People who have plots of land sitting, undeveloped without any income rolling can still be utilized for parking spaces. Unfortunately, most people are unaware of this, and for even those that are, not everyone knows how to market their spaces to keep the slot filled.
This Australian-based business makes it quite easy to advertise and rent parking spaces with little hassle. They made a straightforward web portal for owners to post their sparking spots, and for customers to search for available spots in their area.
They have parking space listings that include large commercial parking garages to simple driveways.
How much can I make with a parking spot?
Just like with real estate, location is key. There are cities around the world that are OK with a few bucks a day, and in others, a parking spot would seemingly be the price of an apartment.
Generally speaking, the parking spaces in Australian cities are on the high-end, especially as main cities grow and have more drivers than there are parking spots.
For small towns or rural areas, it would be a tougher call on how viable the business would be. There could be niche uses for a rural plot of land, like commercial vehicles or equipment.
You can rent short-term or long-term, depending on how much work you’re willing to put into it, and making hundreds of dollars per month on a parking spot.
Reducing Costs in the Parking Spot Business
Back in the day, it would be common to hire a promoter to hustle in people to use your parking spot, sometimes charging daily or by the hour. This would add in a major overhead cost to get the space filled, and there are formalities associated with having an employee. And for a more serious operation like a car park, there would be a need to invest in a ticketing system implemented, among other things.
By using the internet, you can essentially do the ‘hustling’ side of things to avoid hiring someone and extending your reach much further than who’s in the vicinity. There will still need to be some on-site work like maintenance or sometimes security, but things will be more streamlined.
The market transitioning & more online for this sort of thing, and websites & apps like Parking Made Easy is filling in the niche for convenience. Think of it being like AirBNB, but for people who need a place to keep their vehicles.