There are lots of different circumstances that influence when you need to sell equipment: projects get wrapped up, you’re renewing or upgrading equipment, assets are at end-of-life, you’re resizing or refocusing your business, and a host of other scenarios. And much like the reasons for selling, there are a myriad of factors and priorities that will dictate how and where you want to sell.
When you’re deciding on a selling channel for your equipment, the priorities that drive your decision are usually business-related, but can also be based on personal choice too, and usually fall into one of three categories: price, timing, and convenience. Let’s take a closer look at what we mean by those selling priorities, and the advantages and trade offs each of our different solutions offers.
Your priority: Price
Price seems an obvious priority. Every seller wants to get the best price possible for their equipment, but in the context of choosing a sales channel, this has more to do with your say in the price you want, as it were. For example, do you want to set the price yourself, get qualified guidance on setting a competitive price, or get global market pricing for your assets?
If you want to set and control the price, so we recommend Ritchie List, our self-serve equipment listing service for buying & selling privately:
Ritchie List price advantages:
- We give you industry-leading pricing tools & market data to help you set a selling price
- You’re in control of your final price & decision to sell via buyer negotiation
- Secure transaction management for extra peace-of-mind
Ritchie List price trade offs:
- Price expectations vs actual can vary
- Speed of sale/time to cash longest
- High effort/time involvement: seller responsible for entire process, storage etc.
If you want industry-leading pricing guidance to help you set an optimal price, here’s a look at how Marketplace-E, our 24/7 online marketplace with control over price & timing:
Marketplace-E price advantages:
- We advise on pricing based on latest market data
- Selling prices between retail and auction
Marketplace-E price trade offs:
- Price realization can vary depending on offers/negotiation
- Medium effort/time involvement: seller responsible for storage, possible negotiations
If you want competitively-driven market pricing, we recommend Ritchie Bros. live auctions with multiple events each month with onsite & online bidding, or IronPlanet weekly online auctions:
Ritchie Bros. & IronPlanet price advantages:
- Prices determined by global buyer demand we bring
- PriorityBids (pre-auction) and live bidding drives best price possible
Ritchie Bros. & IronPlanet price trade offs:
- Price realization can be less than private sale/retail
- Committed to specific set sale date • Seller not in control of the selling process
Your priority: Timing
Timing in the context of selling priorities relates to how quickly you want or need to sell. Do you need to sell quickly to get funds in the bank in a timely manner, do you have time to manage the sale, consider offers and get the price you want, or somewhere in between the two scenarios?
If you can wait to get the price you want, we recommend Ritchie List:
Ritchie List timing advantages:
- You control speed of sale by setting price, managing transaction
- Adjust your pricing to reflect current market or accelerate sale
- List your item as long as you need
Ritchie List timing trade offs:
- Speed of sale/time to cash longest
- Price expectations vs actual can vary
- High effort/time involvement: seller responsible for entire process, storage etc.
If you need to sell, but are open to waiting, we recommend Marketplace-E:
Marketplace-E timing advantages:
- Accelerated sales via our global buyer network
- Inside sales specialists contact potential buyers
- Selling date adjustable depending on price/offers
Marketplace-E timing trade offs:
- Speed of sale/time to cash longer than auction
- Price realization can vary depending on offers/negotiation
- Medium effort/time involvement: seller responsible for storage, possible negotiations
If you need to sell quickly and need the assurance of receiving funds on a certain date, we recommend regularly scheduled Ritchie Bros. live auctions or IronPlanet weekly online auctions:
Ritchie Bros. & IronPlanet timing advantages:
- Fastest speed of sale
- Assets sell on set date
- Payment in 15 business days
Ritchie Bros. & IronPlanet timing trade offs:
- Committed to specific set sale date
- Price realization can be less than private sale/retail
- Seller not in control of the selling process
Your priority: Convenience
Convenience is a priority that can be for personal reasons, business reasons, or a mix of both – i.e. you do or don’t want to manage the selling process and everything that goes along with that – the time involved, logistics, admin work and more.
If you want to sell by yourself and control the price and selling process, we recommend Ritchie List:
Ritchie List convenience advantages:
- Sell from your location
- You set the price using our industry-leading pricing tools & fully manage your sale
- Easy-to-use, self-serve website
- Thousands of qualified leads
- Low-cost listing fee
Ritchie List convenience trade offs:
- High effort/time involvement: seller responsible for entire process, storage etc.
- Price expectations vs actual can vary
- Speed of sale/time to cash longest
If you want to control the terms, but have someone else manage the selling process, we recommend Marketplace-E:
Marketplace-E convenience advantages:
- Sell from your location
- We advise on pricing
- Global marketing included Inside sales specialists contact potential buyers
- Hassle-free, fully-managed transaction
Marketplace-E convenience trade offs:
- Medium effort/time involvement: seller responsible for storage, possible negotiations
- Speed of sale/time to cash longer than auction
- Price realization can vary depending on offers/negotiation
And if you want someone to sell for you and take care of the entire process, we recommend Ritchie Bros. live auctions or IronPlanet weekly online auctions:
Ritchie Bros. & Iron Planet convenience advantages:
- Full end-to-end service
- Sell from your location or from our secure sites w/free storage
- Appraisals, photos, online listings, global marketing included
- We handle all paperwork & payment coordination
Ritchie Bros. & Iron Planet convenience trade offs:
- Seller not in control of the selling process
- Committed to specific set sale date
- Price realization can be less than private sale/retail
