Parking Agreements

Advice: always negotiate revenue targets with incentives for the park operator as part of a management agreement. If they can directly benefit from the success of the facility, a park manager will place more emphasis on maximizing revenue for the owner. Tip: Make sure you know the true sales potential of your park (1-5 years) before negotiating the monthly rent with a park manager. The document can be used if the owner is either a business or an individual and if either an individual, a company or a group of people rents the parking lot for his own needs. In addition, the document can be modified to reflect a wide range of different scenarios, including where parking spaces are allocated and/or indicated, where multiple vehicles can use the space, and where parking can only be used at certain times. I remember checking a customer`s management agreement, in which the historic parking operator overcharged the owner by more than $4000 a month for Facility insurance over the past 5 years. The client had no idea that the insurance costs for an installation of this size should be about $400 per month. If you really think about it, how can each park manager maintain or expand their business by calculating only $1,000 to $2,000 per month in administration fees? In simple terms, they can`t. As part of an administrative agreement, the park operator invoices the landowner for various operating services such as work, supply, insurance, cleaning, etc. The reality is that almost all of these products and service charges are “padded” to generate additional revenue for the park operator. Ross Frangos is President and Founder of AuditPark Services Inc., a Toronto ON-based park consulting firm.

He specializes in requests for proposals, parking documents and assistance to clients in the purchase of parking space management services. Last piece of advice: Park operators often require vague and ambiguous things such as “administrative fees” or “processing fees.” Always check the costs charged by the park operator and always ask for several independent offers as a reference, especially when it comes to being or cleaning the facility. As with a rental property contract, the tenant cannot sublet the car park without the landlord`s consent. The tenant is also responsible for the maintenance of the car park and his vehicle, including valid insurance and registration. In the parking space, no personal storage should be allowed, the only object that must contain the parking lot is a vehicle or motorcycle in good repair.