At the end of the day that the rental item is dropped off, we will send your payment via direct deposit. Deposit will typically show up in your bank account as soon as 3 business days, depending on your financial institution. Some financial institutions take up to 7 days to deposit your payment.
RentMyTool charges a commission from the listed rental price. This is based on the rental price. The Current commission rate is 15%. Example: 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 RentMyTool will charge a 15% commission. This makes your take home $34. Any charged sales taxes will be remitted by RentMyTool to the proper taxing authority.
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? 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 item. Item listed for a good price will rent more often, making you more money in the long term, than item that is rented for a high price. All of this will help you have a better understanding of the market and how much you should be charging.
Use RentMyTool's system to establish clear communication about the pickup and drop off of your item. Make sure to give clear instructions to renters if you are the owner and if you are renting, make sure to carefully follow all instructions giving by the owner.
RentMyTool hosts a very large list of tools, equipment and sporting gear. But we also have a list of things that you cannot list for rent. Typically, these are common sense items. RentMyTool reserves the right to prohibit any types of items for any reason. Some examples of items you may not list for rent include: Firearms of any kind Inherently dangerous item, such as explosives, pyrotechnic item, fireworks or fireworks item Blasting item (or any item associated with blasting in any way) Wrecking balls Disposable item or supplies Clothing (exception of technical suits and gear) SCUBA or diving apparatus, including air tanks Item illegal anywhere Canada and the United States Rockets or launch item Sex toys or sexually-oriented item Medical item Live animals
RentMyTool will collect and remit any sales taxes automatically for jurisdictions in which RentMyTool is required to. Sales tax will be charged in addition to the total rental price. The item's owner will not have to collect or remit sales tax.
Great question! Follow the RentMyTool 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 items.
If you are listing your item:
Properly maintain and upkeep your item
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 item an oil change on time, every time. Remove and prevent rust build-up. Maintain tires or other high wear parts. Whatever the piece of item 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 item for wear or damage.
After every use or rental, you should properly clean and inspect your item. This allows you not only to extend the life of your item but gives you an opportunity to find hard-to-notice damage that may be a safety hazard. Checking in item 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 Item Protection Plan if needed. Everything should be wiped down and washed down before going back into its storage.
Correctly Store Item
This not only helps you stay organized but properly stored item and tools can prevent rust build-up, debris accumulation. Storing your item 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 item, 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 give it a try 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.
Clear and open communication starts with you.
We all here for win-win scenarios. Set the expectation on how you want your item to be treated.
If you are renting an item:
Get homeowners or renters insurance. This is a good idea anyway you look at it, our higher-rated users have homeowners or renter's insurance. Owners and renters of item have more peace of mind and RentMyTool suggests this to anyone renting item, however, this is not necessary to rent an item.
Make sure you are competent in using the item.
It's not a taboo to ask questions around here! Make sure you show you are familiar with the item, and don't be offended if you are asked to prove you know what you are doing. RentMyTool 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 item
It is always a good idea to check the condition of the item before using it. Document any issues you find with 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 item well
We all here for win-win scenarios. So, treat items better than you would if they were yours.
RentMyTool 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 item, 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 item, show them how to properly use the item and ask them to show you how to use it. If someone who is renting your item seems to be incapable of safely showing you how to use the item, consider cancelling the rental.
We advice everyone renting an item to purchase some form of insurance coverage. If something goes wrong while the item is being rented, your insurance, may come into play. However, RentMyTool provides owners the opportunity to charge renters a deposit for the item they are renting and if the item is returned in an unfavorable condition, the owner can open a dispute with RentMyTool support to claim the deposit that was charged to the customer. Owner must present images showing the before and after condition of the item to claim deposit. RentMyTool does not currently provide renters and owners insurance coverages at the moment but as we grow as a company, we look forward to be able to provide this option to our users. We Strongly recommend you get your own insurance coverage before listing an item or renting an item.
