Industrial equipment can be very expensive – just a large industrial tractor can cost anywhere from $75,000 to more than $150,000. So if you’re running a business that involves renting out machinery, you’ll want to do everything within your power to make sure that whoever you are renting to will take care of your equipment.
Aside from locking up your machinery every night and surrounding it with guard dogs and a security guard or two, what else can you do to make sure that the equipment you are renting out is in good hands? If you run an industrial equipment rental facility, here are some of the things that you can do to make sure your goods are safe.
When someone walks into your shop to rent a machine, the first thing that you should do is get some kind of guarantee that the person renting can afford to pay for the machine if something should happen to it. There are a few ways to do this, but the most popular way is to ask for a credit card deposit. Usually half of the cost of the machine is a good amount to ask for, and anyone renting equipment for the sake of completing a project or running any kind of company will have a company card with a decent limit on it.
Some rental places also ask for collateral, but this is hard to attain from someone that wants to rent your equipment. It’s ultimately up to you what to ask for, but make sure that you do have something in exchange for that expensive item.
Attract the Right Kind of Customer
People looking to rent heavy machinery often do so because they need to finish a project that doesn’t justify buying a machine, but does mean that renting one is a necessity. The customers that you want to come back to your shop time and again are those that are looking for clean equipment that is serviced properly. So make sure that your equipment is reliable and ready to be rented whenever your best clients need that extra machinery. This way, you will attract the right kind of client every time.
Safeguard Your Investments
When you run a rental business, part of your cost of doing business will be upkeep. You can expect to put some money into keeping equipment running smoothly, and you can also expect to spend some money on buying new equipment when you need it. This means that you’ll want to protect your expensive investment as much as possible. It’s not unheard of for someone to rent out a piece of equipment and then try to sell that machinery or steal it. You can safeguard against this by installing GPS trackers on your entire fleet.
It doesn’t take very long to install a GPS tracker, but it can mean the difference between making sure that your equipment is safe and having your machines stolen every time. If you are interested in fleet tracking for your heavy machinery rental business, make sure to call RMT today. We offer fleet tracking discounts and bulk rates, so make sure to ask about those offers.
Go With Your Gut
The last tip that we have for you is to trust your instincts. If you feel like someone that wants to rent a machine isn’t trustworthy or may not be back to collect that credit card deposit, don’t rent to that person. This can be tough to determine, but you will usually get a hunch for these things the longer that you are in business.Google+