Four ways to effectively sell ag equipment and farmland in 2024
Friday, March 22, 2024
Reference: Sponsored Article
As a farming business owner, you’ll find yourself in situations where you need to sell one or multiple assets. You could be even pondering a big move like retirement and a full dispersal.
The trick to making great selling decisions is to look at three key factors: effort, timing and returns. Thankfully, nowadays, there are plenty of options available to help you sell agriculture equipment and farmland. And each has its pros and cons.
Perhaps Ritchie Bros. was best known for its exciting events, including on-the-farm auctions, but did you know they actually help customers (tens of thousands every year!) sell in different ways? The good news is that there is an optimal selling solution for each situation.
Sell your ag equipment or farmland at an auction
Do you want to have certainty that your equipment will be sold at a particular time? Then selling at an auction might be the best option for you. Ritchie Bros. specializes in on-the-farm auctions that cater specifically to the ag industry. These unreserved (or no reserve) auctions attract a lot of bidders that compete against each other for each item. Your items always sell to the highest bidders.This way of selling and buying has become quite popular in the ag industry over recent years, with hundreds of thousands of people placing bids and purchasing equipment every year.
+ With Ritchie Bros, Your farm equipment is guaranteed to sell on auction day. And you get paid within 21 days.
+ Buyers can easily join Ritchie Bros. auctions from any country, province using any device
+ Your equipment is sold from a secured Ritchie Bros. yard or straight from your premise
– You have no control over price: the selling price is determined only by competing bidders
– You pay a commission fee which is higher than a classified ad fee
Learn more here.
Sell your farm equipment with assistance (and a minimum price)
If you want more control over price and timing of sale, but don’t have the resources to market your farm equipment or real estate you may want to outsource the sale to a team of professionals. Ritchie Bros. offers this service with Marketplace-E – a 24/7 online marketplace. You can set a minimum price and choose if you want to sell equipment from your own location or one of their secured yards. This way you don’t have to be involved in the selling process other than to accept offers you are comfortable with. A buyer outreach team will market your assets, find the buyers and facilitate negotiations.Selling on Marketplace-E means Ritchie Bros. takes care of the inspection, listing, buyer inquiries, negotiations, paperwork and payment. Ritchie Bros.’ team of Marketplace-E Specialists is on top of it, using highly advanced advertising programs that target qualified buyers from across the country. Read about how Marketplace-E can help you sell.
+ Minimal effort for you. Ritchie Bros. experts guide you and negotiate on your behalf.
+ You can set a minimum price and control the price
+ Professional advertising and international buyers
– It can take some time to close the deal (depending on the item)
– You pay a commission fee which is higher than a classified ad fee
Learn more here.
Sell your farm equipment directly to Ritchie Bros.
Did you know that in some cases, Ritchie Bros. can guarantee or buy equipment directly from you? For specific equipment types and situations, they offer the possibility of a direct purchase agreement. This is how it works:Gross Guarantee:
⮚ Ritchie Bros. guarantees a specified base cash value, then share a percentage of any additional sales proceeds.
⮚ Ritchie Bros. purchases your assets for a specified amount in one complete and final sales transaction.
Sell farm equipment by yourself
Some businesses that sell equipment regularly need full control over the selling process. They handle incoming buyer inquiries by themselves, negotiate with potential buyers, and take care of the transaction’s paperwork. A listing solution like Ritchie List can be a great fit for you. Ritchie List attracts a large amounts of potential buyers, and it’s super easy to get started. You can create an account and start listing equipment immediately. Simply create a new ad, upload photos and videos, write a description, and publish your ad!+ Easy-to-use, self-serve interface, automatic inventory upload
+ Access to powerful pricing & market data tools
+ No paid ad obligations, affordable monthly subscription
– Uncertain how long it takes to sell the equipment
– You have to do all the work
Learn more here.