What should someone know when looking to put used equipment up for sale?
To help you put used equipment up for sale, we asked financing experts and business leaders this question for their thoughts. From giving your used equipment a make over to getting it inspected by a third party, there are several great tips to help you put your used equipment up for sale.
Here are seven things to know when looking to put used equipment up for sale:
- Bargain
- Give Your Used Equipment A Makeover
- Research Similar Equipment On The Market
- Post Better Photos, Descriptions, And Full Records
- Price According To Supply and Demand
- Get A Third-Party Inspection And Advertise It
- Partner With An Online Auction Company
Bargain
When leasing equipment, don’t forget that you may be able to negotiate when you feel you have a quote worth pursuing from a reputable company. If you get the quote for your lease agreement and a provision that you are not comparable with or something that you want to see added, talk to your contact and see what kind of bargaining position you are in to see those changes be made.
Vicky Franko, Insura
Give Your Used Equipment A Makeover
Before putting your equipment up for sale, give it one last wipe down, wash, or a fresh coat of paint to make it look good as new. You might even think about hiring a photographer or using a professional-grade camera to capture the pictures you will use to list the item for sale rather than snapping some blurry iPhone photos. It might be a little more work up front, but it will be time and money well spent once you get the sale!
Henry Babichenko, DD, Stomadent Dental Lab
Research Similar Equipment On The Market
Before putting up your equipment for sale, it is important to do research and see what is on the market. Based on what is out there, you may want to adjust your price, highlight various elements of your machine in the product description, etc. By reading comments and/or FAQs from potential customers, you can learn what they are vetting for prior to purchase.
Blake Murphey, American Pipeline Solutions
Post Better Photos, Descriptions, And Full Records
Since you’re listing used machinery for sale, most buyers won’t be able to inspect it in person. As a result, it is critical to take multiple photos and write detailed descriptions. Take a variety of photos, from full-sized to close-ups of various details that may be of interest to buyers. Following that, create detailed descriptions of the used machinery. Photos don’t need to be award-winning pieces. All you have to do is write down all the details about the item, like the model, make, year, history, capabilities, as well as other accessories you sell with the item. Check your manual for accuracy and only include relevant information. Buyers will want to see all of the equipment’s documentation. This could include warranties, titles, and service records, so make sure you have these on hand before listing the item for sale.
Altay Gursel, Metriculum
Price According To Supply and Demand
When the pandemic hit in March, we decided to sell everything in our office by early May. We listed office furniture and equipment on OfferUp and learned a valuable lesson in pricing through supply and demand. When we listed our office furniture and equipment in early May, office furniture and equipment had exceedingly high demand and little supply. Stores like IKEA were selling out of desks within minutes and had backorders of six weeks. This created a frenzy of activity and interest in our equipment, from monitors to chairs and more. I met people working at notable companies who were stuck searching for desks for weeks. As a result, the price we were able to achieve—and very well could have achieved if we were greedy—was much higher as a result of supply and demand. The learning lesson is to always take inventory of supply and demand before pricing inventory for sale.
Brett Farmiloe, Markitors
Get A Third-Party Inspection And Advertise It
When putting used equipment up for sale, have a third party conduct an inspection. Within the ad, be sure to mention the inspection and your intention to furnish proof of the results. Announcing these preparations to your ad audience can discourage scammers who might otherwise try to make hidden defect accusations post-sale. Plus, conducting a pre-sale inspection can speed up the purchasing process since buyers may no longer need to find and hire their own inspectors.
Michael Alexis, Teambuilding
Partner With An Online Auction Company
When putting used equipment up for sale, you can partner with an online auction company or full-service global auctioneer to gain more prospective buyers. Find the time to allow buyers to inspect and test equipment at their convenience since this could give them more confidence in what you’re selling. Any piece of equipment—regardless of age or listing venue, or value—won’t get a solid price if it doesn’t look good. Having equipment cleaned, refurbished, or painted prior to listing is often recommended. Make sure to leverage on filing and updating maintenance and usage logs to show that you take care of the used equipment properly.
Anton Konopliov, Palma Violets Loans
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