The online equipment rental marketplace requires multiple purpose-driven features which might not be available with a regular webpage builder. Business operations in an online rental marketplace involve hectic processes starting with onboarding users to safe deliveries and returns.
A dedicated equipment rental software with modules for specific operations ensures a smooth user experience and makes it easier for the admin to manage the marketplace.
This article explains why you should go for dedicated equipment rental software rather than a general website builder.
Features Required To Run A Heavy Equipment Rental Marketplace
Being an entrepreneur you should keep yourself updated with recent innovations in the heavy equipment industry. This will help you in building a strong foundation for your equipment rental business.
Below are the features that you should be having in your equipment rental marketplace to provide a better experience to your vendors and customers.
Heavy equipment is a costly asset for the owner and is usually rented for longer terms depending upon the project. Hence it is important for equipment owners to know how the equipment is handled and is subjected to justified jobs.
The equipment rental marketplace should have a GPS tracking management system that helps equipment owners to track the equipment at any given time.
Most equipments in multiple sectors including agriculture and construction are rented for longer durations, which makes it difficult for equipment owners and customers to agree on a fixed price.
Thus, it is crucial for your online equipment rental marketplace to have an additional option of “Request For Quote”. In the renting process, the vendor lists out the product with the RFQ option along with a fixed price.
The customer can request a rental price from the seller depending upon the rental duration and other add-ons of the equipment. This feature helps in the agility of the platform.
eSign And Agreement Management
A dedicated equipment rental platform should have a dedicated module to generate the rental agreement which should be signed by both parties. Along with Agreement management, it is also important for the platform to verify the documents of the equipment owner and the customer.
The equipment owner can upload the document to validate their identity and ownership of the equipment. The customers can also be requested to upload all the necessary documents including identification, license to operate the machinery, and other legal documents to show the requirement of machinery for the project to prevent any illegal use of the product.
Rental Security Deposit & Damage Recovery
To ensure the minimum loss to the equipment owner, it is extremely important for the platform to have advanced rental security management. This module allows the marketplace owner to ask for rental security from the customer before renting the product and the amount can be refunded once the equipment is safely returned to the owner.
The vendor and marketplace admin reserve the right to withhold the customers’ security amount to procure the damage, if any, made to the equipment from the customer’s end.
An online equipment rental marketplace should ensure customers the right and good working equipment. The dedicated equipment rental software comes with a product inspection module that allows customers to review the equipment once it gets delivered.
And the rental period starts only after the customer approves the functioning of the machinery delivered. In case the delivered equipment is found to be malfunctioning, the customer can place a return/replacement request for the same.
Revenue Streams Management
Diversity of revenue streams ensures the stability of the business in the longer term. The equipment rental software you choose for your rental business should have diverse revenue streams.
You should look for revenue streams that include a commission from the sellers, PPC Advertisements, Selling Commission, Vendor Subscription, Paid Listings, Display Advertisements, Rental Add-ons, Paid Delivery Services, Selling Insurances, and other Assurance services.
Dedicated Equipment Rental Software Vs Website Builder
Here’s a brief comparison of dedicated software and an ordinary website builder to start a heavy equipment rental business:
An inefficient equipment rental marketplace faces multiple challenges in operations resulting in frictional behavior between vendors and customers. Thus failing to ease the rental workflow of the marketplace.
Before you hire an agency/developer to build a website for your equipment rental business, you need to prepare a checklist of requirements that align with the interests of vendors and customers.
While a normal rental website may take months to build and still lack significant features, dedicated software helps you to start the marketplace right off the bat.
Equipment owners find it tense to rent out their equipment to carefree customers who might mishandle the machinery, resulting in heavy repair charges. Additionally, renting the equipment from a generic website devoid of essential features can cause miscommunication leading to mistrust and absenteeism among the users.
The key features in an equipment rental marketplace include a booking calendar, a tracking management system for equipment, document verification, rental security deposit, damage recovery, etc.
Furthermore, a normal website builder or general eCommerce software for your equipment rental business might not be scalable, which makes it a less viable solution for long-term investment.
While most websites are developed using pre-built libraries and demand a developer for constant management of the business, a dedicated solution can be a better alternative in terms of scalability, security, and robustness.
Recurring customers play a vital role in scaling your business and add up to customer loyalty. Smoother rental operations result in a seamless experience for users which can be achieved by a feature-rich and agile platform.
A custom-built website requires more maintenance, can have slow loading times, has problems with landing pages, and might even come with corrupt code.
YoRent is one such equipment rental software that comes with multiple modules and features that allow entrepreneurs to launch their rental businesses. The software is completely white-label, fully customizable, available at a one-time cost, and comes with free tech support for 12 months.
Apart from heavy construction equipment, YoRent also caters to the demand of diverse rental businesses dealing with adventure gear, agriculture machines, and medical and health equipment. Additionally, the company also provides free personalized demos as per business requirements.
The Final Take
Since heavy equipment requires a lot of physical handling it becomes tough for owners and renters to stay updated with shipping, tracking, and further handling of the machinery. A rental software that is efficient in all ways and keeps all the stakeholders informed about ongoing operations becomes an essential part of the business.
Compared to a generic website, multiple integration and plugins make it a platform with a slower loading interface. Similarly, vendors should also be provided with several options and modules that help them streamline their rental operations and maximize their profits.