Before we get started, here are 3 important facts to think about.
Fact #1 – The need for electricity and electrical equipment is not going away.
Fact #2 – The electrical industry is one of the most important trades that exists.
Fact #3 – Electrical equipment will be in high demand as long as the industry still stands.
With those 3 facts in mind, let’s explore the best approach you can take if you decide to liquidate your electrical equipment. If you’re not able to pass on your electrical company to someone, join forces with another electrical outfit, or sell the business to an interested party, liquidating your tools and equipment could be the perfect exit strategy, generating serious value for you on the way out.
In this article, we’re going to give you the only 2 tips you’ll need for successfully selling your equipment online. The online sales arena for used electrical equipment continues to grow and with it comes a list of great opportunities. However, all online sales channels are not created equal. Your most valuable action is due diligence, finding a trusted service that can deliver on the promise of your success and your customer’s satisfaction.
Tip #1 – Be Proactive About Hard Questions
Answer the hard questions that every smart buyer will ask before your sale and relieve any doubt related to the integrity of your equipment. There is one thing about electrical equipment and tools that every veteran electrician knows.
- Dependable, working electrical equipment will retain a great portion of its value because, if kept in proper working order, most of it will last for 10, 15, 20 years and well beyond.
What smart buyers also realize is that many online channels offering electrical equipment pose the risk of making bad sales, often unknowingly.
For instance, a high amperage, 3 phase breaker could be an amazing buy, but if the switchgear is blown then it’s worthless and there’s no way to tell that from a picture on the internet. Or as another example, an industrial PVC pipe heater could be a wonderful purchase as long as the heating coils are working and the buyer won’t need to replace the reflectors and power switch. Pick any example you like, if the equipment can fail and it hasn’t been properly functioned tested, it could become a lost investment very quickly.
To be proactive, answer any possible questions and acknowledge concerns a buyer could present beforehand and label the equipment’s condition as best as possible. A smart contractor will likely ask some telling questions before placing a bid on a piece of equipment. If they’ve bought from an online source before, they may have been burned with a faulty item and they’ll be wary of it happening again. There’s nothing worse than winning an auction on a great looking breaker, paying the seller, opening the box, and flipping a dead switch.
Here are some examples of questions you can answer on the front side of your sale:
- Can the piece of equipment be returned if found faulty?
- Has the piece of equipment been in service, or is it new?
- How long has the piece of equipment been in service prior to the sale?
- How long has the equipment been out of service?
- Is there a warranty still in place? Is it an original owner’s warranty or a service warranty?
- Does the equipment exhibit any defects?
- Did the current owner buy the equipment originally from the factory?
- Is the equipment missing any pieces that will need to be replaced?
- Was the equipment function tested before the sale?
- Did the equipment fail any tests or fail in the field at any time?
Bonus Tip: There is an easy way to handle all of the actions above. Your best buyers are going to be turned into sales channels that they trust. Partner with an expert company that is going to answer the tough questions for you. Find a group that has both the seller and buyer’s best interests in mind. Work with a team that takes time to provide the best service possible for everyone involved with the selling and buying process. The team should be reputable, well-versed in selling equipment from the electrical industry and have appraisal and sales processes that make it easy to liquidate your items.
Everyone knows that buying from Ebay is a roll of the dice, at best. We all understand that most surplus dealers and online sales channels have no way to screen the tools and equipment that they’re advertising. Having a trusted partner with an impeccable reputation will let your buyers know that you’ve researched the company you’re selling with and that you’re proactive about relieving their frustrations, loads of paperwork, and the possibility of lost money on faulty equipment.
Tip #2: Know How To Connect With Your Target Market
You’re likely thinking, “I know exactly who my target market is. Electrical contractors!” Notice that we mentioned “how” and not “who”. On the surface this seems like a no-brainer. But if you’ve attempted to begin an online sales journey on your own, then you understand just how difficult finding this extremely important piece of the puzzle can be. Without a qualified target market of solid buyers, you don’t have a sale. Without a direct link to valued customers, you’re as dead as that faulty 3 phase breaker they’re selling on Ebay.
You also might be thinking, “Out of all the tips you guys could give me, you chose this one?” That’s right. And the reason? If you take care of the first tip (and the bonus tip!), the only other thing you’ll need for a successful sale online is getting yourself plugged into a valuable customer base who is ready to buy. The challenge is immense. It’s an absolutely critical task that could take weeks and months of research. And for all of that spent time and energy, you’ll likely come up with nothing. You could easily end up back at square one.
So, how do you find the most valuable customer base for selling your electrical equipment? The real answer is in the bonus tip.
Find The Right Team – How A Trusted Team Can Help You
The right team is going to have a credentialed appraisal process. They’ll work directly with you to identify the equipment that has the best opportunity to bring the most value. They’ll know the correct steps for meeting Small Business Administration requirements, if necessary. They’ll also have knowledge of the Fair Trade Commission rules, guidelines, and best practices. Yes, you could very likely need to be comfortable and familiar with these when planning to personally sell the equipment online.
Most importantly, they’ll have an effective marketing strategy to publicize your sales event and specifically target interested electrical contractors who are ready to buy. Once bidding starts, qualified buyers have the chance to find a great deal on electrical equipment for their projects.
When you need to buy or sell used electrical equipment, Auction Masters is the online auction platform that makes transactions painless. Whether you’re building a home, you’ve just completed a renovation, or you are a commercial electrical contractor looking for great deals on tools, equipment, and supplies, we are your one-stop-shop for your electrical needs. Contact us today and we’ll help you get started!