5 Tips for Renting Equipment

December 20, 2022

Running a construction business focuses on many moving parts. Your equipment needs to be ready at all times. There's also keeping tabs on your rental orders, among many other things. It's a lot to manage and can be overwhelming at times.

However, it is more than manageable. And with these tips, you'll have a seamless construction equipment rental process that'll make your business more efficient. Read on for more information.

1. Use Better Software

Every business competes with others for customer attention. Most companies have the same ideas regarding maneuvers to increase clientele. But customer service is where you can separate yourself from others. It doesn't have to be in the form of greeting customers, which is important; it's more to do with your company's efficiency.

For example, if you use equipment rental software, it'll be easier to keep track of rental orders. You'll know what's been rented and when it'll be returned. Furthermore, your customers can monitor their transactions using login credentials. When you simplify services for customers, especially those dealing with heavy machinery, they're likely to return.

2. Maintain Your Equipment

One of the most important jobs you have when owning a construction equipment rental business is maintaining it well. It directly affects the success of your company. When someone leases machinery, they expect there to be no issues. If they have difficulty throughout their rental agreement, they may review your business negatively.

So always inspect your equipment after an order is returned. Doing so will give you insight into the machinery's condition. If there's a slight issue, give it the tune-up it needs, so future customers aren't affected. With extra attention to detail, you'll help keep your business profitable.

3. Have Insurance and Permits

Since you're working with heavy machinery, having insurance is critical. That's because people other than you will operate the equipment occasionally, meaning liability issues can occur without insurance. The last thing you want is a renter getting hurt if you opt for no insurance plan. That might derail your entire business.

Finding a suitable cover catered to your business's needs would be best. Talk to different providers to see what they can offer. Another item for your checklist is local municipality laws. Some may have special permit requirements for renting equipment. So check with your local board to find out what documents may be necessary to avoid fines.

4. Clarify Your Terms and Conditions

Besides good customer service, clients also expect clear terms when renting equipment. It's key to avoiding confusion if any issues arise during their rental period. Working with an attorney is the best way to ensure you've covered all bases. A few components you'll want to include:

  • The total cost of renting the equipment
  • Security deposits
  • Rental length
  • Fuel surcharges
  • Knowledge of how to use the equipment
  • Contact information if something happens
  • Conditions for returning machinery
  • Penalties for lost or damaged equipment

These are a few basic items that your terms and conditions should cover. If customers see these regulations attached to rental agreements, it'll help processes run smoothly since they know what to expect.

5. Figure Out the Right Price

The one thing some business owners may need help with is pricing. You don't want to overcharge for your services because you don't want to turn customers away. However, you also don't want to set the bar too low because you won't make a profit. So how do you figure out what to charge for construction equipment rentals? Compare prices with the competition.

See what other businesses like yours are charging to determine the best pricing plan. If your company needs to increase sales, you can temporarily lower your prices to gain an advantage. Other businesses may be unable to match what you do, making it difficult for them to retain customers.

Plus, when clients repeatedly use your equipment, they slowly develop a connection with your business. So even if you raise the prices slightly in the future, customers will likely continue using your services since they're comfortable.

Here's How You Rent Out Equipment

Renting construction equipment is a huge responsibility that you shouldn't take lightly. Furthermore, you'll need to do a few things to be successful. Ensure you're using rental software to simplify business processes. It'll help you keep track of orders and equipment that may need future maintenance.

You should also ensure you have permits and insurance to avoid liability issues. Then in your rental contracts, clarify your terms and conditions so customers know what to expect. Finally, figure out reasonable prices to ensure a profit and build customer connections. Do these things, and you'll have no problem renting equipment.

 

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