Why Renting Out Your Underutilized Equipment Makes Sense

By Brian Frederick
September 26, 2017

Should you rent out your unused assets?

You know that piece of equipment tucked back in the corner of your lot? The one you only use two or three times a year? Sure, owning equipment is nice, but there’s no denying there’s a downside as well — you’re on the hook for upkeep and maintenance, even on assets you rarely use.

But what can you do? In the past your choices were either eat the cost or sell the machine. Now there’s a third way — rent it out.

A new ownership model

With the advent of companies like AirBnB and Uber, the sharing economy model has gained a lot of steam. EquipmentShare takes that model and applies it to construction equipment, providing a peer-to-peer marketplace that lets you earn money on your unused assets.

Here’s how it works:

1. Identify which assets you would like to rent out. Most newer-model machines in good working condition are eligible. If you’re not sure which ones are the best candidates, ES Track’s utilization reporting tools can help you decide.

2. Next, contact EquipmentShare. We’ll evaluate your request based on market demand and inspect your equipment. At this point, your asset will undergo rigorous testing to ensure it’s up to our standards. Our reputation relies on providing top quality rentals to our customers, so reliability is key.

3. Once your equipment has been accepted, you’ll fill out the lender’s agreement, business credit application and schedule delivery to your local EquipmentShare lot.

4. When the assets are delivered, we’ll document its condition, check fluids and set up a maintenance schedule. The asset will be numbered and added into the EquipmentShare portal for access by our network of eager customers.

5. ES Track, our advanced telematics solution will be installed on your equipment. In addition to providing our customers with valuable insight into how their rented asset is being used on a jobsite, it also allows you to monitor vital location and utilization data.

6. You sit back and collect the profits. We handle all clerical and billing on our end.

Don’t spend money, earn it.

Think about it — more lot space, less money spent on upkeep, more money in your pocket. It’s a win-win situation. EquipmentShare currently generates more than $1 million for our contracting partners. Why wouldn’t you want a piece of that?

To learn more, visit EquipmentShare.com.

Subscribe to The Yard

For the latest telematics and construction news delivered right to your inbox, enter your information below.