Retaining excess engineering machinery and equipment can be expensive for businesses. Selling this machinery could free up space while earning revenue.
However, in order to maximize a return on investment from selling machinery it’s crucial that one understands how best to go about doing so. Here are a few helpful hints and strategies: 1. Consult an appraiser.
1. Look for a buyer
Selling old equipment can be an excellent way to increase profits or pay for upgrades, but finding the appropriate buyer is paramount. Businesses can do so by reaching out directly to companies looking for specific machinery, or posting in relevant groups on social media or resale websites.
No matter their chosen method, it is crucial to provide detailed photos and an in-depth description of the machinery – this will allow buyers to have confidence in its condition and value, prompting them to offer fair prices. In addition, it’s also essential to research market demand for that specific piece of machinery.
2. List it on a website
One of the best ways to sell equipment online is listing it. Listing will reach a wide audience while still remaining relatively affordable when compared to paid search or Facebook ads. Many websites dedicated to heavy equipment sales rank high in Google search results for popular terms like “excavator sales” or “heavy equipment for sale”, meaning your listing could receive lots of attention from potential buyers.
3. Get it inspected
Before selling machinery, it is wise to have it inspected to ascertain its true value and to instill confidence among potential buyers. Furthermore, inspection can help prevent expensive mistakes during the sales process.
Inspections provide an invaluable service, helping identify any potential issues before they become major concerns and saving on expensive repair and replacement costs.
Hire a professional equipment inspector or conduct it yourself for an efficient machinery inspection, although this can be time- and effort-consuming. A full-service specialist should handle all aspects of sale including storage, marketing, answering buyer inquiries and facilitating inspections to save you time and effort.
4. Negotiate the price
Making sure that you obtain a satisfactory return from your equipment investment is crucial, yet often difficult. Many companies hire equipment dealers or brokers as a means to sell machinery more quickly as these professionals provide better appraisals of machinery as well as help negotiate pricing directly with buyers.
However, when negotiating the price it’s essential to think in terms of value rather than money in order to come up with an equitable solution that meets everyone’s needs.
Ask why someone wants a reduced price; this will show your interest and may result in a sale. Inquiring further will enable you to gain insights into their business while creating relationships and expanding future sales opportunities.
5. Close the deal
Selling used equipment can be an excellent way to free up space in your fleet, but finding a buyer and getting a fair price are essential elements in successful transactions. Understanding why buyers purchase will give you an edge in getting deals done quickly.
Some manufacturing companies opt to sell their surplus equipment through brokers who facilitate inspections and negotiations with prospective buyers for a commission fee – saving both time and effort in the process. The advantage: this solution may save both.
Customer segmentation and revenue mapping provide machinery companies with a powerful combination for understanding how much their customers and prospects spend on this type of equipment. By understanding both addressable spending as well as current share-of-wallet, this approach enables sales teams to identify opportunities that fit with customer buying habits more accurately.
