Many perceive the biggest challenge with selling used equipment to be the availability of ready buyers. However, this is far from the truth. There is a booming market for used equipment as both buyers and sellers find great use in such transactions.
A lot of businesses find that used equipment is cheaper and fits within their budget while most sellers usually want to upgrade their machines. To offset the cost of the new equipment, they sell the used ones.
Regardless of this active market, it can be difficult to sell used equipment without employing the right strategies. Here are 4 insider tips on how you can sell used equipment.
1. Choose an appropriate sales medium
After you have decided who to sell to and how much to sell for, you should select an appropriate sales medium. This channel will have to be one that people or buyers in your target industry frequent. If you do not have ready access to these channels, consider auctions where you can auction used machinery.
Also, you can choose to sell directly to buyers, leveraging online technology, or look for dealers who scout for buyers on your behalf. You make more gains when you sell directly to a buyer as opposed to selling to a dealer, who buys at a greatly reduced cost so there will be resale value and some gains.
2. Determine your target marketplace
The first step towards successfully selling your used machinery is to determine the industry that needs it. This saves you a lot of trouble in choosing where and when to sell. If the used machine you wish to sell is a piece of medical equipment, for instance, you know to target the healthcare industry.
Although some equipment has limited application, many others have functionalities in multiple industries like the manufacturing industry. Narrow down the kind of buyers who need to buy them because it makes it easier to figure out how to sell used manufacturing machines. Doing so can greatly influence your marketing strategy and the buyer persona you will create when describing the product you have put up for sale.
3. Furnish your sales ads with details
If you want to reach buyers directly, you may have to put up an ad that advertises the availability of your used equipment. There are many online platforms where you can list your used equipment but to optimize this ad, you must:
● Create a compelling description
Write a compelling description that can grab the attention of potential buyers while increasing the visibility of your product.
This description must include relevant utilization details like how long the machine has been in use, any mechanical fault it may have, and even the equipment maintenance and repair history in the equipment maintenance log. It is best to be transparent when writing the used equipment description.
● Add visual materials
Visual materials like pictures and videos are important because it lets the potential buyer see any possible wear and rust on the equipment. It also supplies visual support for the size described.
4. Decide on a suitable price range
It is conceivable that businesses that wish to sell used equipment would still want to get the best deal out of the sale. However, the price range you affix to your used machinery must be within current market prices.
While the used equipment will not have the price of a new one, it should be realistic for both buyer and seller. It is best to have a range rather than a fixed price as it saves you from a loss when negotiations begin.
When looking for buyers, you should avoid looking for prospective buyers in common marketplaces. Doing otherwise may make the equipment sale take longer. Also, you could show how the machine is operated in your video aid, allowing the buyer to assess its condition for ultimate sales conversion.