Renting equipment is a financially strategic move that allows individuals and businesses to complete tasks and projects that they otherwise simply wouldn’t be able to. This could be everything from a mom or dad renting party equipment for a birthday, a non-profit investing in venue equipment to put on a benefit concert, or a construction company renting heavy-duty equipment. There is a multitude of reasons and advantages to renting equipment that comes into play. While it can be simple, usually several factors contribute to this kind of strategy.
For example, if a construction business doesn’t have the upfront capital to afford its equipment, then renting may be the only way that it can successfully engage in the field of construction in general. On the other hand, a company may be able to afford the equipment that it needs, but lacks the facilities to store and maintain heavy-duty equipment. In this case, even though they may have it in the budget to own, long term it may not be financially wise if they can’t maintain and store the equipment properly.
Whatever your reasons for renting equipment, there are always going to be ways of getting the most out of your rental. Most successful equipment rental software tracks inventory and customer experiences just so they can best optimize their goods and services for existing and potential customers. In the same way, there are certain factors to be aware of when it comes to optimizing your experience when you rent equipment. This is true for all forms of rentals, however, when it comes to renting heavy-duty construction equipment, the stakes are decidedly higher.
If you have been wondering about what mistakes you should actively avoid when it comes to renting equipment – here is everything you need to know.
1. Avoid Uninformed Rental Decisions
One of the best ways to know that you are making the right decision when it comes to renting equipment – especially heavy equipment like construction equipment – is to know the benefits of renting. In general, a rental has a ton of great benefits, however, it is still something that is far from cheap. While it may be a strategically wise decision, the financial cost is significant enough to warrant research. Making an uninformed rental decision can be financially unwise.
There are two main benefits to renting heavy-duty equipment. The first is that it allows businesses or individuals who may not have access to this level of equipment the opportunity to complete tasks. If the option of owning equipment isn’t in the budget, then rentals are most likely the best option. The second benefit is that it allows businesses or individuals to utilize heavy equipment while avoiding the costs of storage and maintenance.
Even if there is plenty of room in the budget to purchase a piece of equipment, the storage and maintenance of that equipment are paramount. The larger and more expensive the equipment, the more important this issue becomes. If you have done your research and you can confidently say that renting heavy equipment is the financially strategic option – then go for it. But avoid renting on a whim or renting without consulting your budget project manager.
2. Ensure Vendor is Consistent and Reliable
Here’s the deal, you don’t want to pay for what you don’t use – so make sure you are renting what you need when you need it. A lot of this comes down to availability which is why working with a rental company you trust and is dependable is very important. Having your equipment on time means you can stay on track with your goals and get your project online when you want it.
3. Be Sure and Rent Only What You Need
This may seem like a no-brainer, but it’s vitally important especially when renting construction equipment, to be positive about what you do and do not need. This is where the value of an experienced project manager can really come into play. Knowing what equipment you need to rent, and which pieces of equipment you can either do without or do not need entirely can save you time, money, and frustration.
This isn’t just about a particular kind of equipment but can also be true about the size of the equipment in question. There are so many different factors to consider when it comes to renting equipment for a construction project and making sure you rent the right piece is one of the most important.
Final Thoughts
Renting equipment can be a great move that can be financially beneficial. There are a lot of strategic benefits to not owning certain pieces of equipment especially when it comes to the world of construction. While it can seem intimidating to make this kind of investment, by doing your research, renting from a company you trust, and getting the right equipment, it can easily be the correct move.
