Why Real Estate Should Invest in LPR Technology

The worldwide outbreak of COVID-19 has changed the way that people around the world interact with each other and their surroundings. Now, more than ever, contactless and touchless solutions, services, and business practices are in critical demand. In these times, it is crucial that businesses and properties adapt, changing the ways they interact with their clients and customers, in order to help keep them safe and protected. In the world of parking, License Plate Reading (LPR) technology is a revolutionary smart parking technology that can help commercial real estate developers provide superior safety options, while also bringing their properties into the future. Read on to learn more about LPR and the several benefits smart parking offers.

What is LPR?

License Plate Reading (LPR) technology uses advanced camera systems to automatically detect, read, and validate the unique sequence of numbers and letters that appear on a vehicle’s license plate. With developments in artificial intelligence and advanced analytics, this technology is incredibly accurate and is now able to consistently deliver correct readings in the field. Thanks to these new developments, LPR solutions have recently been deployed in many different commercial settings. You may already have personal experience using an LPR system, as they have become increasingly common to automate ticketing for highway toll plazas in recent years. But LPR has many other applications being implemented, and in particular, it is poised to revolutionize city parking for both users and management alike.

LPR is also known by other names, such as Automatic number-plate recognition, Automatic (or automated) license-plate recognition (ALPR), Automatic (or automated) license-plate reader (ALPR), Automatic vehicle identification (AVI), Automatisk nummerpladegenkendelse (ANPG), Car plate recognition (CPR), License plate recognition (LPR), Lecture automatique de plaques d’immatriculation (LAPI), Mobile license-plate reader (MLPR), Vehicle license plate recognition (VLPR), and Vehicle recognition identification (VRI).

Safety

In today’s world, having to touch shared, public surfaces is not only an inconvenience but also a health hazard and potential barrier to doing business. Now, more than ever, people are unwilling to risk their health, and traditional parking kiosks and ticketing machines can scare customers away, leading to lost business. Consumers today demand contactless solutions that protect their health and give them peace of mind. LPR offers the only truly touchless and contactless solution when it comes to secure access to your parking facility. With LPR, you have a smart parking system that can automatically detect and read an approaching vehicle’s license plate, granting access to any authorized user. With such systems, there are no screens or kiosks to interact with, no tickets to handle, and no badges to pick up. Your visitors enjoy 100% touchless and secure access to your parking facility, with no increased risk of exposure.

Security

LPR parking solutions also vastly improve the security and safety of your parking facility. With LPR, unauthorized vehicles are blocked from your facility, giving you and your guests confidence that only authorized vehicles will enter. The camera systems required for LPR solutions can also continually record your facility’s access points, keeping a detailed log of all approaching vehicles and accompanying camera footage. This information and footage can be easily viewed later if an incident needs to be investigated, greatly aiding any potential law enforcement activities. Furthermore, the LPR camera systems act as a strong deterrent on crime, since any criminal activity could be recorded and stored by the LPR cameras. This added security gives your parkers added peace of mind that they can park at your facility without any safety concerns.

Increased Customer Satisfaction

LPR offers several benefits to customers of your parking facility that will leave them exceptionally satisfied. In addition to security benefits and being 100% touchless, the automatic entry and exit of LPR systems save your customers significant time and hassle. Since their license plate is read automatically on entry and exit, they gain swift and easy access without having to waste time interacting with a kiosk. In addition, no tickets mean not having to waste time locating, waiting in line at, and using a pay station. Instead, simply pay on your smartphone at any time with a few simple clicks. Finally, thanks to LPR technology streamlining entry and exit, your customers enjoy significantly reduced traffic buildup and much shorter lines in your parking facility.

To learn more about the various benefits of LPR technology for your customers, click here.

LPR offers unparalleled ease, convenience, and safety for your customers, providing them with the ultimate parking experience. The seamless entry, smooth exit, and smart payment options that the LPR system offers keep your customers happy and returning to your facility in the future. With LPR, you transform your building into a smart building, ready, and able to serve customers for several generations to come.

Increased Revenue

With all the benefits of LPR, your customers are sure to be happy and satisfied, significantly increasing the chance of repeat business. LPR systems also provide a solution to ticket swapping, a problem that has remained a significant threat to traditional parking facilities and their ability to collect revenue. With LPR, vehicles are always tracked by their license plate, meaning that there are no tickets to swap, and revenue cannot be lost. Since LPR systems record the license plate of all vehicles that enter and exit, there is no way for customers to dishonestly report how much time they spent in your facility. Finally, LPR systems can enhance revenues by cutting down on the traffic and waiting times within your facilities. By reducing these idle times and keeping a more accurate count of how many vehicles are in your facility, you can process a higher number of transactions and operate at a higher capacity, driving greater revenue.

Reduced Operating Expenses

LPR systems offer significant opportunities for cost savings as well. They remove the need for parking tickets, badges, or fobs, meaning you no longer need to spend money stocking and managing these items. Instead, with LPR, license plates are the unique identifier to gain access to your facility. Furthermore, LPR streamlines enforcement, tracking, and logging every vehicle that enters and exits your facility. If a customer’s authorized parking window has expired and they have not yet left the premises, managers can get an automatic notification of the violation. ParqEx’s Enforcer app connects seamlessly with their LPR offering, Access+ Premium, to give managers all tools they need for enforcement right at their fingertips. With LPR systems and tools like Enforcer by ParqEx, you can eliminate the need to manually patrol your premises and check for violators, delivering further cost savings.

Improved Operations

LPR solutions greatly simplify parking management and operations, reducing the time effort required by managers to operate and maintain their facilities. The system automatically tracks every vehicle and logs all payments and transactions in connection to the vehicles that initiated them. This information is logged and can be easily viewed at any time. LPR also means that there are no longer physical passes or access devices to manage. Instead, with ParqEx’s Management tool, operators have all the tools they need to add or remove tenants, manage guests, and administer their parking facility, all with just a few easy clicks from their home or office computer, or even their smartphone. With these tools, managing your parking facility has never been easier.

Futureproofing

With all the benefits discussed and the continued trend towards smart solutions, the shift towards LPR technologies in the world of parking is inevitable. Soon, real estate developers will be expected to provide building equipped with smart technology, including smart parking. By investing in LPR now, you not only offer your customers a superior experience today, but you prepare your property to serve future generations of customers that will demand a complete smart real estate solution. Think ahead of the curve; embrace smart parking for your property today and be ready for tomorrow as well.

LPR in Action

ParqEx has experience in successfully deploying LPR parking technology as part of their Access+ Premium solution. One such example of this solution in action can be found at Lacuna Lofts, a shared workspace and events venue in Chicago’s Lower West Side. Before partnering with ParqEx, Lacuna Lofts’ parking lot was unsecured, and unauthorized users frequently gained access to parking intended for tenants and guests. However, after ParqEx implemented their Access+ Premium solution, the facility started successfully blocking unauthorized users, while giving tenants and guest simple “drive up and enter” access to their lot.

To learn more, download ParqEx’s case study on Lacuna Lofts.

Ask Us Today About LPR Solutions

Without a doubt, LPR is the future of parking access and security. It offers several benefits for customers and managers of parking facilities, creating an improved parking experience for tenants and streamlined, more secure operations for management. ParqEx’s Access+ Premium with License Plate Recognition technology is available now and has been proven in the field. If you think that LPR technology could benefit your parking facility, reach out to ParqEx today to learn more about Why Real Estate Should Invest in LPR Technology and how we can help transform your facility into a smart parking facility.