Category Archives: Rental Business

Rental contract is a must before you let your machine

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Just like before you buy or sell your property, you make a purchase agreement which states all the information about the purchase in detail, in the same way, it is also a must to form a rental agreement before you let your machine to someone else. Heavy equipment are unquestionably one of the most expensive items that you possess in your construction business and in case you decide to rent it, you got to ensure that at the end of the contract you get the machine in order. Just in case, you do not form a proper rental agreement, there are high chances that the user may use the machine according to his whims and fancies and completely deteriorate the quality of the machine. So by the time you get the heavy equipment back in your possession, you got to spend a lot on the repairs and fixtures part which may not sound quite economical to you.

Rent the equipment to a person who has no issue signing a rental contract:-

It is always advisable that you let your heavy equipment to a person who does not have any issue in signing the rental contract. A rental contract is just a document that speaks about the terms and conditions that both the parties have agreed to before the owner handing the possession of the machine to the other party. It basically protects the rights of both the giver and the user. By forming a concrete rental agreement, there are less chances of the user misusing the machine. For instance, the user will give importance to regular servicing which he might otherwise not have paid much heed to. There is lot of advantages of forming a rental contract as it proves to be a healthy affair for both the parties.

Catch hold of a good attorney to draft your agreement:-

Drafting the rental agreement from an attorney who has ample of experience in this profession is of immense importance. An experienced attorney may suggest few points which you must have not even considered and which are quite important. They may charge you little extra but that will be really worthy. You can keep the same draft and use it again if you rent the machine to the next user. You may need the attorney but do not have to pay him the same fee as you did in the previous occasion.

Go to internet to check few drafts of rental agreement:-

In case you are renting the heavy equipment to a close friend or someone in your family then you perhaps do not have to form a stringent rental agreement. A simple one will do in this case. However, you still got to draft an agreement for which you need some help. It is recommended that you go to google and check few rental agreements over there. It will be really helpful and also you get that for free. You only need the help of an attorney to complete the legal proceedings for which they will charge you a very nominal fee.

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Make use of Social Networking websites to grow your heavy equipment business

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Any form of business is directly connected with technology and successful business entrepreneurs make full use of the latest technology to grow their business. They find it to be one of the simplest and quickest ways to reach millions in just seconds which is not possible through any other mode. Running a successful business is an art and not everyone can master that art. The person need to be foresighted and should understand the importance of technology and how it can impact its business. One form of technology that is making rounds these days is social networking. These days everyone has an account in some or the other social networking website and through that they try to stay in touch with their friends and loved ones. However, this mode is also been acknowledged as one of the crucial method of spreading the news of your business. In order for people to know the kind of work you are into, you can make use of a social networking website that is popularly used by many and can create your business profile out there.

It has proven to be a great stuff for beginners who are not a known figure in their line of business. It is difficult to win the trust of your clients when you are new to a business. They have doubts like if you can complete the work in the given time frame, if you have the required resources to get the job done and many such questions that a newbie finds it hard to deal with. People who are from the construction industry or the ones who deals with selling of heavy equipment find social networking websites like Facebook, LinkedIn, and Snapchat etc. as a wonderful tool to connect with people; many known and some unknown.

Once you are registered member of any social networking website you talk about your business to your friends and people whom you know. You keep posting articles about your work or your achievements which is read by people who can be your friends or your friend’s friend. The sole purpose is to reach to as many people as you can by posting a single post. If you are selling heavy equipment you can talk about your website in your profile and also put the picture of your company’s logo as the profile picture. You can make use of Snapchat to send pictures or videos to all your friends or to people specific.

Having a website of your company is good but social networking sites make it easy for you to connect to people who are not known to you and who do not know anything about you. They may see your company’s logo for the first time on some of your friend’s profile who must have liked your profile picture or any video posted by you. This is how they get to know about you and may go to your website to know more about you. This will eventually help you to develop your business in the long run.

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How to be a successful heavy equipment rental house

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It is not always necessary to get into a construction industry to become a successful person in that domain. You can join other spheres that are quite closely interconnected with the construction sector that has the potential to make you the man or woman you want to become. It can give you the success you have always desired for and prove to be a very rewarding business for you. All that you need to have is good contacts with people who want to give their heavy equipment on rent and then reach out to those segments who want to take those machines on rent. Or work like a company like B&R Equipment.  If you are able to qualify yourself in doing that work, things will become really easy for you and you will start making good sum of money month after month. So you need not have to step into the world of construction and still you get to make a good deal of money.

We will talk about few steps that are required to make it big in the heavy equipment rental house.

Remain in close contact of both the parties:-

In order to sustain in this form of business, you got to remain in close contact with both the parties. The one who want to rent his equipment and the other who want to take the stuff on rent should be in your close reach and you should be in a position to identify the wants of the taker and check if that goes correctly with the giver. It may be difficult for you to remember who wants what so it is recommended that you try to maintain a log or a data sheet that has the name, contact details and requirements of the taker. Then you can try to match it up with the heavy equipment the giver has in his possession. Once that is taken care, you only have to act as a bridge and let the 2 parties meet and decide if they want to go ahead with the deal.

Dealing with the paperwork will make life simple for both the parties:-

Once the deal is through, there involves few paperwork that needs to be taken care of. An agreement that has all the clauses in it should be signed by both the parties and if you take the onus to draft the agreement by charging a nominal price or doing it free of cost will only help you to get more businesses from them. Doing the agreement part is quite a hectic job and the parties involved in the transaction ideally want an expert to take care of this. So you have the opportunity to handle this one and gain the trust of both the giver and the taker.

Going online can be a huge hit:-

This is the internet age and people browse websites for every little thing that they want to know. So if you start up a rental company, the first thing you can do is advertise yourself on the internet and if possible also try to create a website that will act as a platform to both the parties to come and transact on your site.

How to grow your heavy equipment rental business

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Construction business like any other kind of business has its ups and downs. There will be occasions when you will have a lot of work to do and at times you may not get any work for months or you may have very limited work to do for which you may hardly require a couple of small equipment to get your work done. So the major question is what one should do who have a bunch of heavy equipment at his disposal. This is a quite a tricky one because he can’t sell them off as he may require those machines as soon as he gets some projects but since he is not sure how soon he can end with one, he also can’t leave his machines idle. In such a situation, the best option would be to rent the machines and earn good rental amount till the time he thinks he anticipates that he will remain out of work.

Simultaneously, if he wishes he can also set up a similar form of business where his sole job would be to rent heavy equipment to the end users. There are many new construction companies that are small in size and also can’t afford to buy machine that are so expensive. They hugely depend on people who are willing to rent their machines at a reasonable price. Now the issue is there is no intermediary who can bring both the parties at a common junction from where they can do this transaction. This gives rise to another form of business; that is setting up a company that deals exclusively with machines that can be taken on rent. So if you start up a business where you are dealing with rental machines, you need to ensure that you have good contacts from people who are willing to give their machines on rent and people who want them on rent.

Do business on internet:-

People love to do internet. For every small thing, they are highly dependent on internet and they get the answers of most of their queries from there. So you can clearly envisage the potential prospect you will get if you set up an online business where you are putting up machines on rent and people who are interested to do business with you contacts you. You give them what they want, take your cut from both the parties and your work is done. You can also register yourself in some online selling store that deals with selling/renting of heavy equipment. Post the images of machines that you can give on rent and wait for someone to reach you.

Internet has the potential to connect you to large number of people. This means that you have a large customer base and can make the most of it from them.

Advertising it in different forums:-

You can also advertise about your business in magazines that are related with the construction, mining and heavy equipment domain. So people who are in this industry will go through your piece of advertisement and give you businesses.

Renting heavy equipment in 2015

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Setting up a construction company has never been an easy task especially for people who do not have anybody from their family into this industry. Knowing the tricks of the trade can be a very difficult job and on top of it procuring heavy equipment can take you on a royal ride. Buying heavy equipment will eat away most of your investments and you will be left with hardly anything to take care of your business expenses. This is the problem which many newbie are experiencing and when they realize that things are going out of their hands, they wind up their business. This brings an end to their dream of establishing a construction company.

Now for people who have heavy equipment that are mainly lying idle as they are out of business for few months, they are not sure what they can do with those machines. It hurts to see them doing nothing and getting rusted remaining out in the sun. Here we have 2 set of people with 2 different requirements but both associated with each other. In other way, both of them can help each other by the later one giving the machine on rent and the former paying a said sum of money on each and every month for a defined period of time.

The year 2015 will give a lot of opportunities to people falling under these 2 spheres. What we have noticed in the last few years is people do not want to spend more on buying heavy equipment. They are more comfortable in hiring them from the guys who possess them and once they complete the work, they give it back to them with some minor wear and tear.

Go online to search for guys willing to rent heavy equipment:-

It may not be easy to hunt for guys who rent their machines to others. Either you should know people who are in the business of renting their machines or you need to hook up with an some one that deals with renting heavy equipment. The next best option is to go online and check sites that deal with renting heavy equipment. These sites may not charge you anything as they ideally bill the guy who gives the machine on rent. So you do not have to bother about the expense part. Just check the equipment they have put online and the rent they are demanding. If possible, try to contact the party and see if they are willing to negotiate and bring the rental down.

Inspect the equipment before taking it on rent:-

Once you have identified the equipment, the next thing you can do is inspect the machine before you sign on the dotted line. Take a mechanic along with you if you are not the person who understand much about the machine and do a thorough inspection. Only if the mechanic is content with the equipment, you should go ahead with the deal.

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