Store closures or remodels can be complex processes. Read part two of this two-part series to learn how auction houses can help.
Navigating a store closure can be complex and challenging, but the method you choose for liquidating your assets can greatly influence both your overall experience and your financial outcome. In our previous blog we discussed why leveraging the services of an experienced auction house can help you capitalize on competitive bidding, benefit from expert valuation and marketing, and enjoy a streamlined liquidation process. In part two of our two-part blog series, we share a few more reasons why you should consider the unique advantages of using an auction house as you embark on your store closure journey.
One of the greatest advantages of working with an established auction house is their extensive respective network of buyers. Online auction houses often have long-standing relationships with a large and diverse variety of past bidders, including business owners in the same industry, consumers, and equipment dealers.
In some cases, like with SAM Auctions, these bidders span across all of North America, expanding your buyer reach across the country, and in some cases, even internationally. This helps drive interest beyond local necessity and increases competitive bidding, which helps your items sell for more.
Oftentimes, prospective buyers are actively searching for items like yours and can’t find them locally, so using an auction house which holds auctions online increases the likelihood of finding the right buyer for your inventory. Having auction houses market to their respective bidder bases gives you wider access to potential bidders and significantly impacts the success of your liquidation, far beyond what you would have achieved with just a local buyer base.
In an auction, bidders can see how much others are willing to pay for your items in real time. This openness in competition helps buyers feel confident that they are participating in a fair bidding environment and that the items they are bidding on are going for fair market value based on availability and interest.
For sellers like you, this transparency offers a wealth of information about the market. You can monitor bidding activity and gauge interest in your items as your auction unfolds. This data can help you make informed future decisions about your inventory’s value for any additional auctions or sales you might have, whether for individual items or full store closures.
With established auction houses, like SAM Auctions, which have built trust with their repeat buyer base, bidders feel confident in the equipment and items they are bidding on, the auction environment they are participating in, and the end-to-end auction process, knowing that they are working with an auction house they trust and have had good experiences with in the past.
When buyers make informed bids based on their own needs and interests, market competition, and trust in the auction house they are working with, it leads to more favorable outcomes for you.
Beyond the financial and logistical aspects, closing a store is often an emotional journey. Whether it represents a shift in the market which no longer supports your local brick and mortar business, or a corporate-level decision which impacts local workers by closing down specific locations, or it signifies the culmination of years of hard work on your part as a small business owner, the process can create a feeling of loss, uncertainty, unexpected added work, and stress.
Partnering with an auction house that you can trust and who you know has your best interest at heart provides both practical support in the form of all the aforementioned points we’ve shared in this blog series, but also in the form of emotional reassurance and best practice guidance.
The professionals at auction houses which specialize in the type of assets you have understand the intricacies involved in store closures and can guide you through the process with both empathy and expertise. They can help you navigate difficult decisions about pricing, timing, and marketing, making the experience more manageable and less stressful. Their support can be particularly valuable during a time when you might be feeling overwhelmed by the changes you are experiencing.
Using an auction house you can trust with seasoned industry experts guiding you every step of the way can transform what feels like an overwhelming task into a streamlined, profitable experience. With the right support, you can not only maximize your returns, but also find a sense of closure as you move forward into your next chapter or embrace your corporate decision’s direction.
You can approach your store closure with confidence, knowing that you’re making informed decisions with a team of experts on your side. For more information on how our industry experts can help you during store closures, please visit our auctions overview page.