Tips On Renting Tools And Equipment
All of our construction company clients wind up renting tools, vehicles, or other types of equipment at some point. There are plenty of good reasons to rent equipment instead of buying, but you could be doing your company a disservice if you did not consider all of your options and possibilities when it comes to renting equipment.
Renting Versus Owning
Obviously, any piece of equipment you will only be using once or twice should be rented. But are you sure that you are only going to need that equipment once or twice? Do you see the possibility of taking on more work that would require those tools? Have you been talking to potential customers who indicate that they have a lot of that kind of work coming up? Buying a used piece of equipment can save you a lot of money over renting if you know that you will need that equipment in the future.
As you put together your equipment budget, make a detailed accounting for all of the maintenance and other services a rental company will offer. Even if you will be using a piece of equipment in other jobs, the extra services a rental company offers may make renting the equipment much more cost effective.
Don’t Disregard The Rental Agreement
When renting a piece of construction equipment or vehicle, it is extremely important that both parties understand the terms of the agreement. We always advise our customers to be active in rental agreement negotiations so that they get terms that they agree with, and so they understand what is expected of them. Who is responsible for repair costs if the equipment breaks down during the course of regular use? It is very important for you and the renting company to come to agreeable terms when it comes to the rental contract.
Planning Is Always Important
All of our customers hear our business experts mention the word “planning” on a regular basis. When you know you will be using rental equipment, it is extremely important that you plan your needs and set up rental agreements appropriately. The last thing you want is to be paying for rental on a piece of equipment you either don’t need right now, or never needed in the first place. The project manager should gather comprehensive information from the project supervisors to precisely plan when the rental equipment will be needed, and how long the equipment will be on-site.
Would Leasing Be Better?
Leasing offers many of the same cost-saving measures such as maintenance and replacement services, but it requires much longer term agreements. But if you know that you will only need a piece of equipment or vehicle for one long-term project, then a lease may be a better investment. In many instances, lease payments can be tax deductible and help to save money on your project.
We are business experts who try to offer as much practical advise to our construction clients as possible. When you are planning out your next project and feel that you may need to rent a piece of equipment, it is always to your benefit to look at all of the conditions surrounding the project and decide what type of agreement would best suit the situation.