What's Peer to Peer Equipment Rental and How Does It Help You?

Construction Tools

When you're in construction and you need a specific piece of equipment, you usually have just a few options available to get the job done. You can rent the equipment, and then have to deal with the rental's shortcomings that have developed from abuse by other renters. You can buy the equipment, and have to lay out a large chunk of change or arrange financing. You can lease the equipment and be a nervous wreck that every time it's going to be used, something will happen that will cause problems with the lease. But there's a new option that has come into the playing field recently, called peer to peer equipment rental. What is it and what can it do for your business? Read on for more details.

In its most basic form, peer to peer equipment rental is similar to the sharing industry business models set up by Uber and AirBnB. It essentially provides a marketplace for you to connect with people who want to rent equipment from or to you. Industry giants like Caterpillar have even gotten into the game, investing in California's Yard Club as part of their strategy to avoid disruption in the market from digitization. But how does it work?

Construction Loaders

Much like AirBnB, a peer to peer equipment rental platform allows construction businesses to list their idle equipment between jobs, providing them with an additional income stream while ramping up or down from a big project. A contractor who needs the equipment can then rent it through the platform and make arrangements to obtain access to the equipment, either through the platform itself or by working with the contractor renting the equipment to them. Both parties are vetted as part of the account setup process to ensure safe transactions.

Money Exchanging Hands

But how much can you make from renting your equipment during your down time? One California company saw an additional $100,000 in revenue from equipment rentals their first year trying the program. Other peer to peer equipment rental models are using sensors and telemetrics to track equipment performance and location, providing additional security and a better way for the owner to track the rented equipment and what's being done with it.

What does this mean for your business? Instead of having to invest in expensive equipment, you can rent the equipment you need, when you need it. This helps lower your overhead, especially during down times when the equipment may otherwise sit idle instead of earning its keep. If you have equipment available to rent, it can provide you with additional revenue streams when you need it most.

Peer to peer equipment rental can provide you with access to machinery that would otherwise be difficult to obtain without having to worry about complex rental or lease agreements. It also opens the door for you to make additional money from your equipment that isn't currently in use. Though there are some drawbacks, this new option could prove to be very beneficial. If you decide that peer to peer equipment rental isn't the direction you'd like to go in, please feel free to contact Wallboard Supply Company's experienced associates today for help with buying the right tools for your job. We'd be happy to provide you with the equipment you need to get the job done right.

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Wallboard Supply Company is a third generation, family run business that has been serving New England's building needs since 1970. Bob Filion started the company with a commitment to provide quality drywall and finishing products with unmatched customer service. The company has grown over the years, expanding its' product range, but never wavering from its' core values.