What Is Rental Management Software?

It is not easy to manage your rental property. Hence, it is essential to choose the right software program for efficiently manage and automate the process. Every rental industry will be in charge of handling a variety of equipment. It can be tools, construction equipment, aerial vehicles, or test and measurement equipment as well. It also involves cranes and temporary accommodation.

Rental Management Software

The Genesis Of Rental Management Software

Similar to the software development, the origin of rental software systems dates back to 1970’s and 1980’s. These solutions were built for a specific purpose. They were meant to assist the rental companies. It appears that they were developed in parallel in multiple locations around the globe. In the last twenty years, many leading rental management software makers had emerged. The vendors were offering best in class solutions to a wad of rental management companies. The solutions were client specific and varied from single store to international varieties. They were even sub-classified into multi-location and Multi-Company. It was ideal for blending into diverse work scenarios.

The rental industry is continually evolving. It has managed to grow without the barrier. As more new players compete in the market, there is less prominence towards the national boundaries.

Also, taking into account the involvement of top-tier construction services such as Volvo and CAT as providers of rental services has reconfigured the functions of individual rental service providers.

The functions Of Rental Management Software Services

The primary purpose of such software is that it must cover the aspects of rental business in an organized manner. It must be capable of handling equipment servicing, financials, reporting functionality and CRM. All these allow the rental business to achieve their goals using single software to manage it all. The most effective solution is obtained when Rental management software is used in combination with a third party accounting software. Since the software is custom built to suit the needs of the company, they reserve some special feature to adapt to the company’s needs.

Here Is The List Of Expected Features

  • The software should be capable of tracking a package that is dispatched for delivery. The software must be capable of asset tracking and capturing the signature upon delivery.
  • It should able to keep track of kits, accessories and attachments and even returnable items such as fuel.
  • The system should be capable of tracking the equipment that are being relocated or moved inter-branch or inter-store. But, in the case of larger businesses the application should be capable of keeping track of inter-company transfer.
  • It maintains the contract quotes and expenses. It also must hold the documentation how the price is structured. It also calculates the extra hour’s wages.
  • Along with the rental products, it must be capable of managing the sale or return consumables.
  • The system should hold the revenue accruals that can be adjusted to prepare the financial statements.
  • It must hold the rent to own agreements along with any predestined contracts to take the ownership of the assets at a particular point in the contract.
  • The details such as sub-rent or re-rent to initiate the rentals from the third party to cover the contract obligations.
  • You can also manage the product exchanges and switch contracts in and out.
  • The software must keep track of the inspection reports and examination certificates of critical safety equipment.
  • It should also hold the records of rental rate optimization.
  • The transport management cost detail and keeping track of the operating cost of delivery vehicles.
  • The details of wet rental (the operated tools and equipment). It is necessary to store the records of time sheet and standard renting charges when the operators are sent for a task completion with the machinery.
  • The system stores the clocking hours of products and services and also maintenance events.
  • It helps in the processing of bills, especially for long term contracts (rental) till expiry of the retention period.
  • It stores information with regards to the clock hour recordings, product service units, and maintenance triggers.
  • It helps the processing of the bills on long term rental contracts of certain specific cycles, extra charge management, and automated off-rent billing.
  • It keeps track of the inspection of products and repair works. It triggers maintenance activity based on the off damage rental reports and rental status.
  • The software will keep track of the allocation and reservation management for different contract durations and customer reports.
  • The Rental Management software will maintain the contracts customers cash details till handled by the deposit management.
  • It assists in the product utilization (physical and financial). All the details must be recorded for the rental business functioning within national boundaries and additional utilities that involve multi-currency and multi tax jurisdiction.

There are unique rentals that are important for pre-sale contract prior to selling a large piece of equipment or business models which is normally referred to as rent to own. The specialization has a self-sustaining organization with multiple rental companies as representatives.

Here Is Some Quick Tip Your Can Utilize To Your Advantage.

1. Focus On The Features You Are Looking For

One of the frequently committed errors by the rental property owners is to purchase software that is too complicated for their needs. You need to allow your rental management software to do what it is inclined to do the best – to manage the investment property tax records.

A rent Manager is a simple computer that is in charge of recordkeeping. It stores records such as Agent summary, payments, receipts and many more related to the investment property. It stores all information including depreciation on the fittings and furniture. It also helps keep track of your loans. The system will keep track of all your business accounts and payroll details. There is also a Cashflow Manager that is easy to implement using the Rental Management Software.

2. Ensure You Can Run A Full Demo Or Trial Version

Prior to making a full purchase, always request for beta versions that will give you a better picture of how these tools will benefit your purpose.

3. Look For A Program That Is Easy To Install, Use And Has Customer Support

Most of these tools will come with a promise of customer care. Although, it may appear alluring, it is seen as a marketing gimmick. Very limited issuers of such proprietary services will provide client support for free. Usually, they may quote a fixed sum for their services. Or they may withdraw the client support after the expiry of a stipulated duration.

4. Find The Best Value For Money

Remember, purchase of software isn’t cheap. You will have to bear the primary cost of several hundreds of dollars to get a business enhancing tool. So you must consider the software purchase a long term investment.

5. Do Some Homework

Take product reviews very seriously to avoid losing money on a bad investment. Your inventory will make a significant difference in meeting the right objectives. You can find customers who have purchased the product you have shortlisted. Ask them questions with regards to the pros and cons. Only if you feel satisfactory that the product will meet the goals, should you consider pushing for a purchase.

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