Preparation is key
If the time is right for you to sell your used heavy equipment, getting prepared now will save you time and effort later.
The selling process can be laborious, time consuming, and potentially unsuccessful if you’re not organized and prepared to dedicate the time and effort needed. Good preparation will provide potential buyers with more reasons to buy what you have to sell.
If you have multiple units to sell or an entire fleet to realign, your workload to get everything ready can be extremely involved and demand a great deal of work and commitment. In this article we discuss:
- Top tips and consideration
- Preparation checklist
- Selling options
You do have options to sell on your own or you can let someone else do the heavy lifting and manage the process for you.
Top tips and considerations
When selling directly, there are several things to keep in mind. Here are some of the top factors to think about:
Market Demand
Research the market demand for the specific type(s) of equipment you are looking to sell. Understanding market trends, demand and supply can help you set a realistic price and determine a plan for selling.
Equipment Condition
The condition of your equipment can significantly impact its value and appeal to potential buyers. Ensure your equipment is in good condition and performs well. Be transparent about the equipment's history and any repairs or maintenance performed on it.
Price
Setting a fair and competitive price is important. Consider the market value, the age of the equipment, its condition, and any other factors that may affect its value. You can also consider working with a professional appraiser to help you determine the price.
Advertising
Advertising your equipment through multiple appropriate channels is key to attracting potential buyers. You can advertise through online marketplaces, trade publications, or by reaching out to industry contacts.
Negotiation
Be prepared to negotiate with potential buyers. Understand the value of your equipment and be willing to negotiate a fair deal.
Transfer of Ownership
Once a buyer has been found, you will need to have all the necessary paperwork to transfer ownership of the equipment. This includes the title, registration, and any other legal documents.
By considering these factors, you can increase your chances of selling your equipment at a fair price and in a timely manner.
Preparation checklist
As you prepare to sell your equipment:
- Prepare a list of equipment to sell and document the year, make, model, hours/miles, description, attachments – and be transparent
- Gather all documents such as proof of ownership, title, and any services/maintenance records
- Get the equipment in working order (if possible) and conduct any repairs - considering the investment against the potential return
- Detail/clean the equipment (inside and outside) – the better it looks and shows, the more interest you will receive – especially if selling independently
- Take good quality photographs from all angles for your listing and advertising purposes
When selling equipment independently, expect that some potential buyers may want to ask questions and inspect the equipment in person before buying – so you’ll need to remain contactable and available to respond.
The used equipment market is projected to maintain strength at the time of this article (April 2023), so it is a good time to sell what is not serving you profitably or meeting current and upcoming project needs.
Selling options
How you sell equipment is a big decision and plays a large part in how involved you want to be in the process, plus the potential return on your investment. Whether you engage a company such as Black Star to sell on your behalf or decide to sell independently, may be contingent on the equipment you are selling and any timeline you need to consider.
Let the Experts at Black Star Help
If you don’t have time or the desire to sell your equipment independently or investigate and compare selling organizations, we can help. Black Star offers online auction and live virtual auctions as well as private selling options – or a combination of these.
We can provide you with a free valuation or conduct a formal appraisal depending on your reason to sell. We can include your equipment in one of our upcoming auctions or hold a dedicated auction for you if you have a significant number of assets to sell or want a complete dispersal.
Selling privately (or outside of the auction process), we have a team that will work diligently on your behalf to negotiate with potential buyers and get an offer you would be happy to accept. Selling at auction, we’ll work with you to determine the best sale date based on your specific needs. We will conduct a detailed equipment inspection, take multiple pictures and videos, publish a detailed listing, and run a targeted marketing campaign reaching a local, regional, national, and international audience of potential and qualified buyers. We handle all the paperwork and coordinate the loadout with the buyer.
All you need to do inside our selling process is to provide an equipment list and we’ll take it from there. We make it easy for you to sell your equipment with us. If you’d like to know more about Black Star and the selling we do, or any other service we provide, and want to discuss possible next steps, call 800-610-2192 or use this contact form.
Many sellers have put their trust in Black Star. We offer more options and give more control to our sellers. See what some of them have to say inside testimonials about their experiences working with us.
This article is our representation of useful information and is not intended to be a complete guide for making the right decision for your company. Ask our experts - or your own - for specific advice based on your unique circumstances.
