What Are Tips for a Successful Liquidation Auction?

When you need to get rid of a significant account of your business inventory, running a successful liquidation auction is important. During the liquidation process, you're likely focused on selling all of your assets to settle any of the debts that are currently outstanding for your business. That's why it's so important to take time to research what you can do to make your liquidation auction successful. The more that you're able to sell your liquidated equipment for, the more money back you’ll receive, which will help you to pay down any outstanding debts you owe. 

Organizing Your Assets is Key

One of the first and most important steps you can take to create a successful liquidation auction is to organize your assets. Before the team of professional auctioneers arrive at your business property to help you catalog and inventory all of your equipment, you should try your best to organize as much as you can. If you have pieces of equipment that perform similar functions to one another, try to group them together. This way, you have a better idea of all of the equipment you have that you were looking to auction off. In addition, organizing your assets will help the entire inventory and cataloging process go by a lot faster.

If you can, you could try to sell some of your equipment in stacks. keep in mind that you can only sell equipment that you legally own. If there's anything in your kitchen that you're still leasing, you cannot put this up for auction. 

Clean Items

Before the team of professional auctioneers show up at your business location, you could also take some time to clean the equipment. Clean equipment, even if it isn't spotless, tends to sell for a lot more compared to dirty items. Unless you didn’t keep your equipment clean while you were using it, you shouldn't have to spend hours scrubbing everything down. 

Finding ways to get old burnt food off of anything, removing stains from any cloth wear, and maybe sanding out some scratches from wooden equipment will help to make the items you're selling look refreshed. As a result, this will help you to get more money out of the pieces you’re selling and it may even help you get rid of more equipment. Giving the equipment a quick wipe down after it’s been moved to the auction lot will also help your pieces to stand out in photography.

Provide Helpful Information for a Successful Liquidation Auction

Another way that you can get more money for the items that you're selling at the liquidation auction is by providing the auctioneer with helpful information about the items. For example, let's say there is a knob on a stove top that doesn't work or a couple of dents in a refrigerator, making the auctioneer aware of all of the damages and possible defects that come with the equipment that you're selling will provide an increase in buyer’s trustworthiness. 

By giving auctioneers all of the important information you can about the equipment you’re selling, it’ll also help make your goods more attractive in a crowded market.

Having a Successful Liquidation Auction 

It can be difficult to liquidate all of your business assets when you're selling in an overly saturated market. That's why it's crucial for you to do as much as you can to make the equipment you're selling attractive and affordable to the buyers in your demographic. 

When you’re ready to move forward with a successful liquidation auction, don’t forget to contact Auction Masters today!