It may seem like selling heavy equipment is a tough task. However, if you do it the right way, you can sell it quickly and make top dollar.
Like many big-ticket items, listing it the right way online is one key to success. But, a well-crafted listing with bold photographs isn’t always enough.
When you are selling something like used heavy equipment, you should follow good business practices.
These five tips can help you sell your heavy equipment.
Partner with a professional.
When you partner with a professional service, the complex process of selling heavy equipment is taken off of your shoulders.
Professionals know how to reach out to potential buyers. They can craft the listing and take care of photos, too. They also know how to handle all of the paperwork and legal issues with the transaction.
For many sellers, working with a professional is the only way to go.
When you work with a professional auctioneer, you can continue doing what you need to do to keep your business moving.
You will not have to take time out of your busy day to deal with selling your heavy equipment because the professionals will do it for you.
When you partner with a professional, you do not have to worry about screening buyers to find out whether they can pay for a winning bid.
You also do not have to worry about tax issues, because your professional partner knows what taxes you and the seller are responsible for. Your partner will also take care of the transaction, so you get your money and the buyer gets the equipment.
Sell at the Best Time
Selling heavy equipment can be easier to do certain times of the year.
For example, if you are selling equipment that removes snow, buyers might not be looking in the middle of the spring and summer. The same goes for heavy-duty lawn-care equipment which might not sell for top dollar when the grass is covered in a foot of snow.
Timing your sale can be one way to make money.
If you cannot wait until the best time to sell, then you might end up selling for less than you expected. This goes for more that just yard equipment.
Sellers benefit from selling farm equipment when it is needed the most. But, the market might be saturated with other sellers who want top dollar. If there aren’t many choices available in the off-season, you still might be able to get a price that is satisfactory.
Something else to consider when you are selling your heavy equipment is the cost to maintain it.
If you are waiting until the best season, you might have to store your equipment or pay for maintenance. If you are only getting a few hundred dollars by waiting, the cost to wait might not be financially worthwhile. Know your costs so you can get the best deal.
Clean Up the Equipment
Before you list your heavy equipment or drop it off an auction house, make it look as good as you can. Give it a thorough cleaning from top to bottom.
As you clean it up, look for any areas where small repairs could make the item more attractive to a potential buyer. You might see spots where you can touch up paint or make improvements to the interior.
If a few small repairs and a bit of paint can increase the price, the investment is worth it.
However, if your heavy equipment is in need of major repairs, you will need to decide if the repairs will increase the selling price or if you are better off listing the equipment for sale as-is so you can get it off of your hands.
You might want to consider having your machinery refurbished by a professional. This will get your heavy equipment looking and running like new.
Again, check the price to see if it will actually be worthwhile or if it will cost you money in the long run.
Be Honest
When you decide to sell your heavy equipment, you might be tempted to fudge a few of the details as you strive to get the most out of the sale. Don’t do it.
Being honest is the best method, especially when selling something like heavy equipment.
You or your professional seller will need to show pictures of vital areas like the undercarriage, engine and drivetrain, and operator’s area. If there are any issues, they will show up in the photos.
It is also important that you include the maintenance records and operational logs so your potential buyers know what the machinery has been through.
If you hide those items or make false claims on them, the buyers will eventually figure out. This could make it difficult for buyers to trust your equipment if you ever need to sell more.
If you cannot find the logs or have misplaced some records, let the buyers know.
Give them what you can and be brutally honest about what you do have. Buyers will want to see the equipment and try it out before buying, so be sure the equipment is in usable condition.
Watch the Market
If you have the luxury of not needing to sell your heavy equipment immediately, then take time to watch the market.
If you do decide to sell yourself, you should educate yourself on what the best time is to sell and whether or not the market is saturated with the machine you want to liquidate.
If you decide to use a professional, you can still keep your eye on the market so you know why your machinery isn’t selling as quickly as you anticipated.
As you watch the market for your used heavy equipment, take a look at what new equipment is selling for. This way you can tout your prices and the quality of your used equipment to save other people serious money.