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How to Rent Out your RED?

A

Alexander Alexandrov

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I just got a RED One kit and starting out. It wasn't easy financially, but will pay back 10-fold on many dimensions.

I have a question for all of you renting your equipment. I understand this is sort of a sensitive topic - not everyone will share their "trade secrets", but some will...

I'd like to be renting out my RED One kit from time to time.
- how does one go about doing so?
- what kind of papers are needed?
- what kind of deposits, collateral, insurance items are asked from the person renting? how reliable are those in reality?
- what are you pricing structure approaches?
- what packages?

any insight is sincerely appreciated.
 
- what kind of deposits, collateral, insurance items are asked from the person renting?

YOU have to ask for that, the client won´t ask if he can leave a deposit, you have to get an insurance for your equipment and state in your terms and conditions how damages or loss of equipment is handeled. Get a laywer who sets up something with you, or even better if you´re not into rental business yet, stay out of it.

Manuel
 
Manuel Wenger said:
- or even better if you´re not into rental business yet, stay out of it.

Manuel
Click to expand...

:thumbsup:

I have to agree with Manuel regarding your paperwork. Make sure it's in order. Now a days it seems you should have a value added proposition when renting... e.g. provide something beyong the camera package. Post workflow, or CC work, or archival, or lunch.... There are a few rental houses in LA giving the cam free to rent the lenses, at least one post house offering the entire package free as long as they get to do the post....tricky market - the camera has been commoditized fairly quickly.

8 mos ago I rented a package for 5 wks at 9k (including, full set of primes, zoom, support, etc) - today I bet I could swing it for half that.
 
If you are not in the rental business do not bother keep the kit for your own use only or possibly rent to friends and people you trust. Rental is a different world best left to the professionals.
 
I've got a friend here who was very excited I got the RED and always said he'll be renting it from me soon. So time goes by and he shows me a music video that he shot on the RED. He got a complete package with 5 MP lenses for 3 days all for an unbelievable low price of $1600 and if he would of haggled with him I'm sure he would of thrown in his wife as well. This is a local company around town that I won't mention.

BTW the video looked like shit...

I've never rented my gear before and won't unless I go along. So chances are I will never!
 
In LA, if you dont know the clients personally... chances are they will find someone with a better deal. AND you must have complete package, Arri AKS, Primes Lenses(Cine PL only) and O' Connor Support too.
 
" what kind of deposits, collateral, insurance items are asked from the person renting? how reliable are those in reality?"

rental house require equipment rental insurance ... the renter will send or have their insurance fax/email you a certificate of insurance ... let's say the total amount of rental insurance is 50k and your package is worth 45k ... it looks like you are covered BUT you have to remember the same person is showing the same 50K insurance to the lighting/grip rental house and other other company's they are renting from ... at any given time they could have 200K+ rental equipment on a production ... if they have 40k worth of lighting /grip , 45k Red , 30K misc and they keep it all in the grip truck and the truck is stolen = your Red is NOT covered for 45k ....
2) just because you have a insurance certificate in front of you doesn't mean it is legit ..
i worked on many low budgets and SAW then with my own eyes change the insurance amounts . NOTE: they didn't change the amounts if they were giving to a established rental house they chage the amounts when they gave it to individuals or very small company's ( like person with camera , person that had car tow truck ( usually need high liabilty) , person with jib ...
so you might want call to make sure the insurance has not been cancelled and the amounts are correct ...
i have insurance on my Red - however my i insurance does not cover it while it is out on a rental ...
IMO if you do not know the renter and you do not send a person you know (or yourself) out with equipment it isn't worth the rental $$$ to loose whatever you've paid for your Red ...
 
like everyone said.. stay out of rentals.
It sucks to hear.. especially if you were barely able to afford your red.. but the times of amazing rentals and making money back on rentals is GONE!
Luckily I got my camera back in the day when there was still a boom, so i paid off most my gear.. but now rentals are almost non existent and I now just look at my gear as my own personal camera. things will get much much harder once scarlet and epic hits
 
Saturated market is an understatement. Also, in most markets, RED is still fighting an up-hill battle to compete with existing HD and film cameras too. Producers / DPs don't see a need to stray from their current comfort zones when what they're using now is "good enough". I see that every day... Why would they want to shoot 4K when the project is going straight to the web, maybe DVD, and an HVX200 kit with all the trimmings is < $400/day or $1100/week? Yep...

I've slashed my rental rates just because I was tired of negative criticism when people would ask for a quote and I thought maybe I'd pick up a bit more rental business. Now I don't get the negative criticism, or at least not as much, but it hasn't increased my rental business. IMO, rentals are more of a hassle and carry a significant risk to your equipment unless you have enough equipment and clients to rent out lots of stuff regularly and make it a primary function of your business.

Most of the people interested in renting my camera don't contact me directly. They reach me through referrals from a local rental house, primarily because they're often renting lots of other equipment along with the camera -- stuff I can't provide. I have an extensive RED kit, but I don't have all the grip, lights and other support to be an actual rental house. And I don't want to be one. This can actually be one of your best ways to offer your camera for rental. Contact some local rental houses and offer to rent your camera through them... They handle everything, insurance, clients, etc.. You make a few bucks for rental of your camera. But be warned, you won't make much and most rental houses now have their own RED Ones and there's already a long list of people they can call if a customer wants one.

If you do end up renting out your camera for a few bucks here and there, be sure to have insurance for your equipment that covers repair and replacement. Additional liability coverage is also a good idea, especially if you will be present for the use of the camera, etc..

Also be sure to collect the following from anyone who rents your gear:

Certificate of insurace -- don't be afraid to verify it either! I've seen a lot of fake ones!!! Anyone not willing or able to provide insurance is just a hack-job wanna-be anyway.

You may be able to offer insurance coverage to those who rent to you via an add-on to your policy, for a fee. However, I strongly recommend against that unless you intend to start running a full-scale rental business. Also consider that in many places, if you extend insurance coverage, you are also extending your own liability if something goes wrong. Best to stay away.

Get a drivers license and license plate number of person who picks up the gear. If you deliver, still take down at least one drivers license number and try to get another form of ID. Taking a credit card security deposit isn't a half bad idea, either.

Have a rental agreement that spells out the usage terms, who is liable for damages and expenses, something that states the renting party is solely responsible for any consequences that arise from the use of the gear.

All of this is standard stuff for rentals. And it applies whether you're renting out camera gear or garden tools.

Good luck...
 
thank you everyone for their input!
becoming a rental house is the last thing i want to do, but being able to rent the rig from time to time to make a few hundred here and there just on that side is nice. Looks like, in my case, it is best to always rent yourself with the camera (be the second camera, etc.) which is best for me to advance anyway, or give it to people u know and can count on.
 
Did you make a Business Plan behind the purchase of the RED or did you just buy it? Heavy documentation of a plan is typical a good idea.

Your best solution is to get partners with you in on the RED and go after clients with full support. Renting equipment is not so simple, offering services with the right equipment might help you.
 
I'm moving up to RED from shooting with video DSLRs (d90, 5DII) and their rigs. With RED: 1st priority is to learn it a to z, workflow, etc. feel 100% at ease in RED waters. So continue improving, and offering myself 1st are priorities on that front. Making some $ on rentals would be nice, but certainly not worth the 'rental house' hassle in my case at all. Renting myself out with the gear is of great interest. Starting as a backup, assistant for a field pro is best and doing personal projects as well.
 
I'd echo the good advise already given -- not worth it unless it's an "inside" rental with people you know and trust -- and even then... And the producers with money will just go to the pros so they have the 24-7 backup. No way an individual owner can compete, and really, for the small financial benefit, not generally worth the hassle, worry, etc...
 
Good advice Jeff.

I rent my gear only as a kit rental with myself, business partner or with a tech that's working for us. Our insurance covers the package so long as it's with someone working for the company. In short, someone from our company is always with the camera. At first, I began renting it alone and quickly realized the risk and hassle is too high. I went in on it with a partner because as DP's, we have a strong existing client base. I'd say 80 percent of our rentals are with previous clients. That said, I do however, like to get on the production company's policy whenever possible. Rather claim on their insurance than mine. If you plan to run the rental house game, make sure you got all the fixins and a back up body.
 
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