3 Tips To Host A Successful Online Commercial Auction
Since the onset of the pandemic, on-site, in-person auctions and other similar events have taken to virtual platforms. Online commercial auctions have seen a boom in the last couple of years and perhaps this trend will likely continue. This method is a safe and effective market channel to get maximum profits for machinery and other industrial equipment. To attain these profits, it’s vital to have a few things in place before conducting your online commercial auction.
Here are 3 tips to host an online commercial auction
Create a Writeup of the Machinery & Equipment
The first thing you should do which is critical in all of your sale promotion & auction cataloging is to create a writeup of all the Machinery & Equipment. Key points to include are things like the year, make, model, capacities, options, etc. This writeup will be used to help promote your commercial auction on your company website and any other advertising as well as serve as a useful guide when cataloging the sale.
Determine The Starting Price
To keep potential buyers interested in a particular lot, set the starting price far below the expected value. This process will ensure more action on the lot and competitive bidding. Most of the time, we aim to set the starting price to about 35 percent of the actual lot’s value.
Focus On Promotion
To ensure a great turnout for the online auction, it’s vital to actively promote the event on through various advertising venues including social media, digital & printed magazines, newspapers, etc. Posting your ads early will give additional exposure for your commercial auction and help set your sale up for success. Automated emails and flyers can be also sent out to passively promote the upcoming event and pique the interest of relevant parties.
Infinity Asset Solutions is a leader in the field of organizing industrial & commercial auctions. With over eight decades of collective experience, our professional services include conducting equipment appraisals and audits as well as assisting with business liquidation. Contact us today if you need help with facilitating an auction.
