Idle Construction Assets Drain Income
Failure to fully utilize construction equipment is like parking funds in a bank where monthly charges whittle away the balance. Unused construction assets not only fail to contribute to your bottom line, they actually drain your monthly income. As time accumulates everything not collectable depreciates in value. And if equipment is to better endure long spells nonuse, you must invest some cost in a lease a limited equipment maintenance program.
Value Gone To Waste – Utilize Unused Construction Equipment
Sometimes business runs slow. But working an up-and-down market demands readiness for all times pushed. This means you keep equipment on hand even when said equipment may not have a current demand. But this does not mean that your construction assets must become idle drains against daily income. It’s value gone to waste. Value gone to waste that can be prevented.
If you need it but not right now, consider renting out unused equipment for off-site usage. It turns the tables and brings income where there is drainage. But do so with care. The following tips will help you plan a fruitful asset rental program for your unused assets.
Approach With Care – Renting Construction Equipment To Strangers
Renting out high dollar construction equipment can be risky. It’s not a program that begins by posting on local Internet bargain sites. Placing your future workhorse into the hands of a stranger must be handled with great detail to terms, conditions and references.
Utilize Idle Equipment – Selecting An Advertising Resource
Many professional construction contractors lack the capital for straight-up purchase of full time equipment. Rather, they function by working through the heavy equipment rental industry, an industry supported by a host of independent third party online networks designed to help protect both the renter and the lessor. Do a bit of research. Find the share-economy network best suited to your goals. And then let professionals help you verify the reliability, skills and dependability of your renter.
Utilize Idle Construction Assets – Listing The Equipment
Every share-economy heavy equipment rental site incorporates a basic fee structure into the link-up and rental process. Your job is to measure and consider the differences in:
- Delivery Options
- Fee Structures
- Applied Insurance Expenses
- Pricing Rules and Expectations
- Time Factors
- Equipment Maintenance Schedules
- Extension Options
- Background Checks
- Established Deadlines
- AND More.
Utilize Construction Assets – Qualifying The Equipment Renter
You put hundreds of thousands into that piece of idle equipment. You don’t plan on turning it over to just anyone. Here are some of the measure you can use to qualify the equipment renter:
- Verifiable experience
- Up-to-date operator certifications
- A proven credit history
- Be bonded, licensed and insured
- AND An expressed level of competence.
A reliable rental network works to facilitate precise communications between you and the perspective renter. It helps reduce your risks while also opening a doorway to up-sale the renter on specialized equipment attachments.
Utilize Idle Construction Equipment – Managing Documentation
Obviously tracking equipment rentals increases the demand for precision documentation. If you enjoy punishment, you try working pen-to-paper. If you want an easier method, try the asset allocation and planning aspect of the Assignar cloud-based digital data management system. Create, maintain and analyze relevant rental documents in a simple, ease-to-use construction-based app. Take a test drive now.