5 Tips for Managing an Equipment Rental Business

Just because you're in the business of leasing aerial lift equipment (the likes of boom lifts, scissor lifts, and skyjack lifts), doesn't mean your area of business is without intense competition.

For instance, you need to deal with extra insurance liabilities and make important efforts to ensure that all of your equipment is at top-notch condition, and available for customer use at all times.

At the same time, just like every other business, you need to do whatever it takes to keep your clients satisfied. That task alone comprises of dozens and dozens of components, like availability of services, accurate invoicing, and timely equipment delivery.

So what are some important tips you need to keep in mind to ensure your rental business always stays on top of the competition and never falls behind?

5 Tips for Successfully Managing an Equipment Rental Business

Managing any equipment rental company takes a lot of work, and it not only involves people, but a bunch of modern software that can help make your people's jobs much easier. So, here are a couple of essential tips you need to remember:

#1 Using modern technology

This is a no-brainer. Using modern technology to keep your rental equipment safe and customers satisfied is a general practice that you can't afford to disregard. Adopting modern custom-made software solutions for your rental business is a must. These two types of application are online booking systems, and GPS tracking tools.

Booking apps designed according to the needs of a rental business can provide wondrous benefits for both you and your customers.

Each client can get the option for applying for your rental services while they're online, 24/7. And in the end, you're free from the necessity to perform dozens of repetitive actions manually.

On the other hand, a custom tracking system lets you assure customers regarding the safety of their equipment. It improves maintenance and reduces associated costs too.

#2 An online presence

We live in an age where people expect to find the information they need on the internet. So the likelihood of your potential clients using the internet outside of your regular business hours is very high.

That's why we mentioned rental booking software. They are designed in accordance to the needs of your business, and they're capable of collecting and processing data on your clients from various locations.

If you're fortunate, you may also find software that simplifies the booking process by giving your potential customers a calendar that displays the dates where the desired equipment will be available for rent.

#3 Simplified but secure online payments

In the name of simplifying and automating the equipment booking process for your customers, you can integrate an automatic payment system into your online software. These types of functionality can reduce manual workload and provide your clients with systems that are easy-to-use and safe.

Also, by offering multiple payment methods, you make online rental booking more comfortable for clients. Obviously, paying through cash is not exactly ideal for online-based business models.

Equipment rental companies can benefit from this because they can also be easily integrated with other applications that are frequently used for other financial operations (like accounting, sales, and customer-relationships).

#4 Accessing customer data via a centralized system

One of the main aspects of a successful rental equipment business is a strong relationship with its clients. Of course, if you provide services that make your clients happy, they will highly likely return to you again.

How do you market yourself to to your previous customers?

Pay attention to the accumulation, processing, and structuring of all the data that you're working with.

Equipment booking software can handle all of your clients' information, emails, and booking details, and they can give you easy access to this data through a centralized system. This customer list is one of the most valuable resources in a business, and you need this data to be structured and accessible.

#5 Better customer service and logistics

You need a GPS tracking system. They are quite excellent tools that you can use for optimizing logistics to better your efficiency and make your clients happy.

This way, you can make sure that your rental equipment gets delivered to customers on time. And in addition, since you know the exact location of your rental equipment, you can inform your clients that what they need will be delivered very soon through push notifications, or SMS.

The Bottom Line

Web-based software can do wonders for improving your rental equipment's services. Because custom-made software solutions are designed according to the specifics of your business, it can give benefits to both company and client.