What's the best way to sell equipment? 10 questions to help you decide.

Advice for sellers Comment

Questions to ask when selling

If you need to sell equipment, there are a lot of options out there for disposal: auctions, online listing services, private sale, dealers, brokers and more. It can make deciding how to sell an overwhelming task. Asking these questions will help you decide which option will make it easiest for you, and get you the best results possible:

1. What's the #1 reason I should use this method of selling? 
Different sales methods have different benefits: fast, easy, low upfront costs, maximum returns. Ask this question to make sure you find a method that fits your business goals and a company that will help you put a plan together to achieve them.

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, equipment 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, a self-serve 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.

Ritchie Bros. offers services to make the selling process easier

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 a well-thought out, targeted marketing and advertising plan. Or if you're selling privately, make sure you use a service or platform that's targeted to and caters to your industry sector - as opposed to just general classified-type ads.

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. If you decide to sell privately, try to make yourself available and be sure to post detailed descriptions along with lots of high resolution photos for potential buyers.

Testing and inspecting equipment

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.

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 a self-serve online platform with secure escrow payment services means you're protected if a buyer defaults on payment when your equipment sells.

Reach more buyers by selling your equipment to a global audience

9. Can you show me what kind of results 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.

Ritchie Bros. Auctioneers Surrey, BC auction 1979

About Ritchie Bros.
Ritchie Bros. is the world's largest seller of used equipment and trucks. Thousands of people around the world count on us to help them sell every year. We offer certainty of sale through our unreserved public auctions, and the flexibility of a secure online marketplace for people who prefer to sell privately.

Click here to learn more about selling equipment at a Ritchie Bros. unreserved auction, or learn how to successfully sell online on our secure equipment marketplace, EquipmentOne

Find this article helpful? View more advice for sellers

Leave a Comment
Sign In or create an account to leave a comment.

1 comment

mudslinger
mudslinger on November 21, 2014 said
.

Find Equipment & Trucks

We sell thousands of items each month at unreserved public auctions around the world. Search trucks, trailersfarm equipment or our current inventory to find the item you need.

Find Out What Your Equipment Is Worth

Create a free account and access 2 years of equipment selling prices.

Join us at these Events

Aug 28 - 30, 2018 Farm Progress - Booth #​456 - Boone, Iowa
Sept 10 - 12, 2018 Fleetcon - Sparks, NV
​Sept 11 - 13, 2018 Husker Harvest - Booth #​1063 - Grand Island, NE
​Sept 18-20, 2018 Farm Science Review - Booth #​30 - London, OH
Nov 7-11, 2018 Eima 2018 - Hall 36 Stand C/5 - Bologna,IT

Connect with Us