Three Practical Tips for Managing Your Rental Equipment

Posted on: 29 August 2018

Construction, commercial and industrial worksites require a lot of specialised equipment for efficient completion of the work. Under ideal circumstances, the needed machines and other assets for the specific processes would be purchased. However, this option is not financially feasible. Therefore, if you are planning on conducting a large-scale industrial or construction project, you will need to hire some of the required equipment. Hiring is ideal because the immediate costs are lower. Moreover, you will be able to acquire a wide range of machines. Here are practical tips to help you manage your rental equipment.

Track the Rental Equipment

You should keep track of your rental equipment during the period of use. You can acquire a management tool or even keep manual records of the movement of the machinery. You should take note of the type of the equipment and its condition during the rental. You should also ensure that the hire duration is noted in the records. Failure to know the duration can lead to the unexpected extension of the rental period and subsequent surcharges. You should also know the operators in charge of the equipment. It is also essential for them to make regular reports, especially regarding malfunctions during operations.

Know Your Hire Expenses

You should manage the rental expenses for your rental equipment with efficiency. In general, the short-term hire costs are relatively low. However, if you are not careful in handling the charges, the total expenses could increase exponentially. You should begin your calculations by taking note of the basic rental rate. The rental rate will depend on the specific equipment, its condition and the features available. Then, you should inquire about the security bond. This deposit is an essential security that the equipment owner must withhold. You should also check on the insurance requirements. Typically, the equipment owner will have appropriate insurance. However, you can further protect your company against losses by purchasing extra cover, particularly for long projects.

Understand the Rental Terms

Finally, you should be aware of the rental terms outlined by your equipment hire company. The rental terms should be known by the operators and other workers who come in contact with the machinery. You should not violate these terms for a harmonious business relationship with your equipment provider. Check the terms on extending the rental period for the hired assets. It is also important to note the penalties imposed on loss or damage of the equipment. In addition, you should understand the condition in which you should return the machinery after use.