The world has been taken over by COVID-19, which makes an online auction a great go-to approach to sell off business assets.
Here are five reasons to consider selling your business assets via an online auction…
If there’s a region that is accessible to your target buyers across the world, it’s on the Internet. The modern-day business world facilitates bidding right from the comfort of home. This is accessibility at its best, and that is precisely what you’d want for attracting an expanded pool of buyers.
Moreover, you can showcase your offerings to millions out there for free. Once the asset is up for sale on an online platform, a person sitting on the other side of the planet can also bid. In short, selling your assets through online auctions means catering to a broader audience with absolutely no geographical barriers.
Is your target market in a recession? Well, you simply cannot price your assets because you won’t be able to attract people with buying instincts. However, with an online auction in place, the downward trending market won’t make much of a difference.
Likewise, an online auction is feasible in a market that’s growing. You can expect it to perform even better during this time. In simple words, while running an online auction, you just don’t have to worry about monetizing your business assets.
You just can’t stay away from auctions for a long time if you have been a part of any. They’re simply too entertaining. You see, an online auction brings in buyers from everywhere around the world consistently bidding for your offerings.
First off, the pricing of assets on auction sites is generally lower than what the product is usually perceived worthy of. This makes way for competitive bidding. Hence, even if your asset isn’t valued much in the market, there’s a high probability that it will be bought, keeping in line with a significant profit.
Second, there’s a generalized perception that online auctions are much more feasible than direct buys. Buyers recognize this trend. Therefore, they endeavor to buy the products that, in some way or the other, disrupt the market value. In short, leverage this trend to your benefit.
This could be the biggest benefit of selling your business assets via online auction. But how is it a benefit? Consider an example where a property dealer overprices a property. Now, hardly anyone’s aware of the actual value. Since not everyone can match the price, there’s a high possibility that the buyer-turn-up will be quite low.
Alternatively, online auctions offer the company’s assets at a market-compliant price. Everyone and anyone can have a look at the items and bid a favorable number. The items go to the highest bidder — a fact evident to everyone bidding on the asset.
Online auctions surpass offline auctions when it comes to speedy transactions. Selling business assets through traditional channels might involve you agreeing with the buyer’s suitable period to complete the transaction. However, this isn’t something that happens with online auctions. There’s a specific time period to complete the transaction. Within this period, the buyer has to make the payment.
Now that you’re aware of the benefits of selling your business equipment or inventory using online auctions, find out how we can help you. If you’re located in the San Diego or Southern California area, contact us today!