Here are some tips if you are planning on selling used lab equipment. As your lab makes advancements or matures, equipment will need to be upgraded or replaced. Similarly, if you are shutting down your lab operation, you may be interested in selling used lab equipment. Selling your lab equipment can be a great way to free up some capital and get a fair return, but it’s best to be informed about how best to go about it.
1. Do Some Research
Search around to see if lab equipment similar to what you are selling is being marketed. Check marketplaces, auction events, life science websites and forums. There are many companies selling equipment, but be sure that they are reputable. Check the date in which the listing was posted. It’s worthwhile to see if they are offering high quality used lab equipment as well. Some companies tend to sell older obsolete lab equipment which is often just used for parts.
2. Showcasing and first impressions
Lab equipment is often expensive. When a lab knows that they can’t avoid paying a large sum for some equipment, they may be more inclined to just buy it new rather than buying a comparative used instrument for cheaper. This is why properly showcasing your equipment is important. If you are showing a piece of equipment to a potential seller, it should ideally be in the lab environment and you should be able to demonstrate that it is in working order.
3. Lower Demand Items
You may have to take a price hit on lab equipment that is obsolete or no longer widely used. Consider how common the equipment is and what your target market looks like. This can influence the price and time it takes to sell the instrument.
4. The Complete Package
You will be more likely to make a sale if you can offer the relevant ancillary items and software that accompany the equipment. Working with a company that can couple your instrument with installation, training, and an extended service can really add value.
5. Find a Good Buyer
It’s recommended that you work with a vendor whom will find a trustworthy buyer whom will pay a fair price for your lab equipment. Check to see if the vendor has experience in selling comparable equipment to what you are selling.
Ask yourself the following questions;
What is their track record?
How is their customer service?
Do they offer a wide selection of lab equipment or is it specific to the instrument(s) you are selling?
6. Check Shipping Regulations
It’s important to check if your state has any regulations about the shipment of used lab equipment. All lab equipment should be properly decontaminated and properly decommissioned before shipping. How the equipment is packed for safe transport should also be considered.
Be clear about the condition of the equipment so the buyer knows what to expect.
8. Post on a Marketplace
Many buyers of lab equipment will be looking in the industry marketplaces for used lab equipment, so make sure your product is listed with a reputable company where you’ll get some activity.
9. Accurate Specifications and Details
Make sure all specifications are clearly listed. This includes the model, manufacturer and year, and years of use in your lab. The application for which the instrument was used for is also good to know. If you also bought it second hand you should also provide any history you have from the previous buyer.