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8 Reasons Why Real Estate Sector Should Invest in Smart Parking Management System

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Accelerated industrialization has contributed hugely to the growth rate of the urban economy and an increase in income and the living standard of individuals all over the world. Which in turn resulted in two decades of exponential increase in the number of registered motor vehicles hitting the streets. Other contributors are the high affordability of cars and easy car loan options.

The number of cars worldwide is projected to increase to 2 Billion by 2040. Maximum increase is expected to be in emerging markets like India and China. (Source: Weforum.org) Research shows that in the financial year, 2001 there were 53.46 registered vehicles per 1000 population across India which increased to 225.39 cars per 1000 population in the financial year 2019. Urban areas have a higher concentration of vehicles compared to rural areas. (Source: Statista.com) The increasing concentration of cars has led to a shortage of parking spaces in the cities and a need to effectively manage the parking lots. 

Poorly managed parking lots could become the root cause of tension among the society members due to issues like rogue parking, compromised security, and occupancy-related issues. Additionally, parking lots if ignored could become hotbeds for crime risking the life and assets of the occupants.

Efforts need to be made both by civic authorities and the real estate sector to provide effective parking management solutions. According to the research world-over, 30 percent of the traffic can be attributed to improper parking especially in cities during peak hours. (Source: Sciencedirect.com) This problem will only worsen in the coming years if left unaddressed.

Smart Parking Management System is the key to improving the management of the parking lots in large commercial and residential properties. Standalone city parking lots could also benefit from an automated car parking system. This article will discuss why is it important to have a smart parking management system and how it can help the real estate sector in ensuring the safety of the occupants. 

What is a Smart Parking Management System?

Smart Parking Management System uses various hardware and software technologies like sensing devices, cameras, counting sensors, and much more to enhance the parking experience of the residents. The real estate sector can benefit from this as it will increase the valuation of their property and contribute to better city planning. 

The various devices used in parking management helps in preventing entry of unauthorized vehicles, vehicle counting, identifying available spaces, and raising an alarm in case of haphazard parking. Additionally, it will also prevent unauthorized parking, movement in the wrong direction, and parking in no parking zones. 

Why Real Estate Sector Should invest in Parking Management System? 

As discussed earlier effective parking management is the key to smoothening urban mobility and reducing the negative impacts of parking. We have listed seven reasons why the real estate sector needs to consider parking management for their commercial and residential properties.

Reason 1: Professional Parking Management System Increases the Valuation of the Property

The real estate sector has always tried to include facilities in their property to make their offering lucrative for the buyer. The facilities which have amenities like a swimming pool, club, and kids play area fetch more price than the ones that don’t.

Likewise, the real estate can increase the valuation of the property by providing a Parking Management System which will make the lives of the occupants easier and secure their lives and assets.

Reason 2: Real-Time Data Regarding Premise Availability Enhances Parking Experience of Your Customers 

A typical parking behavior is that every vehicle owner wants to park their car closest to their destination. This increases the cruising time while parking as the driver has to search for a parking lot nearest to their destination. Further, It is humanly not possible for the security personnel to determine the availability of space especially in the case of large parking areas.

The parking management system uses intelligent Video Analytics to determine the empty parking slots and help you guide the vehicle to the available slot. This eliminates blockages and ensures a smooth flow of traffic. Also, it reduces the overall anxiety and hassles your prospective buyers will experience while finding their bays.

Reason 3: Prevents Unauthorized Vehicle Entry and Ensures Security of the Occupants

Parking lots are often breeding grounds for crime due to inadequate security deployment and poor means of stopping the entry of unauthorized vehicles into the property. This could put the lives of the occupants in danger and expose them to crimes like theft. Considering the complexity of parking lots it is difficult to have them adequately manned.

Professional car park management provides features like license plate recognition which can black list or white list cars. After identifying the number of the car the system can provide or restrict the entry of cars into the lot. It also keeps a count and record of the cars entering or leaving the property, thereby making it easy to manage the parking lots.

Reason 4: Prevents Blockages Caused by Parking in No-Parking Zones

Another common problem encountered is people parking cars in no-parking zones which leads to blockages and traffic congestion. A lot of time is wasted in locating the owner of the vehicle and removing it from the parking.

A parking management system sends real-time updates to the security and prompts them to take proactive action to prevent wrong parking from happening and saves the residents inconvenience caused by the same. It can also trigger an alarm in the parking area, alerting the car driver of the same and stopping them from the wrong parking.

Reason 5: Prevent Unauthorized Parking and Tensions Arising There Off

Unauthorized parking by society members is not uncommon. Wrong parking leads to tension among the occupants and loss of mental peace. 

Real estate companies or societies can authorize parking lots for specific cars and update them in the database. The video surveillance solutions then identify the number plate of the car that is being parked and match it with the parking lot allotment in case there is a mismatch it raises an alarm and notifies the security as well as the parking lot owner to take preventive action and avert a conflict.

Reason 6: Prevent Haphazard Parking and Traffic Movement in the Wrong Direction

Vehicle owners could at times be reckless not just in the way they drive their cars but also in the way they park their vehicles. Haphazard parking makes it difficult for other car owners to park or remove their cars in the adjacent parking, it could also interfere with the flow of the traffic. Another common problem is the movement of vehicles in the wrong direction while parking or while entering or exiting the parking lot. This could lead to major accidents.

Smart Parking can raise alerts when the problem occurs and trigger an alarm for the security to intervene and ensure that the vehicle owners comply with the basic parking rules set by the society members.

Reason 7: Reduced Cost of Managing the Car Park

Automating the car security allows the security team to oversee the entire parking lot from one location and reduces manual activity. It reduces the manual labor involved and the resource exhaustion there off. The sensors, surveillance cameras, and alarms decrease the number of laborers in the parking lot while improving efficiency. So the property owners can hire less staff to manage the parking lot and cut costs.

Reason 8: Convenience of Playback and Investigation and Automatic Report Generation

Besides the day-to-day functioning of the parking lot, it is essential to understand the parking pattern of usage of the lot by the occupants: the times for which they use the parking lot, their need for additional parking space, and so on. All such data can be autogenerated on a weekly, monthly, or yearly basis.

Furthermore, in the case of crime at the lot, you can also use the recording for playback and investigation and solving the crime, and taking action against the miscreants.

To Sum Up

Parking Management System aids in better management of parking lots and it makes business sense for the real estate sector to have it in their property. It helps resolve issues like haphazard parking, wrong parking, unauthorized intrusion, and much more. The real estate sector can increase the valuation of their property,

Matrix has over thirty years of experience in providing comprehensive security solutions for various businesses. To know more about Perimeter Security Systems speak to experts on our toll-free number 1800 258 7747 or write to us at Inquiry@MatrixComSec.com