Selling heavy equipment is easier than ever with online listings, which instantly brings a worldwide audience to view your heavy equipment for sale. Although the heavy equipment sales market has become largely digital, buyers are still generally looking for the same specific information as always, and scrupulous business principles still apply. Therefore, you should follow these 8 tips to help make sure you sell your equipment quickly and at a fair price – the My Little Salesman way!
1. Do Your Research
The first step to selling heavy equipment is coming up with a fair asking price. If you aren’t sure how much your heavy equipment is worth, then online auctions are a good place to start. Many online auctions will publish their results, and reviewing these reviews can give you an indication of what heavy equipment is the most popular, along with their general worth.
The Association of Equipment Manufacturers (AEM) is another good place for identifying heavy equipment sales trends. This annual tractor and combine report, for example, shows that roughly the same amount of tractors sold in July of 2017 as July 2016 (roughly around 19,000 tractors were sold in both months). In addition, tractors under 40 horsepower are about twice as popular as medium-sized tractors, and more than ten times as popular as large tractors. So if you were selling a used tractor, then you know that market for tractors has been stable, and compact tractors are the most in-style.
Sometimes you can get a general estimate on your own just by searching for online listings that are similar to yours. Of course, you’ll always have to take the exact condition of your heavy equipment into mind and adjust the asking price accordingly. Ultimately, a heavy equipment appraisal service will get you the most accurate results (though this can be pricey and time-consuming).
2. Choose The Right Time for Selling Heavy Equipment
Try to list seasonal heavy equipment during the time of year that they needed most. If you have a combine harvester, for example, then waiting until just before a harvesting season before listing might be a good idea. Similarly, any snow removal equipment is much more likely to sell in the winter than in the summer, and probably for a better price.
Not an easy summer sale.
3. Be Completely Honest
Transparency is key when selling heavy equipment. Potential buyers want to see detailed photographs of key areas, so be sure to include pictures of the:
- Engine and surrounding components
- Inside of the cab
Also, the more detailed logs you have, the better. Maintenance logs, operation logs, and inspection certifications are a good way to earn the buyer’s trust and show that you are reputable. If you don’t have this information, don’t mention it in the listing – but if the buyer asks, then be upfront about it.
4. How to List Important Specifications
The average customer is not going to take the time to ask you for basic information if it is not already listed. If anything, a lack of information will arouse suspicion and make them less likely to buy. In general, you should start your listing with the most detailed information possible:
- Dimensions (trailer)
- Hours or miles logged (if applicable)
- Type of work performed (landscaping, construction, etc.)
- Gas, diesel or electric
Certain types of heavy equipment will need very specific information that can be found in the operator’s manual. Here are some common examples to get you started:
- Semi-Trucks – Be sure to list the engine model, transmission type, operating capacity and the number of axles.
- Skid Steers – The dump height and lifting capacity must be listed.
- Boom Trucks – The upfit type, manufacturer, and model, max lifting capacity, max lifting height, and working radius are of upmost importance.
Would you buy this without knowing its max lifting specifications?
5. Spruce Up Your Heavy Equipment For Sale
A power wash, a fresh coat of paint, and a newly-refurbished interior can go a long way in making a terrific first impression with the buyer. You might even want to hire a professional photographer to capture your heavy equipment at its finest. Remember: it might cost a little extra, but if it makes the sale happen sooner, then it was likely money well spent!
Professional photography is often the way to go when selling heavy equipment.
6. Minimize Costs
Selling heavy equipment can become a financial burden if it goes on for too long. Here are some costs that can add up over time, so be careful:
- Storage – Unless you own the property, this is a monthly expense that you could do without.
- Insurance – Paying insurance on a dormant vehicle is painfully unnecessary, so try to cancel the plan early if you can.
- Depreciation – The older your vehicle becomes, the less money it’s worth.
Fortunately, all three of these expenses can be overcome by one simple solution: selling fast!
7. Know Your Buyers
When someone contacts you, run their name and company through Google to get a better idea of who they are. Social media pages and online business reviews will provide a clearer picture of how trustworthy they are. Don’t feel too bad; they are probably doing the same thing with you!
8. Establish Long-Term Relationships
If you find yourself frequently selling heavy equipment as your fleet turns over, then seeking a long-term buyer can be very beneficial. Ideally, you should try to find someone who wants to make multiple purchases every 3-5 years. That way, you can reliably upgrade your fleets and expand your business as necessary.
How to List Quickly with My Little Salesman
My Little Salesman offers a speedy layout, secure payments, and great visibility options to make your listings sell quicker. Simply register an account to start listing your heavy equipment for sale today – and don’t forget to put our selling tips to good use!