Have you ever considered leasing out your construction equipment for side income? Continue reading more for information about how to make some extra cash by renting out your construction equipment.
Why You Should Consider It
At some point, your construction equipment has probably not been utilized for a lengthy period of time. While it certainly doesn’t hurt to allow it to remain idle, why not let a local subcontractor rent it from you for a fee? This is a great scenario for everyone involved, because the subcontractor can proceed with their project, and you get to collect on residual revenue. It’s a win, win!
How to Get Started
There are some key factors you should take into account when considering to lease out your construction equipment. For example, should you draw up a legal contract before each rental agreement? Will you or the subcontractor be responsible for fuel, maintenance, or any incurred damages? What about the term length and payment methods? Whatever options you decide to go with, it’s imperative to always be certain you are 100% covered in the event of an accident, or total loss.
Delivery and Return
One of the more common reasons for damages to construction equipment is failure to properly secure it during transport. Providing delivery and return services not only helps to protect your investment, but it also offers convenience to the subcontractor, in which most are more than happy to pay an additional fee for.
Attracting Responsible Leasers
One thing to be consciously aware of when renting out your construction equipment is the caliber of leasers you rent to, and their reputation within the community. It’s difficult to make a profit from renting out equipment when others are careless with your property. Investigating background checks on new leasers is a good idea, which in turn will help to attract the more responsible subcontractors in your area.