Machine economy
6 tips to increase the resale value of your used machinery
Building the foundation for a high resale value when selling your used machine begins right from the moment you purchase a new one. Taking care of the machine is an investment, even if you don't have immediate plans to replace or sell it. It's crucial to establish comprehensive documentation of the machine's usage and maintenance practices from the outset. When it comes time to sell, it's a good idea to put yourself in the buyer's shoes. Just like when purchasing a used car, a machine's value increases if it has been well-maintained and comes with a reliable and complete service record. The more information available regarding how the machine has been cared for and serviced, the higher the willingness to pay from potential buyers interested in acquiring your machine.
Ensure that you can provide complete documentation
All your machinery, whether it be a tractor, combine harvester, seed drill, round baler, or wheel loader, should have comprehensive documentation. From the purchase agreement to the latest maintenance session, ensure that you maintain thorough records. Store hard copies in a dry and organized place, and digitize as much of the documentation as possible to prevent loss. Documentation reflects the work done and serves as crucial evidence of the machine's condition. Having detailed information and images is even more beneficial when preparing for a sale, whether it occurs privately or on digital auction platforms. As a support for logging maintenance and service activities, as well as documenting repairs, Farmers First has developed a maintenance feature; learn more about it here.
All your machinery, whether it be a tractor, combine harvester, seed drill, round baler, or wheel loader, should have comprehensive documentation. From the purchase agreement to the latest maintenance session, ensure that you maintain thorough records. Store hard copies in a dry and organized place, and digitize as much of the documentation as possible to prevent loss. Documentation reflects the work done and serves as crucial evidence of the machine's condition. Having detailed information and images is even more beneficial when preparing for a sale, whether it occurs privately or on digital auction platforms. As a support for logging maintenance and service activities, as well as documenting repairs, Farmers First has developed a maintenance feature; learn more about it here.
Take many pictures for the advertisement
When I say many, I mean at least 15 photos. Include a variety of angles showcasing the entire machine. The most effective approach for tractors, harvesters, sprayers, and other machinery is to capture images from multiple perspectives. Ensure that the model number is visible. Take photos in abundant sunlight to bring the machine to life. Pay attention to the surroundings in these images; it speaks volumes about your organization and maintenance practices. Do you have a well-maintained machine workshop, equipment shed, or farmyard? Showcase it in the pictures. Seeing a well-kept barn in the background is surprisingly powerful and attracts more potential buyers. Trust me – it really does. If the machine has tires, take plenty of pictures of the tires from all angles. The more tire pictures, the better. And make sure the images are sharp; unclear pictures equal fewer clicks.
When I say many, I mean at least 15 photos. Include a variety of angles showcasing the entire machine. The most effective approach for tractors, harvesters, sprayers, and other machinery is to capture images from multiple perspectives. Ensure that the model number is visible. Take photos in abundant sunlight to bring the machine to life. Pay attention to the surroundings in these images; it speaks volumes about your organization and maintenance practices. Do you have a well-maintained machine workshop, equipment shed, or farmyard? Showcase it in the pictures. Seeing a well-kept barn in the background is surprisingly powerful and attracts more potential buyers. Trust me – it really does. If the machine has tires, take plenty of pictures of the tires from all angles. The more tire pictures, the better. And make sure the images are sharp; unclear pictures equal fewer clicks.
Make a video
Even though it may seem peculiar, it's worth your time to film the equipment in action. I'm not talking about Hollywood quality; a 30-second smartphone video is more than sufficient. Ensure that there isn't too much background noise, and if there is, you can either overlay music or record a new video. It doesn't hurt to include your nice equipment workshop or beautiful fields in the background. Think proactively and consider what you usually find impressive in other ads.
Even though it may seem peculiar, it's worth your time to film the equipment in action. I'm not talking about Hollywood quality; a 30-second smartphone video is more than sufficient. Ensure that there isn't too much background noise, and if there is, you can either overlay music or record a new video. It doesn't hurt to include your nice equipment workshop or beautiful fields in the background. Think proactively and consider what you usually find impressive in other ads.
If you think you might want to trade/sell the machine in two, three, or five years, plan to grab your smartphone the next time the machine is out in the field. You can also go a step further and stand in front of the camera yourself. Talk about when you bought your machine with 2,200 operating hours in 2020 from your neighbor, who has been your friend since school. Share with the viewers how you use the machine in your business and how you've taken care of and maintained the equipment.
These videos have the power to emotionally engage potential buyers. They are not just looking at a nice machine but can form an impression of the seller's commitment and care for the equipment, providing a better resale value.
Honesty is the best policy
Honesty is always the best policy. When people inquire about your ad, inform them about any potential issues with the machine. Potential buyers appreciate transparency, and the truth is that being honest about any problems attracts more potential buyers because you are building trust.
There are examples of auctioneers handing the microphone to the seller who mentions an oil leak or transmission problem – and the machine actually sells for a better price. Why? Seller honesty provides potential buyers with more confidence.
Include the details in your ad
Are you the first or second owner? Highlight a truthful and vivid description of the machine in the ad or on an auction. If selling privately, always specify an asking price. Potential buyers often skip ads without prices, assuming it is too expensive. "Call for price" results in far fewer calls and a lengthier sales process.
Set the right price
No one wants to sell used agricultural machinery too cheaply or set a price so high that people ignore it. Look at ad sites to see the prices of similar machines and put yourself in the buyer's shoes. How much would you be willing to pay for such a machine? Set the price within a reasonable range, and potential buyers will contact you.
We collaborate with Fabeo!
Fabeo is working to revolutionize how used machinery is bought and sold worldwide. Their team comes from the industry and therefore has significant knowledge of the field. Even though the business is digital, Fabeo, like us, believes in personal interaction and engagement in the market. This is partly to continuously provide us all with the right market knowledge, market trends, and to be as accurate and credible as possible in assessments and advice.
