To stay relevant and compete with modern players, providing a rental option has become essential for equipment dealers. What bloats the need for rentals are many incentives, such as low tax liability on rented equipment, no maintenance costs, and business better capital utilization. In addition, if we consider the current market landscape that is saturated with both commercial and residential projects, the demand for rental equipment is further expected to surge in the near future.
Stating some facts and figures, there are billion-dollar construction projects already in progress in regions such as the US, Canada, Japan, Saudi Arabia, India and Russia. Countless smaller residential, renovation and infrastructure development projects are also inflating the market size for equipment rentals. Specifically, in 2022, the market size was a whopping $193.10 billion and is expected to reach $275 billion in the next eight years.
The aforementioned insights are indicative of the lucrative business opportunity in building an equipment rental store like United Rentals and Sunbelt Rentals. While it may require considerable time and effort to reach the success level of these leading players, but, with technological advancements, you can get similar software technology as theirs and deliver the best value proposition. This blog will introduce you to the best solution, allowing you to thoroughly explore and test it for each aspect before making a decision.
For launching all-encompassing rental stores and marketplaces, YoRent is a full-service equipment rental software with a presence in over 70 countries. It is a self-hosted solution to provide you with complete control over your entire rental website. With its impressive range of features, it automates daily operations and reduces the overall operational costs so that your business can run on maximum efficiency.
In comparison to other equipment rental software, YoRent is geared towards providing next-gen capabilities where the majority of processes, right from accepting online reservations to managing price quotes and sanctioning rental contracts to tracking late returns, have been allotted digital workflows.
With YoRent equipment rental software, entrepreneurs can materialize their rental business ideas in various heavy equipment niches, such as construction equipment, mining equipment, material handling equipment, scaffoldings, dumpsters, power tools, and more.
|Type of Equipment Rental Businesses
|Heavy Equipment Rental
|Construction Equipment Rental
|Material Handling Equipment (MHE) Rental
|Scaffolding and Aerial Platforms Rental
|Mining Equipment Rental
|Agricultural Equipment Rental
|Power Tools Rental
Along with the rental module, Yo!Rent provides extensive support for sales operations as well. With its hybrid business model support, i,e. for both rental and sales, it gives true flexibility and freedom so that if the need arrives, you can easily switch your business model or target the retail market without requiring a separate sales software.
In the context of business models, Yo!Rent support not only extends to rental and sales models but also caters to single-vendor store and multi-vendor marketplace requirements as well.
1. Single Vendor Equipment Rental Business Model: Single vendor rental operations include two primary user types, which are store owner and customer. In single-vendor operations, the store owner directly manages everything from store to inventory and delivery. Below is the single vendor solution workflow:
2. Multi-Vendor Equipment Rental Business Model: To provide more flexibility in operations, Yo!Rent provides support for the multi-vendor marketplace model as well. The multi-vendor business model falls under the asset-light business model category where the business owner owns the bare minimum inventory. Instead, different vendors sign up on the marketplace and list their equipment for rent or sell or both. This means that the admin is only responsible for managing the platform and handling commission charges. The workflow of multi-vendor marketplace operations is as follows:
Customization and scalability are two essential parts of a rental software infrastructure. Where customizability assists the business in fulfilling all its software requirements, scalability is required to accommodate growth. This equipment rental software is both highly customizable and scalable.
For customization purposes, Yo!Rent equipment rental booking software supports endless design and feature customization. There are two primary ways to customize the solution, which are via custom development and third-party API integrations. With both these methods, it help entrepreneurs in meeting their diverse requirements.
With time, a business grows and to accommodate growth, Yo!Rent supports unlimited listings, transactions and admin user profiles. Meaning, right from startup-level operations to large-scale operations. Moreover, as Yo!Rent is a self-hosted solution, you get complete control over your equipment rental website’s hosting server. There can be no restrictions on features, listings and transactions nor any recurring payments.
Strategically aligned revenue channels ensure profit generation at a faster rate and complement your primary revenue stream. This way, they remove over-reliance on a single revenue stream and bring stability. In terms of supported revenue channels, Yo!Rent equipment rental software has been given the necessary attention. While the choice of revenue stream remains at the sole discretion of business owners, with Yo!Rent, you can set up the following revenue streams:
In addition to the aforementioned revenue channels, there are some marketplace-only revenue streams as well:
To enhance user experience and provide ease of management, Yo!Rent is integrated with a compelling set of features. To fully understand their requirements in the equipment rental industry, we have categorized the feature set into 6 key groups:
|Key Features of YoRent Equipment Rental Software
|Reporting and Analytics
|Verification & Security Management
|Theme Color Management
|Product Reviews Management
|Agreement Management & eSign
|Responsive & User-Centered Design
|Abandoned Cart Management
|Price Surge Module
|Top Rented Products
|Map View for Sellers and Products
|Intuitive User Panels
|Rewards and Discounts
|Size Chart and Other Files
|Top Searched Products
|Advanced Search Module
|Location-based Product Sorting
|Sign-in using Phone Number
|Latest Orders Report
|Add-on Rental Services
|Progressive Web Apps (PWA)
|PPC & Affiliate Module
|Cancellation & Return Module
|Multiple Payment Options
|Individual Vendor Storefronts
|Order Accepting & Messaging Module
|Multi-lingual & Multi-currency
|Featured Products Section
|Blog & Social Media Integration
|3rd Party Payment Processing
|Products Inventory Report
For a more intuitive and industry-specific user experience, Yo!Rent equipment rental software comes with various pre-integrated APIs. These APIs extend it’s functionality to ensure your marketplace matches the industry standards and your customers get interface elements that they are well familiar with. For example, Google Maps to power the Map View Filter functionality makes it easier for customers to use the filter. Similarly, with Google Analytics, it becomes easier for businesses to collect and analyze important web data.
This solution has a total of 25 pre-integrated and supported APIs:
Ensuring fast, reliable, and secure payments is one of the most important aspects of eCommerce sites. Options in payment methods result in a higher checkout rate and the choice of payment gateways provides flexibility in targeting various geographic regions. Leveraging both these advantages of having diverse payment methods and gateways, Yo!Rent equipment rental software is pre-integrated with 25 payment options.
|Credit Card (Stripe)
|Pay At Store
For hassle-free and uninterrupted business operations, Yo!Rent excels in providing impeccable after-sales support. To ensure easy onboarding, we provide end-to-end documentation. For any general support queries, our customer support is available via email, phone, chat, and Skype.
The software has been carefully developed after rigorous rounds of testing, which means there is no chance of any technical error. Still, to provide our clients with complete peace of mind, we offer one year of free technical support.
FAINDaMAQ is Mexico’s first-ever heavy equipment rental marketplace that provides easy rental options to contractors. To help the client accurately materialize their business idea, Yo!Rent provides exceptional functionalities like order management, inventory management, vendor management, rental agreement, tiered pricing, product comparison, and multi-lingual support.
Foets is a Material Handling Equipment (MHE) rental platform with a large fleet of 400+ machines and hundreds of spare parts. To manage such large-scale operations, Foets needed comprehensive inventory management options that Yo!Rent provided and also delivered an RFQ system to handle custom price quotes.
RentThi!s is an equipment and automobile rental marketplace whose product catalog ranges from road construction equipment and material handling equipment to campervans, pickup trucks, and more. For simplifying multi-vendor management, RentTh!s relies on Yo!Rent’s advanced vendor management features.
Equipment Rental Network (RN) Rentals is a one-stop equipment sourcing destination in the construction industry. With a marketplace model, it deals in all types of construction equipment and provides new business opportunities to equipment dealers and manufacturers. Yo!Rent helps ERN Rentals manage custom price quotes, seller profiles, rental inventory, rental security, and more.
A US-based equipment rental marketplace that deals in various equipment categories including earthmoving, material handling, construction, trailers, lifts, generators, and spare parts. Yo!Rent helps Rental All Things manage online rentals and even address custom price quotation requests. To help customers find the right equipment, Rent All Things uses Yo!Rent’s product comparison feature.
A Saudi-based heavy equipment rental marketplace developed especially for contractors by the Saudi Contractors Authority, a renowned NGO in the contracting sector. The marketplace connects local contractors with equipment suppliers to simplify sourcing operations in the KSA region. Along with all essential rental functionalities, Yo!Rent also provides MUQAWIL with right-to-left language support to carry out domestic operations.
Country: Saudi Arabia
The scope of launching an equipment rental business is very vast. After finalizing your equipment rental business idea, refine it further to identify all the ins and outs and create a business plan suitable for launching your equipment rental business in the targeted geographic regions. As Yo!Rent equipment rental software is a multilingual and multi-currency solution with 25 payment gateways, it can be used to launch powerful rental stores all over the globe and will also reduce the overall time-to-market for your business. In case of any assistance, you can contact our experts or book a free personalized one-on-one demo session.
Statistics show a significant $82 billion growth in the equipment rental sector within the next 8 years. Considering the astounding growth and the ubiquitous demand, the profitability of launching an equipment rental business is clearly visible. As per the best practices, you can invest in an equipment rental marketplace to help contractors with all their equipment sourcing requirements.
There are multiple approaches to starting your equipment rental business. Due to the heavy cost of equipment, it is more profitable to launch an asset-light business where you rent out the heavy equipment of third-party vendors who register on your marketplace platform. This platform can be easily developed with the help of Yo!Rent rental software. To learn more, you can discuss your equipment rental idea with our experts.
An equipment rental software is a readymade business solution with all essential features to help you rent out heavy equipment and manage business operations. For example, to help you take online business orders, equipment rental software has a built-in rental booking calendar. Similarly, it comes with inventory management, order management, returns management, and damage control modules to help you streamline business operations. As equipment rental software automates the majority of rental business operations, it consequently reduces your overall operational costs.
There are multiple benefits of using an equipment rental software to manage your business:
Equipment rental software resolves various challenges for rental businesses. Some of these are:
Equipment rental software can be used to manage a wide range of rental equipment such as construction, material handling, power tools, scaffoldings, dumpsters, party equipment, camping gear and more.
While the feature requirements vary from business to business, in the rental industry, we can shortlist some features that are essential for all types of rental businesses:
The cost of equipment rental software depends on the overall value it provides to the rental business owner. For example, a more feature-packed rental software with more features, unlimited scalability, and one-time charge will cost you more than other software. Similarly, software with limited features, transactions, user profiles, and recurring payments will have lower pricing. However, as those software are based on the recurring model, they will be highly cost-inclusive in the long run in comparison to one-time-cost software. Connect with experts to discuss the software cost.
We create future-focused content to help you stay updated. Follow us on Twitter to get notified about latest tips, trends and product updates.
Disclaimer: The Blog has been created with consideration and care. We strive to ensure that all information is as complete, correct, comprehensible, accurate and up-to-date as possible. Despite our continuing efforts, we cannot guarantee that the information made available is complete, correct, accurate or up-to-date. We advise - the readers should not take decisions completely based on the information and views shared by FATbit on its blog, readers should do their own research to further assure themselves before taking any commercial decision. The 3rd party trademarks, logos and screenshots of the websites and mobile applications are property of their respective owners, we are not directly associated with most of them.