Best Ways to Keep Track of Rental EquipmentBusiness by Nancy Bell - November 12, 2024November 12, 20240 Running a rental equipment business can be profitable, but keeping track of your equipment is essential to success. With so many items coming and going, it’s important to stay organized to ensure everything is in the right place, in good condition, and ready to go. Here are some easy and effective ways to keep track of your rental equipment.1. Use Rental Management SoftwareRental management software can make organizing your equipment a lot easier. Tools like Point of Rental or Rentman let you track your equipment, manage bookings, and even handle payments. You’ll know which items are out when they’re due back, and if they need repairs. Some software even allows customers to book directly through your website, making the process smoother for everyone.2. Label and Tag EquipmentLabeling your equipment is a simple way to keep track of it. Use barcodes or RFID tags that connect to your rental management system. Each piece of equipment gets a unique tag, which can be scanned to check its status. RFID tags even allow you to track equipment if it’s not in sight, which is useful when it’s in use or stored out of view.3. Create a Rental ChecklistBefore you send out any equipment, create a checklist to ensure you’re sending everything the customer needs. The checklist should include not just the equipment but also any accessories or additional parts that come with it. This helps avoid mistakes. When the equipment is returned, go over the checklist again to make sure everything is back in the right condition.4. Use GPS Tracking for Expensive EquipmentFor high-value items like forklifts, GPS tracking is a great option. With GPS devices on your equipment, you can monitor it in real-time, knowing its exact location even if it’s on a big job site. If something goes missing, you’ll know where it is quickly. While there’s an initial cost for GPS devices, they can save you time and trouble if equipment is lost or stolen.5. Set Clear Rental Terms and Return PoliciesClear rental terms and return policies are essential. Be sure customers know how long they have the equipment, and explain any fees for late returns or damage. A rental agreement can reduce misunderstandings and ensure both you and the customer are on the same page.6. Inspect and Maintain Equipment RegularlyRegular inspections and maintenance are vital for keeping your equipment in top condition. Make a habit of checking each item before and after each rental. This way, you’ll catch any issues early and can fix them before the equipment goes out again. Keeping track of repairs and maintenance also helps you know when an item may need to be replaced.7. Keep Open Communication with CustomersGood communication is key to tracking your rental equipment. Confirm rental dates and check in before the equipment is due back. If there’s an issue or delay, you’ll want to know as soon as possible so you can address it. Encourage your customers to contact you if they experience any problems with the equipment during their rental period.8. Track Equipment Condition and HistoryEvery time equipment is returned, record its condition. This helps you track wear and tear and predict when repairs or replacements may be needed. Keeping a history of each item’s condition also lets you see if a particular piece of equipment has recurring issues, so you can take action before it becomes a bigger problem.9. Build Strong Customer RelationshipsBuilding trust with your customers is important for ensuring the safe return of your equipment. Loyal customers are more likely to take good care of your equipment and return it on time. Offering incentives like discounts for good customers can encourage them to treat your equipment well and keep coming back.Keeping track of rental equipment doesn’t have to be complicated. With the right systems in place, you can stay organized and ensure everything is ready for the next rental. Using rental management software, labeling your equipment, and creating checklists are simple steps that can make a big difference. Regular inspections, GPS tracking, and good communication with customers will also help. By following these strategies, you can minimize losses, stay organized, and grow your rental business.