ParqEx Launches Scalable Parking Enforcement Tech
PropTech firm ParqEx has launched a scalable parking enforcement technology for apartment buildings and HOAs. The system allows management of unlimited properties through a single application, with searches by license plate or reservation, aiming to streamline operations.
- The new enforcement technology is part of a larger suite of tools from ParqEx called Access+, which includes license plate recognition (LPR) for automated entry to garages and lots. This system is designed to create a touchless and seamless experience for residents at luxury properties. - ParqEx has a demonstrated history in the Chicago multifamily market, with case studies from properties like Sheridan Plaza and Scotland Yard. At Sheridan Plaza, their full suite of parking tools reportedly increased security, reduced management effort, and boosted parking revenue by $34,000. - A key feature for the Gold Coast market is the "GuestParq" solution, which allows residents to manage visitor parking through a mobile app. This addresses a common pain point in luxury buildings where guest parking is often limited and difficult to manage, and can even be monetized. - The platform's scalability is a significant benefit for a company like Golub & Company, which manages multiple properties. The system allows for the management of parking across an entire portfolio from a single dashboard, providing real-time data on usage and revenue. - In a competitive market with amenities like valet parking at the Waldorf Astoria (Elysian) and Park Hyatt (Park Tower), ParqEx's technology can offer a different kind of luxury experience focused on resident convenience and control. It also provides a solution for properties without the infrastructure for valet services. - For new constructions like Millie on Michigan, which already offer modern amenities such as EV charging stations, ParqEx's system can be integrated to manage these specific spots and potentially implement dynamic pricing based on demand. - The enforcement application allows property staff to issue digital citations and manage violations from a mobile device, which can be a more efficient and less confrontational approach than traditional methods. This feature is particularly useful for ensuring residents have access to their paid monthly parking, which can cost between $275 and $400 in the Gold Coast and River North. - ParqEx's system can also be used to monetize underutilized parking spaces, a valuable proposition in a neighborhood where parking is a premium. This can turn a cost center into a new revenue stream for the property.
