Today, prices of goods and services are constantly on the rise. With increased cost of living people try to minimize their expenditure in hopes of saving as much as they can. Living in an economy that fluctuates, everyone is uncertain yet hopeful that it becomes stable in the future. One thing that not many have not known is, that everyone is still able to benefit from one another which creates a win-win situation. Yes! There is such a thing and it is called Shared Economy. Shared Economy, allows you to “share” your belongings or property that you rarely use to someone in need. A simple example of a shared economy is rentals of properties, be it homes, cars, belongings – you name it. For a reasonable fee, the tenant gets access to assets he or she otherwise wouldn’t have, in return the owners gain an extra stream of income.

 Source: Kai Plews, Shared Economy Poster, Portfolio, n.d.

Source: Kai Plews, Shared Economy Poster, Portfolio, n.d.

One of the biggest problems us Malaysians face daily is the lack of parking spaces. Malaysians face the never-ending battles of waking up extra early every day, only to reach a fully occupied car park area. Our next options? Double parking behind someone else or illegally parking either by the roadside or in reserved area, only to find our cars either scratched, clamped, fined, towed or all the above.

 Source: The Star Online, Motorists See Red Over Council’s Tough Action on Unpaid Traffic Summonses, 2015

Source: The Star Online, Motorists See Red Over Council’s Tough Action on Unpaid Traffic Summonses, 2015

A study from our local news portal The Star conducted in 2014 tells us that car ownership in Malaysia is at a staggering 93%, more than 54% of them own multiple cars. Since most Malaysian households possess at least one or more cars, there are now more cars than there are public parking spaces available. However, it’s a stark comparison when we look at residential parking spaces in Malaysia, with occupancy levels of residential parking spaces going as low as 30%. This is the gap that ParkIt hopes to bridge; by giving drivers another option for parking and giving owners of parking spaces an opportunity.

 Source: The Star Online, New G&G Guidelines for Shah Alam, 2017

Source: The Star Online, New G&G Guidelines for Shah Alam, 2017

As a driver, parking with ParkIt means You would never need to compromise on safety since parking lots we provide are in residential areas with 24/7 security such as patrol guards, boom gates and card access only. ParkIt also ensures that the parking space is reserved only for you. To date, more than 300 parking owners from all over Klang Valley have listed their parking space on ParkIt, making your choice of parking abundant and as close to your work place as possible.  ParkIt ensures that our prices are affordable for drivers and as competitive as possible, typically even 30% cheaper compared to commercial rates.

Owners of unused parking lots also get great benefits too! Renting your parking spaces provides an additional stream of income by monetizing your underutilized assets. ParkIt will provide end-to-end service in managing your parking space where we source for a tenant, negotiate, rent, collect and ensure monthly payments are on time, every time. Did you know, your carpark can also increase the overall value of your property. You read that right! As the saying goes, “location, location, location” also applies to parking spaces, read up here!

Link: http://www.focusmalaysia.my/Assets/the-lucrative-car-park-business

With the help of Uber, Grab and AirBnb, the shared economy concept is slowly becoming a part of everyday Malaysian life. ParkIt aims to introduce, educate and provide Malaysians with another form of shared economy to reap the benefits of sharing and relieve the daily pains of every Malaysian driver out there. Parking shouldn’t be as painful of a problem as it is today; we’re here to solve that, one parking space at a time.

For more information, log on to www.parkitmy.com.

Sources:

https://www.thestar.com.my/business/business-news/2014/04/16/car-ownership-in-msia-third-highest-in-the-world/

 

http://www.worldometers.info/world-population/malaysia-population/