BY KARINNA CASSIDY


You’re Losing Parking M


ORE THAN 90% OF LANDLORDSWHO OWN ASSETS with monthly paid parking are losing money each month. The percentage of loss will vary between buildings, but more than likely, each landlord is losing, conservatively


speaking, 10%to 20%in revenue amonthwithout even knowing it.


You ask, “How, and why?” The CASIO


Public Safety Solutions


Casio’s Industrial Handheld Division offers a variety of


mobile solutions to quickly meet the immediate and future appli- cation needs of your agency.


IT-3100 Integrated Thermal Printer,


CMOS Imaging Barcode Scanner, Magnetic Card Reader, GPRS and WLAN


answer is quite simple. It happens dur- ing lease negotiations. You have a savvy tenant and a savvy landlord who nego- tiate leases. Within that lease, your parking language is addressed, negoti- ated, agreed upon and, ultimately, completely forgotten. Base rent and additional rent are typically in paragraph three, four or


must have a solid process. It will save you thousands of dollars and stop any potential future losses immediately. The process starts by immediately giv- ing attention to the parking language in every lease as soon as it is signed. This attention to detail must continue throughout the life of the lease, includ- ing amendments. Every lease should have its parking


language analyzed, summarized and documented in such a way that the parking company can accurately bill the tenant each month. This is called a “Parking Abstract.” The Parking Abstract is a living document whose terms will change as


Within that lease, your parking language is addressed, negotiated, agreed upon and, ultimately, completely forgotten.


five of the lease. Every person in your company studies it, accounts for it, and cross-checks it. Parking is buried deep in the lease


and is rarely even granted an exhibit. Few people look at it, and if it gets more than a few minutes of attention – mainly for language to be copied for your parking company to administer – you’re lucky. Sometimes your team is the administrator. That’s exactly why more than 90% of landlords are losing money everymonth. Yes, parking is one of the largest


DT-X30


Integrated Color Digital Camera, CMOS Imaging Barcode Scanner, GPRS and GPS


revenue line items, yet few understand how to maximize it. Most landlords trust their parking companies to pro- vide the systems to control revenue and, yes, you are more than likely one of the 90% of landlords or property managers losing a substantial sum of money every day. You may have tried to find the


Phone: 1-866-812-2746 www.casio4business.com 28


answer and you may have implement- ed what you thought would be the answer, but you are still losingmoney. If you want to stop the loss, you


JANUARY 2009 • PARKING TODAY • www.parkingtoday.com


parking usage changes, parking rates change, critical dates approach, lease terms change and any other variable that affects each parking card issued in your garage. Someone other than your parking vendor should be responsible for its ongoing accuracy. The Parking Abstract should be in


a central location where all parties to the process can access it. This includes your corporate office, as well as that of the parking company, garage manager, property manager and, ultimately the portfolio and/or assetmanager. Next, the terms of the Parking


Abstract should be compared with each tenant invoice every month. Unlike base rent, parking charges vary monthly, and whereas a simple base rent schedule takes you through the life of the lease, no simple schedule exists for parking revenue. During the monthly billing cycle,


one must compare key cards used against what the lease says should be used; discounts or rate increases applied; prevailing rates as recom-


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67