How to get the most out of your parking lot operations
Parking lots can be significant revenue generators for asset
managers, thanks to their high margins. Yet, in many cases,
they're a building feature that may be viewed as a low priority
that can be costly in the long run.
After all, while well-managed parking lots can produce
additional revenue seemingly effortlessly, ill-managed facilities
are a different story. Whether your operations are outsourced to a
third party or managed internally, without proper controls in
place, you're exposing yourself to significant risks and bottom
line leakage.
Detecting fraud
Risks from serious violations—such as stealing of cash,
sideline businesses, under-reporting the fees collected or other
fraudulent activities—are probably the most damaging
consequences. Incomplete accounting records are also another
challenge. These infractions can result in severe revenue slippage.
The two most common categories of fraudulent
