Property managers are very busy people. With tenant vacancies to be filled, maintenance requests to be satisfied, and myriad other tasks in managing an office, retail, mixed-use, residential, medical center or special events complex, the parking facility may play “second fiddle” to other building priorities, even when the current operating term is coming to an end. The parking management company seems to be doing a good job. Why not just sign a renewal agreement, and get on to putting out that inevitable next fire? Wouldn’t that be the best use of the property manager’s time?
You might want to think twice about jumping right into signing that one-page “same terms and conditions” renewal parking management agreement. The approaching end of a management or lease term is a great time to step back and make sure that ownership is achieving its goals for the parking facility, from financial results to service, image and safety. How does ownership know if the operator is really doing the best job possible, especially if the operation has been on “cruise control”?
The best way to answer this important question is to issue a Request for Proposals (RFP), laying a framework for qualified operators to present their best case as to why their firm is best to meet or exceed ownership’s needs.