Your lot is completely full and every spot is paid for. That’s a good thing, right? Actually, it depends. A full lot means your revenue stream is healthy. It signals to retailers and tenants that you’re in a popular location, potentially encouraging higher occupancy. It demonstrates positive use of real estate and shows competing sites that you mean business. So what could be wrong?
Do Parkers Know?
If cars are looking for parking and don’t know your lot is full, they will waste valuable time searching for spots that don’t exist. Not only will they leave feeling frustrated and annoyed, they are less likely to come back to your lot next time they need a spot. Simply posting a Lot Full sign can instead provide the opportunity for the parker to have the right data to make the best decision to plan their journeys efficiently.
Is it Really Full?
Many parking counting solutions are inaccurate. Despite the hours spent on wiring each spot and the tremendous financial investment, parking counting solutions are not always right. A sign posting your lot as full when it isn’t equals loss of revenue while signs showing spots as available when there aren’t any creates negative experiences and lack of trust. Choosing a more accurate parking counting solution such as OpenSpace ensures that the data customers see is data they can rely on.
When customers get to your lot and either can’t find a spot or there are no signs indicating that the lot’s full, chances are they’ll park somewhere else and that may become their first-choice next time. In addition, for parkers in a hurry (and who isn’t?) to get to an appointment or event, a full lot is a stressful hurdle. Sometimes raising prices at peak times or as spots fill can ensure that select spots remain open, even if they cost a premium. However you choose to fill or not fill your lot, smart, accurate parking guidance lets parkers know they can trust you.