Using our several years of expertise, we decided to share some of the primary tips on protecting and maintaining rental equipment so you can extend the life of your inventory and avoid unexpected l...
Using our several years of expertise, we decided to share some of the primary tips on protecting and maintaining rental equipment so you can extend the life of your inventory and avoid unexpected losses.
Protecting your rental equipment should be your top priority, as broken items or theft may consume a big portion of your profit. Here are the ten methods to protect your rental equipment.
If your rental equipment lies around your property, it may become an easy target for thieves. To prevent that, either rent or build an enclosed warehouse, which you can secure with reliable locks or electronic keypads. If you are renting out your equipment from home, keep them in your garage or get portable storage or ocean container to keep your inventories secure. The enclosed warehouse will protect your rental equipment not only from theft but also from weathering. If your equipment is exposed to sun or rain, plastic parts may start crumbling, while rain moisture will cause rusting. All of which will decrease the lifespan of your equipment.
2. Have Proper Lighting with Motion Detecting Switch.
If the property is lit with lamps that turn on automatically when the sensors detect movement, it will expose the thieves even during the darkest nights. For example, light bulbs from GeLighting come with motion detection sensors to give you peace of mind. If you are not worried about the electric bill, it is better to leave the lights on all night. Some thieves may get creative with lights by cutting out the electric lines. Still, you can remedy that situation by installing emergency lights that will function even during a power failure.
3. Secure the property with Surveillance Cameras.
Installing surveillance cameras will prevent thieves from getting into your property and help to find them in case of theft. Security cameras record the whole actions that are taking place in your rental business. That means you will also monitor the activities of employees in real time even you are away, as you can live stream your business through your smartphone.
4. Hire a Guard.
If your inventory is large and valuable, having a guard on your property will put an extra layer of security. Modern thieves are getting creative and have the means to hack into a system and turn off security technologies. You may have seen similar situations in movies, but it is not far from reality. But when you have guards on your property, they will stay awake despite system hacking.
5. Install GPS trackers
Small things do not need GPS trackers, as they are not worth it. However, suppose you are renting out high-end industrial equipment, trailers, trucks, tractors, and other means of transportation. In that case, you can secure them with GPS trackers that will allow you to pinpoint the exact location of your equipment, making it easier to find your stolen equipment.
6. Set up Alert System
Alert systems can be installed individually or as part of security lighting or surveillance cameras. For example, there are security cameras with a built-in alert system. You can set them up so that they can send alert messages to your phones if the cameras detect motions between specific hours. If your surveillance cameras do not have that functionality, you can obtain an individual alert system that can be installed into the doors or ones with motion detectors.
7. Equip Your Business with an Inventory Management System.
How would you know something is stolen if you do not have a proper inventory management system? When you have hundreds of similar pieces, it is tough to detect missing equipment. Therefore, we recommend you have a reliable inventory management system that constantly updates itself based on orders and returns. For example, if you need certain rental equipment, you can check its status simply through an inventory management system. For instance, if the system shows the item is available but you can't find it from the warehouse, it is a good reason to worry.
Although an inventory management system is an excellent way to protect your rental equipment and detect missing items, it can be costly or challenging to manage. Considering that, Reservety developed a unique All-in-One Rental Software system that includes an inventory management system. You are getting the free feature when you purchase the software package. Reservety's Inventory Management System will help you add all your rental items to a digital warehouse, track their availability and usage, and get individual reports on each item.
8. Never leave your equipment unattended.
Unlike other tips, this method does not require anything more than your attention. If you armor your warehouse with all sorts of security measures for the night, thieves may come during the day and steal your valuable items at the most unsusceptible moment of the day. Therefore, when you are open to walk-in customers, make sure that you pay attention to visitors. We recommend separating warehouses from the front office. That way, customers won't access the rental equipment without your permission.
9. Do a background check on your employees.
We recommend doing a background check on employees because it is not unusual to see ill-minded employees taking advantage of their position and stealing things from the warehouse. It is a common problem around the world. So, make sure who you are hiring and impose penalties for employees if something misses under their supervision.
10. Hire Security Agency.
If you have a huge warehouse and a big turnaround, you can hire a security agency that handles everything mentioned here and more. There are some primary benefits of hiring a security agency. Firstly, they are experienced and would implement the highest forms of security. Secondly, the agency will give you peace of mind and freedom as you won't be going through the hassle of setting up and managing all the security measures. The downside of this method is, of course, higher costs.
We started talking about protecting rental equipment first because protecting is the best form of maintenance. In other words, you would not need information about maintenance if someone already stole your valuable equipment.
Let's move on to the best methods to maintain rental equipment.
Have Rental Contracts
You should create a rental agreement form indicating the penalties that will be imposed in the case of damage and loss. By doing so, you are increasing renters' alertness and responsibilities. Think this way. If there is no penalty for breaking rental dishes, renters may use your items carelessly. Contrarily, if you impose penalties for things like damages, dirt, spills, etc., renters will use them with greater care and may clean the parts that got dirty.
Developing rental contracts and having customers sign them will be time-consuming. The good news is that Reservety's All-in-One Rental Software has a built-in contract management system that lets you create a precise contract with your own terms and have the customers sign it during the checkout process. Unless customers sign the contract, the system will not allow them to complete their booking.
Offer Loading and Unloading Service
Did you know that the loading and unloading process produces as much damage as usage? Therefore, it is better to offer a loading and unloading service. By offering delivery service, you will increase your revenues and avoid the risk of damage by implementing standards for loading and unloading. This strategy is very convenient if you are offering party rental equipment. Let's assume someone ordered 50 chairs, 10 tables, 2 tents, and various lighting and decorative items. In that case, you need good and organized employees to fit them accurately on trucks or trailers. That way, you will have less broken or scratched-up equipment.
Do regular checkups.
Checking your rental equipment before and after they are returned will be beneficial for two reasons. Firstly, you will detect any damages incurred while they were in possession of a renter. Secondly, you will make sure that the returned item is ready for the next customers. If something is returned with defects and you put it back for rent without seeing the defects, it will dent your reputation as renters book equipment assuming everything will be ready for their event.
Schedule maintenance after several usages.
The maintenance will include inspecting defects, tightening loose screws and nuts, oiling joints that make squeaky noise, washing the exterior and interior, etc.
The maintenance tasks will depend on the type of equipment. If it is a tent, you may need to wash it with special detergent to make it look good at events. No one likes dirty tents. If it is something like a generator, you should check its fuel, clean up its injectors, change spark plugs, oil the parts, etc. Long story short, regular maintenance will extend the life of your equipment and make your customers happy with well-maintained equipment.
Allocate funds to maintenance.
In your budget planning, you must set aside a fund for unexpected repair costs. Let's say you are renting out cement mixers for construction companies. If one of your mixers breaks down, it should be fixed immediately. Otherwise, you would decrease the incoming revenues. To act faster in those situations, you must have an emergency fund for unexpected equipment failures.
Get a reliable insurance policy.
We have already written a post about insuring your rental equipment; you may read it here. Generally speaking, insurance policies are essential to protect and maintain your valuable equipment since insurance companies will pay you either full amounts for replacements or partial payments for repairs. However, to cover those expenses, you need to get full coverage insurance instead of liability insurance which covers only damages caused by your equipment.
Protecting and maintaining your rental equipment will extend the life of your rental items and increase your business's profitability in the long run.
In order to protect your rental equipment from theft, you need to:
Once we secure our rental equipment from theft, we need to focus on keeping those items in better shape. Some of the maintenance methods include:
Reservety's All-in-One Rental Software can enhance your protection and maintenance efforts by offering your tools to manage and monitor inventories, integrate your businesses with GPS trackers, create contract forms, receive customer consents, scheduled maintenance, and much more. Try 14-day Free Trail and experience all of the remarkable features yourself.
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