Another benefit is the condition of rental equipment. “When we rent a piece of equipment it’s in tip-top shape; we don’t have to do any maintenance to it which saves us money,” he says. “When we pick up the equipment we know it’s ready and that we can turn it on and go to work.”
In the beginning, Owens didn’t realize businesses were renting this type of equipment, but has seen many positive benefits. “Once I found out, it opened up a whole new world to us,” he says. “I found out I could bid on some of these jobs that normally I wouldn’t be interested in doing because there was too much involved. Now we’re able to get on these jobs that normally in the past I wouldn’t have considered doing.”
8 Tips for Renting Equipment
Whether you find yourself on a job with a broke-down piece of equipment or are presented with an opportunity to place a bid for a large project, renting is an available option to help complete the job. Greg Owens, owner of Georgia Sealcoating, has seen many benefits to renting equipment. One company he has had great success working with is Road Products, Inc. Owens and Mike Little, manager of Road Products, have several suggestions for contractors renting equipment. By following these tips, contractors can cash in on the benefits that come with renting equipment.
- Rental Insurance Unlike standard rental companies that include renter's insurance with equipment such as skid steers, contractors need their own insurance when renting expensive, specialized equipment such as crack sealing machines. By having this insurance, contractors can opt out of other insurance made available by rental companies.
- Location Before renting equipment, contractors should consider the location of the rental company as well as the travel time to projects. One disadvantage that Owens faces is the distance between the rental company and his projects.
- Flexibility & Time Working odd hours can be a challenge when renting equipment. Owens encourages contractors to find rental companies that are willing to work with them offering flexible pick up and return times.
- Types of Jobs Before renting equipment, consider the current jobs you are bidding. If the opportunity for bidding larger projects presents itself, explore the equipment available to see if renting would be an option for that project.
- Problem Solving Included with renting, Little offers contractors another service — problem solving. If contractors encounter any problems when operating the equipment Little is a phone call away to help get the contractor up and running again.
- Equipment Training Little requires contractors to proclaim their familiarity with the equipment. If a contractor is unfamiliar with the specific piece of equipment he is renting, the operators will be subject to a training period at the facility.
- Emergency Option Renting is an option to have for the emergency situations when a piece of equipment breaks down. Owens first used renting after he experienced a breakdown, and this service enabled him to stay on track with his project.
- Increased Profit Margins Renting equipment enables Owens to bid large projects while spending less time to complete the job. As a result, Owens has seen an increase in profit margins.