Best Types of Lab Equipment Auctions
Knowing the different types of lab equipment auctions is imperative to help maximize your ROI. Not every type of auction is beneficial and knowing the types of auctions and strategies helps the seller make more money. Whether you are thinking of auctioning lab equipment online, in-person, or even hybrid, we have taken the time to write about each type of auction and the best method to help gain more money.
Online auctions are the first choice for labs and companies to auction their lab equipment. It reaches a larger audience and increases return by pooling in multiple competitive bidders globally. This is because online lab auctions are announced 2 weeks in advance with a catalog of products. This allows more time for bidders to prepare and gather funds to bid on equipment. Online auctions go on for around 3 days which allows more time for bidders to jump on and make an offer. This effectively increases the asset’s value of sale. Online auctions are also the fastest and cheapest way to liquidate your lab assets. When browsing and searching for a reputable lab auction service, it’s essential to check if they’re certified, what the payout time is, and if there are any attached hidden fees. At The Lab World Group, we are certified auctioneers with a team of expert marketers and technicians. We have an average payout time between 10-14 days with no hidden fees attached. While online auctions offer lucrative rewards, it’s essential to see what other types of auctions provide as well.
In-person auctions occur at a specified location where an auctioneer calls out the lab equipment items to an audience that bids on them. In some cases, an in-person auction can be beneficial to sellers in an area surrounded by other laboratories/research facilities or lab equipment distributors. However, an in-person auction is more timely, expensive, and not as effective when trying to sell your lab equipment. The amount you’ll receive is much less and trying to market your auction becomes very limited. You will not be able to capture as large of an audience, which will only hurt the value of your lab assets. In-person auctions also become more of a problem when you’re trying to quickly liquidate your lab equipment because while the auction in itself is quick, preparing for an in-person auction takes a lot of time and resources.
A hybrid auction is a combination of both in-person and online auctions. This form of the auction starts out being in-person with a live online catalog, video feed, or phone call, where an audience can bid and make an offer. This form of auction is rare and is a lot more time-consuming and costly than choosing either online or in-person. It can cause technical problems such as delays or miscommunication and often results in bidders feeling frustrated. The ROI from hybrid auctions is often similar to online auctions but costs more money and time overall to perform. This is because you’re dealing with setting up and paying for both in-person and online auction services.
Overall, it’s essential to know the different types of lab equipment auctions. The best kind of lab auction for sellers is an online auction. It’s fast with selling, offers more money in return, and is cheaper and less time-consuming than in-person and hybrid auctions. While it’s good to know the process of online, in-person, and hybrid lab auctions, going with an online auction will give you incredible value when liquidating your lab assets. If you’re looking for an experienced certified auctioneer with a team of technical, evaluation, and marketing experts, The Lab World Group is here to help. We want to help you by providing a hassle-free auctioning service so that you can focus on your organizational objectives. Below are specific reasons to use The Lab World Group as your next lab auction service.
At The Lab World Group, We…
- Inspect and examine equipment onsite.
- Carefully and safely handle the shipping and delivery.
- Evaluate the value of the lab assets.
- Promote and market the auction.
- Handle and distribute payment.
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If you’re looking to learn more about lab auctions, check out our ultimate guide for auctioning lab equipment.