Renting out equipment

Reznik

It was suggested to me today that I could make some cash by renting out my video camera to the local filmmakers. Apparently people are renting gear out for as much as $300 a day which, for a small town with a small population of poor student filmmakers, is rather high.

I have a Canon HV40 with lenses, filters, tripod, external microphone, case and a few other accessories. I'm interested in renting this out but I'm wondering well... where should I start? What information do I need, how do I protect myself against theft and my gear getting damaged, how can I ensure compensation if there are damages, etc etc.

I was thinking of charging $150 per day, perhaps requiring $50 up front? The renters would have to supply their own DV tapes and return the camera with the battery charged... I'd like to hear some opinions and advice before I go on. My freelance work isn't bringing in as much money as I'd like so this would be a great source of income for me.

Oh and if it makes any difference, I'm in Ontario, Canada.

embrik

Definitely have everything spelled out in an agreement. A quick Google search turns up some good templates for equipment rental agreements. Microsoft even has a Word template - http://office.microsoft.com/en-au/templates/equipment-rental-agreement-TC001185091.aspx

Dropping Loads

And be sure to require a deposit!

MetroidZoid

Definitely draft up a solid contract, deposit and other things both parties must do included. This will save you much heartache later on, keeping in mind with that much more frequent use the camera's life expectancy will drop quickly.

Figgy

What is to stop someone from providing fake ID and just never coming back with your camera? I'm sure it's worth more than the $50 deposit.

wmelon

Figgy wrote: »

What is to stop someone from providing fake ID and just never coming back with your camera? I'm sure it's worth more than the $50 deposit.

They have insurance for just such an occasion. Many policies for this type of thing also cover damage to the equipment.

Cycophant

Something tells me getting proper insurance for this kind of thing would require you to actually start up a business. I have a hard time believing an insurance company would issue a policy that covers you against theft and damage when renting out your stuff without an associated business.

So there's the cost of all that, plus the cost of getting a proper lawyer to draw up a proper rental contract for you. Yes, you could write it up yourself, or grab one off the internet, but you'd be taking a huge risk.

Every other time I've rented out an expensive piece of equipment, I've had to either put down a sizeable deposit (much more than $50), or more typically, give them a credit card where they can put a hold on a good portion of the value of the equipment. That's probably the route I'd suggest you take, because as someone mentioned, there's very little stopping someone from putting a $50 deposit down and running off with your camera.

Reznik

Thanks for the advice. My mom has a friend who is a lawyer so I'll see if I can speak with him before going any further.

saltiness

I'm gonna say it's probably more trouble than it's worth to try make a business out of renting one video camera.

Cauld

It costs around $50 to start a business, don't let that technicality stop you. It will depend on your state, but in MN all you have to do is register yourself as a sole proprietor, which lets you use the 'doing business as' thing. And put out an ad in the legal section of the paper and you're done.

oldsak

wmelon wrote: »

Figgy wrote: »

What is to stop someone from providing fake ID and just never coming back with your camera? I'm sure it's worth more than the $50 deposit.

They have insurance for just such an occasion. Many policies for this type of thing also cover damage to the equipment.

You could also have the renter sign an authorization allowing you to charge his credit card in the event there is any damage to the camera or lenses.

I think you can set up credit card payments through paypal.

MushroomStick

Cauld wrote: »

It costs around $50 to start a business, don't let that technicality stop you. It will depend on your state, but in MN all you have to do is register yourself as a sole proprietor, which lets you use the 'doing business as' thing. And put out an ad in the legal section of the paper and you're done.

I'm sure that number varies from area to area and businesses have all kinds of extra tax type stuff to do.