If you need to sell equipment, there are a lot of options out there for disposal: auctions, online marketplaces, listing services, private sale, dealers, brokers and more. It can make deciding how to sell an overwhelming task. We’ve put together ten questions you should ask to help you narrow it down to the best choice of sales channel for your situation. Ultimately, you’ll want whichever method you use to make the process easy, convenient, and to help you meet your business goals.
1. What's the #1 reason I should use this method of selling?
Different sales methods have different benefits: fast, easy, convenient, low upfront costs, maximum returns. Ask this question to make sure you find a method that fits your business needs and a company that will help you put a plan together to achieve them. Find out if they offer multiple ways to sell, and can their plan include a combination of sales channels.
2. What's included in your fee or commission?
The cost and time involved in selling can add up quickly and cut into your net returns – storage, buyer inquiries and inspections, photos, advertising, payment collection and more. Find out exactly what you get for your money and if there are any hidden or extra costs involved. A full-service solution can save you money and time. If you're willing to invest the time and want control of the selling process, an online platform can work well too, or a combination of both.
3. Can you help me with things like equipment shipping, insurance, repair, etc?
Find out what other services are offered that will help make the process easier and get you better returns on your equipment.
4. How will you get me the best possible price for my equipment?
Marketing is key to a successful sale. If you want the best return for your valuable assets, make sure your equipment is exposed to the right people in the right industry sectors through well-planned, targeted marketing and advertising that makes use of the appropriate channels, or a combination of several, including print, online, and social media for example. Ask to see statistics about marketing reach, website views, social media audience numbers etc.
5. Will potential buyers be able to inspect and test my equipment?
Buyers who can inspect and test your equipment at their convenience will have more confidence in what you're selling, and are more likely to buy closer to the price you're looking for. Find a company that will store your equipment and handle buyer inquiries and inspections. Or If you decide to sell from your own location or business, try to make yourself available and be sure there are detailed descriptions available online along with lots of high-resolution photos for potential buyers. You can also have professional equipment inspectors compile comprehensive reports on your machines, which will give buyers added confidence.
6. How many buyers do you typically attract?
More interested buyers means better returns on your equipment. Ask for actual sale results and specific numbers of active buyers and/or unique website visitors. Ask to see samples of similar machines recently sold and their selling prices.
7. Is it easy for people to buy my equipment?
You will reach more buyers by selling your equipment to a global audience and offering a choice of easy buying methods (including buying at a physical location or online, as well as offering financing and other services like shipping). Giving people different options creates more demand and allows buyers from across the country and around the world to purchase your equipment.
8. Can you tell me when my equipment will be sold, and when I will get paid?
Idle equipment isn't making you money, and it may cost you money too in storage, insurance, even depreciation. Find out if your equipment will be sold by an agreed-upon hard date, and if you'll get the proceeds in a reasonable time frame. If time isn't an issue for you, using an online platform and taking offers from potential buyers means you can pick and choose the timing and sale price as it suits you.
9. Can you show me what kind of results and successes you've had in the past?
Success is measured by numbers, so ask to see them. But reputation counts too, so references and names of past clients should be available to you.
10. How much experience do you have with the industry I work in?
An experienced, knowledgeable company that understands your business, sells a lot of your type of equipment and has good industry relations will make all the difference when it comes to getting the returns you want and need, so don't hesitate to interview them extensively.
Experience the Ritchie Bros. difference.
From the world's largest unreserved live auction company to a global network of online and onsite selling channels, Ritchie Bros. today is more than an auction company – much more. Our exciting live equipment auctions are the class of the industry, but today we also offer convenient IronPlanet online solutions or Marketplace-E, an always-on digital marketplace that gives customers more control over price and how they buy and sell equipment.
We are ready and waiting to discuss a wide range of options to sell your assets with confidence; secure in the knowledge you made the right choice, every time.
Contact us for more details by visiting RitchieBros.com/MoreThanAuctions or call 1.866.559.3550