The Owner wants the highest income for their commercial real estate, the
Customers want the cheapest parking and the Operator is stuck in the middle wanting to pay the Owner the lowest rent at their car parks and charge the customer the highest price – with as little risk as possible. These misaligned goals between Owner and Operator can result in a challenging relationship, with a lack of transparency at the very core.
Everyone in the parking chain is time poor. The Commercial real estate Owner may have billions under asset management, with car parks just a small part of the portfolio. Operators often run hundreds of sites with minimal front and back office staff. With such limited resources available, how can you ensure your parking asset gets the attention it needs to deliver maximum returns?
It is often assumed that all parking at Commercial Real estate and Operators are the same. But here’s the industry’s Golden Rule: no two car parks are the same. Even two assets within 50 metres of each other can have completely different revenue drivers and market considerations. Additionally, Operators also have differing strengths and weaknesses. Success at one car park does not automatically mean they are the right Operator to manage your other assets.
How often is your contract reviewed to ensure your asset is being maximised? Can you be sure the Operator is duly complying with the contract requirements for your car parks? Has their bank guarantee been updated? Have annual insurance details been provided? Are maintenance agreements in place? Is financial and statistical information being reported in a timely manner which is in accordance with the contract? Without these backstops in place, you could be throwing away thousands of dollars from passively managing your parking contract and value of your commercial real estate
Parking is a specific commercial real estate asset category that demands specific parking know-how. Some Parking Owners may choose to use in-house parking resources while tendering, negotiating and managing their parking contracts – primarily as a money saving exercise. Whilst they are experts in commercial real estate it is rare they have direct parking experience. As a result several commercial real estate aspects and parking nuisances are missed which may lead to lost parking opportunities, legal disputes and increased commercial real estate risks at their car parks
As a Fund Manager you are responsible for the maximising commerical real value and so obtaining maximum parking rental must be considered as part of a win/win/win commercial real estate strategy when working with your Operator. If you fail to document this in early negotiations the Operator will often pass costs on to Customers – or cut back on expenses such as cleaning, cash collection and staff resulting in a negative customer experience, drivers park elsewhere which means less revenue and the spiral of descent continues. All that is left is little profit in an empty concrete building which can't be called car parks
Problem: maximising your commercial real estate asset at lease renewal, lack of in-house independent parking expertise, lack of independence when receiving advice from an Operator, lack of time so Owner takes easy option of rollover which usually doesn’t optimise their car parks assets
Solution: we offer a complete and thorough renewal pac
Problem: maximising your commercial real estate asset at lease renewal, lack of in-house independent parking expertise, lack of independence when receiving advice from an Operator, lack of time so Owner takes easy option of rollover which usually doesn’t optimise their car parks assets
Solution: we offer a complete and thorough renewal package to maximise your returns and minimise your risks and if required, manage transition between Operators
Problem: burden of car parks compliance, lack of care, lack of review, unaware of risks and lack of time
Solution: Continual Review program: a residential rental property which is valued around $500,000 has a regular review to ensure the tenant is looking after the asset however your commercial real estate parking asset which is valued mor
Problem: burden of car parks compliance, lack of care, lack of review, unaware of risks and lack of time
Solution: Continual Review program: a residential rental property which is valued around $500,000 has a regular review to ensure the tenant is looking after the asset however your commercial real estate parking asset which is valued more than $20,000,000 does not. We solve this problem completing a comprehensive financial, contract, operational, marketing and strategic review and report in a one page Board ready document
Problem: who to contact when looking for parking expertise?
Solution: this is our why. We exists as we are experienced and passionate about car parks. We have insider knowledge and services cover all aspects of parking including but not limited to contract review and compliance, equipment advice, parking levy review, competitor analysis,
Problem: who to contact when looking for parking expertise?
Solution: this is our why. We exists as we are experienced and passionate about car parks. We have insider knowledge and services cover all aspects of parking including but not limited to contract review and compliance, equipment advice, parking levy review, competitor analysis, strategic parking advice, OH&S and safety anaylsis, feasibility and traffic surveys, financial review, audit and contract negotiations. All parking needs for commercial real estate
We love our clients, so feel free to contact us at any time about parking at commercial real estate car parks
info@parkingassetadvisory.com Allison Yeoland +61 414 018 785