Planning an auction for farming equipment might seem daunting when you first consider it. A number of things need to be planned in advance, and there are multiple unknowns to anyone new to doing an auction. If you’re thinking about organizing a farm equipment auction, then keep reading to learn four helpful tips you can use.
1) Get Your Items Appraised
Arrange for the right professionals to inspect all the items you’re considering selling. Your items should only be appraised by a reputable business with a proven history in situations such as industrial equipment auctions. You’re not going to get good advice on pricing for your farm equipment if it is appraised by a jewelry expert. You need to know what things are worth in advance of your event, so hire the right professional for optimum results.
2) Market Your Auction For Farm Equipment
If you want to attract prospective buyers, then your farm equipment auction needs to be publicized. Be sure to let any industry friends know about it, as they might help you spread the word. Don’t feel like you need to allow certain folks the possibility of buying some of your inventory prior to the event. If you wind up selling a half dozen of your best pieces prior to the auction doors are open to all, then you run the risk of word getting out and no one showing up to buy the rest.
3) Store The Equipment Appropriately
You need to secure any sale items securely. If someone asks for a preview in advance of the auction, be mindful of equipment value and take any precautions you can against theft. A lot of folks do like to preview items prior to attending the actual auction. How you handle any preview process is entirely up to you, but just be certain you’re equipment is staying safe.
4) Trust The Auctioneer
Always practice honesty when dealing with attendees, and follow any advice your auctioneer gives you. A farm equipment auction can prove stressful, just as much as any other kind of auction, but don’t let that stress get you down. With enough prior preparation and the assistance of the right professionals, you have a good chance of a successful auction of farm equipment.
A number of factors determine the odds of success of good buying and selling happening at an auction for used farm equipment.