What is cross renting?
The key to running a successful technology rental business is being able to fill the orders that you receive. Most businesses have slow and busy seasons, the rental industry is no different. Capturing as many deals as possible is essential to your company having a successful year. If you have been in the rental business a while, you know this is not always possible on your own. Frequently you will need to go to other rental companies in order to fill the larger shows.
Your business needs to be sure it can fill all its orders through its inventory. Frequently technology companies will not have all the equipment needed for a specific show. Rather than giving up the deal, this is where technology rental companies take advantage of something called cross renting.
Cross renting is when one rental company rents from another. Instead of the client seeing that they have equipment from multiple companies, they see all their equipment in one organized order. With large scale orders this may be the only way you can fill your orders. Relationships with other rental companies is essential to having success in this industry. Your company cannot survive on its own, in some cases your competition may be your saving grace.
How to integrate cross renting
Keys when cross renting are keeping the essentials in mind. Make sure that the boxes and shipment are clearly all yours. There is nothing worse than your client finding out the other companies you used to cross rent. This could potentially give you the chance to lose a client while your competition capitalizes on it. The devil is in the details so having frequent quality checks can often save you a headache down the line.
Vice versa, when you are sending your equipment back, make sure there is no customer information. Cross renting is great for the industry when done right, but may still cause your business problems if done lazily or incorrectly. The whole point of cross renting is to keep clients and expand your reach. Make sure your orders are correct with all the proper equipment with no damage by checking out ”5 tips for packing iPads”. Have your own team check cross-rented equipment before shipping out. Even if the cross-renter has made the mistake, your company will be the ones who end up paying the price.
Keep your shipments as uniform as possible. The easiest way to look sloppy or to make mistakes is by putting together “rag-tag” orders. These are orders with a variety of different equipment thrown together. Some clients may see this as unprofessional and not order from you again. The more uniform your shipments, the easier it is for shipping and receiving to get accurate accounts of all your equipment.
Make your next events smashing successes by utilizing all your resources before you consider the deal lost. Your company should only be turning away orders when you absolutely have no way to make a deal happen. When this happens, throw the deal to the companies you work closely with. This way you can maintain a stellar reputation and gives other companies the opportunity to recommend you when they are in similar situations. For more technology rental news be sure to check back on our blog for weekly content!