With attention to details and top marketing campaigns, industrial equipment appraisal and auctions give businesses amazing results of turning both used and unused assets into cash. These auctions can be conducted online, live, or both for complete exposure to a wider customer base. While different auction companies have their own unique way of conducting equipment appraisal, there are some critical do’s to strictly implement in order to emerge successful in this event.
The Do’s of Auctions
- Having a formal valuation of the assets to be auctioned to suggest and agree with the most appropriate reserve prices with the seller of the assets. This can then be included in the selling commission to do away with the upfront charge to the seller.
- Coming up with a comprehensive written agreement between the auctioneer and the seller where the set terms and fees at the outset are clearly signed and agreed upon. This is very important for any equipment appraisal to be conducted.
- Taking up very detailed descriptions of the assets by attending site to lot up and carefully displaying each one of them for sale with attractive images and catchy marketing terms.
- Undergoing tested and proven professional marketing strategy for every sale to make sure that the highest possible bid prices will be achieved at the end of each auction.
- Carrying out any risk assessment to mitigate potential hazards as needed or as practically possible.
- Advising or letting the buyers know of any fault with the asset by directly specifying it in the description provided.
- Dealing with all the questions from prospective buyers effectively and promptly.
- Uploading the assets to be auctioned to the website for a competitive bidding to happen online using professional quality auction software.
- Ensuring that only fair bidding happens, which is in accordance with the existing auction laws.
Following these general rules of conducting auctions of any sort as well as equipment appraisal will surely result in a victorious and fruitful bid, where all the players, be it the auctioneer, the buyer, or the seller are happy with the outcome of the event.