Are you a business owner looking for ways to sell your industrial equipment? If you are, then you’re in luck! Selling your heavy equipment can be a difficult and daunting task, but it doesn’t have to be. By understanding who your target audience is and why they would want to purchase your industrial equipment, you can then begin crafting a sales strategy that appeals to them.
With the right strategies in place, selling your industrial equipment can be easy and effortless. Here are six simple strategies that will help you sell your heavy equipment:
- Determine if the Machinery is Sellable
- Advertise in Specialized Groups or Magazines
- Auction Off the Item
- Use Technology to Make Sales More Efficient
- Look Up Buyers Online
- Keep the Original Manual for the Equipment
1. Determine if the Machinery is Sellable
As a business owner, there may come to a time when you need to sell some of your heavy equipment. But where to begin? A good place to start is by assessing the value of your equipment and choosing the most appropriate pieces for selling. Since machinery depreciates over time, it is important to keep track of when the equipment was first purchased and last used. By doing this, you can get a general idea of how much the machinery is worth.
It is also beneficial to watch market trends in order to determine if a certain piece of equipment is in high demand or not. This can help you determine how much you will get for that machine and how fast it will sell. Generally speaking, there is very little reason to keep any equipment that is hardly ever used, regardless of its age.
If you have a machine that you no longer need, it is best to sell it so that you can recoup some of the costs. Selling your heavy equipment does not have to be a difficult task if you are prepared and know what to do. With a little bit of research, you can get top dollar for your unwanted machinery. You could also use a listing service. E.G., at Grays it’s 100% free to list.
2. Advertise in Specialized Groups or Magazines
One of the best ways to sell your heavy equipment is by advertising in specialized groups or industry magazines. This allows you to focus on a specific audience that is interested in what you are selling.
There are many different places you can sell your equipment, such as online marketplaces, social media, and journals or magazines within the industry. However, it is important to take precise pictures of the equipment that shows what it currently looks like, including any imperfections there are.
If the machine you’re selling has significant damage or is broken, you might want to consider fixing it before putting it up for sale, so that potential buyers know that it is in good condition. This will help it sell more easily and quickly, and is a great return on your investment.
Although, sometimes it can be more expensive to pay to fix any industrial equipment that you might have, even if you can afford it. Being honest about the state of the machine’s condition in the ad you place and using an accurate photos is best way to help you sell equipment you no longer want more efficiently. There are plenty of customers who are willing to purchase a piece of machinery and fix it themselves.
3. Auction Off the Item
When the time comes to sell your heavy equipment, you might want to consider auctioning it off. Auctions can be a great way to get top dollar for your equipment, and they’re usually pretty quick and easy to set up.
One thing to keep in mind that timed auctions may take place in person, online, or both. To be more precise, timed auctions are exclusively done over the internet, and bidders have the option to make their bids over a certain period of time. The seller can also impose conditions, such as minimum starting bids and reserve prices. In this scenario, unless interested parties meet a threshold, the equipment will not be sold at an auction.
Similarly, live auctions may have individuals bidding in person and remotely. Those events, unlike timed auctions that can go on for several days, have a greater sense of urgency about them. You should consider hiring an independent or professional aid to help with your auction, if you want to sell your equipment through an auction.
However, it is important to know that some providers that only specialize in equipment auctions help their clients sell millions of dollars worth of items annually. They would have the perfect advice if you don’t have any experience running previous auctions. If you eventually decide to use an auction website, remember to research the existing listings for similar products on the market to see how much they usually sell for, as well as how sellers describe their product.
4. Use Technology to Make Sales More Efficient
If you want to get rid of any heavy equipment you own, knowing the right tech tools to use could make it much easier for you to sell it. For instance, if the maintenance records for a specific machine are kept online in a cloud-based tool, they will be readily available for when buyers want to access those records.
Another great resource you can use to sell your undesired equipment are smartphone apps and artificial intelligence (AI) tools. This can help you reach a bigger audience and keeping track of any current market trends.
In order to best market your equipment, you may need to seek out other professionals who can help. For example, you could hire a professional photographer who will be able to take pictures that better show off your items than if you were to take it yourself with your smartphone camera. Just remember to be transparent about the condition the item your are trying to sell is in.
5. Look Up Buyers Online
When selling your heavy equipment, it’s important to do your research on any potential buyers who are interested in purchasing it. One thing to look for is whether or not the buyer has recently purchased any similar machinery. This will help you determine if they’re credible and won’t waste your time. Additionally, this can protect you from scams or transactions that don’t go anywhere.
Although, if the buyer hasn’t bought a lot of used heavy equipment in the past, that’s not necessarily worrisome. With increased demand for pre-owned items due to numerous circumstances, including COVID-19, everyone is buying secondhand products more often. This means that it might be easier now to sell any old machinery that you have been meaning to get rid of.
There are a few ways you can research potential buyers before selling your equipment. One way is to check for business licenses, which are required for certain types of transactions, or you can also look up tax records to see if the buyer has a history of non-payment.
Another way to research buyers is to search for their name online. This can help you see if there have been any complaints or negative reviews associated with their name. However, keep in mind that not all information you find online will be accurate, so take everything with a grain of salt.
6. Keep The Equipment in Good Condition
If you want to get the best possible price for your heavy equipment, it’s important to keep it in good condition. This means regularly cleaning and maintaining the machinery, as well as making any necessary repairs. By doing this, you’ll be able to show potential buyers that the equipment is still usable and worth their investment.
Additionally, if you have the documentation for any repairs or maintenance that’s been done on the equipment, be sure to keep that handy. This will give buyers peace of mind knowing that they won’t have to deal with any major issues in the near future.
We know maintenance costs can be costly so we’ve developed this guide for reducing those costs!
The Bottom Line
Selling your heavy equipment can be a difficult task, especially if you don’t know where to start. But with a little bit of effort, time, and research, you can ensure that your machine will sell quickly and without any problems.
If you still have any questions about how you should sell, contact a financial advisor today. They will have the experience and financial tips to help you make a profitable return on investment.