Rentals Management Software is a cloud-based rental management software that provides real-time data for better decision-making. Rental companies find managing all the information they collect about their customers, workers, equipment, and locations cumbersome. However, recent technologies have allowed the rapid development of platforms for managing multiple systems within most enterprise resource planning (ERP) programs. By linking all these different applications into one system, users can gain real-time information that gives them a clear edge over the competition.
What is rental management software, and what does it do
The software handles equipment rental companies’ operations from sales to deliveries, quickly providing users with relevant data. Customer relationship management (CRM) tools allow instant customer history and detailed contact information. Users can see the customer’s contact details, rental history, and previous conversations with one click.
Rental Management Software is ideal for small rental companies without sophisticated management systems and large enterprise businesses.
Types of rental management software
1. Рrе-built
Rental management software pre-built, often known as RMS or rental software, is a package for managing specific equipment rentals. These are usually tailored to manage one industry type, such as the construction industry. They are easy to use and require minimal coding but are not customizable.
2. Саmраign ЅОFTWАRЕ
Campaign software bundles are customizable, allowing users to change the data fields and flowcharts of the application. They can be used for all types of rental organizations but lack the features some companies need. This type allows unlimited users, unlimited equipment, and features but may cost more.
3. СRM SOFTWARE
Customer relationship management (CRM) is a customer service tool allowing companies to store all their customers’ information in one place. Although CRM software does not deal with day-to-day equipment management, it is useful for managing customer service.
4. МЕTER SOFTWARE
Meter software tracks the number of hours or mileage used by each piece of equipment. This type of software is more popular in the construction industry than others because of the need to track worker productivity and work hours. The user enters starting and ending mileage or hours, and the system calculates the total distance traveled or the total amount of time worked.
5. Рlаnnеr ЅОFTWАRЕ
Planner software, called demand forecasting, allows users to predict future equipment needs based on current usage patterns. This allows them to purchase enough equipment to meet demand while avoiding surplus.
6. Ѕресiаl Prоjесt RЕSОURСЕ SOFTWARE
Special project software helps rental companies manage one-time jobs by setting up a system for tracking costs and billing customers. It is beneficial for companies that do not usually rent out equipment.
7. Роint-оf-Sаlе/Rental RЕSОURСЕ SOFTWARE
Point of sale (POS) software is helpful for companies that process customer payments on-site, such as construction rental companies and sports equipment suppliers. POS rental software can be combined with contract or special project software to create contracts for customers that must be signed on-site.
Benefits of using rental management software
The use of rental management software has several benefits, including:
- Reduction in human error and inaccuracies through improved data collection and storage.
- Improved information access for managers, supervisors, and employees.
- Real-time information about the business at all times.
- Better organization of data, allowing improved decision-making.
- Promotion of business growth through the use of marketing tools.
- Improved customer relations by providing quick access to information about previous orders and interactions.
- Allows for automated processing of transactions, contracts, and billing.
- Accurate rentals, faster return times, and improved customer service.
Features of the best rental management software
The best software should be easy to use and intuitive, regardless of the user’s experience level. It should also offer some specific features needed to manage equipment rentals. These include:
- The dashboard displays rental transactions in real-time.
- Accessible on any device with an internet connection
- Provides current customer information
- Offers a customizable options list
- Offers multi-user options
- Creates invoices for customers quickly
- Provides inventory management features
- Tracks equipment location, maintenance needs, and warranties.
- Provides planning tools to determine customer demand over time
- Includes marketing features that help build the company’s reputation. For example, many systems offer mapping software that allows users to see which customers are near them, allowing for more accurate delivery and return times.
- Manages multiple customers through one easy-to-use account
- Allows users to manage prices and promotions. For example, if the company offers discounts for locals or members, rental management software can include this information in invoices so customers know how to claim the discounts.
- Allows customers to create accounts, making placing orders and tracking rental history easier.
- Includes a help desk feature that allows users to access customer information via phone or email quickly. It also offers tracking options that allow users to follow up on previous issues or questions.
- Offers a comprehensive marketing database featuring promotional opportunities and data that helps users find the best locations, times, and equipment to suit specific customer needs.
- Offers flexible reporting options, allowing users to create customized metrics based on what they want to track. For example, some systems offer custom reports, which allow businesses to track whatever information they think might help make informed decisions about future rental orders.
- Offers good customer service. Systems should offer easy-to-understand directions for operators fielding calls, so customers can easily find answers to their questions. The best systems also have an intuitive FAQ section allowing managers and employees to access information about commonly asked questions quickly.
- Provides billing options, allowing users to set up contracts with automatic customer payments. This is particularly useful for equipment rentals, often involving long-term contracts or payouts.
- Systems should also allow customized notifications, enabling companies to create messages specific to their needs. For example, notifications can be set up to let managers know when a rental has been made, delivered, and returned.
How to choose the right rental management software for your business
Choosing the right software begins with understanding what your company needs. This includes defining specific goals related to equipment rentals and how you want to handle billing and contracts.
It’s also important to select a system that integrates with the software your business already uses. For example, it’s no good if new rental management software can’t work easily with your invoices, inventory management program, and other business systems.
You’ll also need to consider what you want the software to do. For example, a basic system might work for a small company that wants to track equipment rental transactions. On the other hand, a more advanced system might be better for a larger company with additional features such as marketing tools or customer service options.
Finally, you’ll need to consider the needs of your particular business. For example, equipment rental companies typically have a lot of specialized features that might not be necessary for a food truck or landscaping business.
If you’re still having trouble sorting out your requirements, take some time to review rental management software online and compare features. Also, look for customer reviews that offer an inside look at how the software works in the real world.
Look for a system that fits your needs and offers good support, such as interactive FAQs and easy-to-understand documentation. Remember, you’re investing in software just like any other business purchase — so you’ll want to ensure it will work well for your company now and in the future.
The cost of rental management software
Rental management software can be quite affordable, especially if you’re familiar with the system and find a rental company that offers good discounts.
However, costs will vary depending on what kind of platform your business needs. For example, an iOS or Android app may have additional charges. You should also consider other features requiring separate licensing fees — such as support for additional currencies or languages.
Most systems will also have a one-time setup fee. This will cover your software’s initial installation and customization, allowing you to customize features such as billing, customer service options, and equipment rental metrics.
Basic systems generally cost around $100 per month, with more advanced systems costing between $200 and $300 monthly. Of course, you’ll also need to invest in hardware, including scanners, printers, and computers.
It’s important to note that the costs of rental management software go beyond licensing fees. Hardware expenses can increase quickly, especially if you use barcode scanners or thermal printers for equipment rentals.
You’ll also need training for your staff to ensure they understand how the system works and use it properly. Software companies often offer free trials with live technical support or training sessions at their offices.”
Compliance
Compliance is always a concern for equipment rental companies, often subject to government regulations. As part of the registration process with most state agencies, companies must provide proof of insurance. The software automatically calculates applicable discounts based on the user’s policy and provides a link to the certificate. In addition, users can process invoices, create work orders, and keep track of payments in real time.
How to install and use rental management software
After choosing a system, you’ll need to install and set it up for your business. Don’t underestimate how much time this will take – installation can be very complicated, especially if there’s existing software or many users need access to the platform. However, don’t rush through the process – moving too quickly could cause problems down the line.
Once you’ve installed the software, it’s time to set up your account. You can choose which features to enable, define custom fields for equipment rentals, and create user profiles.
Because of the complicated installation process, it’s better to go after cloud-based software. Installation is generally much easier because there are no hardware requirements. In addition, you can log in to your account and start working immediately without worrying about installation incompatibilities with your local computer.
Most rental management software also offers a 30-day free trial, which gives you time to test the system before making any decisions. If you’re unsure which features to use, expand the trial period, so you have more time.
The top 5 best rental management software programs on the market today
Rentrax
Rentrax is a cloud-based rental management software platform that helps customers track inventory and equipment. It also offers an online storefront and reporting tools, such as detailed reports on customer behavior, revenue, and rentals. Rentrax is popular among multiple niches like music, film, wedding, medical, and construction equipment rental businesses.
Booqable
Booqable is an online rental management software platform that helps customers manage equipment rentals for construction equipment, office equipment, or appliances. The service specializes in high-ticket items with hourly rental rates, helping customers minimize the risks of renting expensive gear.
Rentman
Rentman is a software-as-a-service (SaaS) platform designed for property managers and rental companies overseeing over 2,000 units. It offers automated billing, online payments, and analytics tools to help customers better understand their business.
Point-of-rentals
Point-of-rentals is a cloud-based software solution designed to help companies manage rental businesses. It can be as small as a few cars or as large as a local utility company. In addition, it offers onsite inspections and reporting, 24/7 customer support, and multiple languages.
Ezrentout
Ezrentout offers a rental software platform specially designed for small to medium-sized businesses. With Ezrentout, customers can manage their rentals through an online interface while offering reporting tools and analytics. It also offers concierge services to help with the transition to its system.
Final thoughts
Renting out equipment is a tricky business. In addition to the usual concerns with managing inventory, a lot is at stake regarding renting high-ticket items.
Companies often opt for a rental management software solution to help keep track of their rentals and streamline workflow processes. The best rental management software can be a great time-saving tool for companies like sports equipment, tools, and furniture rentals.