Parking Lot Ownership
Major cities in the USA have a high demand for surface and covered parking spaces. Confined by natural geographical features, some cities don’t have extra land that could be easily developed for commercial purposes. Therefore, such urban areas offer excellent investment opportunities in several types of real estate assets. A parking lot investment comes with less hassles and restrictions compared to buildings. For example, outdoor parking lots aren’t governed by rigorous permits and other codes that are enforced by local governments. If the lot meets the basic regulations for traffic and safety, it could be operated for a profit. By contrast, a covered parking garage is subjected to rigorous inspections for structural integrity and vehicle maneuverability.
Profiting From Parking Lots
As an owner of a parking lot in a major city, you could collect a steady stream of revenue. The hourly and daily rates for the lot should be set for optimum profits based on the projected traffic flow in the local neighborhood. You should install automated kiosks that control the entrances and exits of your private property. Surveillance systems should also be installed in strategic points for maximum security and peace of mind. You might be liable for some damage and other occurrences involving any parked cars at your property. Additionally, lots in isolated neighborhoods should have extra security personnel on a regular schedule. You should pay a competitive salary that won’t impact the net revenue from your parking lot investment.
Contact Parking Advisors, Inc to invest in parking lots.