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Mistakes to Avoid while Selling Used Machinery & Equipment

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This article lists some of the common mistakes that sellers make while selling used machinery. Often, sellers may forget to consider certain factors or use wrong negotiation techniques which can affect the quality of the deal. These mistakes can raise costs and prevent a smooth transaction.

1.    Wrong Valuation

The first step of selling your used goods, is knowing the correct market price. The year of manufacturing,  the amount of wear on it, and level of new technology all play a factor in setting a correct price. It’s necessary to have a price range to be able to negotiate a favourable deal for both parties. If a wrong price is offered, potential buyers will not approach you and deal will not be made.

To know more about how to value your goods correctly, read more here.

 

2.    Not Providing Details About The Machinery

It is of utmost importance to provide all the relevant details about the machinery. This should include, but not be limited to:  insurance, date of manufacture, hours used, estimated cost of repair etc.  Photos and/or videos must be provided as they aid the buyer in making their purchase and also give the buyer confidence.  Photos are a great visual tool .

 

3.    Skipping the Washing/Clean-up

Clean the machinery thoroughly before taking pictures or showing to the buyer. The cost of cleaning is not very high and gives a much better first impression to a buyer.  A dirty machine makes the buyer question if the maintenance has been overlooked.

 

4.    Not Reading the Contract

Always read the entire sales contract including the fine print and terms and conditions at the back. If you don’t understand the terms of the contract, always get it reviewed by a third party. Do not accept an explanation only from the buyer himself. Clarifying the details before the purchase ensures that the deal will be made properly and there will be no follow-up problems in the future.

5.    Not taking specialist advice

An expert will help you in buyer search and management, take care of communication, and asking the right questions and negotiating the risks for the sale of your machine. This saves you time and simultaneously increases your chance of selling the machine significantly. It can seem easy to sell the machine yourself but the time and effort spent are not a good exchange.

 

6.    Not Screening Potential Buyers

In the eagerness to close a deal, sellers often forget to screen a potential buyer before making the purchase or arranging an inspection. Find out how the buyer will pay for the machinery, will the payment be made in cash, what paperwork they require etc. A genuine buyer will provide you’re the necessary details with ease. Also, before meeting in person, verify their identity and claims to be ensured that the purchase is safe, secure and genuine.

 

7.    Being Unwilling For An Inspection

 

A potential buyer will likely want to have the goods checked by a mechanic or attain an expert opinion. Not allowing the buyer to do so will make the buyer uncertain. Refusal would not be transparent and could be seen as dishonest. The check-up should be done at the buyer’s expense and by legitimate inspector. If this is not possible for you, then explain the reasons to the buyer.

 

8.    Not Using Online Marketplaces

Online marketplaces are by far the best way to sell machines. In addition to advertising to a vast range of buyers, the features that they offer are a profitable trade-off for the seller. For example, Vendaxo offers end-to-end deals and our agents will aid both the buyer and seller increasing the smoothness of the transaction and reducing cost and effort. Using such marketplaces greatly reduces your burden as well as secures genuine buyers.

 

9.    Not Establishing a Relationship for Future Deals

It is economically very beneficial to retain a buyer for future deals too.  It is highly likely that you will want to sell another machine in the near future.

 

10.     Neglecting Paperwork

This goes without being said. Paperwork is an integral part of a purchase and must be filled according to the laws and in a way that benefits both buyer and seller.

Keeping these mistakes in mind and rectifying them in the future, will tremendously boost your sales and minimise efforts, costs and problems.

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