Choosing the right rental management software is a tough decision for many equipment rental businesses. There are so many options available, and it can be challenging to know where to start, what questions to ask, and how much you should expect to pay. The following tips will make this process easier for you.
1. Identify the needs of your company
It is essential to determine the requirements of your rental business before you start shopping for rental management software. Some features are optional, while others are essential. For example, some companies do not require their software to have a user-friendly interface or mobile capabilities. It’s essential, to be honest with yourself when determining which features are necessary and which ones are just nice to have. Many software companies offer a free trial, so you can take their rental management software for a test drive before you buy. If possible, try out multiple solutions until you find one that best meets the needs of your business.
2. Understand what differentiates each product
Some products are more advanced than others; some offer better customer service, and some have a better track record in the equipment rental industry. You should be aware of these differences when choosing a product because they may impact your business’s bottom line in the long run. Therefore, spend time researching each solution before you purchase to compare their features, pricing models, ease of use, and other vital elements.
3. Find out how much you should expect to pay for rental management software
The initial price of the product is not your only expense. Other costs will include support fees, additional modules or add-ons, and hosting fees. Some companies also charge a recurring monthly fee, while others do not. Your financial situation will determine which product is right for you. For example, if your company does not generate much monthly revenue, it may be better to choose a free solution that only charges hosting fees.
4. Consider the software’s support team
A customer support team can make or break your rental management software experience. If you get stuck or if you have questions, their help is invaluable. You should reach out to the support team quickly and solve your problems without much trouble.
If you are unsure what kind of support your rental management software company offers before signing up, talk with other users in the industry. Ask them how responsive their customer support team was when they had a problem. You can also read reviews to determine how they handled specific customer service issues such as billing and licensing.
5. Make sure the product is customizable
Some companies offer rental management software that can be easily customized to include unique business processes, while others do not. If you operate in an industry that follows unique practices, you might need a software developer to modify your product. This can be costly and time-consuming, so you should factor that into the total cost of ownership.
6. Look for an intuitive interface
You don’t want to waste valuable time learning how to use your rental management software product. By going with a solution created by a reputable company, you should be able to get up and running quickly without any trouble. Request a free trial to see how your rental management software solution works before committing to it. There is no obligation, so you can test it with your data to see whether or not it meets your needs.
Attend a workshop or webinar to learn more about your software and discover what other rental companies like yours are saying.
7. Make sure the company is dedicated to continuous growth and improvement
A company that does not invest in new development will eventually fall behind the competition. Therefore, it would be best to choose a solution with frequent updates and enhancements so it can evolve with your business needs. If you are worried that the company might stop updating its product, you should consider moving to another solution before your rental management software becomes obsolete.
8. Find out how well the rental management software integrates with other systems
Do not choose a product if it does not integrate with your existing systems or if it can’t be expanded. If you are concerned about the future of your business, choose a product that will work with other tools in your industry to accommodate growth or make it easier for you to expand. For instance, if you are using QuickBooks as your accounting app, choose a solution that integrates with it.
9. Look for a product that has positive reviews from other users
Before you commit to a rental management software company, find out as much as possible about the product and the company itself. If you have friends or industry peers who have already tried out some of the offered solutions, ask them about their experience. You can also read online reviews from other users to get a feel for the strengths and weaknesses of each solution.
10. Look for a solution that offers training
A training program can help minimize downtime by teaching you how to use the product effectively without any external assistance. Unfortunately, the “Getting Started” guides are not usually enough. Many users prefer to attend in-person seminars or online training to learn more about the product’s features and get their questions answered right away.
11. Find out if you need multiple licenses for different locations
Some products allow you to use a single license for all locations, while others require you to purchase a license for each location. If you plan on opening several stores over time, you might want to go with a single-license rental management software solution that is not location-specific.
To sum up, the software you’re planning to use should be:
- Cloud-Based: This type of rental management software is web-based, which makes it easier for you to access the program from any computer.
- Multi-Location Support: A location is an actual physical store where customers visit when renting equipment. When choosing a rental management software solution, select one that can handle multiple locations.
- Positive Customer Reviews: A customer review is an assessment of the product or service of a company based on someone else’s experience with it. Read online reviews to understand how users feel about their experience with each product you’re considering.
- Training: Most rental management software providers offer training programs to help their customers get familiar with the product and its features. It’s one way they can show you how good they are at what they do. Make sure the program has documentation so you can understand it better, along with online tutorials and videos, which will allow your company to get started quickly.
- Multi-Currency Support: A currency is a type of money used in a country. Multi-currency support means you can keep track of your rental fees and expenses without worrying about doing currency conversions yourself.
- Multiple Licenses for Multiple Locations: Many rental management software products have different prices depending on how many locations you want to use the software for. If you plan on opening several stores over time, check to see if buying one license for all of your locations makes more sense than purchasing separate licenses for each location.
- Fixed vs. Monthly Fees: Some companies charge their customers a flat monthly fee, while others take another approach that includes adding other fees to your account.
- Free Trial: Some rental management software companies offer a free trial to new customers to try out the product before committing to it. A free trial period allows you to test the system and see if it’s right for your business.
- Multiple User Accounts: You should be able to create different user accounts based on each person’s role in your company. For instance, each department might have its own account, so only the appropriate people can access specific information.
- Multiple Language Support: The rental management software you choose should be available in several languages. This helps you to support your global customers and lets them use the system in their native language if they so choose.
- Multi-Channel Support: A channel is a platform or route you use to reach your audience. Make sure the rental management software enables you to sell and manage equipment rentals via different channels.
- Multiple Payment Gateways: You should be able to accept multiple payment types, such as direct debit, credit cards, PayPal, and more.
- Intuitive Dashboard: The interface you use should be easy to understand so you can monitor your business data at a glance.
- Customer Relationship Management (CRM) Integration: CRM is software that helps businesses manage customer relationships. If the rental management software doesn’t integrate with it, you’ll need to enter every transaction manually instead of having it automatically pulled in by the system. This can be a huge time-waster, especially if you run a large business with many customers.
- Ability to Track Inventory: You’ll need to know what equipment you have in stock and when it’s due back in the store. Most rental management software lets you enter your inventory items and access reports that track when they’re expected to be returned.
- Reporting: The reports you receive should be easy to understand and helpful in managing your business. Look for a rental management software solution that includes pre-built reports or lets you customize them, so they provide the data you want.
- Ability to Integrate with Accounting Solutions: If you have an accounting solution already integrated into your business software, you’ll want to make sure the rental management software integrates with it as well. You don’t want to go back and forth between different programs just to keep track of your equipment rentals.
- Search Engine Compatibility: Having a search engine-compatible website is important because many people will be looking for your company online instead of using Google Maps or a phone book.
- Bulk Upgrades: A bulk upgrade allows you to purchase upgrades in batches instead of paying for them one at a time as the need arises. This is beneficial if your company grows quickly and needs additional inventory management capabilities.
- Knowledge Base: The best rental management software companies offer a knowledge base so you can learn how to use the product as well as troubleshoot any issues you might have as they arise.
- Security: If your company has sensitive data, such as credit card information, you’ll want to ensure it’s protected with encryption and other security features. An additional safeguard is to use a secure server when doing any online transactions.
- Customer Support: A dependable customer support team is important when you need help with your rental management software. You’ll want to see 24/7 support available via phone or email so you can always get the assistance you require. To learn more about Rental Business Software, visit Rentrax.com.
- Mobile Capability: For the best user experience, look for a rental management software company with mobile capabilities. This enables you to access your reports and data on the go to serve your customers better and keep up with any changes in their equipment requirements.
- Decent Cost: If you can’t afford the rental management software, you won’t be able to purchase it. Look for affordable pricing that has a low monthly cost, or better yet, find an option with no fees at all.
- Have Regular Updates: It’s important to look for software that has regular updates and enhancements because it ensures you always have access to the latest capabilities and security features.
conclusion:
If you would like more information about choosing the best rental management software for your company, contact one of our representatives today! Our team has extensive knowledge in this area, and we’d love to help you out. We hope these tips were helpful!