At first glance, preparing for an auction may seem like a daunting task with many risks involved. While tensely waiting for the big auction day, there are many questions that come to mind, such as how you can make sure your equipment sells at a price that makes the investment worth it. People won’t want what you’re selling if it appears to be in bad condition or is going at a price that would make it more worthwhile to simply buy it new. That’s why preparing accordingly in the weeks ahead of the auction is crucial. It could determine whether someone puts that bid you need on your equipment.
Research
Knowing what you’re getting into ahead of an auction is essential. What exactly are you supposed to research, however?
Equipment: Before you do anything, you need to understand the equipment you are looking to sell. It would be best if you asked yourself a few key questions:
- What is the year/model of your equipment?
- What condition is it in?
- Is there market demand?
- Are there any unique features or upgrades?
- Will repairs need to be done before or by the time of the sale?
- What is the history of your equipment?
- What is the going price for used/new versions of your equipment?
Auction: It’s essential to understand the process and timetable of the auction, as preparations can take a few weeks, as well as be able to sit down and form a positive relationship with the company you will be doing business with.
It’s also important to understand that there will be costs going into the auction before the sale. Understanding the initial investment, percentages, and what marketing packages are available to you is vital as you construct your budget and determine whether auctioning your equipment at this time is a good step or not.
Equipment Appraisal
Once you are confident you have all the information you need and have confirmed you want to commit to going to the auction, the next step is making sure your equipment is ready.
When you went through the checklist in your research, you should have noted the equipment’s condition and if it needs repairs. It might be worth investing some money to repair and touch the equipment up. Eventually, pictures need to be taken of your equipment, and people won’t want to buy anything that either looks like junk or doesn’t function as intended. Investing a little more in the equipment and touching it up might be what convinces someone to place that bid.
Meeting with the Auction Rep
Meeting with a trusted Auction Representative is the next big step in preparing for the auction. While other auction companies have different procedures, they will be able to solidify costs, explain their system in full, and inform you of what else you need to get ready. It’s crucial in this step to ensure that you have a positive attitude and form a good relationship with the auction rep, as they will be the ones helping you throughout the rest of the process.
Where DPA Auctions Stands Out
With that in mind, picking a good auction company that cares for you and your equipment as much as you do is essential for this two-way relationship. This is why DPA Auctions strives to stand out as a familial and personable company in the auctioning industry. Coupled with blunt honesty, DPA Auction Representatives want to help you ensure your auction is successful and will work with you in every aspect of the process. We will even help with things like marketing and taking pictures of the equipment personally to ensure we get what we need to sell your stuff.
If you want to learn more about DPA’s process, check us out and see why we are the best choice in the nation to sell your equipment.