Minimize parking requirements, while maximizing your investment in carsharing:
A how-to-guide for best practices in carshare planning and implementation.
Build it and they will come. If only it were always that simple. Although many do well,
we’ve seen some nice, new developments not sell as well as expected. We’ve also
seen shiny new carshare vehicles in such development sit idle. It’s been through trial
and tribulation over the past 15+ years ----- working alongside dozens of municipalities
and hundreds of real estate developers ----- that we’ve been able to distil our learnings
into a simple, 8-Step Guide to maximizing the benefits of parking relaxations
through two-way carsharing.
Through a formulaic parking relaxation program, municipalities have made it possible
for developers to save hundreds of thousands of dollars by replacing traditional
parking stalls, with a fewer number of two-way carshare spaces. This part is simple:
only two-way carshares are returned to their designated stalls, for residents to
conveniently get about town. The more challenging part is figuring out how many
shared vehicles you can support ----- and how best to implement and market them ----- in
order to maximize the benefits of the program. Here’s how.
1. Understand your options early --- get an expert opinion.
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Understanding your options early in your planning process will allow
you to make the best decisions possible ----- ensuring you maximize the
allowable parking relaxation benefit, streamline the municipal rezoning
process, and optimize your design, budget, marketing and sales
strategy.
Talk to Modo ----- the only local two-way carshare operator with 15 years’
expertise in this area ----- how many vehicles your development can
support. Modo uses a proprietary location system, guaranteed to
provide the most accurate data. Plus, it’s fast and free.
2. Understand the specific requirements of your municipality.
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Each municipality has different requirements when it comes to
implementing carsharing, through parking relaxation programs. Modo
has worked with 13 municipalities and can quickly help you understand
how to best take advantage of the program.
Municipal policies and processes can be complex and evolve regularly.
Modo has access to the most up-to-date information ----- making it easy to
understand the conditions set out by your municipality, in order to
structure the right carshare solution for your project.
3. Support the need today, while anticipating tomorrow’s.
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Ensure the carshare solution you implement today will be relevant for
how people will be living 10, 20, even 30 years from now.
Research shows that appeal for carsharing continues to be on the rise,
while car ownership declines, with significant shifts in attitudes and
behaviours on transportation. Yet, recent Metro Vancouver studies show
that, on average, residential parking supply continues to exceed
demand by 18-----35%.
With 88% of consumers agreeing that on-site carsharing is a tangible
incentive when it comes to buying a new home, this amenity will quickly
become the new norm ----- like granite countertops and stainless steel
appliances.
4. Choose the carshare stalls wisely --- ground level or ungated works best.
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Modo can help your team optimize the design of the parking drawings.
By choosing the right stall locations you will minimize construction costs,
avoid security concerns, and ensure maximum flexibility in terms of
vehicle choice.
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Stalls located in visible, ground level and/or ungated areas of the
development will improve ease of access, convenience and uptake for
carsharing.
Your municipality may also have some specific requirements on the
dimensions of the carshare stalls.
5. Select vehicles with high appeal to your residents.
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Choose a vehicle that aligns with the brand of your development and its
(prospective) residents.
Modo offers over 50 vehicle models (including premium and luxury
brands) to support every demographic, from the price-conscious, to
those driven by luxury.
If you don’t know what your residents want to drive, ask. Seeking input
is a great way to generate interest and engagement, and differentiate
your property.
6. Confirm the details of your carshare solution early.
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Defining the program early (e.g., the number, types and locations of
vehicles) will enable you to confidently and effectively communicate with
your stakeholders: residents, partners, municipalities, etc. You may also
want to provide further incentives, such as free driving credits or
memberships.
Early confirmation will ensure you’re able to maximize your parking
relaxations, before other developers step in to fulfil the carshare potential
of the neighbourhood.
In some cases, confirming your solution early can eliminate the need for
a letter of credit, typically required by the municipality to guarantee the
implementation of your program. In other cases, it may help to release
your letter of credit early and improve your cashflow.
7. Promote carsharing as an amenity and use it as a selling feature.
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Buy a home, get a car! Location and transportation/accessibility are
two of the most important considerations when buying/renting a home.
On-site carsharing is a valued amenity with high appeal, much like
proximity/access to transit.
Leverage the strength of your added amenity in all your marketing
collateral and channels, and be as specific as possible (number/type of
vehicles, and any added incentives such as free driving
credits/memberships).
Modo is happy to provide marketing support and content for the full
sales cycle (pre, during and post-sale), attend your next sales event or
owners meeting, or even help with a booth at your sales centre.
8. Ensure your sales team is well versed on carsharing.
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Ensure your sales team is trained on how carsharing works and the
specific details of your solution. Modo will gladly provide an orientation
session and whatever materials are required, to enable them to talk
confidently about the topic, and include it in their sales pitch.
Make sure your sales team understands how powerful of a sales tool
carsharing can be. For example, prospects can save $500/month ----- by
eliminating the need for a personally owned car (or second car) ----- which
can instead be put towards home financing.