Maximize Garage Income Weigh the Options and Enjoy Profits

If there's a garage in your build-ing, chances are it's not being used to its fullest potential. Security cameras and gates,

welcoming signs, and preferred treatment for residents are a few of the enhancements that can help improve your building's garage income while providing the best possible facility for building residents. By choosing a manager or operator you feel comfortable with, you're already on the right track, and by having an attorney or accountant look over the management or lease agreement, you can be assured that you'll get the most out of a valuable amenity.

There are basically two ways to operate your building's garage: Hire an in-house manager or lease the facility to a professional garage operator. Each method has its pro's and con's, and it depends on your building's circumstances which is the best method to choose.

In-House Management

One of the biggest advantages of in-house garage management is that it allows the board to keep all of the revenues generated by the parking garage as well as exert a great deal of control over how the garage is operated. According to Darleen Linch-Hager, executive manager and garage manager for the Schwab House at 11 Riverside Drive, a self-managed co-op, Our revenue increased by controlling it ourselves. I'm in the garage 50 percent of the day and I've learned the business from interacting with garage operators. I approached the board and asked if they wanted to do it in-house. They agreed. We put a lot of trust into our manager and he gave us excellent ideas about putting in lighting and gates.

Read More...

Related Articles

Managing Small Buildings

Does Size Matter?

Safety at Any Age

Vulnerable Residents

Navigating the Lap of Luxury

The Business of Condo Units in High-End Hotels