Renting

[DDirector]

I have always wanted to rent out my gear to make some extra few bucks while I am not working.
So, at least i get some income. Even if its $200-600/day. Better than nothing.

I do not have much, or anything really worthwhile to rent at the moment.
I'm still saving up to buy gear for myself. But, I am able to get a loan if I needed and worth it.
So, I've been thinking about it again.

I don't have an extensive client list of people who would be interested in renting, but I do have a fair bit of people who I know would.
I haven't been adverting it, but definitely will if I have something to rent. I know it may be a slow process to start, but could be worth it in the end.

I've been thinking about getting a loan to pay off for a professional camera, lenses, mattebox, follow focus, and other misc items for a good camera package.
Then renting it to productions.

1) What do you think of the idea? Is it really something worth doing even if it brings in extra money?

I also would need insurance for my gear for sure. I was told it could be around $1,500 a year for insurance.
But i don't know much about insurance..

2) But, how does all that insurance work? Do I need insurance and does the production need insurance too?
3) What if the production doesn't have insurance (if needed), what can be done?

I've never dealt with renting out gear personally myself through a rental house or someone personally, so I don't know what is needed to be done. I've had other people do that for me from both personal and rental houses.
What is the process of renting out gear to others?
4) How do you rent out the gear exactly?

 

[Josh Bass]

I think when you rent gear out the RENTER is supposed to have insurance. Otherwise you make them put down a huge deposit which you refund if the item is returned unharmed.

I would say DONT DO IT! i know a handful of folks is trust to rent, the rest, no way. Definitely wouldnt rent to just anyone who asks.

 

[unclebob6958]

Have you checked out your local competition? You'll have to compete with their equipment list, rates and service. I don't know about cameras and related gear, but for production sound needs Trew Audio is in Toronto and Vancouver - and L.A. and Nashville. They ship just about everywhere in North America, and their prices are quite reasonable.

And now on to the nuts and bolts of the situation....

Do you have a day job? Because you will also have to be available for pick-ups and drop-offs. You will need to advertise. You'll have to process payments by credit card so you can get payment and receive and return deposits; the CC companies get a percentage of every transaction. You'll need rental contracts that will actually stand up to litigation. Depending upon the regulations of your local jurisdiction you may have to get a small business permit, and, of course, you'll have to deal with taxes, regulations, insurance (yes, in case someone breaks a leg on your property while picking up the gear - or your gear injures the renter) and a myriad of other potential issues.

If you really want to pursue this I would consult with an accountant and an attorney (or whatever you call them in Canada) im your local jurisdiction. As I mentioned, there are too many local and regional business and legal issues that need to be dealt with for your specific location.

BTW, if you want to make $200 to $600 a week you'll need between $8,000 and $24,000 worth if gear; on average, you profit about 2.5% of value per daily rental; the rest goes to pay your bills as discussed above. And all the gear won't be going out every day. Also, a weekly seven day rate is usually four days rental, and monthly is three weeks rental, which drops your daily income ratio.

So unless you actually want to start a small business and deal with all of what actually goes along with running a small business I would say no; it's a real PITA.