Unico Properties Case Study
Case Study
Unico Properties Case Study
How Unico Properties Increased Net Operating
Who’s Involved
Russ Davis | Vice President of Operations at Unico Properties
Customer Takeaways
The ability of data from [JustPark’s] Smarking BI to let me focus on particular days is extremely important. With this data, we were able to make $80,000 above the budget across our Smarking BI parking portfolio last year.
Russ Davis, Vice President of Operations at Unico Properties
Summary
Unico Properties – a Seattle-based real estate company with about 20 U.S. parking facilities – partnered with JustPark to enhance parking asset management with JustPark’s Smarking BI software. Real-time and historical data analysis informed strategic decisions and operational improvements. As a result, Unico has optimized performance metrics, increased revenue by adjusting to demand patterns, and plans to leverage these insights for future development and repurposing of its parking facilities.
The Challenge
Create an efficient method to track key performance metrics and identify trends in parking operations.
Use granular-level data to maximize potential revenue across Unico’s assets.
Evaluate the impact of decisions and track improvements over time.
The Solution
JustPark’s Data Analytics
Unico used JustPark’s Smarking BI solution to integrate parking data from various PARCS systems across its facilities. The software removed the need for time-consuming report compiling and allowed for real-time occupancy, revenue, transaction volume, and per-ticket revenue tracking with year-over-year comparisons. Unico also took advantage of Smarking BI’s alert feature to automate real-time monitoring across the sites.
Market Trends and Insights
With JustPark’s Smarking BI solution, Unico could identify market trends and powerful insights from parking usage data across all its facilities. For example, after analyzing occupancy, entry, and exit patterns across all tenants and times, Unico saw it could increase the oversell ratio at a downtown office garage.
Optimized Parking Rates
Unico uses demand-based pricing to maximize transient and event parking revenue. For example, Unico may raise rates on Thursday, Friday, and Saturday evenings at a downtown garage after seeing consistently high parking demand from restaurant and event traffic. Historical data also allows the company to adjust event parking rates based on past attendance of a similar event.
The Results
Net Operating Income Increase
Unico saw a $280,000 increase in net operating income, beating its $200,000 goal by 40%. With JustPark’s Smarking BI, the company maximized asset value with smarter pricing and inventory allocation decisions. Real-time assessments of garage health enabled rapid response to issues and opportunities.
In Conclusion
Unico Properties markedly enhanced its parking management capabilities with the addition of JustPark’s Smarking BI, leading to a significant increase in net operating income. Unico has made informed decisions that optimize occupancy rates and pricing strategies, proving the power of data analytics. Unico plans to continue utilizing insights to enhance profitability and adapt to changing parking trends.
Learn More
With integrated payments, devices, and business intelligence, JustPark is paving the road to a brighter digital future. On that road, JustPark customers are driving away from cash, quickly and seamlessly.