4 Considerations When Choosing a Heavy Equipment Rental Company
Choosing an equipment rental company can be complicated. In the past, most contractors rented equipment from the same rental house every time. This was mainly because they had relationships and specific pricing with that rental house. Plus, most rental houses require extensive forms and credit applications before agreeing to rent out equipment and that can take time. So, once a contractor is locked into a relationship with a rental house, that’s who they rent from.
Not any more.
As technology advances in the rental industry and the priorities in construction shift to budget control, efficiency and reliability, the question around rental companies is being raised once again. Should you stay with the same rental company? Should you move to a different one? And if you move, how do you find the best equipment rentals for you?
Here are four things to look for when choosing a heavy equipment rental company for your construction business
1. Transparency in Pricing and Rental Processes
One of the biggest challenges in the rental market is knowing that the “great price” you’re getting on your rentals is actually a great price. Budgeting and bids can be thrown off by tens of thousands of dollars if every rented equipment piece is more expensive than planned.
Historically prices around construction rentals have been extremely shaded. No one wanted to talk about it, no one wanted to announce their pricing structure and everyone was too afraid to ask. The main reason for this? Concern over losing customers, business competition and the fear of prices being driven lower and lower to capture new business. These challenges have been highlighted by traditional re-rent companies that have forced businesses to lower their prices in the effort of making a sale.
However, construction rental marketplaces have proven that this doesn’t necessarily happen. DOZR lists and compares prices of daily, weekly and monthly rental rates for thousands of rental houses. Some of these prices are low, some are higher, but all are set and controlled by the independent company.
The Benefit?
Using a price-transparent rental company or equipment rental marketplace is about choosing fairness and business control. This control is both for the rental companies who choose the prices that fit their business and for contractors to know 100% what they’re signing up for. It is more fair for contractors to select a price range that works best for their budgets based on equipment availability, brand type, size, location and rental company. Hidden prices don't encourage trust, fairness or control at all.
2. Accessibility & Availability of Rentals
Renting from a small business is great, but challenges can arise when it comes to availability. Going with a giant multi-national company can be great for availability but maybe their website is too large or it’s difficult to get a call back.
Finding a company that is both easy to reach, easy to rent from and has the machines you need for when you need it may sound difficult. In fact, there are many companies both large and small that meet these requirements. If you find that your current go-to rental house is struggling with either of these things, it may be time to see what else is out there.
When choosing a heavy equipment rental company, consider both accessibility to the sales team and staff and the availability of equipment.
The Benefit?
Your rental company is there for you throughout your entire rental. If you struggle to get in contact or to find equipment for when you need it,it can impact your project overall. Breakdowns, extensions, off rental processes or early off-rents happen all the time. Many of these aren’t issues - as long as you can speak to someone and work on a solution. Time is money in the construction industry so accessibility to your rental company and the availability of machines is important.
3. Flexibility
Construction relies on subtrades, weather, budgets and water-fall building process to get the job done. Because of this, flexibility is key. When choosing a rental company, ask about their off rent policy, extensions and rental timelines. Knowing these answers ahead of time can reduce any stress later on in a project.
The Benefit?
Being able to postpone, move up, extend or shorten a rental can make the equipment work for your job; And it can even help to save you money.
4. Reliability
As was said earlier, time is money in construction. In 2018, 93% of contractors and construction companies had rented equipment. That’s a lot of projects depending on rented equipment. If that equipment shows up late, broken down, or if the company sends the wrong type of equipment that can cause serious delays for a project.
In this way, reliability and trust go hand in hand for equipment rentals. Rental companies need to be reliable for their equipment so that contractors can trust them.
The Benefit?
Once a rental is booked - with a reliable rental company - there’s nothing to worry about. Whether the machine will be late, fueled up, ready to use and will last through the booking can almost be a guarantee. Being able to rely on your rental company is incredibly important for every and any project.
Choosing the Right Equipment Rental Company
For many contractors, rented equipment is key to their project. Now that efficiency is valued more than ever, it’s time for contractors to get specific about choosing the right rental company for them. With these four things in mind, you can select the best equipment rental company for you.
