Heavy equipment rentals across the U.S. are increasing, according to a three-year survey by purchasing.com that included over 70,000 construction professionals. From 2011 to 2014, compact truck loader rentals skyrocketed by 925 percent. Forklift rentals increased by 90 percent. Renting construction equipment may not be the right choice for every company; however, construction is a project-based industry and renting equipment can provide many companies with immediate benefits. This not only includes the companies in need of heavy equipment rentals, but the companies providing the service as well.
Whether you’re a construction firm looking to leverage your equipment inventory by renting to contractors, or a company that already rents equipment but is looking to upgrade to a better system, you should choose an equipment rental software that makes the rental process as efficient as possible.
Multi-Functionality Equipment Rental Software
For companies that rent heavy equipment, the right software should have a multitude of features. It should provide the ability to:
- Accurately manage rental inventory: The software should keep track of all equipment rental items, allowing users to see instantly whether an item is available to rent or if it is already out. The best equipment rental software uses data gained through radio frequency identification (RFID) and/or barcode systems to track tools and equipment and to automatically calculate rental rates and reports.
- Set rental rates and discounts: Users should be able to create as many asset rental rate sheets as they desire, setting hourly, daily, weekly and monthly rates as needed. The software should also calculate the best rate for each item, including items for contractors who are eligible for a discount.
- Set sales prices: If you sell equipment in addition to renting, the software should allow you to manage your sales prices as well as any markups or discounts.
- Automate rental billing: The software should easily print a list of charges for each asset, including any miscellaneous fees associated with the rental.
Automating rental rates, reports and more while providing constant visibility into rental inventory results in a robust solution that’s likely to meet the needs of any company that rents or sells equipment to either in-house departments, divisions within the company, or outside contractors.
Tailor-Made Construction Rental Software
According to the American Rental Association, the equipment rental industry is on track to see a revenue increase of at least 7 percent through 2018. With this increase comes a need for a customizable solution that meets the unique needs of whatever company is implementing it. The best equipment rental software should handle calculations, reporting, and inventory tracking according to a company’s own specifications, saving them time and money.
Put a Powerful Equipment Rental Software to Work
Some software is ready to use right out of the box, once again saving time with a low learning curve. When coupled with an RFID-based inventory management system, these construction rental software solutions can vastly improve the bottom line for any equipment rental service. When you choose the right equipment rental software for your company, it will optimize your operations by streamlining and automating nearly every step of the process.