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Heavy equipment rentals

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Few decades ago, it was quite a difficult task to get heavy equipments on rent. It was firstly not easy to identify the giver and once the giver was located, some or the other issue used to crop up which tarnished the deal. However, that was the story which is not at all relevant in the current scenario. Today things are quite simple and are also quickly processed. No one has to wait for the newspaper classifieds to search for rental heavy equipments. All they have to do is turn on the internet and check things on google. It provides you with array of machines, some are expensive and some may fit in to your budget. However, what is more important is to understand the right heavy equipment for your project. Though the rental price matters a lot but to make the right choice is rather more imperative.

Inspecting the heavy equipment is important:-

Remember that you are dealing with stuff that you will not be able to see or feel in front of you. It is all there inside the computer and therefore merely going by the description of the equipment may not prove to be enough. What make sense is to inspect the machine personally. Once you are convinced with the description given on the listing and are confident that this is what you need for the project, you better call the party and fix a meeting. Go to his place and check the equipment that he has put up on the listing. Only when you are convinced with the quality of the equipment you should go ahead with negotiation. If you feel that the equipment is for some reason not apt to your requirement or does not have certain features that you were specifically looking for, you should refrain from any sort of negotiation. Talk it out to the giver and walk away.

Do not bug givers who are not ready to negotiate:-

Not all givers are willing to negotiate the rental price. Some may specifically mention that on the listing and if they do mention it, it is better that you take the machine at that price or leave it. It does not make any sense to bug the person to reduce the price. You may ask him for once and check if he is ready to negotiate but if he is not, then better leave it there and you take a call on what you want to do.

Agreement papers are important:-

If you decide to go for the deal, please make sure that you ask the giver to prepare necessary agreement papers which states all the points that you both have agreed upon. The guy who rents his machine for obvious reason wants to stay clean by preparing the agreement and getting it signed in front of his attorney. Have one copy of the agreement with you so that if there is any confusion in the future, you can just pull it out for reference.

Borrow money to purchase heavy equipment or take it on rent

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Starting a new project and need heavy equipment? You are ideally left with 2 options. Either you can rent construction equipment or you can go ahead and buy it. The thing that you need to take into consideration is if you have hard cash to buy the machine or you need to finance it from a lender. The other option is more viable under certain conditions. You should rent the machine if you only need it for the project and once the work is done you have to discard it. If you fall in this condition, then renting the machine should be the most viable option for you. However, if you feel that you will require the equipment for your future projects as well, then it makes every sense to buy it.

Do not drain out all your reserves to buy the equipment:-

Just in case if you have hard cash available to buy the construction equipment, it is advisable that you do not shell out all the money to buy the machine. You never know when you will need the money and if you end up everything to procure the new machine, then you may have to experience some hard time to fix tough situations. What you can rather do is make an upfront payment of 20% of the total value of the machine and the rest borrow it from a lender. It is important that you do a thorough study of the different interest rates being offered by the financial institutions. Go to the one which will charge you with a lower rate of interest and also will not charge much closing costs. Take a calculated decision when you intend to buy a machine.

Ensure to pay your monthly payments in time:-

If you intend to purchase the machine and borrow money from a lender, you should also ensure that you pay your monthly payments in time. Please do not become a defaulter for even a month. That will have a huge impact on your credit score. So when you think about borrowing money, you should also keep in mind that you can’t play around with your credit score. These things must be planned in advance and if there are any deviations later, then that must be taken care by the reserves that you have with you.

In case you decide to take the machine on rent then you need to analyze the period for which you may need the equipment and how much are you ready to pay as rent.

Check online to rent a machine:-

The simplest option to locate the person who wants his machine to let out is on the internet. You can just type the kind of equipment you want to take on rent and the search engine will throw all the option that it has or call us at B&R Equipment. You can check the one you want and contact the giver. If you agree to his terms and conditions, you can finalize the deal.

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Construction rental equipment

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Buying heavy equipment are not everybody’s cup of tea. They are very expensive piece of metal with state of the art gadgets fitted on it. Though it is the requirement of every construction company big or small, not everybody can afford to buy it. It is therefore taking one on rent considered to be the most viable option. It is pretty obvious that you got to run your business and for that you need good machines. In case, you are not able to afford to buy them does not mean you should quit the work. You should search for alternatives and in this case the best would be to rent it from someone who does not need the machine.

There are many people who are willing to rent their machines. They do it because either their machines have gone old and they have already bought an updated version or they simply do not need them any longer for their existing projects. It is also better to not invest good chunk of money in buying heavy earth moving machines and rather utilize the money for completion of other useful tasks.

Construction rental equipment can be found in websites that deals with renting heavy equipment. You just have to become a member of one such website and check out the machine you want in your project. If you find everything perfect, you have to contact the giver, negotiate the price with him and finalize the deal. These websites have made things very easy and comfortable. One only needs to be careful while he is looking for the machine. He needs to very carefully go through the description and that is it? It helps in knowing if the machine he is looking for meets his requirements or else there won’t be much use for him to go through this.

The giver on the other hand also needs to ensure few things. Firstly he need to make sure that the machine he listing to let out should not have issues that will become a hurdle for the end user. In case, if there are any complications on the equipment, he needs to get it checked by a mechanic and make it all ok for the user. Since the heavy equipment has to go through a lot on the jobsite on a daily basis, there are high chances of it getting torn from inside. The giver can’t let out the machine in that condition and therefore the need of a mechanic arise. In case if there are any dents on the machine that also needs to be rectified.

Before listing the machine on rent, you should take some pictures of the equipment from all angles and put it on the listing. This will allow the viewers to understand if the machine is in good order. Rest should be mentioned in the description. Also, mention the rental amount and if you are willing to negotiate with the price. Leave your contact details on the listing for people to reach out to you.

Rent a medium range equipment rather than buying one

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Experts in the construction domain share the same view that requirement of heavy equipment are based on situation to situation. You can’t use one type of heavy equipment in every location. At times you need to change the kind of machine you are using and take something else. The large range heavy equipment can be used extensively in big construction sites which have the capacity to accommodate those big guns but if you are working in a congested site, you may not be able to make use of those big machines. At that time, you have to come down to medium or small range machines.

One of the plus points is that the medium range machines are comparatively less expensive then the bigger ones and hence one can easily contain it in his budget. Nevertheless, experts are of the opinion to rent a medium range machine rather than buy one. They see that the operating cost of the medium range machine is high and that might become a pain for you. In order to curb that issue, it will be prudent that you rent a medium range machine, use it to complete your project and then return it to the user. In this way, you do not have to worry much about its high maintenance costs other than the regular maintenance expense that will be born by you if it is stated so in the rental agreement.

The million dollar question would be how would you know who is renting what equipment. Well, the beat way will be to search it on the net. There are so many websites available that deals with online shopping of heavy equipment. You just got to key in medium range excavator or dozer or whatever equipment you are looking for. Please mention in the search bar that you want to take it on rent. It will throw you all the options it has. You then need to check which one meets your requirement. It will be better if you go through the item description well as that will help you to understand if this is what you are actually searching for. If you are finding this difficult, you can simply go to google and key in your requirements. There it will give you the link of the websites that deals with people who wants to rent their equipment.

Once you are in there, check the stuff online and if you like any, you can call them and move on for more options. In case you get a deal that you believe is the best, try to establish contact with the giver. They do have options that allow you to set up a contact with the other party. Talk to him and be explicit on your requirements. Also try to understand his clauses and if you see any room for negotiation, go ahead with it.

This is one of the best way by which you can save a lot of money by getting the equipment on rent and also fulfill your business requirement.

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Starting a Heavy Equipment Rental Company

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People who have possessed a lot of heavy equipment which are at present not in use and want to get rid of it by either selling it off or putting them on rent find it extremely difficult to find a suitable buyer/taker. It is pretty obvious that they may be engrossed with their work and hence may not find the time to do these things on their own. They are ideally looking for someone who can help them out in getting their heavy equipment rented to someone. In other words, they want their work to be outsourced to a third party who will take care of the renting or selling the item. This give birth to the need of a heavy equipment rental company who will take the responsibility to rent the equipment to a person who is ready to pay the rent on timely basis as mentioned in the rental agreement. It also becomes the responsibility of the person working in the rental company to ensure that all the documents are in place and no party can create any problem for the other party. If necessary, they should also come forward to mitigate and resolve any issues.

Few important pointers are discussed that are necessary to understand before one sets up heavy equipment rental company.

Kind of equipment you want to deal with:-

It will not be practically possible for anybody to understand all kinds of heavy equipment and therefore it is important to segregate the type of equipment one like to deal with. Either he can opt for small and medium range equipment or can directly go for large range heavy equipment or if he wants he can further differentiate it with the type of equipment he likes to deal with. For instance, if he wants to deal with just bulldozers and back hoe loaders, he will restrict his business to that. A concrete plan is of utter importance when one has decided to open a heavy equipment rental company.

Disclose your plans on your website:-

Whatever plans you have made for your business, make sure that you disclose them on your website. When you are new to this industry and people do not know you, they will refer to your website to know more about you and if they do not find anything there that speaks about your business or your plans, they won’t be much interested to use your service. If possible, also give a glimpse of how you are better than your competitors. You can state what additional features you are providing that is not given by your competitors. This will draw people’s attention towards you and in this process you may get some business from them.

Get your business registered if it needs to:-

Whatever you are doing, it got to be legal. Therefore, please make sure that you get your business registered or do things that let the government of your place know that you are involved in a legal business.

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Proper agreement is required before you rent your heavy equipment

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Construction business is never constant. It will have a rising as well as a declining trend and it may hit you hard when the trend is declining. Therefore it is necessary that you be prepared to meet the circumstances when things are not going the way you want. First and foremost you need to do away with your heavy equipment that are sitting idle. By doing away, it does not imply that you sell them off but you can make use of another option and that is to rent it to someone who has work with him but no heavy equipment. You can meet his need by renting the machine to him and in turn you charge him monthly rentals. In this way, your machine will be in use and there will be inflow in income on a monthly basis.

Since we are talking about renting the construction machine, we also should be focusing on another important fact and it is forming an agreement with the taker. An agreement with the taker is very crucial when you are handing over the equipment on a temporary basis to an unknown person. It actually guarantees that you keep on receiving the money till the end of the agreement and once the term is over, you can either renew the contract or can get back the possession of the equipment. Whatever the case may be, a contract with the party assures that your machine will be in order and if there is any major wear and tear that happens with the machine, the taker will be liable to bear the expenses to get that fixed.

An agreement is often made only after you are done discussing the terms verbally and you want to put everything on paper. It also implies that both the parties are accepting the terms and therefore it is there on the paper. The parties will then sign on the dotted line and then they are bound to abide by the terms mentioned in the agreement. If any of the side goes against the terms, they will be accountable and may be fined by the law of the land. Therefore, it is very important that one must go through the terms mentioned in the agreement thoroughly before they sign on the dotted line. Once it is signed they can’t go back on the terms.

The giver should mention the amount he will receive each month for renting the equipment and the total period for which he is renting it to the taker. He can also mention the type of care that the taker should be taking while the equipment is in his possession. Things like the time when the machine should be given for servicing, how long you can keep the machine working etc. also forms a part of the contract.

Renting the equipment has always been a viable option for people who have several machines lying idle with them and need someone who can make good use of them and in turn pay them the rentals.

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.

Rent your heavy equipment rather than selling them

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Heavy equipment can always fetch you a good resale value but before you think about reselling it, it is very important to understand if there are any other options available that you can take to retain the machine and also make some money during the course of time when it is lying idle. When you are full with work in hand, you do not have to think about renting any of your machines. On the contrary, you may feel the need of having more such machines in your kitty but there may be occasions when you may not have enough work with you and are compelled to keep few of your equipment idle. Well, keeping them idle is not going to help you in any way. You do not get anything if they simply lie down there doing nothing. It is always better to rent them so that you make some money in this bargain and also retain the equipment once the term of the contract gets over. Getting people who want to use the heavy equipment on rental basis will not be a difficult task as you will always find some or the other small contractors who are in the hunt of heavy equipment on rental basis. However the question is how you will know who needs what kind of machine and for this you can simply post an advertisement in a local newspaper. Mention a bit about the machine and give down your contact details so that the ones who are interested can call you up and pay a visit at your place. The other option is you can post your advertisement on internet. This is what majority of people are doing. The feel that posting an ad in a newspaper has become redundant in today’s time and since more and more people are attuned towards internet, they will get more visitors if they post the listing on some heavy equipment rental web site. So all you need to do here is register yourself with a popular online heavy equipment site. List your machine on the website and give the entire description of the machine. Here, unlike in a newspaper ad, it allows you to mention in details about the machine. So you can just put across everything you know, every small feature that people would like to know and help them take a decision. Once you get a taker, the next important step is to form an agreement with him where you will state the terms and conditions in detail. You can get in touch with your attorney who can help you to draft an agreement. The agreement should explicitly state the tenure for which the taker will take your machine on rent and the rental amount he will be paying on a monthly basis. If there are any other conditions that you have, you can state it all there on the agreement. Get it signed by him and keep the original with you. In this way, you can manage to get money on a monthly basis without losing the equipment forever.

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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.

No point in buying new equipment when one can get it on rent

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Construction industry falls in that category of industries that has huge requirement of finances for some reason or the other. They need money to take care of the operating and non-operating expenses, pay the workers their wages etc. They also have to check on the kind of heavy equipment available with them so that in case there is a need to get a new machine they should have the funds to go and get it. Heavy equipment are quite an expensive stuff and one got to be ready in advance and keep the funds available to ensure that the need of the business is fulfilled. Having said this, there is one point that the owner of a construction company can ponder. In case, if they can get the same machine that they are looking for on rent rather than having to buy them, it may save a lot of money of the company and simultaneously they can make use of the funds that were parked to buy the machines to take care of some other business needs.

There is however one very important point that you should keep into consideration before you rent a machine. Since you would be using somebody else’s equipment, you should ensure that the machine has all the features that you would be requiring for the project and the machine is in good shape. You should probably take an expert with you who will examine the machine before go ahead with the deal. You should not end up taking equipment for which you have to repent in the future.

Few other pointers that you should know before you sign on the dotted line.

A brief history of the machine:-

To know a few things about the machine will always be beneficial as it will help you to negotiate with the giver. For instance, if the machine has some cases of accidents then it puts you in a position from where you can demand for a deduction in the rentals. Negotiations like these are always open and the taker must be ready to take chances wherever and whenever it is applicable. Knowing the history of the machine will also give you the idea of how old the machine is and is it at par with the construction equipment that comes with the latest technology gadgets. This will help you to decide if you should be eventually going for the deal as it makes no point in renting something that is technologically backward.

Knowing the tentative duration of the project:-

You should at least be aware of how soon you can complete the project. On the basis of that, you would be renting the stuff. Always rent the machine for an additional 2 months from the tentative date of completion. You never know if things may get delayed and you have to prolong the use of the equipment. Often the giver rents the machine keeping into consideration that he may not need the machine for a specific time and if he rents it to you he may ask you to hand it over once the terms completes. So if the work is left incomplete and he asks you for the machine, you will be left in a murkier situation. To avoid this, you should rent it for 2 extra months and keep things in your control.

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