Equipment rentals can be an affordable option for accessing the necessary technology for projects. It eliminates the need for storage and maintenance while fulfilling tasks that your project requires. However, renting only remains cost-efficient if you make the right decisions and arrangements from the start.
The true value of rental investments goes beyond what’s stated in the rental fees. It’s also important to see the total cost of use and how it impacts the project’s bottom line.
Safety and Compliance
Equipment rentals should ensure site safety and comply with OSHA standards. Paying less for technology that poses a hazard or fails to remove hazards can lead to costly accidents and fines. Worst-case scenario, the project gets shut down because of those unsafe setups, and you lose your source of profit.
Labor and Efficiency
Renting equipment should help speed up project timelines and ease labor costs. If you’re using slower machinery that requires long installation and dismantling times, you may not be saving as much as you anticipated. Instead, it can be advantageous to rent the most up-to-date equipment to avoid such predicaments.
Project Suitability
It’s critical to request equipment that can adapt to your project phases. Using an inadequate system can lead to high costs with little to no return on investment in the long run. You’d have to spend additional funds just to get a proper, working system, rather than investing in it right from the start.
| Your local Case Construction Equipment Inc dealer |
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| Beauregard Equipment |
| Monroe Tractor |
Administrative Overhead
Renting equipment can involve communication and documentation as you sort out the delivery, permits, and operators for the machinery. Renting from multiple vendors may require more administrative resources than you’d think, inadvertently raising the total cost of use.
Adapting to rental costs requires precise and intentional decision-making. Here are ways to control your finances and avoid overspending.
Practice Thorough Pre-Planning
Equipment rental is often considered later in the planning process, with many teams opting to sort out labor and material costs first. However, it’s important to allocate funds for rentals early in the project to ensure you get quality units. Figuring out what machinery is needed also influences how many workers are needed, how the site should be prepped, and the scheduling of tasks.
Bundle Your Equipment Rentals
When seeking quotes, consider equipment rental deals. Bundling multiple pieces of machinery into a single transaction could warrant discounts. It’s a bonus if the rental company can also handle the equipment's logistics and insurance. Negotiate the rates for a more competitive price.
| Your local Esco Corporation dealer |
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| Genalco |
Maintain Clear Communication
Miscommunication in the coordination process can lead to price surges, especially when project changes occur too quickly. Ensure that equipment rentals are managed and discussed properly to minimize shifts in expenses.
Pay Attention to Rental Agreement Details
Take a close look at the rental agreement details to understand exactly what you’re paying for. Here are some of the most important aspects to look into:
- Equipment inclusions — Are attachments included or do you need to pay for them separately?
- Maintenance records — Are there maintenance service logs that verify the machine’s quality? Have the machines received service within the past year?
- Rental dates — What days or weeks are considered billable? Is there a grace period for the rental end date, or will you be charged late fees?
Here are some examples to improve budgeting and optimize equipment rental costs.
Earthmoving Machinery
Excavators, bulldozers, and other heavy equipment can be costly. One way to strategically rent is to specify the days they are needed and avoid paying rental fees during idle days. You can also consider the most appropriate machine size and loading capacity for the task to avoid inflated rental bills.
| Your local Volvo Construction Equipment dealer |
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| Tyler Equipment |
Aerial Work Platforms
Aerial work platforms can be critical for onsite material accessibility and mobility. Choose the most precise lift type for the material that needs to be transported. These platforms are often used for the bulk of a construction project, so a fixed, long-term rental contract may be beneficial.
Scaffolding Systems
Scaffolding systems are critical for stability, safety, and compliance in construction projects so choose wisely. For instance, in the Midwest, International Equipment offers steel scaffolding frames with easy assembly, sturdy designs, and configuration flexibility.
Every project involves some degree of complexity and risk, often with several changes from the initial plans and estimates. It’s important to be extra vigilant in managing equipment rentals and costs. Be intentional from initial project planning stages through completion to optimize your usage, avoid overspending, and stay on schedule.
Photos courtesy of International Equipment.
| Your local Trimble Construction Division dealer |
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| SITECH Northeast |
David Webb Jr. is Access Equipment Expert at International Equipment. He has worked in the access equipment industry for 25 years following his father, David Webb Sr., and his Uncle Andy. He specializes in aerial lift equipment and scaffold access platforms.
