Starting and running a rental business is a capital-intensive endeavor.  Even with the best financing terms offered by supplier vendors, the cost to outfit a single location can exceed $1 million or more, depending upon the products your  equipment rental company offers.  Unfortunately, the capital outlay can be a barrier to entry that some new businesses never overcome.

What if there was a better way to serve customers with a robust catalog of products without having to buy everything all at once?  At RentMy, there is a better way with RentMy’s rental software for small business.

In most cities there are at least a few equipment rental companies that serve the community, ranging from construction equipment to party supplies and more.  In some larger towns, there may be more than one of each type of rental company who sometimes help each other out to supply everything on a customer’s order.  This activity is  called “coop-petition” (companies who cooperate can also compete for business). All we need a rental software for small businesses to automate the sub-renting process.

Take a party rental business for example.  Let’s say that they have 100 folding chairs in stock, but a Customer places an order for 120 chairs.  The business can decide to buy the additional chairs to fulfill the order (with hopes that the costs haven’t risen too much, or that the new chairs will arrive in time for the Customer’s event).  Another option is to “subrent” the needed items from another party rental company in town, saving the business the full purchase cost of the new chairs.  And, as members of the same industry, there may be a “preferred pricing” agreement, so that the first business can source the chairs and still make money on the order.

Automated Sub-Renting

The RentMy sub-rental portal makes it easy for business to offer share real-time availability of items and (if desired), offer a preferred price to select businesses, all without the time-consuming phone calls & emails to make the arrangement.

Here’s how the RentMy sub-rental portal works:  Business A adds its inventory to the RentMy system to offer online (or back-office only) rental management, along with “public” pricing.  Customers can browse inventory, check availability and pricing and place their order online. 

Business A can also share availability and preferred pricing with Business B, who is permitted special access to Business A’s inventory.  Business B can now check availability and reserve items (don’t worry – RentMy ensures that the items Business B reserves will not disrupt/overbook other Business A bookings).  If Business A decides to reject Business B’s booking, it can easily cancel and refund the new reservation.

To learn more about how subrenting can lower your cost to start and grow your equipment rental company, contact us to schedule your free, no-obligation demo.