From digital advertising and emerging technological tools, to customer service and business lessons we’ve learned over the past 20 years, the Equipment Trader blog strives to offer you lots of helpful information for selling your equipment. If you’re familiar with us, you know that Equipment Trader exists to bring buyers and sellers together. On our website, there are millions of visitors browsing over 100,000 pieces of equipment from over 900 dealers – so it’s safe to say say we know a little bit about selling equipment!! Recently on the blog, we’ve been discussing buying used equipment, so now seemed like the perfect time to cover 7 Quick Tips for SELLING Used Equipment!
1. Sell on a reliable website. Selling your equipment through a consumer-trusted online marketplace like EquipmentTrader.com gives buyers greater trust in a purchase. It also provides more opportunities for potential customers to make contact via dealer information and messaging features. Finally, online connections, leads, and sales are easy to track on websites that offer sophisticated systems to dealers, like Equipment Trader’s Inventory Management Tool (IMT), which give you the information you need to develop more effective strategies and convert more leads into sales!!
2. Have your own professional site. Appearances matter (more on that in a bit). Not only do consumers want a user-friendly experience on your website, they also want to know that you care enough about your business to put some effort into your online presence. Remember, today’s buyers conduct almost all of their research online before making a purchase. Dynamic companies like Commercial Web Services can help you build and develop your website to boost your online engagement and sales.
3. Take care of your equipment. The better you care for and maintain your machinery now, the better price you can sell it for later. This not only includes maintaining the equipment’s structural and functional integrity, but also keeping it clean and presentable. A well-working, good-looking machine is always great advertising for any owner/operator. In this case, high quality equipment care can reflect well on you as the dealer and can be an appealing selling point for buyers who would like to attract their own clients with clean and effective equipment.
4. Sell at the right time. Demand for equipment is often highest in a year’s first and fourth quarters, so this is when your used equipment will be worth the most to buyers. The second quarter typically sees the lowest prices for used machinery.
5. Sell at the right price: Within the first 12 months after purchasing a new piece of equipment, you can resell the machine close to its initial sale price, especially if you have documentation of consistent maintenance. After that first year, equipment valuation typically depreciates around 30%, but that number should hold steady for many, many years, depending on the machine’s anticipated lifecycle and how well you care for it (see Tip 3). Don’t undervalue your equipment just because it is an older tool. Other factors to consider will be your own familiarity with the equipment and the industry, advice from friends and partners you trust, resources from professional organizations to which you may belong, and competitor comparisons. You don’t want to miss the opportunity to sell a great machine at the best price possible because you over- or under-valued the equipment compared to other industry sellers. Keeping a constant eye on the market helps you keep up with pricing trends and make the sales you need to make.
6. Communicate the benefits of used equipment. Before you can convince buyers of the finer points of the specific machine you are selling, you may have to address general concerns they have about buying any used equipment. If that’s the case, you can assure them that used machinery is usually a great investment. It’s so great, we wrote a whole blogpost about some “Big-As-F” Reasons to Buy Used Equipment. Overall, used equipment is a great choice because it is cheaper, provides flexibility, is familiar, and can even be considered eco-friendly!!
7. Provide lots of equipment information. Providing machine details clearly and comprehensively is not only a seller best-practice for ethical reasons, it’s also better for business. On Equipment Trader, we consistently find that listings with more information – detailed descriptions, lots of pictures, accurate pricing and contact information – lead to more leads and sales than listing with less information. After initial contact is made, the buyer will also appreciate knowing the history of the machine, including inspection and repair records and available telematics. If a buyer is close enough to visit, allow for a thorough inspection and test run, letting them examine the machine at every level. Be ready to also provide proof of ownership to assure a buyer that a transaction is “on the level” and, after a purchase is final, produce a receipt that clearly indicates a transfer of ownership. Throughout the process, have an open line of communication and don’t forget to discuss any detail, including the oft-forgotten topic of who will transport the equipment. Each of these factors makes you an ideal seller and can build your reputation as an effective and ethical dealer.
Each of these tips are designed to make your equipment – and you, as a seller – more appealing to potential buyers. Some tips are more technical than others, but, at the end of the day, tried and true honesty, transparency, and consistency are the attributes that will earn you the trust and the business of buyers. There is much we hope to continue to share about selling your machinery on our website and elsewhere. Until then, be sure to check out the “Sell” page on the Equipment Trader website, where you can start the process of listing your equipment on the leading online marketplace for new and used equipment!