Not all online auction companies are the same, here are the things you should know when picking a company to sell your equipment or land with.
Farmers are turning to online farm auctions more than ever to sell their land and used equipment. They are a great choice if you want to increase your capital.
You can take advantage of the hot market and showcase your land and equipment to a global buyer base, which means even more online bidding on your assets and driving up profits.
But beware – not all online auction providers are the same.
BigIron Co-Owner, Mark Stock shares his top 7 tips for choosing an online auction company.
- Find online farm equipment auction providers that have been doing business for many years, rather than those who jumped on board during the pandemic. They have far more expertise in online sales, a superior online platform and have a large established buyer base.
- Ask friends and neighbors for recommendation and be sure to research those companies.
- The company you choose should develop a strategy for liquidating your assets and reaching your goals. This means identifying what pieces of land or equipment you want to sell and developing a marketing campaign around your auction. Every auction is different or has its own unique set of challenges to overcome and sometimes a marketing campaign needs to be designed with those specific hurdles in mind.
- Work with experienced online auction companies that don’t charge buyer fees and conduct UCC checks. If a lien is found during the check, the auction company should help you find a solution.
- Ask the auction company for the bidding history on your items so you have full confidence in the process.
- Following the auction, the company should help you schedule dates for the buyer to pick up your equipment.
- Find a company that will pay you in a timely manner – you don’t want to wait weeks to get your proceeds.
Photo credit: BigIron Auctions
The online auction process can be complicated but working with an honest and reputable company is a good first step in guiding you through the process.
Cover photo credit: BigIron Auctions