Article Written By: Clayton Arnold
Online auctions are a popular way to recover capital from used industrial equipment. However, selling in a machinery auction is not always a sure thing.
When you’re looking to dispose of surplus industrial equipment, you want to sell it quickly and easily in order to reduce your costs of storing and maintenance. If you want to sell your used parts and machinery, follow these top tips to sell equipment online:
Be Careful With Reserves
Many sellers put their items up for auction with reserve prices, that is, a minimum price that the bidding must reach. If the bidding doesn’t meet the reserve price, the seller can opt not to sell the item. Reserves are a way for sellers to protect equipment from selling below their desired price. This can be a comforting safety net, however, reserves can be a real turn-off for prospective bidders, and many of them will pass up on an auction with reserves. Use reserves for highly specialized pieces of equipment. If the marketing for an auction is done right- your sale will attract the right buyers, and you won’t need reserves.
Post Good Photos and Descriptions
Since you are listing online, most buyers won’t have the chance to inspect the used machinery in person. As a result, it’s important to take many photos and write comprehensive descriptions of the lots. Take all kinds of photos – from full-sized photos to close-ups of various details that may interest buyers. Next, write detailed descriptions of the used machinery. These don’t need to be Pulitzer Prize-winning pieces. All you need to do is write down all the pertinent details about the item, like the model, make, year, its history, capabilities, and any other accessories you are selling with the item. Check your manual to be sure and write only pertinent facts.
Research Market Trends
Market trends are important when selling anything. Prices of used equipment fluctuate, depending on a number of factors. Conduct research about the current market conditions so you know what your item is worth. With most online auction marketplaces, you can research the prices of past sold lots. Understanding what items sell for will help you make better decisions when creating lots.
People who buy used equipment won’t expect your item to run like it’s brand new. However, it’s important to be transparent about the item’s condition, as you don’t want it to cause problems later on. Take pictures of any defects and disclose them on your listing. That way, the buyer is aware of your item’s condition and won’t try to return it or claim false advertising.
Refurbish the Equipment
In some situations, spending the time and money to refurbish a piece of equipment before putting it up for auction can be a smart decision. Thoroughly cleaning a piece of equipment is a bare minimum that all sellers should do before listing an item. Some sellers choose to repair any minor damages, repaint the equipment or refurbish worn-out parts.
Provide All Records
Buyers will want to see all the paperwork that relates to the equipment. This could include warranties, titles, and service records, so have these handy before posting the item for sale.
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