Whether you need equipment for a specific job, don’t need the equipment often enough to justify buying it, or simply don’t want to be stuck with the maintenance, insurance, and stowing fees that come with buying, there are plenty of reasons to rent heavy equipment. In general, your utilization rate is the key factor in determining whether you should rent or buy equipment. If your utilization rate is below 40%, it is usually best to rent as needed.
While renting equipment can be a great way to save money and keep your job on budget, renting can wreak havoc on your schedule and budget if not managed correctly. Here are four things to avoid when it comes to heavy equipment rentals.
1. Not Enough Training
Taking the time to make sure your employees are trained on the equipment being rented is necessary to keep your team safe—which is the number one priority. Beyond keeping your team safe, training will make sure that the job will get done correctly, without any damage to your site or the equipment itself. Heavy equipment skills don’t necessarily transfer from equipment to equipment, so always stay in communication with your team on what training is needed.
2. Not Getting Timing Right
Just-in-time is the name of the game for equipment rentals. Getting your equipment too early means the rental sits idle, eating away at your site budget. On the other hand, getting the equipment too late means your job is stalled and you have workers just waiting around the job site. Before setting dates for rental equipment, running through a quick checklist can save money and time in the long run. Quickly look at:
- Tasks that need to be completed before the rental equipment is needed
- How long the task the rental equipment is being used for will take
- Any other time-impacting elements like schedules or weather conditions
3. Not Evaluating All of Your Options
Identifying new vendor opportunities outside of the vendors you’re already using can go a long way in creating the best equipment rental experience possible. You might be thinking, “Spending hours researching new vendors sounds tedious.” And you’d be right! Because normally, sourcing quotes on equipment would take hours of phone calls and research.
But with solutions like online industrial marketplaces, you can find the equipment you need as well as get quotes from multiple providers all in one place—and in just a few clicks.
4. Not Utilizing Technology
There's more to creating an efficient end-to-end rental experience than simply finding and renting the equipment. It's also critical to have processes in place regarding equipment planning and management across projects, understanding which vendors are being used and where, and spend visibility across all of your job sites. This level of visibility is possible when site management software is introduced into your operations. Without this level of visibility, small oversights can erode efficiency and ultimately impact your project's overall cost.
Little Changes Go a Long Way
When you avoid these four things, you can help your team effectively manage rental equipment and get the job done. Just a few small tweaks in your equipment rental process can result in money saved, time better spent, and less stress.