2019 - Volume #43, Issue #6, Page #09[ Sample Stories From This Issue | List of All Stories In This Issue | Print this story | Read this issue]
Farmer-To-Farmer Equipment Rental
“The site is peer-to-peer renting,” says Phil Smith, a livestock farmer in Coldwater, Ont., who partnered with a website manager to launch www.rentfarmtools.com in September 2019.
He recalls how he and his wife started farming 20 years ago and couldn’t afford much of the equipment they needed. And as they aquired equipment, it generally was not being used most of the year. He initially started with his own website, renting out his farm equipment, and tested the idea for about a year and a half.
This year, he got other farmers on board who are interested in renting out their equipment. While in its early stages the service is focused on central Ontario, the goal is to create a pool of farmers with tools to rent in many other areas. Ideally, people with the equipment and people who want to rent it will live close to each other.
People who need equipment simply go to the website and search for tools they need. Prices are set up with daily rates and reduced prices for longer rentals. For example, a 3-pt. hitch scraper blade rents for $70/day or $50/day for seven or more days.
Smith and his business partner charge a small commission on the rental rate to cover transaction fees, website maintenance, and an internal insurance claim fund. The plan is to partner with an insurance company to add that as an option for some rentals.
“Really, we want everything and anything,” Smith says. “It could be a combine or even construction equipment, backhoes and the like.”
Currently renters and those who rent work out how to deliver equipment, but Smith plans to add links of people with trailers to haul.
Without overhead, Smith anticipates most prices will be a bit lower than rental businesses, but since farm equipment isn’t generally available, prices are set based on cost of the equipment and condition.
“I think this is a much needed service,” Smith says. “One person is saving money from not having to purchase a piece of equipment and one is collecting money from equipment that sets idle when other farmers could use it.”
Contact: FARM SHOW Followup, Phil Smith, Coldwater, Ontario, Canada (www.rentfarmtools.com; firstname.lastname@example.org).
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