Leasing out your equipment can be an excellent way to collect some additional revenue. At some point, your equipment may have undergone a lengthy period of time without being utilized at all. If that is the case, then why not consider renting it out to local specialists for a price? In situations like this, everyone involved will benefit. The subcontractor or specialist can proceed with their project, and you get to collect the residual income. It’s a win, win scenario!
Getting Started
Before you consider leasing out your equipment, there are a few important things you should take into account. A legal contract for example; should you draw up specifics for each rental agreement? Or will a standard contract suffice? Will the specialist be responsible for maintenance and upkeep, fuel, or in the event of an accident, any damages incurred? And what about the payment terms and methods? Whatever you decide, you must be 100% covered at all times.
Delivery and Return
A contractual agreement should also explain the delivery and return/pick-up of the equipment being rented. If it is large enough to require professional transportation, maybe it would be wise to provide logistics to avoid damages, etc. However, for smaller equipment, it may be optional to allow the specialist to determine transportation methods themselves. Delivery and pick-up can also be a way to include an additional convenience fee, in which many cases people are more than happy to pay. And again, providing delivery and return services can help to protect your equipment.
Leasing to Responsible Customers
While leasing your equipment can be a great way to benefit your business, it’s also important to be aware of who you are renting your equipment to, and the reputation that they harbor. It’s counter-productive to rent out equipment for a profit when those you are renting to are careless with your property. Running specific background checks on new leasers is ideal, and in turn, will help to attract the more responsible renters in your area.
Contact Crimson Stone Capital Solutions today to explore our comprehensive equipment leasing packages
