The era of flourishing consumer demand is proving to be a battleground for organizations. Not only is there a need to provide cutting-edge, innovative services for increased customer satisfaction and retention, but there is a necessity to ensure that businesses stay ahead of the competition to ensure lower stress on vital business signs. So where do all these start? The answer is resources.
Resources come in several forms. ‘Soft’ resources include digital tools - software and applications - the availing of which boosts a company’s online presence and ensures they can get a bird’s eye view of the solution set offered to consumers. They are also easily available. ‘Hard’ resources include tangible equipment, used for purposes such as all construction and related activities, geographical mapping, entertainment, sporting activities, etc. Though heavily in demand, all major equipment presents a big investment and maintenance bill and therefore cannot be afforded by many small and medium-scale firms. This is where equipment rentals come in as a feasible solution, for all types of businesses.
As the name suggests, equipment rentals involve the loaning, renting, and borrowing of tools, machinery, goods, and equipment - ranging from small speakers, and soccer balls to bulldozers, telescopes, etc. - for a limited period of time. Consumers are charged on an hourly, daily, weekly, or monthly basis for their usage. The loanees are also responsible for their safe upkeep, liable for a penalty on the damage or destruction of the goods. Equipment rental companies serve customers in B2B as well as B2C industries.
As the equipment rental industry prospers, it makes sense to deploy well-developed equipment rental software to serve purposes such as customer management, billing and invoicing and equipment inventory management. This blog serves as a medium to educate customers on the features, benefits, and multi-modular use of equipment rental solutions in the most connected era of human history. Users can understand the need for equipment rental management software for their businesses and act swiftly to bolster their own business and profitability.
Impact of Equipment Rentals on Business Processes and Operations
Equipment rentals for one decrease the overall investment required in business operations.The lesser the investment, the more excellent the opportunity to develop the services wing of the organization. Increasing the width and depth of services result in greater operational profitability of the business, owing to lower equipment rental fees.
Modelling equipment renting based on business forecast allows companies to swiftly tackle uncertainty and lower overheads on maintenance and storage of the equipment. Companies can also easily avoid associated costs (like insurance and interest payments). The utilization of land and associated resources traditionally used for storing the equipment is now feasible for revenue-generating purposes and positive company growth.
Equipment rentals also help companies reduce their taxed amount. The corporate tax, basis IRS guidelines on whether the equipment is an expense or an asset, varies per equipment. Therefore, representing equipment rentals as operational expenses can help organizations.
Equipment Rentals and the Gig Economy
The ‘Gig Economy’ came into vocabulary a few years ago and stayed the course. With individuals entirely devoted to the cause of ‘freelance’ work, especially in times of uncertainty, it makes sense for companies to look at equipment rentals and human resources through the lens of this latest trend. The ‘Gig economy’ allows companies to hire professional equipment operators on a loosely tethered hourly rate, or ‘pay-as-you-work’ contract, to handle their rented equipment operation needs. It is a process that results in lower workforce operational costs and higher flexibility in services.
A bevvy of professionals in entertainment, construction, etc., all benefit from this model. Neither the firm nor the contracted freelancer needs to own the equipment, while the symbiotic environment ensures all parties’ prosperity. Whatsmore, companies do not need to invest in the training or skill-building of individuals participating in the contract, ensuring their total expense with the equipment rentals is limited to the resources borrowed.
The gig economy also throws up a multitude of business models. Equipment rentals do not always need to be conducted through a verified company. Even individuals can act as equipment owners offering to loan their goods to needy loanees, thereby creating a new income for owners. Equipment rentals are literally around the corner in the new economy, creating a new market place, and income line for individuals and small scale organizations alike.
Challenges associated with Equipment Rentals
Equipment rentals are easy on the eye (and wallet), yet companies servicing these equipment rentals face a host of challenges to the concept and business model when handled manually. Some of the challenges associated with equipment rentals include:
What is Equipment Rental Software?
Equipment rental software is a suite of digital solutions that help companies effectively manage, and expand their equipment rental business. Equipment rental solutions provide exceptional resource tracking, accurate contract management, effective customer service capabilities, and detailed trend analytics, to name a few advantages. All these combined, ensure business continually increase their profitability while keeping their consumers happy. Equipment rental management systems often give companies the ability to track, schedule, and modernize inventory based on trends, thereby increasing the organization’s profitability.
Factors That Makes Equipment Rental Software a Must-Have for Businesses
Some of the most important factors contributing to the rise of equipment rental software are as follows:
Essential Features of Equipment Rental Software
The most essential, time-saving features of Equipment rental software are as follows -
Key Benefits of Investing in Free and Open Source Equipment Rental Software
Software systems are essential to push business productivity up a gear or two. Some critical benefits of equipment rental solutions are as follows -
Best Free and Open Source Equipment Rental Software
#1 SalesIgniter
Magneto 2 by SalesIgniter is an open source equipment rental software. It provides all the necessary features for businesses to successfully schedule, plan, and track their equipment rentals. The equipment rental management system offers users the ability to dictate flexible pricing models, upload signed rental agreements, and 24x7 online bookings. The equipment rental solution that also has an in-built Customer Relationship Management (CRM) engine which ensures the execution of several marketing activities, such as SEO management, user reviews, and even Google Analytics integrations. The heavy equipment rental software serves a variety of industries not limited to clothing, computers and electronics, sporting goods, and movies and entertainment. Website integrations are now available for Magneto 2.
Source - SalesIgniter
The best features of Magento 2 are as follows:
- Accounting
- Billing & Invoicing
- Calendar Management
- Customer Management
- Inventory Management
- Order Management
- Payment Processing
- Point of Sale
- Reporting & Analytics
- Reservation Management
#2 CommodityRentals
TradeManager by CommodityRentals is an open source equipment rental software promising customizability, flexibility, and reliability for businesses. It needs no special training and is replete with Wishlist Management, Billing Management, and Account Management features. The online equipment rental management software services industries such as entertainment, heavy equipment, and vehicle rentals, offering a competitive advantage through cost control and fleet management, where necessary. CommodityRentals’ Rental Software for equipment is easily deployable
Source - CommodityRentals
The critical features of CommodityRentals are as follows -
- Accounting
- Billing & Invoicing
- Customer Management
- Inventory Management
- Order Management
- Payment Processing
- Reservation Management
#3 Odoo Rental
Odoo Rentals is an open source equipment rental software, offering a free trial. One of the best equipment rental management software, it features such as bill management and invoicing equipment tracking, and professional quotes management. The equipment rental business solution integrates easily with other Odoo applications in the ecosystem. Tools such as Gantt view scheduling, stocking analytics, and sales approvals separate Odoo from the competitors, alongside providing users with an easy to navigate interface. Maintenance features such as padding time increase product quality, and customer satisfaction.
Source - Odoo Rentals
The impressive feature list of Odoo list include -
- Accounting
- Billing & Invoicing
- Calendar Management
- Customer Management
- Inventory Management
- Order Management
- Payment Processing
- Point of Sale
- Reporting & Analytics
- Reservation Management
#4 Webmynesystems Rental
Webmyne Systems rental is an open source equipment rental software that promises businesses the opportunity to reduce cost, gain new customers, and increase profitability. The software often backups data automatically over the equipment rental software cloud, so the user needn’t worry about losing it. The equipment rental management system also comes with a content and catalog management system to help present the best information. Besides this, the equipment rental system offers services to the DVD and entertainment divisions, book rentals, and engineering or construction businesses. This India-based equipment Rental Management Software firm also offers customizations centric to the buyer’s organization.
Source - Webmyne Systems
The best features of Webmyne System rental software are as follows:
- Accounting
- Billing & Invoicing
- Customer Management
- Inventory Management
- Order Management
- Payment Processing
- Point of Sale
- Maintenance Management
#5 HireHop
Hirehop is a free equipment rental software, designed on parameters and feedback of users, and experience of rental industry veterans. Built with the intention of being affordable, scalable, and easy to use, the equipment rental software cloud-based version offers unlimited access to data on-the-go through different devices while ensuring free equipment rental system support to its users. The rental software for equipment services large and small scale companies equally, while integrating a host of features essential for rental businesses in multiple industries.
Source - HireHop
The features of HireHop Cloud Rental Management software is as follows:
- Asset Tracking
- Billing & Invoicing
- Calendar Management
- Customer Management
- Inventory Management
- Maintenance Management
- Order Management
- Payment Processing
- Point of Sale
- Reporting & Analytics
#6 Picktime
Picktime is a free equipment rental software that eases customers about equipment booking management in any industry. The web-based tool and equipment rental software is easily accessible on any device via a browser and offers operational flexibility. Embedding third-party integrations are easy and users can integrate calendar functions with Google or Outlook. The Equipment rental solution doubles up as a CRM tool, allowing you to check customer reviews (upcoming features) and manage their accounts. The equipment rental system also allows users to remotely maintain their branches and inventory while offering bespoke widgets to turn regular WordPress, or Magento-based websites into effective sales levers.
Source - Picktime
The best features of Picktime are as follows:
- Asset Tracking
- Reservation Management
- Calendar Management
- Customer Management
- Order Management
- Payment Processing
- Point of Sale
- Reporting & Analytics
#7 Simplybook.me
Simplybook.me is an online, and free equipment rental software. It services a variety of industries including beauty and wellness, education, and entertainment with its equipment rental solution. The equipment rental system comes with its own Android application which allows easy access 24x7. Furthermore, it allows businesses to integrate equipment rentals functions over Google Maps, Instagram, and Facebook via widgets. Besides the above, this equipment rental software also allows users to manage inventory at multiple locations, and promote products via discounts or offers on main pages. It can also help users sell memberships and subscriptions with an inbuilt CRM. Single Sign-on and user authentications keep data secure.
Source - Simplybook.me
The best features of Simplybook.me are as follows:
- Reservation Management
- Calendar Management
- Customer Management
- Payment Processing
- Point of Sale
- Reporting & Analytics
- Billing and Invoicing
#8 Sagenda
Sagenda is one of the best free equipment rental software dealing primarily in sporting goods. It helps small businesses schedule and prepares for user requests and advances. The equipment rental management solution also integrates quick and flexible PayPal payment solutions into the website too. The software for rental equipment allows owners to group equipment rentals into frequently, and minimally rented goods, allowing for segregated stocking keeping. It also supports a variety of third-party integrations like Joomla, WordPress, and Weebly. Besides this, Sagenda has client management features - communication suite and Time Management - which make it a CRM tool too.
Source - Sagenda
The most important features of Sagenda are as follows:
- Calendar Management
- Customer Management
- Order Management
- Payment Processing
- Reporting & Analytics
- Reservation Management
The tool and equipment rental software industry presents a very competitive landscape. Products such as Reservety, Omnify, and HQ Rental Software consist of the required features and additional functionalities that make them formidable options in the market. However, one software that continues to attract a strong user base owing to its services and offerings is EZRentOut. Let’s take a closer look at the online equipment rental management software.
EZRentOut
EZRentOut is one of the best equipment rental management software. It is an equipment rental solution that is cloud-based (Amazon AWS hosted) and offers technologically advanced customer support and an easy interface for navigation. Servicing industries as diverse as parties and entertainment, to heavy equipment and sports equipment rentals, the equipment rental management software is a one-stop solution for all businesses. It also has a mobile application and is portable to various devices. It is GDPR compliant and encrypts data using an AES-256 method. The company also offers an Enterprise Cloud option, where data is stored separately for private use only.
Source - EZRentOut
The main features of EZRentOut are as follows:
- Accounting
- Asset Tracking
- Billing & Invoicing
- Calendar Management
- Customer Management
- Inventory Management
- Maintenance Management
- Order Management
- Payment Processing
- Point of Sale
- Reporting & Analytics
- Reservation Management
Conclusion
A recent study for the tool and equipment rental software industry showed that the equipment rental market size is set to touch $59.4 billion in 2021. The American Rental Association’s poll determined that 93 percent of pollsters working in the Construction industry have rented equipment, while 92 percent expected to rent the same amount of equipment the following year. Pollsters in the same study indicated that as much as 52 percent of them were ready to rent more equipment as the demands of the business year escalate.
The above-mentioned statistics help us determine that equipment rental software will play a pivotal role in helping companies achieve their economic and business ambitions. If you have any opinion on the article, leave us a message in the comments section below. Have you used any of the software mentioned in the above list? Be sure to leave your feedback.
If you are all set to solidify your interest in equipment rental software, be sure to read our Buyers Guide for equipment rental software. Get the best out of GoodFirms and access our expansive Software Directory to explore software beyond just equipment management software.
