{"id":28184,"date":"2024-08-28T00:05:48","date_gmt":"2024-08-28T05:05:48","guid":{"rendered":"https:\/\/pintailcos.com\/web\/can-your-clients-parking-lot-generate-income\/"},"modified":"2024-08-28T00:05:48","modified_gmt":"2024-08-28T05:05:48","slug":"can-your-clients-parking-lot-generate-income","status":"publish","type":"post","link":"https:\/\/pintailcos.com\/web\/can-your-clients-parking-lot-generate-income\/","title":{"rendered":"Can Your Client\u2019s Parking Lot Generate Income?"},"content":{"rendered":"These days, your commercial clients could use additional revenue streams. Some are turning to unconventional tenants or new uses for their facilities. Others are looking right outside their door. Your client\u2019s parking lot\u2014or a portion of it\u2014could be rented out to other businesses, seasonal vendors, overflow parking, or special events. Quenton Rockwell, sales associate with Coldwell Banker Commercial in Cypress, has seen commercial properties bring in extra cash this way. Rockwell serves on the board of directors of CommGate, the Houston Association of REALTORS\u00ae, and Texas REALTORS\u00ae. Before your clients make room in their lots, discuss the following topics with them.\r\n\r\nWhat space is available?\r\nNot every parking lot is suitable for rent. \u201cIs it flat and stable?\u201d Rockwell asks. \u201cIs it large enough to accommodate another use? If needed, could a tenant connect to electricity for resources such as lighting, electronic security, or pay stations?\u201d\r\n\r\nObviously, location matters. Is the lot near another business or organization that needs overflow parking? Could it attract foot traffic if need be?\r\n\r\nIs the property zoned for this?\r\nYour clients should investigate if the property\u2019s zoning would support another use and if so, what type.\r\n\r\nCan the site accommodate both needs?\r\nRockwell gives the example of a church and a nearby business. The church parking lot is empty except for Sunday and one weeknight. A nearby business\u2019s peak hours are not during those times. The two organizations could easily share the parking lot.\r\n\r\nWould a future tenant complement\u2014or at least not detract from\u2014your client\u2019s business? A restaurant may not want a food truck outside, but a nightclub or an office full of hungry employees may welcome it.\r\n\r\nWhat\u2019s your clients\u2019 exposure?\r\nRockwell says your clients\u2019 first call should be to their insurance provider. Would their insurance cover guests visiting the property for another purpose? If someone slips and falls, who is liable? Are your clients covered in the event of theft or vandalism?\r\n\r\nHow would the deal be arranged?\r\nThe safest course of action for you and your clients is to advise your clients to contact an attorney to draw up a formal lease agreement. That way, all details and contingencies are spelled out, just with like any other tenant.\r\n\r\nHow do your clients attract tenants?\r\nRockwell says that often prospective tenants interested in parking lot space will just walk in or call the building\u2019s management. \u201cIt\u2019s very casual,\u201d he says. The prospective tenant may think your client\u2019s location would be perfect for their business. If your clients think a particular type of tenant would be well suited to their site, they can start having conversations.\r\n\r\nEven if renting lot space has never occurred to your clients, it could be worth discussing. \u201cInterest rates are cooling slightly, but people have to maximize their income by whatever means necessary,\u201d Rockwell says. \u201cThe land could be profitable if it\u2019s just sitting there.\u201d\r\n\r\n\r\nWant more content like this? Subscribe to the commercial specialty newsletter or others for property management, farm &amp; ranch, global, broker\/manager, and housing initiatives. Scan the QR code or visit texasrealestate.com\/email and click the \u201cSend Subscription Preferences Email.\u201d You will receive a message in your email inbox with further instructions.","protected":false},"excerpt":{"rendered":"<p>These days, your commercial clients could use additional revenue streams. Some are turning to unconventional tenants or new uses for their facilities. Others are looking right outside their door. Your client\u2019s parking lot\u2014or a portion of it\u2014could be rented out to other businesses, seasonal vendors, overflow parking, or special events. Quenton Rockwell, sales associate with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":28185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[108],"tags":[],"class_list":["post-28184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pintailcos.com\/web\/wp-json\/wp\/v2\/posts\/28184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pintailcos.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pintailcos.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pintailcos.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pintailcos.com\/web\/wp-json\/wp\/v2\/comments?post=28184"}],"version-history":[{"count":0,"href":"https:\/\/pintailcos.com\/web\/wp-json\/wp\/v2\/posts\/28184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pintailcos.com\/web\/wp-json\/wp\/v2\/media\/28185"}],"wp:attachment":[{"href":"https:\/\/pintailcos.com\/web\/wp-json\/wp\/v2\/media?parent=28184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pintailcos.com\/web\/wp-json\/wp\/v2\/categories?post=28184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pintailcos.com\/web\/wp-json\/wp\/v2\/tags?post=28184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}