Would you rent out your power tool?

[ToolSpinner]

We are a few months away from launching our online peer-to-peer power tool rental site http://www.toolspinner.com and would appreciate feedback from individuals in the DIY power tool community.

Here is the basic idea: Tool owners will create a profile and list each of their tools as available for rent with a detailed description, picture, and availability. Tool renters will search by location/tool and initiate a rental request. If the owner confirms the request the renter is charged and information is exchanged. Upon return of the tool in good working condition the owner is paid the rental amount (minus fees).

Tool owners will earn extra money on tools which experience minimal use (think of your pressure washer).

Tool renters will pay 1/2 the price of traditional rental stores for twice the time (weekend rentals).

The company (ToolSpinner) will be the online marketplace handing all billings, tool insurance, rating system, dispute resolution, and owner payments.

A few highlights of the company:

- Review system similar to eBay will encourage trust through reviews

- Each tool is covered for repair/replacement program should the renter misuse or abuse the tools resulting in damage

- Secure credit card payments with address verification on renters

- No personally identifiable information of owners is shared until after receipt of payment

- Rental prices are set by tool category according to region

Question to you:

1. Is this a service you would personally use as a power tool owner or renter? If not, why?

2. Are there any considerations/features I should consider while designing the features?

Thanks folks. I'm trying to bring something truly helpful to the DIY community. I'm aware of other similar services that exists for peer-to-peer rentals but none focused exclusively on home, lawn, and automotive tools. We are looking at having around 130 categories of tools.

Thanks for your input!

Daniel Cole

Co-founder ToolSpinner ToolSpinner.com

[Eric - TIA]

I think its a cool idea. I would be interested in learning how insurance for my tools work. So how would it work if I rented one of my tools and it didn't come back or was broken. Do I get enough to by a new tool? I would rent tools. I currently have a lot of tools, but if I was doing a tile job, I don't have a saw. I really don't use one enough to purcahse, so i would rent. I think this is a cool idea.

[ToolSpinner]

Thanks Toolman, great to hear others who would be interested in this type of service. Theft and misuse are the two biggest questions folks have when I share the idea.

We understand that your tools are very important to you and in some cases quite costly. To protect your investment ToolSpinner has put processes in place to ensure your property is returned in good working condition.

To discourage theft a Renter’s credit cards will be pre-authorized for the replacement value of the tool, if your tool is not return the renter will be billed the replacement value of the good which will be credited to you for a replacement item. Tool listings are organized by category, each category shows the replacement cost associated. In most cases we use the average new purchase price for a tool. When listing you will be able to see the replacement value of the good. If you don't feel this would cover the risk then we can look into others options. In most cases it would allow you to walk into home depot and purchase a brand new replacement.

You should expect your tools to receive normal wear through use by others. You should not expect your tools to be broken or otherwise damaged. This type of wear is not considered typical and will be covered under our "ToolSpinner Assurance Program". ToolSpinner will cover the repair cost of each tool up to $1,000. There are some restrictions (such as before and after pictures required) but as a whole we intend to cover misuse and restore your tool to good working order by covering the repair bill. It has been our experience that Renters treat tools with respect and return the items in good working condition. It is also my experience that most tools are very robust and can withstand a few extra uses.

Earning extra money or saving money on rentals will be a very compelling story I hope. Here is a typical example if it helps you understand it better:

Each tool in our database has a set rental rate depending on market factors. Your earnings will be the rental rate minus the 20% fee ToolSpinner charges for facilitating the transaction. For example a typical pressure washer will rent for $45 – $9 (fee) = $36 each rental. If you rent it 8 times in a summer that would be a $288 transferred to your bank account. There is no limit to the number of rentals or the number of tools you can list.

Pretty cool we think.

Sign up for our mailing list at http://www.toolspinner.com to be informed of our progress.

Thanks for the response toolman.

Daniel

[ToolSpinner]

Any other input? We are a few weeks away from launching.

[Conductor562]

I followed up on this. Looks like they are up and running in the Fredrickburg, MD area. Personally, I wouldn't pimp out my tools but I understand not everyone is as particular about their tools as I am. Prices vary a bit. I saw 18V NiCd Dewalt hammer drills as cheap as $9 a day and as much as $21 a day. I'm interested to see if it takes off.

[Eric - TIA]

I wonder if it would take off. I don't even let my friends use my tools, little alone someone I don't know.

[Conductor562]

Yea I couldn't do it man. Be like pimping out my wife.

[PutnamEco]

I'm much more inclined to look toward building something like a tool library. I feel this would be much better for the community. I am an active volunteer, and work toward making my community a better place. I do understand the abuse something like this may be subject to. If a tool rental pool was my only alternative, I might consider it, as I do have enough extra tools to rent some out without affecting my daily work. I would prefer it be limited to a share and share alike membership, as someone who has a stake in it would be less likely to abuse the system.

I really wish I lived in a large enough community to have the critical mass to start something like a Makerspace or Hackerspace

[wayneburgess]

That's the thing though,there's always going to be someone who abuses things and screws it up for everyone else.

[kirk stansfield]

I wouldn't lend them out if I were you, I had a Tool Hire shop in Englad before I moved to Australia. Th Tools certainley get some stick, and don't forget when the guy you lent it to has had it long enough he really belives it's his. I am now working on my website http://www.rapidtoolsdirect.co.uk/ may as well give it a plug.

[wayneburgess]

I rent my tools out all the time.They come with me holding onto them

[ChrisK]

Ha! You go Wayne! Chris don't lend tools! They tend to get broken! I let my brother use these cool little ratcheting screwdriver I had JUST bought. I am standing next to him and five minutes later the handle is all chewed up and covered in grease! WTH!!! I know I'm anal about my tools but come on! Five minutes?!?! I don't think I could rent out a cordless kit that cost me a $150 or more for a $9-$21 a day! They might get dirty! OR broken!!

[Conductor562]

I tried to follow up on this a few months back. I don't think it took off quite like they hoped. The prices varied wildly as well. Some people rented out an 18V Dewat drill for $9 a day while others wanted $21 a day for the same drill.

[wayneburgess]

Low end tools bought in silly sales for peanuts, rented out at high daily prices to cover cost of purchase as soon as possible is just encouraging folks to buy crap and then worse palm it off on others for a daily fee.

Because any working person will not buy an expensive tool and rent it out. Anyone with half a brain is going to say NO WAY it has cost me too much to get this in the first place.

[ChrisK]

Yup! It's sad but for that reason alone my tools go nowhere! While a friend of mine was in Canada visiting family, I went over to his house and over hauled his front steps, replacing the decking etc. He was so impressed he called me and got the diy bug. Hey Chris, can I borrow your jig saw? Now, I love this guy. He's my best friend, we are both assigned out of the same barracks we even worked together as detectives for the Rochester NH police prior to becoming Troopers and prior to that went to the academy together. To say I trust this guy with my life is an understatement! I looked at my Bosch jig saw and said "you know what, I'll give you my black and decker jig! No way am I lending my Bosch out!!!! He gets a jig and he doesn't ask for my jig anymore!

[Conductor562]

I don't loan tools unless it's to A: My Dad, who while extremely hard on tools, would buy me a new one in a heartbeat and there's a 50/50 chance he bought the first one, or B: My brother because.....well, he's my brother.

[ChrisK]

Hahahahaha. Amen to the Conductor! My brother asks me and being the big brother I feel compelled to say yes. Then my wife, Kat, says "what'd you expect Chris?"

[Conductor562]

Yep, my old lady always says "you knew what was going to happen" but what are you gonna say? 

[wayneburgess]

Nothing compares to having grown up children.

That's when you find that  Son in law you would gladly boil in oil, borrowing your lawn mower even when you know his yard is fully paved.  

[ChrisK]

HAHAHAHA!  Hey Wayne, I'm 25% Italian.  If you need to get rid of the problem "I can like make 25% of "the problem" disappear!!!!" 

Conductor, what can we say?  You cannot argue with the "A" Unit (wife)  I held a meeting today and I was trying to bring home a point so I said "Ive been in emergency work since I was 18.  I am 42 years old now.  Ive been shot at, ivestigated heinous crimes, run into burning buildings, so when I tell people to jump, people better jump.  When my 5'01" Irish wife says jump, I jump!!!!!" 

Regardless, I dont lend my tools out to anyone else!

[wayneburgess]

LOL  

[FerTheHandyman]

I don't know I have a pretty good assortment of tools so all my friends ask to borrow them all the time. I have a hard time saying no. So I think that I would'nt mind making some extra money from them. Plus they cover the damage if it does get damaged. I'm in Kenosha WI, and I think there is a good market for that. Theres a rental place a couple of blocks from my house and it's the only one around their prices are'nt bad but after so many rentals it ads up. I hope this takes off. 

[ToolSpinner]

Hey everyone. Here's an update, we did indeed start and launch ToolSpinner. Later than planned, but it is functional. We are still Beta testing in Frederick, MD which has gone well and are expanding to the greater Baltimore area this spring. We've learned a lot since the original idea and continue to test new features and design elements each week.

 

One interesting finding, really hardcore DIY folks who love their tools have not embraced the concept. Instead the idea really resonates with the casual DIY individual. We've also had a significant interest from contractors who have idle tools.

The $8 drill is (admiditly) silly. The real value of ToolSpinner is in tools that cost several hundred dollars and fetch a premium in the rental market. For example, a consumer grade 2600 PSI pressure washer is maybe ~$300 new from home depot, that same item is rented for around $80/day from Home Depot. We rent it for $40/weekend. These types of products are the sweet spot for ToolSpinner. Yes, we have silly $9 drill rentals but that's mainly to ensure we have a complete product offering. (Traditional brick and mortar stores don't really rental a lot of cordless drills anyway.)

 

Thanks for the good wishes. We are still developing the idea and working on the site. If you're in the Maryland area you can visit us at the MD Home and Garden Show in early March.

 

It's been a fun ride so far. This summer should be really interesting for our company.

 

Please share any idea you may have on how to make it sucessful.

Cheers,
Daniel

[Conductor562]

Thanks for the update Daniel. I do see where there is a substantial benefit on the bigger ticket items. Things like concrete saws that cost hundreds of dollars that are only needed by homeowners once in a blue moon, etc. If you can undercut the traditional rental places you'll be in business. Best of luck to you.

[FerTheHandyman]

I think that  if you did'nt have those $9 drills the idea would'nt work. Those small transactions are what ad up little by little and are a good way for the consumer and renter to try it out without feeling like they are risking too much. Thanks for the update and again I hope you guys expand to illinois and wisconsin.