If you have items, possessions, properties, and assets that you no longer need, the best way to dispose them is to have them sold. You do not only get rid of something that you no longer need, you also get to earn some extra cash on the side.
While there are a lot of ways that you can have these items sold to any interested buyer out there, you might want to consider having it sold at an auction. Here are some of the reasons why this particular set-up is going to be beneficial for you.
You get the best value out of what you are selling
When you choose to go for the auction method, you can easily capture the market momentum thanks to the fact that buyers are more likely to pay higher prices. This particular momentum gives you, the seller, the assurance that you will get top numbers for the item you are selling. At the same time, this increases the number of potential buyers. This also allows for interest, insurance, taxes, and other costs to be eliminated and you get an asset that is expected to top market value.
Specified time to get the asset sold
When you sell at an auction, there is a specific auction date for the asset to be sold. You know ahead of time when it is going to sell. The presence of an auction date helps create a sense of urgency to egg potential buyers to make their move and extend an offer. This is also a good way of putting the asset in the spotlight so any interested party will get to know about it. You are given control in terms of the timing which in turn, helps you control the charging costs and their financial impact.
When an asset is being auctioned off, interested buyers are going to bid on it in an upward trend. Auctions first establish the market value of the asset which saves you from having to crunch the numbers that should be considered as the asking price. Through competitive bidding, this value further increases so at the end of the day, the asset goes to whoever bids the highest.
Marketing strategy is precise
When an asset is being auctioned, the marketing strategy employed is often customised in a way where potential buyers are being focused more on. While this often requires sellers to put in some up-front investment, this ensures that value is built for the asset and interest is also created around it. Sellers should regard marketing fees as an investment instead of an expense. It is, after all, the marketing campaign that will serve as the driving force towards making the auction a success.
Limits liability on the seller
Assets that are being auctioned off are sold without any contingencies. These properties are sold as is and with no warranties attached. This is a good way to limit the financial obligations and further liability of the seller.
If you want to know more about auctioning assets and other concerns pertaining to asset management, Ian Whittock at Evoque Claims and Appraisals is your guy. For those instances where you are not sure whether an asset is best disposed of or salvaged and resold, his extensive experience in insurance will be a huge help for insurers and clients who want to enjoy additional revenue from salvage item recovery and sale. More about Ian Whittock can be read here.