How to Save Money on Event Rentals with These 6 Steps

If you’re like me when planning a meeting or event, the rentals portion of the budget can consume all of your time and energy.

Good news: it doesn’t have to. The only change you need to make from your current way of thinking is to add in some courage. If you ask the right questions, to the right people (your boss, stakeholders and/or most importantly, your rental vendor), you’ll be well on your way to savings.

Here are some tips I have learned along the way that can help you get what you need without sacrificing your relationship with the party you are negotiating with.

To help you with your own process, I have formatted my tips in a form of the questions that you should ask yourself before negotiating your next rental contract.

How Flexible Are Your Meeting Dates?

Every event rental company has a slow season, and/or quieter days of the week. Find out what times are considered off-season for your vendor. Remember that for most companies, some business is better than no business. If you’re willing to work with them, they’ll be inclined to return the favor.

What Do You Need, and What Do You Want?

It is really important to prioritize what you absolutely need versus what you want at your meeting. Start with your “deal breaker” needs and work up a continuum listing to your greatest want. This will keep your priorities in focus. If you have to peel off those nice-to-have-but-not-necessary items, having this list will help you decide what to keep and what to leave on the table.

Are You Willing to Consider a Multi-Meeting and/or Multi-Year Contract?

Much like you, rental vendors are driven by numbers and profit margins. If they know they are going to be involved in 15 of your meetings over the next two years, they are more likely to sharpen their pencil and treat the aggregate business as one contract. This can definitely work to both party’s advantage; you get the concessions you want and they get the guaranteed revenue they need. Seems simple, but it would surprise you how often planners forget to consider this easy budget-saver.

Do You Even Know What Your Vendor Offers?

Rental companies are constantly evolving, adding to their product line and expanding their services. This goes to say that most companies will have an expanded menu year after year. For example, a typical audio visual company now offers computers, copiers and Wi-Fi router rentals as a standard baseline. Your event rentals company may have expanded past just tables and chairs, now offering lighting and AV.

My point is, find out what their most current range of their services are to see if you can source all of your needs from one vendor. Fewer vendors mean time saved on logistical headaches, staffing, and rental fees.

Can You Stay Local?

I probably don’t need to say this, but if you go with a local organization there are many advantages besides cost. From a cost factor alone, you save on packing, unpacking, shipping and storage charges. From an environmental factor, you are going green because your carbon footprint is much lower. And from a last-minute needs standpoint, a local provider can run across town and get you what you need. Again, pretty obvious with an all-around win.

Do You Know Your Total Spend?

Even if you can’t consolidate contracts or offer the vendor multiple meetings, perhaps your spend with them is still great. In this case, you should be able to negotiate some comp items that are low cost to the vendor but important to you.

In summary, try and look at the big picture and get creative in your negotiations. No one wants to be hammered on price alone. Look at it through the lens of the vendor and work toward an amicable solution for all.

The post How to Save Money on Event Rentals with These 6 Steps appeared first on The Social Tables Blog.