How does one protect themselves when renting Gear?

[CrankyRayHanky]

I've always been low key, home studio on the side. My gear list is beginning to get attractive.....how would I get security if a relative unknown stranger wants to rent gear?

Getting a credit card seems the best route, but I'm not a business here, just a dude with cool gear. Where can I look to get the ball rolling on this venture? If someone runs off with my gear, I'd like the ability to get the value back.

I imagine that I would just do this locally, I don't want to deal with shipping.

This may be the future of small studio dependable income, as the splurge of home recorders is exponential

[ALL*MYTEE]

Hi Ray,

I would suggest starting with a very strong rental contract and being very clear and upfront that's it's a business. Be clear in terms of what is expected and what the fees are if something comes back dented, smelling like smoke or scratched. If you respect your gear, other people will too. I had my lawyer write up a contract that I everyone signs the first time they rent. This not only protects me in case something gets lost or stolen, but also if someone gets electrocuted or if the failure of some gear puts the kabosh on an expensive session. Coming at it from a viewpoint of being a nice guy with cool gear, in my opinion, is asking to get taken advantage of. Are you doing it to make friends or make money? Be clear on this point and everyone else will be too.

Also, flight and SKB cases are a must.

I get a copy of their driver's license and a credit card and write down what they're taking and have them sign that too. Make sure to communicate about cables--and if they seem sketchy, replacement costs. Most of what goes missing is power cables--"oh, was that yours?". Imagine yourself packing up after a session at someone else's space. A little labeling and communication go a long way.

Getting a credit card machine and getting authorization is the best and most sure way to protect yourself. Though most people who want to rent a $2000 compressor probably won't have $2000 on a credit card. If you want even more insurance, getting your stuff insured to rent will likely cost around $600 every quarter or 6 months. A business license will allow you to write off the cost of new gear, though you'll also have to pay taxes and keep records.

Overall, engineers and recording musicians are pretty trustworthy folks. Some are a little relaxed about who's smoking at their sessions and where beers get put but you should be figuring a little bit of wear and tear into your prices.

Best of luck.

[CrankyRayHanky]

I appreciate the response, thanks

[Savernake]

Good read there. These are the little extras you dont get in any books that are incredibly valuable information for small studio businesses. I would suggest a gearslutz book but it wouldn't have a search function!

[primemeat64]

ebook?

[ALL*MYTEE]

If anyone's interested in more information, feel free to contact me through my web site: White Gold Sound System. I'm happy to share any insight I've gained about starting up, getting the word out, what prices work, what gear people rent most and even my contracts and forms. I wouldn't do it for free, as I didn't come by it for free, and my time isn't free, but I wouldn't charge an arm and a leg either. If you're serious about starting a rental biz, it should save you a couple times over what I'd ask.

I should mention up front that in most markets there will NOT be a huge market for rentals--I make most my money from buying and selling gear. The rental market is growing I believe, but most home recordists don't think of renting stuff--or know the difference and most professionals tend to use the equipment they have for obvious financial reasons. Still, if you have a bunch of gear that goes unused on weekends and want to make a few bucks here and there, it's pretty darn easy. It also helps to be hooked into the recording community.

Best,