Know the Market
Analyzing market trends and current market conditions is an essential step to ensuring that you get the best price. Prices can fluctuate according to market conditions and other factors. Research about the conditions that will affect the price that you will get for your used equipment is absolutely essential. Some of the best information you can get is obtained by visiting auction sites. there you will find prices for the sorts of equipment you are putting up for auction. Online sites that offer used industrial equipment are also excellent resources. Be wary of online auction sites such as eBay. Many of those sites will simply give you information on what the seller was asking for the equipment and how long it has been on the market – not the final price that was realized. Reliable market information is the key to getting the right price – don’t be hasty, wait for the right time and market conditions to place your used equipment up for auction.
Make sure the Price is Right
Be realistic about the value of your equipment. Right pricing is the key to selling quickly and obtaining good value. The reserve price must be market-related. Take into account factors such as the age of the equipment and how many hours it has been used. Is it still covered by a warranty? Also always remember that machinery is subject to depreciation. Also, remember that most of those who are in the market for machinery and related equipment are likely experts. they will know the value of the equipment they are bidding on. If you have questions or aren’t sure about the value of the equipment, making contact with an appraiser (independent appraisers like those at Southern Fabricating Machinery Sales) can be an invaluable source of information.
Make sure your Equipment looks good and Performs
Equipment that has been cleaned, serviced, and where necessary refurbished will always command the best price. First impressions do count – you need that piece of machinery to look good. If it looks like it may be worth more than the reserve price you can bet that potential buyers are going to give it a second glance. External components are worth special attention. If the keyboards, button covers, or stickers look worn, replace them. A small investment, such as a paint job can provide an exceptional return on investment. A little effort and some elbow grease will soon have bidders fighting among themselves – and that is when you can expect an exceptional offer.
Give Potential Buyers the Info they Need
Information is power – and the more a potential buyer knows about the equipment the more likely they are to seriously consider a purchase and the more they will be willing to spend. Provide all the information you can. Show photos from various angles, video is even better. Providing technical specifications is essential. A report from a professional appraiser is always a good idea, as is a service history. It’s better to provide more rather than less – transparency is key to avoiding post-sale disputes. It also helps you to build a great reputation – which comes in handy if you need to auction off further equipment using the same auction platform.
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