Here’s 3 things to consider when selling farm equipment

If you’re pondering whether to sell your ag equipment, part of the conversation should be how to find the right partner to help you do it.

First and foremost, you want top dollar for your assets – getting as much value back as possible. But you’ll also want to consider benefits like convenience, especially if you’re busy running your business, industry expertise, and the marketing reach capabilities of company selling your equipment for you.

Let’s look at some of these key considerations you should be making before deciding on who will help you sell farm equipment.

1. Commission rates and hidden fees

Before deciding on a seller, be sure to understand how much commission fees are being charged on your consignment. This is going to affect your bottom line and how much value you get back after selling all your farm equipment.

If the commissions fees are higher than a competitor, it’s important to ask why and what you will be getting back for your outlay. You should expect a high level of all-inclusive service and assurance that your assets will receive full-scale marketing treatment, including powerful buyer reach that goes well beyond your local market.   

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Lastly, ask if there are any hidden fees. You don’t want an unpleasant surprise at the end of the sale. All commission and fees should be presented to you up front before signing an agreement. The more transparency the better when it comes to finding a seller your farm equipment.

2. Industry expertise

If you’re choosing an auction company to sell your ag equipment, think about whether they have a deep understanding of the agriculture industry. Many auction companies don’t specialize in any particular industry, and they will treat all consignments the same manner. That could mean your assets being marketed to the wrong potential buyers.

It’s important to find an auction company with deep experience in the agriculture community, with personnel that live and work in farming industry. Knowing the industry means getting you accurate pricing estimations, understanding your needs, and finding the right channels to market your ag equipment.

3. Marketing reach

If you’re going with an auction company, getting the most value back is going to depend on your assets reaching the most possible potential buyers. An auction company with limited resources for marketing will not be able to get your assets exposure to regions beyond your local market. Find an auction company with powerful marketing reach that taps into the local, national, and global markets. Demand might be higher in different regions and online bidding makes it possible to sell to buyers anywhere, anytime.

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Ask any prospective auction company about their marketing reach and tactics for finding buyers. Ask how much website traffic they offer when it comes to online exposure, how big their customer database is, social media following, and their email and digital advertising strategy. Today’s marketing is more than just ads in your local newspaper. Reaching potentials buyers takes exposure on social channels, web browsing, mobile phones, laptops, and more. You want your consignment to find a robust amount of competitive bidders, so you get the most back for your investment.

Get more when you sell with Ritchie Bros.

Ritchie Bros. has been selling farming equipment at our unreserved auctions since the late 1950s. We know farm equipment, we know the industry, and we know what it takes to drive the maximum number of bidders to your assets so you get the best possible results. Enjoy peace-of-mind and convenience with an experienced company that emphasizes 1-on-1, personal service. We’re there for you – every step of the way.

• Most web traffic in the industry
• 1:1 service from a dedicated rep
• Tailored solutions to your needs
• Database with millions of potential bidders
• Local-minded company with global reach
• Confidence, convenience, and satisfaction

Please get in touch if you’d like to discuss selling options and the best way you can get the returns you want.

See also

A farmer’s checklist for preparing equipment for resale