You can get maximum dollar value selling restaurant equipment at auction!
Selling used restaurant and food service equipment can be a simple task or it can be rather frustrating depending on what it is you are trying to sell. In this article, we want to give you some tips to help you sell your item/s while achieving the maximum dollar value. Thankfully, there are many resources available that can be of use and we hope this article is one of them!
Selling single high demand items
Let’s start small. Say you have something as simple as a Kitchen Aid countertop mixer that has been taking up space, or you’ve found a replacement. Countertop mixers are usually always at a decent demand so you shouldn’t have trouble finding a buyer.
- List on platforms
For a single item like that, you could use site platforms like Facebook Marketplace, Craigslist, eBay, LetGo, and many others. When it comes to pricing your product you want it to be fair, but you also want to get the best dollar value.
- How to price single items
A good way to find how to price your item would be to look at what others have sold for in the past or what they are currently selling for now. One way to do that is to check various websites including Facebook Marketplace, eBay, or even auction results from a local auctioneer. Search completed listings or sold items. This can give you an idea of what your product is worth, or not worth, in the competitive market.
Selling multiple items or a large number of items
If you have something larger or a large number of items the above options are still good if you have the time. Otherwise, you could start looking at various services that may be able to aid you in selling your equipment.
- Sell directly to a restaurant equipment dealer
This option will typically give you the fastest access to cash, as a busy restaurant equipment dealer is often looking for equipment to sell in his/her storefront. This route does not often result in top dollar, as the dealer needs to buy the equipment low enough to resell at a profit.
- Seller directly to a similar business
This option generally will give you access to some of the highest prices. You will need to take the time to identify businesses that would use similar equipment as you. Once identified, you’ll need to reach out to those businesses and negotiate a sale to them. Often times, this can be difficult as businesses typically don’t need large amounts of equipment. Also, this method sometimes results in selling the best pieces of equipment and leaving you with the least desirable pieces of equipment left to sell. And, this process can sometimes be tedious and time-consuming.
- Sell at auction
This method will generate one of the highest returns with minimal work on your part. However, this method does require some additional time (typically 10 to 14 days before anything sells), and some expenses (commissions, marketing, setup and removal expenses are common depending on your situation). Done properly, an auction will generate fair market value on all your items in one event and provide you complete closure on the items you are selling.
John Schultz, AMM, chief marketing and technology officer for Grafe Auction, contributed to this article.
Find an auction professional in your area to sell your restaurant equipment.