A limitation can be both a problem and a solution. Take paid condominium parking and storage as an example. Depending on laws and location, developers don’t always include a spot or storage space for every unit.
The benefit of creating a finite number of underground parking spots and storage rooms is that condo units cost less (it can cost a developer more than $100,000 to build just one parking space). The downside is that demand for these assets may exceed what is available, forcing residents to look for alternative solutions.
Table of contents
- Inventory management waitlists
- Things to consider when building a waitlist
- Using Condo Control to manage inventory waitlists for parking and storage
- Benefits of maintaining a waitlist for parking and storage
- Other solutions
While less common, some HOAs also encounter issues with paid parking inventory. Boat slips and racks may also be scarce.
So, short of adding more parking and storage (which isn’t generally possible), is there anything communities can do to resolve inventory shortage issues?
Yes! We recommend starting with a simple waitlist to ease complaints and dissatisfaction.
Inventory management waitlists
Once the maximum number of spots or spaces have been leased, condos and HOAs can create waitlists to address demand for these shared assets.
An inventory management waitlist is essentially a document that records all individuals who wish to use and pay for a shared asset. If a resident who currently uses a shared asset leaves the community, or someone does not wish to renew their lease, the asset will be offered to the person who has been on the waitlist for the longest period of time.
Waitlists are not a perfect solution because they do not eliminate the inventory shortage. However, they do help to reduce frustrations and the time it takes to fill a vacant spot or storage space.
Things to consider when building a waitlist
What’s to think about when building a waitlist? You write down a name, get an email address or phone number, and that’s the end of it…right? Not exactly. When you’re working with a community that is home to hundreds or even thousands of people, your list needs to be detailed, accessible to multiple staff members, and easy to edit.
Ensure that the signup date is included with the resident’s name, phone number and/or email address. You may even need to write down times if the desired asset has an established annual renewal date since many people may submit a request to lease it on the same day.
Here are some additional points to consider:
- How do residents sign up for a waitlist? Does a staff member ask them if they would like to be added to a waitlist after a request to use an occupied asset is made, or do they fill out something online?
- How will waitlists be maintained and updated?
- Is the waitlist paper or digital? Who is responsible for updating the list?
- How will residents be notified when an asset becomes available?
- Will residents be notified by email? Text? Traditional letter? Explaining how they will be contacted makes it easier for them to identify the message when it is delivered.
- How quickly must residents claim the asset once it becomes available?
Many communities would give residents one week to respond to an offer before moving on to the next person on the list. However, if the asset is very popular, the resident may only have a couple of days to provide an answer.
Exceptions may also be granted if, for example, a resident was unable to respond in time because they were on vacation or in the hospital. In these cases, their name may return to the top of the list.
Using Condo Control to manage inventory waitlists for parking and storage
Condo Control’s digital waitlist is part of a comprehensive community assets management system. This solution allows condos and HOAs to collect applications for paid community assets, send responses to residents, and even process payments online.
The software is customizable meaning management can establish unique lease periods and costs for each asset type. Inventory limits can be created as well.
It is even possible to activate autorenewals if that makes sense for the community.
Once a space or locker opens up, an admin can pull up the waitlist to see who is next, and invite them to submit an application through their Condo Control account.
Benefits of maintaining a waitlist for parking and storage
Maintaining a waitlist for parking and/or storage is easy when you aren’t trying to do it using a pen and paper.
However, modest benefits may be enjoyed when using a waitlist too.
Gauge the value of shared assets
By keeping a detailed waitlist, admins can see how long it takes for someone to get off of that waitlist.
If spots rarely become available for certain assets, it’s safe to assume residents value those assets.
The board can use this data to determine if the cost of leasing valuable assets should be increased. A price increase could open up some new spots (people who don’t really need the parking or storage may terminate the lease), but it will definitely bring in more revenue for the community. Just make sure the increase is reasonable.
If the asset is less permanent (bike or boat rack), the board could also look at the possibility of adding additional inventory.
Reduces resident frustration
When someone moves to the community and finds out that all the onsite parking/storage is gone, they get angry. Now they have to find parking somewhere else, or pay a higher rate for storage.
Waitlists can reduce frustrations because they give residents some hope. While nothing is available today, they might secure a spot in a few months.
Admins may also be in a position to tell residents approximately how long it takes for an asset to become available based on historical community data.
Community maintains more control over assets
Corporations and associations can lease parking spots to residents if they are common elements. This means they are available to all members on a first-come, first-served basis.
Owners and residents don’t have the authority to lease common element parking spaces to others, but some do it anyway if demand is high. This makes it much harder for a condo or HOA to keep track of who is using the parking lot.
Having a formal waitlist for parking can encourage residents to sign up there and obtain a spot through the condo or HOA instead of making a deal with an individual owner.
Provides a fair and formal system
Finally, waitlists help establish a fair process for residents who want to use a shared asset. This is a logical and organized way to address high demand for popular shared assets.
Other solutions
In addition to creating a waitlist for shared parking and storage, condos and HOAs may be able to use a few of these ideas to help address parking and/or storage shortages:
See if the condo or HOA can establish a partnership with a local company
Condos and HOAs are sometimes able to work with local companies and offer residents deals on services or products. If there is a parking lot or storage facility in the area, reach out to see if they would be willing to collaborate.
Restriping
If you manage an older community, the parking spaces might be larger than necessary. Restriping your parking lot may be an option. Just keep in mind that having more parking spots won’t be all that helpful if residents are struggling to maneuver into compact spaces.
Limit assets to one per home or unit
Communities may be able to create a rule that limits how many assets one household can lease. The condo or HOA may also need to add a grandfather clause to this new rule though, which means communities would still have to wait for current members to move out before inventory becomes available.
Conclusion
Inventory waitlists help condos and HOAs manage the demand for popular shared assets. They can also help to reduce resident frustrations and the time it takes to fill a vacant spot or storage space.
Maintaining a digital waitlist that belongs to a shared community asset management system is best because it is easier for admins to access and update the list online.
