While owning all of the equipment that may be needed to perform work for customers may seem sensible to some business owners, there are many benefits associated with renting equipment instead. Not owning everything means that a company can save on storage space, money, maintenance issues and ensure machinery is updated with the latest technology.
Finding the space to store equipment means having to buy or lease a building or property that is big enough to hold everything safely. Going the construction equipment rental route means that equipment storage is not an issue. There is less risk of anything being damaged or stolen because not as many things are stowed all in one place.
Because places to store equipment are not needed buildings and properties can be smaller, saving money on overhead costs. Insurance costs are also less because not as many things will need to be covered under a policy in case of theft, accidents or damage. Money is also saved in upfront purchasing costs and long-term maintenance expenses, such as replacement parts and hiring mechanics. While there will be rental fees to pay, it is usually much cheaper than the purchase price. This is especially useful for companies that may only use a particular machine a couple of times per year or less for jobs.
Keeping equipment in good shape can take up more company resources in the form of manpower and new parts than a business is able to spare. Even if a company is able to take on the added time and expense that comes with maintaining equipment, it is often more of a hassle than it is worth in the long run. Hiring and training employees to maintain machinery is not only expensive, but it can take away from the productivity of the company if someone is not able to service a breakdown in a timely manner due to a sick day or a vacation. When keeping equipment in good working order is the job of the rental company, it is in their best interest to lend out things that work well without problems to ensure repeat business. This reduces delays for the construction company and keeps projects from getting behind.
Nothing lasts forever, and that is, unfortunately, true for equipment used in the construction industry. Engines die, parts rust and things become obsolete as new models are introduced. Using outdated machinery to do a job can impede progress and make construction companies less efficient, potentially leading to customer loss as they are outbid by the competition. Renting equipment allows a company to choose the most updated equipment available and stay competitive, while also making the job easier for employees to complete quickly.
There are many perks that come with renting equipment for jobs as opposed to purchasing it. Time, money and the ability to remain competitive all play a part. Do research into all available options before making a decision to ensure that the right method is chosen for the company.