If you are in the construction equipment rental business, effective rental pricing is a critical component to maximizing both utilization and profitability. Construction equipment is one of the more expensive types of equipment in a rental business due to its high upfront costs. Transparent, easy access to detailed information about your rental costs and policies can help contractors and clients make better decisions.

Understanding Equipment Rental Rates

Equipment rental rates are a crucial aspect of any construction or industrial project. Understanding how these rates are calculated and what factors affect them can help you make informed decisions and optimize your budget. In this section, we will dive into the world of equipment rental rates and explore the key factors that influence them.

Equipment rental rates are typically calculated based on several key elements. The type of equipment, its size, age, and the technology it incorporates all play significant roles. For instance, newer equipment with advanced features may command higher rental rates compared to older models. Additionally, local market conditions, including business taxes, wages, and the costs of supplies or parts, are considered by rental providers when setting their rates.

The rental period and contract length also impact the overall rate. Longer rental periods or extended contracts often result in lower daily rates, providing cost savings for longer-term projects. Furthermore, the location of the project site can influence rental rates. Projects situated in remote areas or far from the rental provider may incur higher transportation costs, which can be reflected in the rental rate.

You likely need staff to ensure that your machinery remains maintained and serviced when it is not on rent. This overhead can also add to your regular costs associated with the asset.

How to Determine Your Rental Costs

There are several factors involved when determining how to calculate construction equipment rental rates.

First, you’ll need to consider the market rental rates for similar machinery in your area. You can do this by checking with other companies located within your region. If they offer construction equipment rental, ask them how much they charge for items that are similar to yours. You may also be able to find their rates online.

If you are the only company offering a piece of construction equipment, you’ll be able to set your own rates.

As you progress, you’ll want to make sure that your rental rates for construction equipment remain competitive but still leave you with a profit after you factor in your operating costs. Typical costs associated with construction equipment include:

• Leasing payments made to the financing company for construction equipment
• Regular costs of maintenance to keep your equipment functional
• Overhead expenses, such as storage or staff
• Insurance expenditures

Once you have an idea of all of the costs that should be allocated to your construction equipment, you’ll be in a better position to determine your rental rates.

There are several other different components associated with determining your rates. These include the product cost and the cost per rental. You’ll also need to determine the number of days required to rent your equipment before you break even.

What Is the Product Cost?

When determining how to calculate construction equipment rental rates, the product cost will be one of the more important pieces of the puzzle. The product cost is the total cost required to purchase a piece of equipment.

For example, if the equipment you purchased costs $1,500, this will be one part of your total product cost. Other costs involve an allocation associated with each piece of equipment that includes maintenance, overhead, and insurance.

For example, if you determine that your yearly maintenance and overhead costs are $250 for this particular piece of equipment, then your total product cost will be $1,750.

What Is the Cost Per Rental?

The cost per rental is equal to the amount that you can expect to charge for the construction equipment each day. If the average market rate for a piece of equipment is $150 in your area, this is the amount that you would set your rental prices to be.

What Is the Number of Rental Days Required to Break Even?

The number of rental days required to break even is simply the product cost divided by the cost per rental. In our example, it will be equal to $1,750 Product Cost / $150 Cost Per Rental = 11.67 Rental Days. Thus, you will need to rent your equipment for 12 days before you break even and begin to accrue a profit.

Factors Affecting Rental Costs

Several factors can affect equipment rental costs, and understanding these can help you better manage your rental rates. Here are some of the primary factors:

• Equipment Type and Size: Different types of equipment, such as heavy machinery or specialized tools, come with varying rental rates. Larger, more complex equipment typically costs more to rent than smaller, simpler tools.
• Equipment Age and Technology: Newer equipment with the latest technology tends to be more expensive to rent. This is due to the higher initial purchase cost and the advanced features that can enhance productivity and efficiency.
• Local Market Conditions: Rental rates can vary significantly depending on the location and local market conditions. In areas with high demand for construction equipment, rates may be higher.
• Business Taxes, Wages, and Supplies or Parts Costs: These operational costs can impact the rental rate. Higher business taxes, wages, and the cost of supplies or parts in a particular area can lead to increased rental rates.
• Rental Period and Contract Length: Longer rental periods or contracts often result in lower daily rental rates. This can be a cost-effective option for long-term projects.
• Location of the Project Site: The distance from the rental provider to the project site can affect the rental rate. Remote locations may incur higher transportation costs, which can be passed on to the renter.

Operating and Labor Costs

In addition to the rental rate, there are other factors associated with setting rental rates that you need to consider:

• Fuel and Fluid Costs: Operating heavy machinery can consume a significant amount of fuel and fluids. These costs can add up quickly, especially for equipment that is used extensively.
• Labor Costs: Hiring an operator or training staff to operate the equipment is another renter cost to factor in. Skilled operators can ensure the equipment is used efficiently and safely, but their wages need to be considered in your pricing.
• Maintenance and Repair Costs: Regular maintenance and repairs are essential to keep the equipment in good working condition and to reduce downtime. These costs should be anticipated and included in your overall pricing.
• Transportation Costs: Transporting the equipment to and from the project site can be a significant expense, especially for large or heavy machinery. Make sure to factor in these costs when setting your rental pricing.

Specialty Equipment Considerations

Specialty equipment, such as power generation equipment or concrete equipment, may require additional considerations when renting. These types of equipment often come with higher rental rates due to their specialized nature and the advanced technology they incorporate. Additionally, operating specialty equipment may require specific training or certifications, which can add to your renter’s overall costs.

Rental providers may also have specific requirements or restrictions for the use of specialty equipment. It’s important to ensure these requirements are clear to renters to ensure compliance and help them avoid any additional fees or penalties. By understanding these considerations, you can make more informed decisions and effectively manage your equipment rental pricing strategy.

Examples of How to Calculate Construction Equipment Rental Rates

Provided below are examples of how to calculate construction equipment rental rates for three of the most popular types of rentals:

Scaffolding

Scaffolding is a type of construction equipment that is typically needed during exterior renovations. For example, if a client is currently repainting a building, they may need scaffolding to support their contractors to stand on and hold their supplies while working on areas above the ground.

To determine how to calculate construction equipment rental rates for scaffolding, search your local market to determine what other companies are charging.

Averages are generally between $15 and $40 per day but will vary according to location, the type of scaffolding required, and its length. If the market costs align with your product costs, the rental rates will be reasonable.

For example, if your product cost is $1,000, and the cost per rental is $40 per day, you will break even on your scaffolding purchase after renting it for 25 days.

Forklift Rental

The second most popular equipment rental is a forklift. A forklift requires a lot of outlay to initially purchase but can be quite lucrative depending on the market demand. Since many construction companies don’t require the use of a forklift daily, they will prefer to rent them to save on costs.

The average initial forklift cost is between $15,000 and $25,000, and the market rental rate will depend on your competitors and the amount you can afford to charge without losing profit. In most markets, a forklift can be rented for between $150 and $400 per day.

Assuming that the forklift you purchased costs $20,000, and the additional costs for overhead relating to it are $2,500, your product cost is $22,500. If you charge $400 for the rental, you will break even after renting the machine for 56.25 days.

Trencher Rental

A trencher is used to dig long, narrow trenches for landscaping purposes. Their initial cost can vary significantly depending on the type of trencher purchased and how it is used. The more expensive models can be over $50,000, while inexpensive versions may be obtained for a little over $2,000.

Assuming you purchase a trencher that costs $30,000, you’ll need to allocate the additional costs that your trencher will incur to arrive at a final product cost. For example, pretend that your allocated costs are $5,000, resulting in a product cost of $35,000.

The average rental rate of a trencher will vary depending on the type of model and the location where you are renting it from. Average rental rates are between $125 and $300 per day. If you choose to rent your trencher for $300 per day, you will break even after $35,000 / $300 = 116.67 days.

Are You in the Construction Equipment Rental Business?

Figuring out how to calculate construction equipment rental rates is just one part of ensuring smooth daily operations for your company. Quipli offers all-in-one software designed to meet your company’s equipment rental management needs. Contact us to learn more about our services and see a free demo today!

GET STARTED WITH QUIPLI’S CONSTRUCTION EQUIPMENT RENTAL SOFTWARE

Equipment rental is a very competitive space, so it’s  essential to establish and maintain a strong online presence for your rental equipment business. 

Your first step in reaching a wider audience is to create an efficient easy-to-use website. 

For building a site, you’ll find a bunch of different options out there that can be adapted for equipment rental. Some rental companies use Shopify for their sites, while others use WordPress with ecommerce plugins like Magento.

With these platforms, however, you may have trouble finding a good template that’s actually designed specifically with equipment rental in mind. While you can adapt other templates designed for ecommerce, rentals have their own unique needs and considerations that a generic online retail template won’t always cover.

Quipli’s site builder comes pre-equipped with a professionally designed template built specifically to meet your rental customers’ needs. Created by industry experts, it’s optimized for an excellent user experience and crafted with customer conversion in mind.

Using an option like Quipli’s site builder that’s custom-tailored to your business will save you time and money, as the template comes pre-loaded with industry-specific features.

A good template should be built with rental businesses in mind

When you choose a template for your rental business website, you’ll need one that’s designed with companies like yours in mind. 

A good template for a rental business will have intuitive navigation options that streamline the checkout process, as well as a rental-focused structure and layout that sets the foundation for an incredibly efficient customer-friendly website.

How much do equipment rental website templates usually cost?

The cost of equipment rental website templates can vary depending on the tools you use to build your site. Different website builders and content management systems offer their own selections of both free and paid  templates, each with its own pricing structure. 

Let’s take a look at the pricing for some of the most popular options.

Quipli’s Rental Website Builder

Quipli’s customizable template is expertly designed specifically for equipment rental businesses. It has everything you need to start taking orders and making sales online.

Some of the important features you’ll get with Quipli’s site builder include:

• One-click page composer. Need to create a new page? All you need are a couple of clicks.
• End-to-end ecommerce integration. Everything you need for customers to book rentals and make payments online is already built in.
• CRM integration. In any kind of retail, including rentals, your customer relationship management (CRM) software is an indispensable sales tool. Quipli’s site builder and template are set up to integrate with Quipli’s CRM features.
• Easy-to-use blog features. Adding new blog posts is simple with Quipli.
• Tech support. Having issues with your site? Quipli includes robust tech support via phone or chat to get things up and running again.

WordPress, Shopify, & Other CMS Platforms

If your equipment rental website is built on another content management system like WordPress or Shopify, you may need to consider buying a suitable template separately. 

While some platforms may have free templates available,  you’re not likely to find a free one that’s specifically for equipment rentals. Premium templates usually fall within the price range of $20 to $60. For a niche business like equipment rental, most templates you’re going to find will be premium priced third party templates.

The cost of the template doesn’t necessarily equate to its quality, and you won’t need to spend a ton of money to get what you need. There are many low-priced templates that provide excellent features and capabilities that can meet or exceed the needs of your rental business without crushing your budget.

Choose a template that syncs up well with your budget and your business goals. You can choose Quipli’s free template, or go with a premium option built with WordPress or another CMS. 

Either way, investing in a well-designed equipment rental website template is definitely an important step in establishing a strong online presence for your rental business.

What should an equipment rental website template include?

A high-quality template can help make it a lot easier to work with and modify your website, making things easier on you and your dev team.

It also comes with features that can go a long way toward creating a great user experience for customers who visit your site, helping you get more bookings. 

When setting up a website for your equipment rental business, it’s best to use a template designed specifically for the rental industry. These tailored templates come with features that meet the unique needs of rental companies. 

For example, they may have easy-to-navigate categories for browsing equipment, secure checkout processes for rentals, and other functionality made for managing rentals. An industry-specific template can save you a lot of time and effort during the website setup process, since the foundation is already laid for many rental-specific elements. Rather than building those rental features from scratch, you can start with a template that’s already optimized for equipment rentals.

There are certain features and pages that any equipment rental website absolutely needs. Any template you use should include these types of pages by default, and make it simple to set them up and format them.

• Home page
• Product pages
• Category pages
• Checkout page
• Location pages

Home Page

The home page serves as the first point of contact for visitors to your website. It should be visually appealing and provide an overview of your rental business. The home page should feature clear calls-to-action, guiding users to explore your rental offerings and easily find the equipment they need for their projects.

Every website needs a home page. It’s like the front door to your equipment rental business – it’s the first thing visitors see and makes that all-important first impression. The goal is to quickly communicate who you are, what you rent, and why customers should choose you.  

For homepage content, keep it simple and focus on introducing your rental specialty – whether that’s construction tools, event supplies, industrial machines, or another type of equipment. Help visitors immediately see if you offer the types of rentals they need.

A good home page also gives a snapshot of your business, values, and offerings, with links to key info like your top products or special deals. 

Your home page should be simple, and straightforward, and make it easy for users to navigate to exactly the types of products they’re looking for. When people land on it, they should instantly get a feel for your brand and what solutions you provide equipment renters. Useful, engaging content and strategic links make it easy for them to explore and find what they need.

A clean, clutter-free layout and a prominent search bar will help them zero in on products efficiently. Good navigation enhances the experience and keeps them on your site longer.

Share a brief, compelling message explaining your commitment to customers and passion for the rental industry. Combine it with eye-catching photos of popular rentals to capture interest. This combo introduces your mission while encouraging visitors to learn more.

Featuring strategic links prominently can help guide visitors to important pages, like limited-time sales or seasonal deals. Use attention-grabbing CTAs that lead them to offers they won’t want to miss. This can help spark interest and inspire customers to explore your rental selection.

Also, be sure to give visitors easy access to your contact information. Letting them quickly get in touch with questions builds trust and shows you’re committed to great service. Offering multiple ways to reach you—phone, email, live chat—makes customers feel confident you’ll be responsive to their needs. 

The bottom line is that your homepage makes that all-important first impression on visitors. Use it to highlight your expertise, inventory, and commitment to customers. With the right mix of helpful content, easy navigation, and service-focused features, you can convert those visitors into repeat renters. 

Your home page is your storefront—make it shine!

Prominent Call-to-Action

Place a clear and compelling call-to-action (CTA) on the home page to encourage visitors to explore your rental offerings. An effective CTA can significantly increase conversion rates.

Featured Products

Highlight a selection of your most popular or new rental products directly on the home page. This entices visitors to learn more about these offerings and drives engagement.

Contact Information 

Ensure that your contact information, such as a phone number and email address, is easily accessible on the home page. A visible contact section instills confidence in potential customers, knowing they can reach out for inquiries or assistance.

In addition to a “Contact Us” page with a contact form, you can also list your contact information throughout your website, in the footer at the bottom of the page.

Product Pages

The individual product pages are where the magic happens – showcasing the details of each equipment item available for rent. Ensure that the template provides a clean and organized layout for presenting informative product descriptions, high-quality images, and rental options.

For any equipment rental website, the product pages are where the rubber really meets the road. This is where curious visitors come to dive deep into the details of each and every rental item you offer. They’ll pore over the descriptions, specs, rates, and photos to understand exactly what they’d be getting if they book with you. 

These pages allow customers to truly kick the tires before pulling the trigger. That’s why it’s mission-critical that you put care into crafting compelling, information-rich product pages that turn those casual visitors into confident renters. 

Take the time to highlight the benefits and value of each piece of equipment for the customer. Go beyond dry specs and help them envision themselves renting and operating your equipment for their next project. The goal is to provide such an outstanding preview that the decision to book becomes a no-brainer. 

When you put in the effort to optimize these pages, you’ll reap the rewards with higher conversion rates and repeat business.

A good rental business template is essential for creating effective product listings that convert

Making sure you have product pages set up properly is another reason to opt for templates designed specifically for online rentals – or at the very least for ecommerce. 

When setting up product pages, equipment rental templates tailor-made for online bookings are the way to go. Unlike generic templates, they come pre-loaded with all the features needed to optimize showcasing your rentals and completing transactions. 

This means built-in tools for galleries, pricing calculators, streamlined booking, and more – things that would take ages to build from scratch. The right specialty template handles the heavy lifting so you can focus on making those pages shine with compelling descriptions, tiered pricing tables, videos, and dazzling photos to hook customers. 

Essentially, rental-specific templates give you a head start on creating a stellar online storefront that attracts and converts renters. The effort and time savings then translate into more bookings and revenue for your business.

What should product pages include?

There are a couple of key elements that all of your product pages need to include:

• Informative product descriptions
• High-quality product images
• Clear, easy-to-find options for purchase/checkout

A good template makes it easy to add and modify these key elements to each page.

Informative product descriptions

Don’t slack on descriptions – quality write-ups really help customers understand what they’d be getting with each rental. Provide plenty of clear details on features, specs, and benefits. Address common questions upfront. And showcase what makes the item special – this helps turn browsers into confident bookers.

High quality images of the product

Let’s be real – eye-catching photos and videos are total game-changers when someone’s deciding what to rent. Make sure to include lots of crisp, high-res images showing off your equipment from all angles. Let customers see the item in action. Give them a virtual demo experience! Quality visuals build trust and help renters visualize precisely how your gear can meet their needs for a project. Plus, vivid footage is way more persuasive than words alone when you want to clinch the booking. So invest time staging and capturing stellar pictures and video that make your inventory shine. It’ll be well worth it in higher conversions.

Clear, easy-to-find options for purchase and checkout

Make renting a total breeze by having obvious buttons right on the page for adding items to the cart or starting checkout. Big, clear “Rent Now” buttons let customers book fast with no hassle. Streamlining the process means more rentals in your pocket.

Also, think about letting customers customize or add accessories for rentals right on the product page. You may have some optional upsells that you can offer during the checkout process, like different-sized attachments or extra power packs. This personal touch amps up their experience and the total rental value. 

Bottom line – load your pages with all the key details and tools to empower visitors to book their perfect rental package, hassle-free.

Category Pages

Product pages are organized into categories, and each category gets its own page that links out to each relevant product – making it easy for customers to see all of your related offerings at a glance. 

Any kind of ecommerce site – including equipment rentals – benefits immensely from having a well-planned system of category pages. Category pages really form the backbone of any equipment rental website. They take all your inventory and break it down into intuitive groups so customers can easily browse rentals. Putting real thought into these pages can seriously improve how visitors experience your site.

Each category page gathers up equipment that’s similar—like “Lifts” or “Air Tools.” This lets someone quickly zoom in on the types of rentals they need for the job. Carefully curating categories tailored to your offerings ensures folks can find the perfect item fast. 

You can even nest categories to create a hierarchy from high-level groups down to super-specific equipment types. This multi-level structure streamlines browsing by guiding users from broad categories down to niche rentals. It simplifies the selection process for them.

Now here’s a cool benefit – category pages are amazing for SEO! They show search engines a clear structure of your content. Well-organized pages signal to Google the exact topics your site covers, boosting your rankings. More visibility means more rental customers headed your way.

But don’t just list products on category pages. Sprinkle in helpful info like FAQs, buying guides, and tips for that equipment type. This extra content helps customers make smart rental decisions. It also shows your biz knows these products inside out. 

The bottom line? Sturdy category pages organize your rentals while helping visitors find what they need. Take time to tailor categories to your inventory and include bonus content where you can. This approach keeps site visitors engaged and converts them into thrilled renters.

Checkout Page

The checkout page is the final stage of the rental process, where customers complete their transactions and secure their chosen rental items. A well-designed and user-friendly checkout page is essential for ensuring a smooth and hassle-free rental experience.

Most ecommerce site templates, including those designed for equipment rental, will include secure checkout features. Security is of paramount importance during online transactions, especially when it involves sensitive information like payment details. 

Reputable ecommerce templates incorporate robust security measures, such as SSL encryption, to safeguard customer data and instill confidence in the rental process.

Here are a few tips for creating a streamlined, user-friendly checkout process.

Allow guest checkout, even when your site has an option for users to create accounts. 

Some customers may prefer a quick and straightforward checkout process without the need to create an account. By providing a guest checkout option, you cater to the needs of all customers, whether they are returning clients or first-time renters.

Display progress indicators during the checkout process, so the customer knows which step they’re on. 

A clear and visible progress indicator keeps customers informed about the stages of the checkout process. This feature eliminates confusion and helps customers understand how much more information they need to provide before completing their rental order.

Offer one-click checkout as an option. 

Streamlining the checkout process with one-click options, such as saved payment methods or shipping addresses, significantly reduces the time and effort required for returning customers to complete their rental transactions. This convenience encourages repeat business and fosters customer loyalty.

Include a Shopping Cart page feature for multi-item purchases. 

A shopping cart allows customers to review and modify their selected rental items before proceeding to checkout. This feature is especially valuable for customers who are renting multiple pieces of equipment for a project, as it ensures accuracy and reduces the risk of any unintended duplicate rentals.

Be upfront about things like taxes and extra fees, and make these surcharges visible and known to the customer as early as possible in the checkout process. 

Transparency is key to building trust with customers. Clearly displaying any additional costs, such as taxes, insurance fees, or delivery charges, during the checkout process prevents surprises and establishes a positive customer experience.

Allow smart form filling to speed up the checkout process for customers. 

Implementing smart form-filling capabilities, such as autofill or dropdown menus, can save customers time and effort when entering their contact and payment information. This feature enhances user convenience and encourages a seamless checkout journey.

By implementing these best practices on your checkout page, you can optimize the rental transaction process and enhance customer satisfaction. A smooth and secure checkout experience contributes to the overall success of your equipment rental website, encouraging repeat business and positive word-of-mouth referrals.

Location Pages

If your rental company serves more than one nearby area – such as different towns or counties, or even different named neighborhoods in larger metro areas – you should also create a dedicated landing page for each location that you serve. 

Creating separate location pages for each market you serve just makes sense if you want to connect with local customers. These pages are perfect for ranking high in Google searches for things like “forklift rental near me.” 

For example, if you operate in multiple cities in Michigan, you can give your Detroit shop its own page customized for Motor City renters. In the page content, you can show off the inventory at that branch, list specials for Detroit residents, highlight testimonials from local customers, and more. Do the same for your other locations too. 

This gives each region you operate in a home base on your site. Now Bob in Detroit isn’t searching through rentals in Minneapolis or Anne Arbor. He finds equipment and deals tailored to him. Catering to each specific area drives more local bookings and loyalty. It’s a simple move that goes a long way.

One of the key benefits of location pages is that they’re great for equipment rental SEO. These pages signal to Google which markets/areas you serve, helping you rank for local and “near me” searches in each location. 

SEO is huge for getting your site seen by people searching for rentals in your areas. That’s where dedicated location pages shine. They let you pack each one with keywords, content, and biz info tailored to that specific zone. 

So your Austin page can have Austin-specific keywords, details on serving that city, etc. This tells Google “Hey, we’re THE go-to rental shop for Austin!” And that means when someone searches for rental equipment in ATX, your page will come out on top. 

The more you can optimize each location page for its local customers, the more search traffic and bookings you’ll hook from each region. That’s a pretty sweet payoff for creating some targeted pages!

Build your perfect rental business website with Quipli’s powerful templates

Looking to easily create an awesome rental website? Look no further than Quipli’s templated website platform, made just for equipment companies like yours. 

Quipli’s powerful site builder makes it super simple to showcase your inventory and optimize booking in a few clicks.

The user-friendly customizable rental site template comes loaded with all the right tools for managing online rentals – from automated inventory management to streamlined rental booking & scheduling. Whether you’re already renting or just getting started, Quipli has your back. Their specialty templates help you create a slick, pro-level site that reels in renters. 

So skip the hassle and partner with Quipli to launch the perfect online home for your equipment rental business today!

So you want to build an equipment rental website that actually brings in business, and not just dust in the corners? The key is getting a few fundamentals nailed down. 

Make sure your site navigation quickly guides visitors to the right equipment pages. Have those pages showcase rentals in an irresistible way. Use clear CTAs to push booking. And eliminate any speed bumps in the checkout process. 

Do this, and you’ll have a site that seamlessly converts casual lookers into paying customers. 

Keep reading for the nitty gritty on transforming your equipment rental website into a lead and booking magnet. With the right strategy, you can have customers flocking to book their next equipment rental from you in no time!

Why you need a good website for your equipment rental business

It is 2023, and if you don’t have an online presence by now, you’re leaving lots of money on the table. A good website that has a strong catalog, along with booking and PoS, enables your customers to easily buy from you online. 

A majority (81%!)  of consumers do research online before choosing a vendor for services like equipment rental – you want them to find you, not just your competitors. Even if you make most of your sales at your brick and mortar location, an estimated 76% of potential customers are going to check out your website first before they decide to stop by. 

Your website can also be one of your most effective marketing channels. Having an online presence allows you to pursue SEO and content marketing to generate inbound leads.

Some of the other key benefits of a good website include:

• More bookings: An optimized site makes it easy for customers to learn about your equipment rentals, check availability, and book online whenever they want. This 24/7 accessibility draws in more bookings around the clock from both existing and new customers. Online booking also expands your reach beyond just local renters.
• Time efficiency: Booking and payment handled directly online saves huge amounts of staff time and labor. Automatic confirmations and reminders also reduce time spent on customer follow-ups. This efficiency lets your team focus on value-add tasks like improving service.
• Higher conversions: A slick, intuitive site keeps customers engaged. Easy navigation, responsive pages, and clear calls-to-action remove friction from the booking process. The smoother the experience, the more visitors will convert to customers.

What does your equipment rental business website need to include?

For an equipment rental business, you’ll need a website that has the right set of options and features to cover everything you and your customers need so that they can rent from you online.

Online checkout and ecommerce capabilities

You need a seamless online checkout experience where customers can easily rent from you online. 

So, you’ll need a site that’s built and designed around ecommerce. There are several different CMS options you can use to build and manage the site. You could use Shopify, WordPress with plugins like Magento, or dedicated rental equipment website builders like Quipli that have the right features for online sales. 

Be sure to have secure encryption for processing payments, integration with payment gateways like Stripe, and the ability to handle different pricing models like hourly, daily, weekly or monthly with taxes calculated automatically. 

Customers expect a fast, simple checkout process with minimal steps. Allow customers to check out as a guest or create an account for faster future bookings. Make sure to include an FAQ section to answer common customer questions about payments, deposits, etc. 

An easy-to-use CMS for updating the site  

Whatever website builder you decide to use, you need an easy, intuitive CMS (content management system) for making changes to the site, like adding new pages. 

Different CMS platforms will have different templates and options available. Website platforms like Shopify, Squarespace, and Wix, all use GUI-based drag-and-drop interfaces. These allow you to make changes to how your web pages are laid out, without needing to code.

Quipli’s site builder keeps things simple, providing you with our tried-and-true rental site template. You can then make aesthetic changes and add content, so that your site reflects your company’s branding and messaging. 

You don’t need to worry at all about layout or design when you build your site with Quipli – you’ll already have everything you need done for you from the start.

Whichever type of CMS you go with, it should allow you to easily add, remove or edit listings for rental equipment. Make sure it’s also set up well for editing SEO-relevant info like page titles, meta descriptions, alt text on images, etc. The site should be easy to navigate with intuitive menus and categories. Provide ample visuals like images and videos to showcase rental equipment.

Inventory management capabilities

A rental website needs seamless inventory management features to track the availability of equipment. This should automatically sync across your website, booking system, and any other software you use. 

The site should automatically deduct items from available inventory when an equipment booking is made, and add them back once the rental period ends, the equipment has undergone maintenance, and the unit is ready to be rented out again. Make sure your inventory system integrates with your accounting software as well.

Renter account logins 

Allowing customer logins for booking, tracking rentals, and managing their account can be extremely useful. Customers appreciate the ability to view past rentals, and receipts, and manage billing. 

Account creation should be simple, with options like social login and autofill forms that can speed up the signup process for busy customers. The dashboard should provide easy access to rental status, upcoming reservations, and more. Customers can track rentals, receive reminders, renewals, receipts, and any other notifications you configure.

Giving your customers the ability to securely login, book and track their rentals along with other account management features can be really helpful. If your customers can view their rental history, view and print receipts and manage their billing they will value this and reward you with future bookings. 

Mobile-responsive design

With mobile accounting for over half of web traffic globally, a mobile-friendly site is absolutely mandatory. Use a responsive website template that automatically adapts to fit any screen size. Optimized mobile pages speed up load times. Double-check that checkout, account login, and other key processes work smoothly on mobile devices. Mobile responsiveness encourages browsing and drives conversions for on-the-go customers.  

Use a website builder designed specifically for rental companies:

Opt for a specialized website builder tailored to the unique needs of equipment rental businesses.
Quipli’s rental website builder comes with robust features for real-time customer support, rental contract integration, online checkout, and other essential features for equipment rental. It’s an all-in-one solution out of the box, so you can get your new site up and running from the start.

Running a profitable skid steer rental is not as easy as just having machines people can rent. With so many competitors nowadays, you’ve gotta go the extra mile to better meet customer needs compared to the other options out there. 

By making smart upgrades across key parts of your rental – your fleet, marketing, processes, technology – you can pump up growth and profits. This article has tips to take your skid steer rental game to the next level.

Opt for units in your fleet with additional features that customers prefer in a skid steer

Many models have additional features – at little extra cost to you upon purchase – that can add a lot of value and appeal for prospective customers. These added features often come at a small additional cost during the initial purchase, making them an attractive proposition for buyers seeking more bang for their buck. 

From advanced functionalities and cutting-edge technology, to premium materials and enhanced durability, these supplementary options cater to diverse consumer preferences, enabling businesses to tailor their offerings to a broader audience.

Having models like this in your fleet can make renting from your business more attractive to customers. Offering units with the latest amenities and capabilities can be a key competitive advantage to win over customers from rival rental companies. The specialized accouterments generate extra value that persuades clients to pay higher rates.

These kinds of features can also help attract higher caliber, higher-dollar clients, like large contracting firms. Premium models tend to appeal more to professional firms and discerning users willing to pay top dollar for quality equipment that enhances performance, uptime, and operator comfort.

Choice between control pattern schemes

Skid steers tend to have two different kinds of control schemes: hand and foot controls, and hand-only “H pattern” controls. Providing customers the choice between control schemes caters to diverse experience levels and preferences, expanding your potential customer base.

Customers renting from you may often be more familiar and comfortable with a particular control scheme, so there’s a lot of value in stocking models that can accommodate both. Operators tend to strongly favor the type of controls they are trained on and are most used to using day-to-day. Offering both schemes inspires loyalty among veterans partial to their preferred style.

Climate-controlled cab enclosures

This is especially pertinent in regions that have particularly cold and snowy winters, or particularly hot summers. Climate control allows continued operation in extreme temperatures that would otherwise risk equipment failure or operator health.

This is a luxury feature, and it’s one that you can charge extra for. As a premium amenity, climate systems justify charging 10-25% higher rental rates. Customers readily accept paying more for added comfort and safety.

Many firms may well opt for the extra fee for A/C or heat, especially in very hot climates in the southern US – can be beneficial for worker safety. Employers increasingly prioritize worker health and occupational hazards like heat stroke. Climate cabins demonstrate this safety commitment.

Also boosts the unit’s resale value. Desired amenities like HVAC maintain higher residual value at trade-in or resale.

Severe-duty or solid flex tires

Skid steer tires can be costly to replace. “Severe-duty” and “solid flex” are two styles of tires that don’t go flat, and come in different treads for different kinds of uses/applications. The reinforced construction prevents costly downtime and repairs from punctures that sideline standard tires.

Not only can you increase your equipment’s value by investing in higher-quality tires, but you’ll also save money in the long run on tire replacements.

Calculate your losses, and make adjustments as needed

Financial leaks can lead to larger problems over time. Minor overlooked losses accumulate substantially over months and years.

Rental businesses are complex undertakings with a lot of proverbial “moving parts” – there are many areas where you could be losing money when you don’t need to be. The sheer diversity of expenses and assets creates pockets of waste that fleece profits.

E.g., if some of your equipment is seldom rented and sitting idle, you’re still paying for maintenance, but it’s not bringing in any revenue. You may be able to sell off this equipment and invest in alternatives that sell better. Analyzing utilization metrics helps identify underperforming equipment to remove from service or sell.

Invest in effective marketing strategies

Before customers rent from you, they need to know that you exist in the first place. Marketing establishes awareness among those unfamiliar with your brand.

Marketing is worth investing in. Promoting your business generates manifold returns on investment across many facets of operations.

Popular, well-established strategies like email marketing, SEO/content marketing, PPC, and other channels will get your messaging in front of the right audiences at the right time. 

Leveraging proven methodologies ensures your budget is spent effectively to maximize exposure.

Implement rental equipment business management software to simplify, streamline, and automate your operations

You can boost your overall ROI by investing in dedicated rental business management software like Quipli. Specialized platforms deliver exponential time and cost savings over makeshift manual approaches.

Quipli’s powerful platform covers your business and its processes from end to end. Unified solutions avoid disjointed workflows that introduce errors and inefficiency.

Quipli’s equipment rental software provides you with key customer-facing features like online booking and point of sale, making it easier for customers to rent from you right away when they find you online. Quipli’s powerful inventory management tools, billing and invoicing features (integrated with Quickbooks Online) can automate things you and your team may have been spending time and money on handling manually, freeing you to focus on more important parts of running your business.

Quipli can help you take your skid steer rental business to the next level

Contact Quipli today to implement a streamlined equipment rental management solution that takes your business to the next level.

When you’re running an equipment rental business, you have to make a lot of ongoing financial decisions. These decisions have widespread effects across every area of your business – purchasing, maintenance, staffing, marketing, and more.

Without diligent accounting and bookkeeping, it’s easy for profit-impacting issues to fall through the cracks.

These accounting best practices will help you keep your finances organized, streamlined and audit-ready. Leveraging the right software also automates processes to free up your time for higher-value strategic tasks.

Accounting Tips & Strategies for Rental Companies

Managing the accounting and finances of an equipment rental business can quickly become complex and time-consuming. But with the right systems and discipline around your financial processes, you can eliminate chaos and gain insights into the fiscal health of your company.

Here are six smart tips to improve accounting, cash flow, reporting, and more.

1. Use accounting and bookkeeping software to streamline and automate your financial processes.

Solutions like QuickBooks Online are a must for any small to midsize business, including your equipment rental company. Quickbooks’s industry-leading financial software integrates seamlessly with your bank accounts to automatically import and categorize all of your transactions – no more manual data entry.

QuickBooks can also integrate with dedicated rental business management platforms like Quipli, creating a streamlined and largely automated process to keep things running smoothly. This saves a lot of time on accounting and unifies data across platforms.

Software provides tailored features for equipment rentals including invoicing, payment processing, tax calculations, revenue tracking by asset, reporting, and more. This removes grunt work so you can focus on big-picture financial strategy rather than paperwork.

2. Number your invoices sequentially for ease of reference. 

Accounting software can automatically assign invoice numbers in order as they are generated. But even if done manually, this simple step can save lots of hassle trying to identify vague invoices by date or customer name later on. Make the number format logical and easy to follow.

3. Create and maintain a comprehensive Vendor Master File that keeps all your accounts payable information in one place.

This can include information like contacts, addresses, tax IDs, payment terms, and purchase histories.

Quipli’s software features a built-in vendor management module, which serves as a centralized database for all supplier profiles and interactions. The master vendor file acts as your AP hub to optimize vendor relationships and transactions. It enables easy reporting on payments, balances due, purchase analyses, and more.

Customers can also be tracked in a centralized Master File for full accounts receivable visibility. Consolidated customer profiles help you readily stay on top of billing, payments, account status, purchase history, and other CRM data. 

This optimized customer insight assists collection efforts and nurtures long-term relationships through an understanding of their business.

4. Be sure to send out customer invoices within 48 hours after a rental concludes, while it’s still fresh in the customer’s mind. 

Many software options can automatically generate and email invoices upon rental return for instant delivery. Quick invoicing while service details are top of mind helps get your bills paid faster. Customers perceive fast, professional billing as an indicator of your overall service quality.

If an upcoming due invoice remains unpaid, send reminders via email and/or phone at appropriate intervals, e.g. one week before the due, the day before the due, and the day of the due date. 

Polite but firm reminders demonstrate you are monitoring accounts diligently while also giving customers an opportunity to remedy before further action is required.

Take a look at our equipment rental receipt and invoice templates if you need help.

5. Review past sales patterns, future projects, and current P&L reports to prepare a quarterly budget projecting income and expenses for the upcoming quarter. 

Factor in potential fluctuations from seasonality, inventory changes, staffing needs, etc. that could impact budget vs. actuals. Adjust projections month to month accordingly. Regularly comparing your budget to real-world results highlights issues to address and helps guide smart decision-making.

Curious about equipment trends? Check out our report on construction equipment trends.

6. Be sure to understand sales tax laws, which vary widely by state and often even by city/county within a state. 

For example, Los Angeles County has a 9.5% sales tax while San Francisco’s rate is 8.5%. States like California also have complex agricultural exemptions. Non-compliance can lead to audits and stiff penalties, so tax codes must be followed diligently in all regions you operate.

As a small business, you need to pay quarterly estimated income taxes to avoid underpayment fines. Work closely with your accountant and bank to ensure accurate, timely quarterly tax payments. 

The IRS and state agencies impose harsh penalties on late filers. Payroll taxes must also be handled punctually each period to avoid fines. Leverage capable payroll software to fully automate tax withholding and payments.

Learn more in our equipment rental tax guide.

Quipli’s Quickbooks Online integration can help you keep your financials running smoothly

With strict accounting discipline in place, rental owners can cut through the chaos, get financial insights, stay compliant and free up time to focus on big priorities. Partnering with capable solutions like Quipli optimizes accounting workflows to run a tighter, more profitable rental operation.

Partner with a specialized platform like Quipli for rental-optimized accounting automation. Quipli integrates with QuickBooks Online to handle invoicing, collections, taxes, and reporting so you can focus on your business. 

Reach out today to learn more and request your free demo!

One of the most important parts of running a rental company is handling equipment rental billing, invoicing, and payments. 

The equipment rental industry has many of its own unique considerations. It’s an industry where you’re working with high asset values, frequent and often fast-moving transaction cycles, and the risk of your customers causing costly damage to your equipment. 

With all of these complexities, software-based billing and invoicing automation can go a long way toward keeping your business running smoothly. 

With the current state of the technology, there’s really no good reason to keep doing everything manually – you’ll save money and time by using software. 

Here are six compelling reasons why it makes sense to invest in software automation for handling your equipment rental business’s billing and invoicing.

Saving time means saving money

When you automate invoicing and billing processes, you’re freeing up the time that you or your team would have spent handling it manually using Excel or Google Sheets. 

Automation reduces the necessity for labor-intensive data entry. This frees up valuable hours to be reinvested in strategic aspects of your business, such as workforce training, relationship building, and business expansion.

For an equipment rental business, this extra time could be used to maintain and service rental equipment, research and invest in new machinery, or work on fostering relationships with suppliers and clients. 

Efficiency in managing these specific areas is particularly critical for equipment rental businesses due to high equipment costs, maintenance needs, and the importance of timely equipment turnover. The time saved could also be spent on managing the logistics of equipment delivery and return, ensuring that each rental cycle runs smoothly. 

Boost your team’s productivity

Time not spent with manual data entry and invoicing can be reoriented toward activities more directly involved in generating revenue, making your team more productive overall. It enables your team to shift their focus from routine tasks to the core functions of your business. 

Activities such as strategizing new business development initiatives, enhancing customer service, or refining your product or service offerings become more feasible.

The time saved by automating billing and invoicing can be utilized to brainstorm new strategies, resulting in novel services or enhanced customer experiences. 

This approach can also lead to better work management, as employees can focus more on their core competencies instead of juggling multiple tasks. Finally, reduced work stress can contribute to a healthier work environment and a more motivated team.

Reduce the risk of human error

When doing tasks manually, humans can and do make mistakes. It’s an inevitable fact. 

A good automation tool substantially lowers the risk of accidental errors that could cost you time and money. Automation ensures a level of accuracy and consistency that is virtually impossible to maintain through manual efforts, especially routine tasks.

In an equipment rental business, the time saved can be directed towards more important aspects of running your business. You’ll have more time for things like managing inventory, analyzing equipment utilization rates, or creating targeted marketing strategies to attract new clients or expand into new markets. 

Moreover, automation can significantly reduce the stress associated with the logistics of coordinating rentals, handling invoice disputes, or tracking delayed payments, leading to a healthier work environment. 

This way, employees can focus on enhancing the rental experience for customers, fostering relationships, and developing strategies to expand your equipment rental services. The combination of automation and a focused, motivated team can significantly boost the productivity and profitability of your rental business.

Reduce the need for additional staff

Automating invoicing and billing can help remove the need for dedicated employees who handle these functions, or for part-time freelance bookkeeping or similar services – saving substantial overhead for your business. 

The efficiency of an automated system reduces the need for more hires, leading to significant cost savings.

In an equipment rental business, this efficiency can be especially beneficial given the high volume and frequency of rental transactions. With tons of invoices going out and coming in constantly, having a centralized software solution to manage them automatically is a huge boon for busy rental business owners.

Automation can assist in managing these high transaction volumes, reducing errors, and facilitating accurate and timely billing. This means your existing staff can focus more on equipment management, quality checks, and customer relations, which are paramount in this industry. 

With one less thing on their plates, your employees are empowered to excel at the things that really matter.

Cut down on the time it takes to process invoices and get paid

The less time it takes to process an invoice on your end, the faster you’ll get paid. Automation speeds things up significantly, removing most of the actual manual work from the billing process. 

The improvement in the billing cycle optimizes your cash flow, providing you with more liquidity to invest back into your business. 

Getting payments from each customer faster, means you can reinvest in your inventory more quickly, maintaining a diverse and high-quality stock of equipment.

In cases where there’s a problem with a customer, swift payments can also enable quicker resolution of equipment damages or losses, as well as enable you to seize opportunities to expand your inventory or upgrade existing equipment as the market evolves. 

With an efficient invoice processing system, not only can you ensure timely payments, but you can also manage your equipment lifecycle more effectively and maintain healthy business operations in the competitive rental market.

Avoid delays and late fees

By ensuring timely payments, automation helps maintain a smooth workflow, reducing the risk of missing deadlines and incurring late fees. This affects your company’s payments to its own vendors, as well as incoming invoices from your customers. 

Consistency in the payment cycle helps maintain good relationships with your suppliers, which can be critical in ensuring a steady supply of resources for your operations.

Reliable payment cycles can foster better relationships with equipment manufacturers or suppliers, ensuring the timely replenishment of your inventory and potentially leading to better procurement terms or priority service.

Furthermore, in the equipment rental industry, where reputation matters greatly, consistent and timely payments help enhance your credibility. An organized and efficient financial management system can help your business project a reliable and professional image.

How can Quipli Automate Your Billing & Invoicing?

Quipli is more than just software; it’s your comprehensive partner for billing and invoicing automation specifically designed with equipment rental businesses in mind. 

The equipment rental industry can be complex and chaotic with various equipment types, rental durations, and pricing models. It’s crucial to have a system that can cope with this complexity. 

Quipli is designed specifically for the unique needs of equipment rental companies. Its robust billing and invoicing features can handle most everyday functions completely automatically, freeing up time and money to focus on running your business.

With just a few clicks, you can set up your entire billing and invoicing system, making the transition from time-consuming manual processes to efficient automation effortless. 

Ready to streamline your own company’s billing and invoicing? Click below to set up your free consultation, and find out more about how Quipli can help your business grow.

Managing a rental business involves juggling numerous tasks, but perhaps one of the most crucial yet often overlooked aspects is streamlining the billing and invoicing processes. 

Here are seven tips to help you do just that.

1. Use software to automate invoicing

One of the best ways to simplify and streamline your billing processes is to use dedicated software. This can include not only accounting software like Quickbooks, but also apps like Quipli that are designed specifically for equipment rental businesses. 

Quipli features automatic invoice creation, saving you from the tedious task of creating each invoice manually. 

Quipli also integrates with Quickbooks Online, seamlessly sending over your invoices and payments. This integration eliminates the need for double entries, reducing errors, and freeing up more of your valuable time. With this kind of automation, you can significantly reduce the risk of human errors, misplaced invoices, and missed billing opportunities.

2. Be clear and explicit about your payment terms

Secondly, you need to be clear about when payments are due and how long your customers have to pay them. 

These terms should be set based on what works best for you and your business – it could be a week, a month, or somewhere in between. 

However, you have to be careful when setting equipment rental payment terms. Avoid overly long terms as they could harm your cash flow, especially considering the high upfront costs and maintenance expenses typically associated with rental equipment. 

Make sure your payment terms are prominently displayed on every invoice to prevent misunderstandings. Verbal communication of these terms during contract discussions is also advisable, especially with new clients, to ensure they fully understand their obligations and to prevent potential disputes down the line.

3. Institute late fees to discourage late payments

Next, you want to encourage customers to make sure your invoices are paid on time by instituting a fair and reasonable fee for late payments. These late fees should be stipulated in your rental contract. 

There are a few different options for how you can structure your late fees. One of the most common structures is 5% of the total monthly rental cost, but you can also opt for a flat fee by day, week, or month. 

Generally, it’s best practice to also set a cap or limit on how much a customer can accrue in late fees, rather than letting them accumulate indefinitely. 

Accounting for costs from late returns and maintenance delays

For an equipment rental business, it’s crucial to consider the costs associated with late returns and delayed maintenance. When a customer doesn’t return a rental unit on time, it disrupts your processes and can cost you money. 

To cover this, you might consider implementing a specific fee structure for late returns. This will help compensate for the potential loss of rental opportunities and extra maintenance expenses. Also, your late fee policies should account for equipment wear and tear, as late returns may result in accelerated depreciation and increased servicing needs.

It’s essential to check your local city and state laws regarding late fees – some regions might require a grace period, stipulate a maximum amount you can charge, or impose other restrictions. 

Send reminder notifications to your customers before the due date, and consider implementing a grace period before late fees apply. Such practices not only foster prompt payments but also contribute to maintaining positive client relationships.

4. Number your invoices for easier reference

Numbering your invoices will make it a lot easier to find them if you need to look at them, or when you need to discuss a specific invoice with a recurring client. Quipli does this automatically, taking one more task off your plate.

For equipment rentals, clear and unique invoice numbers are not just useful for administrative tracking, but can also be tied to specific pieces of equipment or rental contracts. This enables easier tracking of which equipment has been rented out, to whom, and for what duration, thus ensuring an accurate record of equipment usage.

You can also link invoice numbers to equipment serial numbers to help streamline your service and maintenance tracking. This is particularly useful in case of any equipment malfunctions or damages – the invoice can serve as a point of reference for warranty claims or to allocate repair costs. 

Remember, including the invoice number in all client communications related to that particular invoice can prevent fraud, and streamline any discussions or disputes related to the rental or maintenance of the equipment.

5. Make it as easy as possible for customers to pay online

Paying online is quick and convenient for the customer, but it also benefits your business by making it easier to get paid. Quipli integrates with Stripe for online payments and also integrates with Quickbooks Online to streamline your equipment rental accounting. 

Quipli also simplifies things on the customer’s end. Your customers can register as users and login to make payments, add and remove payment methods, and view their invoices and purchase history. 

By making the payment process as frictionless as possible, you can expedite your revenue collection and enhance customer satisfaction.

For higher-cost equipment or longer-term rentals, you may also want to consider introducing structured payment plans that break the total cost into smaller amounts.

Damage deposits or insurance fees should also be included in the online payment process.

6. Follow up with reminders and late notices in a timely manner.

In the equipment rental business, timely follow-ups with reminders and late notices play a pivotal role in ensuring steady cash flow. With various types of equipment rented out for different durations and at varying rates, tracking each rental contract’s payment due dates can be a cumbersome process. However, it is an essential step to prompt customers to settle their invoices and, thus, ensure you get paid on time.

One way to approach this is by setting up automated email reminders to be sent out to customers a few days before their payment due date. 

This proactive step not only serves as a courteous reminder for your clients but also gives them ample time to address any potential issues that might prevent them from making timely payments. For instance, if a customer has lost their invoice, a reminder email can prompt them to request a new one, ensuring they have the necessary information to pay on time.

If someone misses a payment, sending out late notices can serve as a firm yet professional nudge to your clients to settle their outstanding invoices. In the equipment rental industry, a delay in one payment can set off a domino effect on your ability to maintain, repair, or replace your equipment inventory. It’s important to make sure equipment is returned, and paid for, on time.

In addition to improving your cash flow, these reminders and notices can also help you provide better overall customer service. Clear communication about due payments helps prevent misunderstandings that can damage your relationships with your customers. It shows your clients that you value transparency and efficiency, traits that can set you apart in the competitive equipment rental marketplace.

7. Offer multiple payment options

Our final tip for streamlining your billing and invoicing process in your equipment rental business is to offer multiple payment options. 

Doing so helps increase your chances of getting paid on time, by making things as convenient as possible for your customers. 

Quipli allows customers to add multiple payment methods and select which one they want to use for any given invoice – cash, debit, credit, and more. By offering a wide range of payment methods, you cater to the preferences of different clients, accommodating their specific needs and financial practices, thereby encouraging prompt payments.

Quipli makes billing and invoicing easier than ever for rental companies

By using these invoicing tips and strategies, and incorporating Quipli’s innovative rental management software, you can revitalize and streamline your company’s billing processes – leading to increased efficiency and customer satisfaction. 

Quipli’s powerful rental business software can automate invoice creation, tie it to individual equipment units or rental contracts, and integrate with Quickbooks Online for seamless payment processing. It’s a great way to consolidate and streamline the financial aspects of your business and keep everything running smoothly.

Along with transaction management, Quipli can also give you valuable insights into equipment usage and financial trends through its analytics. You can specify information like clear payment terms, late fees, and multiple payment options that take into account the specific circumstances of renting equipment.

The most common challenge for a rental business is keeping surveillance of its equipment – who rented it, when it’s coming back, when it’s needed next, and monitoring its condition to maximize its useful life.

The reason is multi-fold –  your equipment is valuable, renting it is surprisingly complex, and if done manually, there are likely going to be areas where the ball gets dropped.

Quipli polled 691 rental business owners what their biggest challenge was and 25.7% percent stated not having an efficient way to manage their inventory and tracking orders.

The Client

Equipped is a small equipment rental business founded in 2021 and located in Anna, Ohio. Owned and operated by Brandon Greve and his wife, Equipped focuses on heavy equipment rentals such as boom lifts and skid steers as well as concrete finishing rentals and landscape and property maintenance.

The Problem

Equipped started out as many equipment rental businesses do – by its bootstraps. To save costs, they managed their inventory manually. Since their team was small and their inventory consisted of only 25 rentals, it was manageable at first.

But – that quickly changed as their business started to grow.

“Before [Quipli] I used a giant, probably six by 10 whiteboard, and we kept track of where everything was at with that and moved stuff around, and it was usually mass chaos because you would put that it was out but not where it was at or who had it.”

Brandon Greve, Founder & CEO

Equipped’s Biggest Problems

• Manual entry was prone to errors
• Always unsure who had what equipment or where it was
• Invoices would be missed or customers payments would bounce

Tracking inventory manually puts stress on the user. Developing a system to check your errors is often the best way to prevent issues, but if done manually it can be difficult to error-proof yourself. Whether it is using Google Sheets or a whiteboard – there are rarely any automatic checks on if you entered an order accurately, if you input the return date correctly, or if you moved an item to the correct stage of your process.

“[We’d] miss invoicing and do stuff like that. So, Quipli has really been a game changer for us. We’re not a big company yet. We have about 25 pieces of equipment or something like that, but they’re all larger pieces. Skid steers, telehandler, boom…. [But] you gotta be touchy with that because your customers have a piece of your hundred thousand dollars equipment to destroy. ”

Brandon Greve, Founder & CEO

How Equipped Took Orders Before Quipli

We broke down with Equipped exactly how their process worked before Quipli.

Tracking With A Whiteboard

A) Brandon took each order via phone or email
B) He’d create item on his white board
C) As the equipment moved from available, to rented, to picked up, to return, Brandon would move each item across each column on his whiteboard

Submit Payment and Customer Information

A) With each order, Brandon also had to log in to Quickbooks
B) Enter all of the customer’s information
C) And, run credit card and process the payment manually

Diagnose Payment Issues

With some customers, Brandon would be busy, take an order, deliver it, and then find out 2-3 days later that the customer had payment issues. These instances added unknown amounts of time, but became an area of concern when customers unable to pay had such value equipment that they could ruin.

The Solution

 

Brandon turned to Quipli after a cold call from Quipli’s Account Executive, Court Kasten.

Dustin called me when we joined the American Rental Association. I had a nice conversation and it took me three months to wanna spend the money. If you want to grow, you have to spend money to make money. So we took the plunge and jumped in.

Brandon Greve, Founder & CEO

Quipli’s Biggest Impacts on Equipped’s Inventory Management

• Inventory integrated with online ordering and instore pickup
• Automated inventory calendar for complete transparency of where equipment is
• Contracts are all signed online and payment is validated before pickup

Quipli onboarded Equipped in less than 3 weeks which allowed Brandon to manage its inventory, scheduling, booking, use their website builder template, and integrate with his instore Point of Sale system. Customers can book equipment online and the order is automatically stored in the cloud. Brandon’s inventory is updated, the equipment’s availability is updated, and the customer receives confirmation of their order.

“It’s been a great experience. Everything is streamlined. It saves everything. They send an email to our rental contract, they can sign our rental contract right on their cell phone. That’s big. It just makes things so much quicker and easier.”

Brandon Greve, Founder & CEO

The Result: How Much Time Does This Save Equipped?

We spoke with Brandon to understand how his tracking management process originally worked, so that we could help him understand just how much time he saves.

“Also, it’s not fun work, right. It’s all the tedious stuff that no one wants to do, that you let sit in this pile on the corner of my desk and don’t go. And then for giving it to your staff to do like, it’s actually still very important.”

Brandon Greve, Founder & CEO

In the competitive world of equipment rental, maintaining your assets and minimizing downtime is crucial to your success. When it comes to planning for equipment damage, being proactive can save you time, money, and headaches down the line. This article will guide you through practical steps to prepare for equipment damage and maximize your rental equipment’s lifetime, ensuring you stay ahead of the competition and provide exceptional service to your customers. Let’s dive into the key strategies for effective equipment damage planning.

Equipment damage is inevitable, so it’s essential to plan ahead for it.

No matter how well you maintain your equipment, it will eventually need repairs at some point during its lifetime of operation. By being aware of the possibilities of damage, ensuring your equipment is insured, implementing a solid damage waiver policy, and stocking replacement parts ahead of time, you can be prepared to address and repair damage to your machinery promptly. This article will explore these strategies in detail and provide insights on how to maximize your rental equipment’s lifetime.

Rental equipment insurance coverage can help you cover repair or replacement costs

Make sure you have adequate coverage for the relevant types of insurance for the equipment that you rent out to customers. Comprehensive rental equipment insurance can cover repair or replacement costs in the event of damage, theft, or other unexpected incidents.

When selecting insurance coverage for your rental equipment, it’s essential to consider factors such as the types of equipment you rent out, the risks associated with their use, and the potential financial impact of various incidents. Work with an experienced insurance agent to develop a customized insurance plan that addresses your specific needs and concerns. This may include coverage for general liability, property damage, equipment breakdown, and business interruption.

Having the right insurance in place not only provides financial protection but also gives you peace of mind, allowing you to focus on running your business effectively. Furthermore, it demonstrates professionalism and responsibility to your customers, fostering trust and a positive reputation within the industry. Proper insurance coverage can also help mitigate disputes with customers regarding damaged equipment, as it ensures that your business is prepared to handle such situations without significant financial strain.

Types of insurance coverage for heavy equipment

• Commercial auto insurance: Applicable to many types of motor vehicles, including some kinds of heavy construction equipment. This type of insurance provides coverage for physical damage, liability, and other expenses related to an accident or damage involving a vehicle.
• General liability insurance: Protects your company’s assets in the event of a lawsuit. It covers property damage, personal injury, and other liabilities arising from your business operations.
• Inland marine insurance: A type of property damage insurance that covers certain items or contingencies that other kinds of insurance may not. It can cover equipment during transportation, at job sites, or in storage.
• Property insurance: This can apply to a wide variety of different equipment your company owns and uses – highly customizable, can cover situations like employee damage or theft. This insurance covers damage to your property due to events like fire, theft, vandalism, and natural disasters.
• Worker’s compensation: Protects your employees and helps ensure that you’re able to cover workman’s comp in the event of a workplace accident. It provides medical benefits and wage replacement for employees injured on the job.
• Umbrella and excess liability coverage: An addition to standard liability insurance that can help expand the amount of coverage you’re able to get. It provides additional protection when the limits of your underlying policies have been exhausted.
• Loss of use insurance: Can help you recover some of the lost revenue if equipment is out of commission for repairs due to damage. It compensates you for the income you would have earned if the equipment had been operational.
• Property in transit insurance: Covers damage to equipment during shipment or transit. It provides protection for your equipment while it is being transported between locations or job sites.
• Replacement cost coverage: Helps pay to replace a piece of equipment that was stolen, or was destroyed entirely and cannot be repaired. It covers the full cost of replacing the equipment with a new, similar item without factoring in depreciation.

It is essential to work closely with your insurance provider to ensure you have the right mix of coverage that meets your specific needs.

Stock up on commonly needed replacement parts ahead of time, to make sure you have them on hand when you need them.

The COVID-19 pandemic brought serious issues concerning the availability of replacement parts for heavy equipment. During that time, a lot of rental companies had machines that were hard down but unable to be repaired. Even now, there are still some lingering supply chain issues ongoing.

Planning ahead and keeping replacement parts available ahead of time can help you ensure timely repairs on hard down machines, to get them out on rent and generating revenue faster without having to wait on parts – multi-month wait times for a critical machinery part could mean a lot of lost revenue on that piece of equipment.

To avoid this situation, establish a relationship with reliable suppliers and manufacturers. Maintain an inventory of commonly needed replacement parts, such as filters, belts, hoses, and electrical components. This proactive approach will help minimize downtime and ensure that your equipment remains in top condition.

Implement a well-defined damage waiver policy for customers

A damage waiver on rental equipment clarifies the customer’s responsibility for any damage caused to your equipment. Being clear and upfront about the customer’s responsibility and your method of collecting damages if necessary will help protect your company. A well-defined damage waiver policy should include the following elements:

• Clear definitions of the types of damage covered by the waiver
• Explanation of the customer’s financial responsibility for damages
• Procedures for reporting and documenting equipment damage
• Timeline for returning damaged equipment and initiating repairs
  Providing customers with a comprehensive damage waiver policy will not only protect your business but also help establish trust and transparency in your customer relationships.

Learn more about how to communicate and invoice a customer for breaking your equipment.

Document Everything

Always take high-quality photos before and after renting out a piece of equipment. These images will provide vital evidence if a customer is at fault for severe, expensive damage to your equipment, and you need to bill them or take them to court.

Additionally, maintain thorough records of equipment inspections, maintenance, and repairs. This documentation will help you track the equipment’s history and determine if any recurring issues need to be addressed. It can also help you identify patterns in equipment usage or customer behavior that may lead to damage, allowing you to implement preventive measures.

Find a good service manager and put strong internal processes in place

Hiring a skilled and experienced service manager is crucial for companies that rent out heavy equipment. Strong internal processes will keep hard down equipment moving smoothly through the maintenance and repair process and avoid booking out equipment that isn’t usable yet. The service manager plays a vital role in optimizing equipment performance, reducing downtime, and maintaining a high level of customer satisfaction. Their expertise in handling equipment maintenance ensures that your rental fleet is always in top condition, ready to meet the needs of your clients.

One way to facilitate this is to use software like Quipli to track and manage soft down and hard down equipment, and where each piece of machinery is in the maintenance or repair process.

 Implementing advanced software solutions such as Quipli not only streamlines the tracking and management of equipment but also enables the service manager to have better visibility and control over the entire maintenance workflow. This, in turn, leads to increased efficiency, reduced equipment downtime, and improved customer satisfaction.

Quipli makes it easy to create, track, and manage work orders for your equipment

Quipli’s suite of service and repair features allows you to streamline communication between departments and improve overall efficiency, monitor equipment usage and identify trends that may indicate potential issues, simplify the process of scheduling maintenance and repairs and ensure that all necessary documentation is easily accessible and up-to-date. Utilizing software like Quipli can help you:

• Manage and track ongoing work orders easily
• Track progress over time
• Mark machines as “soft down” or “hard down” 
• View current status and work order histories
• View detailed machine hour breakdowns, including which hours come from internal activities vs customer rentals
• View the last invoice number associated with damaged equipment to facilitate billing the customer for damages

By incorporating software solutions into your rental equipment management process, you can save time, reduce errors, and improve the overall effectiveness of your operation.

In summary, planning for equipment damage and maximizing your rental equipment’s lifetime requires a multifaceted approach. By ensuring adequate insurance coverage, stocking commonly needed replacement parts, implementing a well-defined damage waiver policy, and using software like Quipli to track and manage equipment status, you can minimize downtime and maximize revenue.

Unlock the Full Potential of Your Rental Equipment with Quipli

Don’t let equipment damage and downtime hinder your business’s success. Discover how Quipli’s equipment rental software can help you streamline your equipment management process, reduce downtime, and ensure your rental equipment remains in top working condition.

Contact Us Today to Learn About Quipli’s Service & Repair Features