Uncertainty in the Economy Can be Good for Your Rental Business

With all of the upheaval in Washington right now, I’ve heard from many dealers who say that they’re nervous about what all of this mess is going to do to the construction industry. Some dealers aren’t particularly concerned, because they know that the time to grow business is by focusing on products and services that align with their customers needs and concerns. Focusing on your rental business is one smart way to accomplish this.

One strategy to offset some of the nervousness your customers may be experiencing is by beefing up the rental side of your business. When customers are concerned about long-term financial commitments, the option of being able to rent a unit for a specific job can be very appealing. And, we’re seeing a lot of firms that used to buy most of their equipment are now looking to rentals to help minimize their long-term exposure and reduce liabilities on their balance sheets.

This may be preaching to the choir, but it’s important to make sure that your customers and prospects know that rentals is a business option that you not only supply, but are experts in. Promoting your rental business through your online listings on both your website and large third-party websites will drive your rental business.

When posting units for sale, make certain that you also offer daily, weekly and monthly rental rates in order to give prospective customers more reasons to work with you. And, interestingly enough, we’ve seen a good number of rental prospects become buyers once they have an opportunity to speak with a knowledgeable dealer about their options.

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