Owning a piece of real estate is not always about land or a home. Parking lots and parking garages count under the real estate sector and can make just as much income. Often parking garages can be counted as passive income, as there will be little to take care of, especially with an electronic ticket machine and a machine that takes payment. One thing to consider is that there are a number of different ways to make money on a parking garage. Three particular ways to make good money on your parking lot are a great place to start.
Allow advertising on your tickets
One of the products that your garage or parking lot will produce daily is tickets. Since the ticket machine will put tickets directly into the hands of consumers, these are a great place to insert advertisements. Find businesses that would be interested in advertising on the tickets that your machine hands out to customers. The advertisements can be for local businesses or they can be for upcoming events. Consumers tend to read their parking lot tickets to learn about validation so they will read the advertisements. Charge the businesses a small fee for advertising and have tickets created for the machine.
Offer event only parking
If your parking lot is located near a busy downtown or near a stadium, there will be events that go on in the area quite often. If you have a parking lot located near an event, offer to shut down the parking lot to the public and offer the parking lot solely for the event. If you have a parking garage, you can also offer to shut down the parking garage and allow a part of the event to take place at the open top of the garage. Offering a rental price for event only parking will net you easy, one-time contracts.
Create monthly and weekly parking options
If you live in a city where parking is at a premium, those who own cars will often fight for street parking. Offer monthly and weekly parking rates for those who need marking. These customers can park on certain levels and have a security card, rather than a ticket to get in to make the process smoother. Giving out monthly and weekly parking passes will provide you with a secure income and most of your long-term customers will be in the garage at night and out during the busy days.