The Contractor’s Guide to Renting Equipment for Your Construction Business
Written by admin on April 11, 2022
The construction industry relies on heavy equipment to get work done, and renting your equipment is an increasingly popular, cost-effective alternative to making a purchase.
At GP Rental, we strive to help contractors and construction business owners find the best equipment to fit their needs. This guide will walk you through finding the right machinery, including how to choose a rental provider and how to set a budget. Read on to learn more.
Finding the Right Equipment for Your Business
Finding the best equipment starts with knowing exactly what kind of equipment you need. If you’re unsure what equipment would best meet your project requirements, talk to a rental company representative and provide them with:
- Your project’s scope.
- The type of work you need to do.
- Your site conditions.
- Your budget.
- Your estimated completion date.
- Your preferred brand, if applicable.
A rental dealer will use this information to help pinpoint the right machine for your needs and make sure it’s available when you need it. If your rental provider is part of an extensive dealer network, they can source the machine you need from another location even if it’s not available locally.
Create a Budget
Creating an effective budget can help you understand your company’s financial limits and prevent you from accidentally overspending. A thorough financial plan will help you get the most out of your rental gear. It’s essential to understand the value you’ll receive for the price — make sure to carefully comb through the terms and conditions in the rental agreement, including what services the contract includes.
If your budget is looking a little tight, you can also look for a dealer that offers financial plans and programs. A representative can help you determine which of their options will be best for you.
Plan for Additional Costs
In addition to the cost of renting the equipment, you may also have to pay for other services like transportation, assembly and disassembly. These costs will vary from dealer to dealer, so it’s important to understand precisely what you’ll be paying for when you choose your rental provider.
Before you sign the dotted line, make sure you understand the terms and conditions you agree to. Ask your dealer about potential additional costs, including:
- Fuel: Determine if your dealer includes the cost of fuel in the rental agreement or if you’ll need to fuel the machine yourself.
- Rental period changes: Find out if deviating from your rental schedule will result in extra charges or refunds. Many dealers will allow you to extend your rental time for an additional cost. However, you should also ask if you can recoup some of your deposit if you finish the job early.
- Insurance: Ask if your equipment rental agreement includes appropriate insurance. While some dealers will include insurance in the rental agreement, others may leave insurance up to you.
The Benefits of Renting Construction Equipment
Rental construction equipment can benefit construction companies in many ways, from boosting site productivity to providing an opportunity to test out new gear before you take the plunge. Some of the key benefits of renting include:
- Less upkeep: Keeping heavy equipment in good shape can be costly. Your dealer will take care of the maintenance processes, helping you save money on parts and services.
- Decreased downtime: Rental equipment can fill productivity gaps during scheduled maintenance. Communicate with your provider to make sure the piece you need will be available when you need it.
- Reduced costs: Since you’re only using your rental for a short time, you can save on long-term costs like storage, transportation and maintenance.
- Opportunity to test equipment: Renting is a great option if you’re considering adding to your fleet or expanding your business offerings. Rental equipment lets you try out the latest tech or new models with minimal financial risk.
- Duplicate equipment: Renting is an excellent option for projects that require more of a particular machine you already own. Rather than committing to the cost of purchasing a second or third machine for your fleet, renting lets you temporarily expand to suit your project’s needs.
- Take on new jobs: Renting equipment on a per-project basis lets you take on jobs you may previously have had to turn down.
- Equipment condition: A good provider will take excellent care of their rental fleet to ensure customers have access to fully operational equipment at all times.
- Flexibility: You can rent a machine on a daily, weekly, monthly or long-term basis to meet your company’s needs.
Tips for Choosing a Rental Supplier
Finding a reliable, trustworthy rental company is crucial to getting the most out of your investment. Look out for the following qualities when you’re deciding which provider to go with:
- Billing transparency: We all prefer to avoid surprise expenses. A trustworthy rental provider will provide you with an itemized billing summary of their rates and fees upon request.
- Equipment selection and availability: Make sure to choose an equipment supplier with a wide selection to choose from — dealers connected to large networks are more likely to have the equipment you need when you need it.
- End-to-end service: Your provider should create a seamless rental experience by handling logistics details like equipment sourcing, delivery and pick-up.
- Location: A provider close to your job site will be more convenient than one far away. It may also save you money on transportation costs if the supplier charges by the mile.
- Consulting: Your supplier should work with you to identify the right piece of equipment for your needs. Your rep should then source and provide you with this exact piece rather than trying to spike the price or selling you on a more expensive model.
- Customer service: Choose a rental company that provides excellent customer service. Your rep should listen to your needs and ask questions to ensure they’re helping you meet them.
Rent Construction Equipment From GP Rental
Looking for a construction equipment business in Eastern North Carolina to serve your rental needs?
At GP Rental, we carry a wide range of low-hour Cat® machines. We maintain our rental fleet to the highest standards to ensure excellent performance, so you can always rely on our equipment to help you get the job done. We also offer flexible rental agreements — if your project takes some extra time or you have specific budgetary requirements, we can easily adjust to meet your needs.