If you own a sizeable plot of land that is just sitting there and burning a hole in your pocket, you may be thinking about how to make some money from it instead. If this area of land is in a fairly well-populated area and especially if it is close to other places of business or popular attractions, then you can certainly make some money by renting it out as a car park. What do you need to think about before you proceed with this plan, however?
Why a Car Park Is a Good Idea
There is certainly money to be made from the provision of car parking facilities, especially in a country that relies so much on the automobile, like Australia. There never seems to be a sufficient amount of public parking in or around towns and cities and this is where an enterprising individual can provide a great service and earn good revenues. Nevertheless, there are rules and regulations laid down by local governments that determine how you should go about this, in order to treat everyone fairly.
What You Need to Consider
Before you start, you should, of course, make sure that the facility is well surfaced and somewhere that people would want to leave their car. It should be well lit, have a secure perimeter and you should also install cameras to help provide peace of mind and give you some evidence in the event of an incident. Perhaps most importantly, you need to install machines so that you can take money for the privilege.
Pricing and Liability
You must display your prices prominently and not engage in deceptive advertising, by offering a discounted rate prominently when it's only available for a small number of spaces. You certainly have to be careful about your liability, but you can't be unrealistic and must work closely with an insurance company to ensure you are covered.
Dealing with Anomalies
You also need to understand that not everyone is fair and forthright when it comes to paying for services. You may find that some people will park within your facility and not pay for the privilege. In this case, you have to determine a course of action.
If you come across such a vehicle, then you can fix a notice to the window, insisting that the fee is paid, or you can get in touch with a towing company to remove it from the space. In fact, it's a good idea to have a working relationship with such a towing company who can help you out, especially when parking space is at a particular premium, due to a special event nearby. In this case, you may feel that posting an infringement on their windscreen is simply going to delay matters and the vehicle will still be occupying space at no revenue.
Make sure that you have all of these issues taken care of before you open a business so that you can operate your car park very efficiently.