List. Rent. Repeat.
Listing your equipment is easy. There's no commitment until your equipment is rented out. Manage everything right from the app.
Because RME cares about your payment information security, we use one of the largest 3rd party payment companies around-Stripe. RME's payment platform processes transactions for millions of companies of all sizes, from startups to fortune 500s.
RME requires all renters to purchase the Equipment Protection Plan, which repairs or replaces your equipment if damaged or stolen up to $25,000.*
Search for equipment that is conveniently located with the app's map view.
You can list your tools, adventure gear, heavy equipment, or your other underutilized items on the app.
Your equipment is displayed with photos, video, descriptions, pricing, and availability on an easy to use screen.
At the end of the day that the rental equipment is checked in, we will send your payment via debit card or ACH. ACH payments will typically show up in your bank account as soon as the next business day. With a debit card on file, you could see payment the same day.
Rent My Equipment charges a commission from the listed rental price. This is based on the rental price, delivery, fuel, and metered hour charges.
If your total rental charge is less than $50.00 the commission retained by Rent My Equipment is 35%. If your total rental charge is $50.00 or more the commission is 25%.
Example A: If you list a chainsaw* for $40 dollars a day, and someone rents it for a single day, your total rental charge is $40 dollars (before taxes and fees paid by the renter), and Rent My Equipment will charge a 35% commission. This makes your take home $26.
Example B: If you list a chainsaw* for $40 dollars a day, and someone rents it for two days, your total rental charge is $80 dollars (before taxes and fees paid by the renter), and Rent My Equipment will charge a 25% commission. This makes your take home $60.
Example C: If you list a chainsaw for $40 dollars a day, and someone rents it for a single day, and you provide a full tank of fuel but they return it empty and you have configured a ¼ tank of fuel to cost $5, the renter will be charged $60 total including the fuel. Rent My Equipment will charge a 25% commission. This makes your take home $45.
*this assumes no charge for fuel.
Any charged sales taxes will be remitted by Rent My Equipment to the proper taxing authority. Charges for the Equipment Protection Plan (EPP) are for a service that Rent My Equipment offers separately from your rental and Rent My Equipment retains this full amount.
Rent My Equipment has a system to charge for each quarter tank of fuel used. During the checkout process, you and your renter must document the approximate amount of fuel to the quarter tank. When the equipment is returned, you and your renter will again document the amount of fuel. We will charge the renter the amount set for each quarter of a tank that was used and not replaced. We recommend charging a little more than just the cost of fuel because of the time and effort taken. Learn More at "How much should I charge?"
Example A: You list a Skid Steer for $150 dollars a day, a quarter tank of gas is set at $15 dollars, and you have three-quarters (75%) of the tank full. It gets rented for a day and returns with one-quarter(25%) of a tank. The total rental charge will be $180 plus taxes and fees. This makes your take home $135. *This is assuming no meter charges
Rent My Equipment has a system to track hours of use on equipment with metering tools. We recommend for most equipment that you include 6 - 8 metered hours included per day of rental. However, it is up to you, the property owner, to use your discretion. It may make sense to only include 1 or 2 hours of use or even none at all.
Example A: You list a Skid Steer for $150 dollars a day, a quarter tank of gas is set at $15 dollars, you have three-quarters (75%) of the tank full, and include 6 hours of use with additional hours costing $20 each. It gets rented for a day and returns with one-quarter(25%) of a tank of fuel and 7 hours of use. The total rental charge will be $200 plus taxes and fees. This makes your take home $150.
How much are you willing to take? We know it's not that helpful to say, "it depends," but it really does. Is there anything like this for rent in your area? If so, how much are they charging? What would you pay to use it?
For fuel costs, you should charge more than just the raw cost of filling up the tank.
Try to be competitive for your market and make it worth your time. Keep in mind that brick and mortar rental stores have fixed overhead costs that you likely do not have associated with owning the equipment.
Equipment listed for a good price will rent more often, making you more money in the long term, than equipment that is rented for a high price. Keep in mind, we have the "offer" feature that allows people to make a custom offer that you can choose to accept or not.
All of this will help you have a better understanding of the market and how much you should be charging.
Use Rent My Equipment's system to establish clear communication about the transportation of your equipment. You can set up either pick up or delivery done by either you or the renter. Check out "Will my equipment be insured during transportation?" for more info in helping you make your decision. Keep in mind, you may have a better means to transport your equipment than the renter.
Rent My Equipment hosts a very large list of tools, machines, vehicles, hardware, instruments, devices, gizmos, and gadgets. But we also have a list of things that you cannot list for rent. Typically these are common sense items. Rent My Equipment reserves the right to prohibit any types of equipment for any reason. Some examples of equipment you may not list for rent include:
- Motorized boats
- Any other type of equipment or vehicle that is titled
- Any vehicle or piece of equipment that requires a special license to operate
- Firearms of any kind
- Inherently dangerous equipment, such as explosives, pyrotechnic equipment, fireworks or fireworks equipment
- Blasting equipment (or any equipment associated with blasting in any way)
- Wrecking balls
- Items of a personal nature
- Disposable equipment or supplies
- Clothing (exception of technical suits and gear)
- SCUBA or diving apparatus, including air tanks
- Equipment illegal anywhere in the United States
- Real property or premises of any kind, including storage spaces, office space, temporary or permanent living quarters
- Rockets or launch equipment
- Sex toys or sexually-oriented equipment
- Medical equipment
- Live animals
Rent My Equipment will collect and remit any sales taxes automatically for jurisdictions in which Rent My Equipment is required to. Sales tax will be charged in addition to the total rental price. The equipment's owner will not have to collect or remit sales tax.
The IRS requires us to file tax forms for anyone that earns more than $600 per calendar year with Rent My Equipment. We will issue the required tax documents yearly and it will be your responsibility to pay income tax when you file for the year. Income tax will not be withheld, and it will be reported. Please make sure you update your address and email address with us if it changes so that you will receive your documents in a timely manner.
Great question! Follow the Rent My Equipment Recipe For Rental Success!
Recipe For Rental Success
Take advantage of our user rating system and great practices to have an awesome experience listing or renting equipment.
If you are listing your equipment:
Properly maintain and upkeep your equipment
Make sure everything that needs oiling is done so regularly. Make sure wedge tools like axes are sharp and devoid of chips or damage. Get your heavy equipment an oil change on time, every time. Remove and prevent rust build-up. Maintain tires or other high wear parts. Whatever the piece of equipment calls for to always make sure it's in the best condition. This keeps everyone safe, your tools lasting longer, and can ultimately make you more money. People want to rent from highly rated people to know that they are getting something that has been taken care of and won't break on them.
Clean and Inspect your equipment for wear or damage.
After every use or rental, you should properly clean and inspect your equipment. This allows you not only to extend the life of your equipment but gives you an opportunity to find hard-to-notice damage that may be a safety hazard. Checking in equipment at the end of the rental should be thorough and you should document any damage at the time of check in in order for you to enact your Equipment Protection Plan if needed. Everything should be wiped down and washed down before going back into its storage. Properly following the checkin and checkout procedure in the app is a great way to make sure everyone is on the same page. Maybe have a list of things to look at each time to make sure you never miss anything.
Correctly Store Equipment
This not only helps you stay organized but properly stored equipment and tools can prevent rust build-up, debris accumulation, and gears getting gunked up. Storing your equipment properly and cleanly will extend its lifespan and help make sure that it will run as it did the last time it was used.
Ask good questions upfront
Remember, this is your equipment, If you aren't confident that someone knows how to use the tools or machines properly, you don't have to rent it to them. The best practices from our high-rated users involve asking the renter a few basic questions and/or ask that they demonstrate how to use the machine in some way. Some example questions are:
- "What are you using it?"
- "How much experience do you have?"
- "Can you start it up and do a quick lap around for me?"
- "It isn't taboo around here to ask questions. Making sure everyone is comfortable and competent in the transaction goes a long way and can prevent mistakes before they happen.
Have a full charge or tank
It's a little thing that goes a long way. Having equipment ready to go when the renter typically has a busy day ahead of him. A full tank of fuel may or may not be needed but it sure helps to have that done already.
Clear and open communication starts with you.
We all here for win-win scenarios. Don't get offended if people send you a low offer and set the expectation on how you want your equipment to be treated.
If you are renting equipment:
Get homeowners or renters insurance. This is a good idea anyway you look at it, but our higher-rated users have homeowners or renter's insurance. Owners and renters of equipment have more peace of mind and Rent My Equipment suggests this to anyone renting equipment, however, this is not necessary to rent equipment. The Equipment Protection Plan covers damage that you do to the equipment, but it does not cover you or your property in case the unfortunate, unforeseen incident.
Make sure you are competent in using the equipment.
It's not taboo to ask questions around here! Make sure you show you are familiar with the equipment, and don't be offended if you are asked to prove you know what you are doing. Rent My Equipment wants everyone to be safe and have the best practices and communication. We would rather err on the side of safety at all times.
Check the condition of the equipment
It is always a good idea to check the condition of the equipment before using it. We recommend properly using the checkin and checkout section of the app and documenting any issues you find with the the owner before and after renting so everyone is on the same page. This not only avoids confusion over any potential damages but can also find potential safety hazards that may have been overlooked.
Treat people and equipment well
We all here for win-win scenarios. Don't get offended if people don't accept your offer and treat things better than you would if they were yours.
Rent My Equipment can't promise it won't happen but there are a few things you can do to avoid liability and set yourself up for success. Common sense goes a long way but we recommend that you understand a few things before getting started.
- Properly maintain your equipment, including all manufacturer recommended services such as oil changes, bolt tightening, etc.
- Do not remove any safety gear such as guards, seat belts, covers, safety switches, etc.
- When someone rents your equipment, show them how to properly use the equipment and ask them to show you how to use it. If someone who is renting your equipment seems to be incapable of safely showing you how to use the equipment, consider cancelling the rental.
We require everyone renting equipment to purchase the Equipment Protection Plan (EPP). EPP is not insurance and operates differently than insurance does. If something goes wrong while the equipment is being rented, EPP, the renter's home/liability insurance, or both may come into play.
EPP is charged as an additional 10% of the rental cost to the renter. This allows Rent My Equipment to cover possible repair or replacement costs associated with rentals. There are important exclusions to EPP, including requiring you, the owner of the equipment, to properly maintain the equipment.
Rent My Equipment EPP does not cover damages while items are in transit. If you are uncomfortable with your equipment not being covered while in transit, we suggest only provider delivery as an option for renters. See "Will my equipment be insured during transportation?" for more information.
EPP does not cover damage from neglect so be sure not to rent out equipment in poor condition. See our Recipe for Rental Success for more information.
Rent My Equipment EPP (Equipment Protection Plan) does not cover damages while items are in transit. While the equipment is in transit, it will be up to auto insurance or lack thereof, to cover any property damages. Rent My equipment has no say or protection during that time period. The property owner can choose for delivery only if not comfortable with this. This may be more important to understand for larger pieces of equipment where transporting the equipment can impact the ability of the renter to drive safely, such as with a bull dozer, back hoe, skid steer, or other heavy equipment that is transported by trailer. Smaller pieces of equipment such as a saw or a hammer are much less likely to be impacted by transportation and are much less likely to impact transportation. It is up to you as the owner to choose which equipment you allow to be picked up and which equipment will require delivery.