How to Determine Rental Rate for Party Rental - Part 2

[@makershub7007]

This video series of part 1 and 2 have really helped me and now i am looking into creating a rental company, Thanks

[@Eventstable]

That's awesome! If you have questions we are happy to help - we might be able to make another video about it! Good luck with everything and thank you for watching.

[@makershub7007]

@@Eventstable Wow you replied really quick i wasn't expecting that, Thanks for your support and i will definitely be following up and watching your videos.

[@makershub7007]

@@Eventstable I do have one question related to rentals don't know if you can help but I would like to know how i am meant to take note of someones card details and id so if they don't return my equipment i can contact them and if they refuse to return my equipment i can charge to there card. Obviously this is a last case scenario

[@Eventstable]

Makers Hub In my experience, this isn’t a huge risk. Rentals are usually local, so you can meet your customers. You can also grab a copy of a driver’s license to deter that kind of activity. Finally, you’ll have a rental contract that will aid in the event of payment disputes. Hope that helps!

[@DrLauraRPalmer]

GREAT INTERVIEW!!

[@Eventstable]

Thanks!

[@dillonyoung7260]

Great video!! I just got my first rental today and they told me i was too cheap but i was like but I already made good money.

[@Eventstable]

Congrats on your first rental! We hope this was helpful. Thanks for watching!

[@exquisitejana]

I’m starting a boutique rental company in Sedona AZ and am wondering if you can tell me what you think my most popular items might be to start. We do a lot of boho chic style weddings here and clients do like lounges, specialty tables/chairs. But I’m just trying to figure out how to go about purchasing my first several items. I already have a few ceremony structures, some vintage furniture and some other pieces that I need to do a little refinishing on to get them up to speed.

[@motherhoodfineprint]

Following

[@BigReege]

Great tip and way to look at the patio heaters

[@stephanielaur5371]

Thank you! We added decor rentals to our wedding planning business 5+ years ago. This past season we added tableware and decided to split the company and start a separate rental business. Most of our venues have covered structures, so not a lot of need for tents… but the hot ticket item for caterers image grills and convection ovens. It’s a big ask, but my thought is if we offer the two, we will book more of our tableware, etc with securing the wedding. Thoughts? Any recommendations on grills and ovens?

[@Eventstable]

Please excuse the late reply! I know a lot of rental companies have a lot of success with grills and ovens. And you're right, by offering those you can generally partner easily with caterers, giving you a much better shot with all the tableware rentals and more of the wedding.

[@kamishawestmoreland6162]

Thank you so much for sharing. I hope that you continue to put more information like this out.

[@Eventstable]

Absolutely Kamisha! We will do our best. Thanks for watching.

[@fallen_rain5295]

This helped me price a ton of my equipment

[@ladonnawimmer1511]

How do you determine rental of tents? Some cost as much as a house.

[@yomayraofficial13]

Can u do a video focusing on starting a Tent rental business?

[@mztiffers81]

Weekly vs weekend rental for lounges??

[@TheRentalJourney]

I can tell you guys really know your stuff and I'm finding lots of value from the video, but I'd say price is determined also somewhat by the market, in other words what your local competition is pricing items at, in addition to the theoretical pricing points. Let's say it makes sense to price something at $25 based on time, cleaning, and longevity variables, but if everyone is pricing that item at $15, what do you really do? If you price it at $25, most potential clients will go elsewhere.

[@Eventstable]

Good point - can't forget to price for the market. That said, price sends a message and you have to determine where you want your company to be perceived in the market. $25 might say better quality, better looking, cleaner, better service, etc. Then, your company did the same amount of work for probably double the profit...

[@Thejumperguy8]

Gorothbalion great point but don’t be scared to mark your items higher I charge more for my tables than big companies and they rent out just fine for example they rent a 8ft wood banquet table for 9.95 I charge $12

[@josephwatkinson6449]

What is that song you use throughout your video at the start and end?

[@Eventstable]

Found it! It's called "Freedom" by Rex Banner

[@kawaiisenshi2401]

Giant games?

[@yodaddy6586]

Is it even profitable between paying insurance and broken ripped stolen items. 😆