My Chicago Parking Hero

I have two pet peeves when parking in Chicago. The first is the high cost, especially downtown, and the second is giving money to Chicago Parking Meters LLC which will probably go down in history as one of the worst business deals in history for the city.

Enter SpotHero! With SpotHero you can get discounted parking at probably the very same place you would have parked anyway but often at a fraction of the price.

As an example, I recently parked near Lake Street and Michigan Avenue for about $15.00 for three hours with the SpotHero App. If I had simply “found” that garage on my own and pulled in to park it would have cost in excess of $40.00. Nearly three times more than I paid. This is not an unusual example.

Understand that parking garages prey on visitors and the uninformed. Also, their posted prices are based on their peak prices. However, (not to get too technical) parking garages are in what we call a “lost asset business.” If they do not rent a given parking space at a given time they cannot recoup the value of that asset later. In short, they are in the business of “selling” a specific period in time. When that time passes their opportunity to make money passes.

So what that means to you and me is that when they have excess inventory they are willing to make a deal to sell it at a cheaper price. That’s where SpotHero steps in. They facilitate the discounted deal by putting those who need parking (you and me) together with those who have parking spaces.

Think about it like how the airlines operate. When they are anxious to sell a seat they will sell it at the best price possible because once the flight takes off they have no chance of getting money for that seat.

Add to the equation that selling parking is generally a very competitive business which is another reason that posted prices are so high. The operator knows most of the time they will not be full so they charge a premium to make up for their excess revenue.

Okay… I am a marketing guy so excuse the lesson in dynamic pricing. What you really want is a cheap parking space so, create an account and start saving money.

In the spirit of “full disclosure” as a SpotHero user, I am directing you to their “refer-a-friend” link that will provide an additional discount to you the first time you use the app and because I am making the referral I will get a $7 reward credit the first time you spend $8 or more. Not a bad deal for either of us. Once you are a user you can do the same. This is one of those services I freely recommend anyway, so whether I get a referral bounty or not I am still a fan.

Just to understand how it works the first thing you need to do is establish an account. After that, you can enter the address of your destination and the time period you need, then SpotHero will show you a map with a number of nearby parking options to choose from. Choose one, enter your credit card info and voila you have a reserved parking space. No driving around and wondering where you are going to park and how much it is going to cost. Also when it comes time to leave it is all paid for. You have the option of printing out a receipt or using the digital receipt using their smartphone app. Both options include a QR code (a kind of barcode) that you will scan at the entrance and exit to open the parking garage gate or door.

One more awesome advantage … it has been my experience that the two times I had minor issues I called SpotHero talked to an actual person who helped me immediately. In nearly every case they are better and more efficient than the parking garages themselves who usually have no attendants and virtually no customer service.

Besides my duties related to Chicago Broadcasting Network and my video production marketing company, I also write about 30-40 theater reviews a year for ChicagoTheaterandArts.com so I need parking every time I go out on a shoot, see a client or go to the theater. This becomes a significant business expense for me. SpotHero has saved me a bundle, saved me a lot of time, and has eliminated a component related to business that could be very stressful at times.

So do yourself a favor and sign up for SpotHero today.