation, Brand and Service.

Here are the rest of their 7 top tips:

1. Always perform a structural engineer’s report prior to purchase; at approximately $30,000 – $50,000 its money well-spent that could save you hundreds of thousands of dollars.
2. Prepare a market survey mapping competitive garages and their pricing.
3. Target facilities with at least 50% of revenue derived from monthly contracts.
4. Strongly consider switch to automation especially if the facility is or will be 24/7.
5. Analyze hourly usage reports to identify potential revenue gains from customized pricing such as reducing hourly increment from 15 – 20 to 5 – 10.
6. Treat your ownership as if it were a hotel. Presentation. Brand. Service
7. ALWAYS HIRE A PROFESSIONAL FACILITY OPERATOR such as Standard Parking.

Here is the full post at the Black Swan Blog

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