Managing heavy equipment rentals can be a mammoth task, not just for first timers but for pros as well. There are some basic things that you must keep in mind. These are applicable to all organizations, contractors or individuals renting smaller machine tools for small scale work. There are businesses whose main income comes from renting out construction equipment and tools. If you do not have an effective inventory management system, you could actually land your business in hot water. Common challenges faced by all rental agencies include effective tracking, collecting payments, equipment servicing, responding to SOS calls and reduction in equipment loss. There’s a lot you can do to minimize damage and gain profit.
Employ Expert Consultant(s)
Whether or not you get an inquiry from a website, paper or radio ad or just word of mouth, your consultants needs to get in touch with the prospective client ASAP to understand their needs and offer a viable solution at a workable price. Not only will this give a personal touch but will strengthen your reputation as an equipment supplier.
Well Equipped Warehouse
You must have a well-equipped warehouse in order to not only store equipment, but maintain it as well.
Weekly Tracking of Rental Equipment
Online inventory management is a mammoth task. Tracking equipment from the time it enters your fleet, through the inspection/restoration process up to the time it is ready for rent or sale is a must to get the quickest ROI.
Sell Off Underutilized Equipment
Incase you have machines and tools that are generally not in demand, sell them. Just having the machine in your inventory is a drain on your bottom line.
Equipment Servicing on Time
The key to success in this business is to keep your inventory in very good working condition. PM should be done on scheduled intervals. If equipment breaks down, that’s money lost. Customers should have a smooth experience from the moment they flick on a switch till the task is complete.
Mechanical Check ups before Delivering
Regardless of how good a condition your tools are in, you must ensure a last minute detailed inspection of all parts before delivering it for a job. Last minute inspections should be made mandatory.
Prompt Servicing
At times in spite of maintenance, tools tend to breakdown or get damaged during use. You must have a proper service system so you can get the tools fixed within a stipulated time period.
Get rid of Damaged Equipment
It is highly advisable to sell off equipment damaged beyond repair. No point in doing a quick fix job to a tool or machine that is bound to breakdown. It’ll only destroy your business reputation.