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Things to Keep in Mind When You Sell Machinery
Selling machinery can be an effective way of offloading unwanted equipment and raising capital for your business, but there are certain considerations you need to keep in mind when doing so.
One key consideration in selling used machinery is pricing. You should research similar used machines and price your machine accordingly to avoid overvaluing or undervaluing it and attract more buyers.
1. Know your equipment
Before selling equipment, it is crucial that its value be understood. You can do this either by comparing it with similar machinery or by calculating its costs.
As you assess the value of your equipment, there are various tech tools that can make this process simpler. These could range from cloud-based software that keeps track of maintenance logs to smartphone apps that allow easy sharing of equipment data with potential buyers or even artificial intelligence tools that help expand reach to reach a wider audience and sell faster.
2. Inspect your equipment
Heavy equipment works hard and needs regular maintenance to operate effectively. Reputable sellers of pre-owned commercial equipment should provide timestamped records of routine fluid changes, small repairs and the overall condition of power systems and hydraulic components.
Inspections can reduce the risk of costly mechanical failures, saving both money and productivity. They also enable employees to detect issues before they become more extensive - for example, damaged exhaust pipes can compromise performance while holes or perforations in machinery bodies could reduce energy efficiency.
3. Describe your equipment in detail
Selling machinery and equipment can be an arduous task, but there are ways to simplify the process and obtain a fair price for your assets. Start by cleaning, inspecting, taking photos of it all before listing on Craigslist or eBay; also consider having key components refurbished or repaired to increase its value and make repairs that increase its overall worth.
Advertise your equipment online through websites dedicated to buying and selling machinery. Do your research carefully when selecting such websites to find one which provides detailed information about your equipment as well as allowing for inspections on-site.
4. Advertise your equipment
Businesses often hold onto machinery and equipment longer than necessary, leading to costly storage fees and wasted space. Selling this equipment can help businesses reclaim space while recovering much-needed funds.
Businesses may sell machinery directly to end-users or by listing it for sale online through websites like eBay and Craigslist or more specialized platforms such as Facebook Marketplace. Auctioning may also work well depending on the equipment type being sold, creating an opportunity to generate an intense bidding war that may increase its final selling price.
Businesses may opt to sell through a dealer instead, which can be particularly effective for high-demand machines or machines that must be sold quickly.
5. Find a buyer
Retaining equipment and machinery you no longer use can be a drain on resources for any business, and selling these assets may free up funds that could be invested in new tools or other necessities for growth.
Finding the ideal buyer may prove challenging, so it is crucial that you are open about your equipment and understand how taxes play a part in its sale process.
Some sellers opt to sell their equipment privately through online classifieds or directly contacting end-users; however, this approach can be time consuming and potentially limit you to only local buyers.
7. Close the sale
Selling machinery can be a complex and time-consuming process. Finding an appropriate buyer and negotiating on price are critical components to its successful sale, along with having all of the relevant documents for this transaction.
One effective strategy for doing this is forming relationships with machinery dealers and equipment brokers who can assist you with selling used equipment quickly.
Many machinery companies are increasingly offering integrated solutions that combine industrial hardware, software and services into integrated offerings that customers want. Unfortunately, selling these complex offerings to market can be daunting for sales teams used to completing single product transactions; to address this challenge effectively, the most successful machinery companies incorporate commercial excellence into their go-to-market strategies.