Friends! This week we wanted to do something a little different and give you the opportunity to submit questions for Cam to give her best advice on. She shares how to price inventory, hire employees, and even gives her advice on pivotal ways to grow your business.

Q- How do you determine your pricing?

Pricing highly depends on the area that you are located in. For example, a sofa in New York might go for $600-$800 whereas a small town in Texas might rent the same sofa for as low as $200! Additionally, it’s important to take into account your company’s value. If you have been operating for many years and feel that you can charge more for an item, do it! We like to reevaluate our pricing at least once every other year to make sure that it is in line with the market and the value of our company! See Episode 41 for Fees you Should be Charging!

Q- How do you go about hiring employees? — I’m clearly doing something wrong

First, you are not doing anything wrong. You are just learning! We have a pretty detailed hiring process that helps us choose the best fit for our company. See Episode 55 on How to Hire Quality Team Members + Our Interview Process!

Q – I’d like to sell my rental biz by 2025. How do I go about figuring out a fair asking price?

Cam’s biggest advice for this is to make sure you start prepping for selling early on. There are going to be a lot of things that the buyer asks for, like sales reports, and you are going to need a lot of years worth of that information! Think about the things that make your company valuable and make sure to present those when selling.

Q- How do you keep rentals in top shape? It seems like a lot of work!

We have an amazing Warehouse Manager who keeps an eye on all of our product! We charge a damage waiver that is really helpful when items come back slightly scuffed or accidental stains. It’s a good rule of thumb to have 3 sets of eyes on all product that comes through the door to ensure that there are no additional damages that they damage waive would not cover.

Q- Cam, if you could choose 1 or 2 pivotal points that created your growth jump? Advertising? Inventory investment?

3 pivotal points that helped us grow:

1. The people – Choosing the right team who is relational, client oriented, and aligns with our core values.
2. Increasing our inventory investment!
3. Through our marketing and advertising! Honing in on email marketing and connecting with clients on a deeper level.

Q- When do you ask people what their budget is? Up front or let them say it?

It is very important that you ask for budgets upfront! We do this by having the client fill out our Contact form which asks for a budget. If they don’t fill out our contact form, we will definitely give a few price ranges and ask which price range best fits their needs! This is information your company needs to know before sending out a quote and assures that everyone is on the same page.

If you have questions for Cam, send us an email at info@therender.co to have your question on the next advice column!

Joyfully,

Brooke Hicks | Render