Tag Archives: Rent Your Heavy Equipment

Proper agreement is required before you rent your heavy equipment

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS

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.

Rent your heavy equipment rather than selling them

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS

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.

Related articles across the web

Want to Rent Your Heavy Equipment – Know How to Do It

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS

Want to Rent Your Heavy Equipment – Know How to Do It

You can always utilize other options like renting it for some months to a contractor who cannot afford to buy a brand new piece for operating his business.

Let us now understand the different ways through which a person can let others know about renting a machine.

List It On Internet:  In today’s time, we depend largely on internet. Right from shopping to getting information, internet has been an integral part of our lives. When we depend so much on internet, it becomes evident that listing items on internet will get maximum exposure and this is probably the quickest way to let others know what you are looking for. You need to first get all the specifications of your machines handy so that when you are listing the item for rent, you put them all in the listing.

Buyers who would be interested in your item would want to know the specification before contacting you. So try and get all the details available like the features of the machine, how long it served you, the and age of the machine. You might as well give an appraised value of the machine which you can know after doing an appraisal from an appraisal company. Putting this lot of information is very important to let others know the condition of your machine and that the price quoted by you is justified. Please mention how to maintain the machine by lubricating its parts at regular intervals and any other clause that you want the person using the machine to adhere.

Putting It On Classifieds In Local Newspapers:-  This is another option which can be used to attract attention of people wanting heavy equipment on rental basis. In order to utilize this option, you first need to recognize the newspaper which has a wider circulation throughout the city. Once you’ve identified the newspaper, get in touch with them and place an ad giving in the price at which you are ready to rent your machine. You may not want to give in the specifications in details as it may not give you enough space to put everything in it. On the contrary, you can leave your contact details so that the prospects can contact you and if possible meet you and check out the machine as well. Meeting your prospect is very important and once that’s done, the deal is more than half done.