How to Get More Revenue from Your Rental Equipment

26 Feb 2017     |    Blake Ng

The goal of any tour and activity company is to help their customers experience their chosen destination in a whole new way. One of the ways to do this as a tour operator is to provide rental equipment to interested travelers who want to immerse themselves your location. Rental equipment may include kayaks and jet-skis from tour companies that are located on the water, or it might include skis, snow boards and snowshoes for a mountainside activity provider.

Regardless of your niche industry, you will want to know how to maximize the revenue that is generated from your rental equipment. Here’s a few steps you can take in order to boost your revenue and improve the lifespan of your rental equipment:

Implement an Online Booking System that Tracks Equipment Availability

The one event that will have a negative and nearly irreversible impact on your brand is if you are consistently overbooking your rental equipment due to poor inventory management. It can be challenging to manually manage your rental equipment inventory, which is why you should implement an online booking system that helps you automate the process. You need to provide real-time availability of all of your equipment to your direct customers as well as your distribution agents.

Create a Pricing Structure that can Easily be Provided to Distribution Agents

You know that you need to design a pricing structure that allows you to maximize revenue during the busy travel season while also minimizing costs during the slow season at your business. With the right online booking system in place, you can implement a complex pricing structure with ease while also providing this valuable information in real-time to all of your distribution agents. You will want to select an online booking system that has an effective channel manager.

Schedule Time to Maintain Your Equipment

By implementing an online booking system that allows you to schedule specific time periods for maintenance, you will be able to increase the lifespan of the equipment that you have available. Preventative maintenance allows you to keep the same equipment for longer, ultimately generating more revenue per booking.

Communicate with Your Customers and Provide them with Support

Most of your customers who book your rental equipment are going to be newcomers who may not have an understanding of how the equipment works. Be sure to provide them with adequate instructions prior to their departure, but also be available if they need any assistance during their rental period. Implementing a cloud-based online booking engine allows you to take your business on the go, and prevents you from being stuck in an office and unavailable to your customers all day.

There are many online booking systems available for those in the travel industry, but the vast majority of them are generalized for any type of business that works with travelers. Instead of choosing a sub-par online booking system, opt for one that was created specifically for tour and activity providers. In order to see how Rezdy can help you maximize the revenue that you generate from your rental equipment, begin your free trial today.

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