When working in a project-based business such as construction, your final profit will be a major priority. Equipment selection is one of those expenses that a construction company must ensure they are making the right choice, which is why buying versus renting might be top of mind. Our Sarasota construction attorneys know that equipment rental is becoming a more attractive option for construction professionals for a range of reasons. First, it is important to know about the benefits of rental as discussed in part one and the challenges as discussed in part two of our article series. It is also important to find a good rental partner, which we will discuss in this article.
Finding the Right Rental Partner
Increased construction activity means a greater demand for equipment. When it comes to purchasing equipment, keep in mind that the rising cost of equipment will increase a construction business’s operating costs. The rental company you partner with can negatively impact your budget or it can make renting equipment more cost effective. It is critical that you know the type of equipment you need and for how long you will need it to ensure you are not wasting money by allowing equipment to sit idle or awaiting a late delivery. Project delays can lead to the need for a Sarasota construction lawyer if not mitigated appropriately.
Choosing a rental company entails conducting the appropriate research on potential companies to determine if you are receiving a fair market value; it is also important for evaluating pricing, product availability, and delivery dependability.
Tips for Evaluating an Equipment Rental Company
Doing research on a potential equipment rental company is essential. If possible, do business based on trusted referrals. Otherwise, shop around and get quotes from different companies to compare pricing for the same equipment. Browse their websites, but if possible visit the site in person and inspect the equipment to ensure you are getting high-quality equipment. Additional things to consider when deciding if a company meets your specific needs include:
- Their terms and hauling fees
- If they are a single-source shop or national company
- Whether they are capable of equipment monitoring
- If they add other fees or charges to the contract (i.e., environmental fees or transportation costs)
- Whether they meet eco-friendly or local/federal regulations
Coordinating rental equipment is an important component of project management. Choosing your equipment and the company you partner with wisely will ensure a smoother day-to-day operation.