Farms and ranches often have machine turnover– you’re upgrading to a newer model, you’re no longer using that part of your business, or you want to sell assets to invest in something else. Auctions are a great way to reach a wide range of buyers and get cash quickly, particularly in Texas.
But many people lose trust, money, time, or opportunities through common auction mistakes. So we’ve partnered with our friends at Auction Time to bring you five top mistakes to avoid the next time you sell machinery at auction.
1. Not Knowing the Value of Your Machinery
Selling at auction may make you think that the crowd will know the value of what you offer– but that’s a risky take. Instead, ensure that you thoroughly research the value of your equipment. Know what the make and model are going for, the availability of new machines, and seasonal relevance.
2. Not Using Multiple Platforms
The American South West has a booming online auction economy thanks to COVID-19. Not only do sellers tend to get more money for their equipment, but buyers have a much wider variety of machines to choose from. So take advantage of the market by posting your listing to multiple auction and sales platforms.
3. Not Posting Lots of Pictures
Taking more than a handful of pictures of your machines can feel tedious, but you’ll get a high ROI on your photography time. The more images you provide, the more confident prospective buyers will feel about what they’re getting and your trustworthiness. You’ll likely sell faster for your asking price– or higher.
4. Assuming that Non-functioning Equipment Won’t Sell
Even if your equipment doesn’t run right now, you may still be able to sell it for a surprising amount! Especially during supply chain problems like now, people may be willing to buy and fix a broken machine themselves.
5. Not Allowing Buyers to See the Equipment in Person
Trust is critical to a machine purchase– and even with lots of pictures, buyers may want to inspect the equipment in person. So make sure to allow reasonable requests, like checking the equipment. And who knows? You may even sell to that person again in the future!
Need Equipment for Your New Land?
If you need new machines for your land, check out our partners at Auction Time – a local, authentic Texas machinery auction host. You’ll find trustworthy sellers, a wide variety of equipment, and a smooth payment process, so find the nearest auction location today!
References:
https://highperformancepackaging.com/2022/08/17/6-mistakes-to-avoid-when-selling-used-equipment/
https://hub.exapro.com/selling-used-machinery-10-mistakes
https://www.farm-equipment.com/articles/13996-how-to-determine-used-equipment-values