As a business you probably have an accumulation of professional machinery and equipment? Here are some selling tips to help clear out.
Retaining redundant machinery and equipment creates a problem as they take up space that could otherwise be used for something profitable. With commercial and storage spaces becoming expensive, especially if you trade in or around the East Midlands like us, it is unwise and costly to keep unused engineering plant around longer than you have to.
Selling used machines can help you get back some of the money that you can then utilise for upgrades or other expenses in your business especially in the strange times we are seeing in 2020.
Cash flow is important to every business
The online sale of equipment and machinery has become very popular because of the wide reach the internet provides however there are some pitfalls to avoid and not put your good, hard earned money into the pockets of fraudsters.
Follow these guidelines if you want to sell any of your unwanted industrial equipment online:
Be sure of the equipment you are selling.
You might have an idea of something you want to sell but it always a good idea to go through everything so that you can find other valuable machinery or equipment that can bring in some money as well. This step is especially important for someone who doesn’t understand what exactly can be sold, so ask for help if unsure. It will also mean that if you know exactly what it is you are selling, you will be able to get the best price for it.
Research on the market value of the machines
This is not so easy to do if it is unique machine, say a bespoke welding system. A professional dealer will factor in everything, and they can give you the current market value of each item. Be transparent when asking so they know you are trying to get a value of it. If you are selling it on your own, it is important to do extensive research to avoid pricing mistakes. You can use sites like eBay, Donedeal.ie or TradeMe.nz to see what others are selling it for but be careful, overvaluing will scare away potential customers while undervaluing is unfair to yourself. You can look at the initial value of the product and factor in depreciation or condition, you can search in online used machinery websites how much other sellers are selling their machines for. The final price of the machine will be determined from the date of its manufacture to date and it’s overall condition, along with current demand.
Inspection and repair
Sometimes the reason the machine was not in use was that it was faulty and inspection helps you find such faults. Once you have decided which items to sell, it is time to examine the machines and call in the experts if you can’t get it to work. He or she can tell you if the machine can be repaired or not. If the machine is beyond repair, don’t worry because many people can buy the machine for parts and scrap metal. Sometimes, selling the machine for parts can offer lucrative returns compared to selling it whole. It’s entirely up to you to decide when you know what you are working with.
Documents and photographs
Once everything is okay with the machine, make sure that you have all the relevant documents such as purchase documents, manuals, maintenance reports, etc. All of these are important because they prove that you are the owner. Buyers will trust a person more if they have all the documents about the machine on hand as opposed to someone without them. You will then need to take photographs of the machines because the buyer is not always going to be physically present to see the machine. Videos are the best way giving the potential buyer a good look around, and a bonus if it is working and you can show it under power, you could also do a Live video call. You can allow viewings to local buyers if they request them but please beware of time wasters or fraudsters.
Find the right place to sell your machine
There are many websites online that deal with buying and selling of used machinery or equipment. You can decide on one that is dedicated to a certain niche like fabrication or agricultural machinery. Ensure you learn more about the websites before settling on one to avoid future problems. Read the small print for terms of sale and advertising fees. Choose one that will protect both you and the buyer the entire duration of the sale. Ask about commissions and shipping arrangements before committing to a website. Upload your photos and give a detailed description of the machinery. Once you have done all that, you have to find potential buyers by advertising traditionally and through social media. Finally, ensure sale terms and machinery condition are agreed by both parties – the last thing you want is to put it all that hard work and effort for the buyer to turn around and say they weren’t aware payment was on collection, etc. etc. Be prepared to be disappointed with offers and in case you don’t get a response after some time, you could consider selling it to a licenced scrap metal dealer.
If all of this sounds like hard work, hassle and puts you and your family in a vulnerable position, then your next route to getting money in your pocket for unwanted industrial equipment is to contact a trusted, established Dealer. They will have a wider knowledge of the machinery that you have for sale, they have expert buyers who will buy from you, or sell on behalf of you and get a fair price.
Check out reviews of any Dealer you contact, make sure they are established with a good reputation. A used machinery dealer should be able to make a decision quickly to buy your equipment and once inspected and price agreed, make an instant payment to you.
Author: Claire Spillane – Director of Westermans International, Buyers and Sellers of Used welding and cutting equipment – Mum and Nana