The do's and don'ts before auctioning heavy equipment

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It has always been a challenge to heavy equipment owners when it comes to auction their heavy equipment. The main reasons for this could be not maintaining the equipments and keeping it in a state where it may catch rust. The rust on the machine slowly and steadily eats away a good portion of the machine and one fine day, the owner realizes that the machine requires immediate attention of a mechanic. The result of this is that the owner then has to shell good deal of money on getting the rusted part repaired and if there is any harm caused to the vital part of the machine, then it may become all the more expensive for him.

As a result of this entire episode, the owner is also setting a price tag which is most possibly high on the scale. This means that the owner will want to fetch a good price for the machine if ever he/she wants to put it on auction. There are few important pointers that an owner might want to consider before he/she decides to auction the equipment.

Decide the price of the equipment:-

An owner may want to consider the price of the equipment after taking few things into deliberation. For instance, the overall life of the equipment and how many years will it perform with the same pace. The wear and tear on the equipment is another crucial factor that the current owner may want to consider. Also, if the equipment has met with any past accidents and which part of the machine has been recently replaced. After taking into account all these factors, the owner should decide the price of the stuff.

Always check the price of the item getting sold by other competitors:-

This is another important thing that the seller just can’t avoid to ignore. He/she needs to keep a keen check on the price of item getting sold by other competitors. He/she may underestimate the price of his item and therefore he needs to know at what price other competitors are selling the same item. Also, he/she needs to check their configuration. He/she just can’t afford to compare apples with oranges. At times, the seller may also overestimate the price of his product. This comparison check will help him/her to keep his feet grounded and list the item on auction with the correct price tag.

Check the venue of auctioning and if proper advertisement has been done to gather potential buyers:-

While preparing the format of the auction, it’s very important to mention the venue of the auction very clearly in the advertisement. Alternatively, one also has to see that the advertisement is made in some reputed newspaper, internet, and publication with good circulation. This will allow more exposure to the item and a good number of people may turnout for the auction. Ideally, such auctions happen in a fete which is exclusively meant for such work. The seller only needs to book a place for himself in that fete. He will find potential prospects turning in for the auction.