Since 2020, the oil and gas industry has been in demand by at least 91 million barrels per day. This means there is high demand for the oil equipment that you have to sell.
The condition of your equipment will play a large part in what you're eligible to sell. Not to mention, buyers are more likely to be interested in equipment that is well-maintained and in good working order. Before selling your equipment, ensure there are no broken, missing, or damaged parts.
It's steps like these that make for more successful selling opportunities. If you're in the business of selling oil and gas equipment, it's important to know the do's and don'ts of the trade. Keep reading as we talk about the most common do's and don'ts when selling to the oil industry.
Do: Think About the Energy Efficiency of the Oil Equipment
Energy efficiency in the oil industry means less negative environmental impact. There are numerous companies that are engaging renewable energy sources. Many of them have a strong stance on energy efficiency.
Not only is this a strategic method, but it's also a financial tactic as well. Before you sell equipment online, consider how energy efficient it is.
Do: Consider the Actual Quality of What You Intend to Sell
The first step when you sell industrial equipment is to understand the importance of quality. Quality equipment means a higher safety rating and it can also mean higher sale prices. Long-lasting components and ease of use are important to buyers.
Before listing oil and gas equipment for sale, consider its current state and be transparent about the state of all equipment. Reliability is key when it comes to selling oil equipment, as buyers will want to know that they can rely on the products they purchase.
You're not just selling equipment but solutions to a problem. Buyers will be looking for reliability and quality options.
Most companies will not stray from their current industry ties unless presented with something that's proven to work and enhance their current operations. When selling your oil equipment, don't only think of the quality, think of the cleanliness, and its functionality with different applications.
By offering products that are both dependable and safe, you'll be in a better position to sell.
Don’t: Overlook the Age of the Equipment
Oil equipment can last anywhere from 20 to even 40 years throughout production lifecycles. Consider how long your equipment has been actively used. Also, consider its general age.
Age isn't always a determining factor in equipment quality as it's usually a variety of other things such as equipment material and your maintenance process. Even if you kept up with maintenance and your maintenance plans were extensive, this won't always ensure the longevity of your equipment. If the you sell equipment that is significantly aged, this could pose a variety of challenges for the buyer.
It could affect their operations, safety aspects, and even their efficiency ratings. Take all of this into account when selling oil equipment.
Age will determine how much life the product can be expected to have. It will also determine if it has any limitations. You have to also consider that equipment age has a lot to do with trust in the product and its expected performance.
Oil and gas companies look at a few specific trajectories for performance. They will often be;
- The price of the equipment
- Product reliability
- The convenience of services and equipment offered
- Technological performance
If your equipment is hitting these marks, then you will have an easier time making a positive impression on your offerings when you sell. Overall, if you are unsure about the age of your equipment, it is best to consult with a professional if you intend to sell. Professional technicians will be able to better assess the life and safety of the materials.
Don’t: Forget to Consider the Use of the Equipment
When you sell surplus equipment, considering the main use and potential use cases of the equipment is essential. At least 80% of B2B companies will switch their supplier once in a period of a year, but this won't always be the case.
When you sell surplus equipment online, you can get more for what you're selling based on equipment use, features, and potential applications. This also gives buyers an opportunity to get a better deal.
Buyers look for options that are versatile and reliable within the industry. Selling options with this in mind will increase your reputation as a source of quality equipment.
Don’t: Dismiss the History of the Equipment
The history of the industrial equipment can also affect its value. For example, if there has been a lot of damage done to the equipment, this will likely reduce what it's worth. Similarly, if there is a good repair and maintenance history, this could increase the value when you sell oil and gas equipment as well or at least maintain its market value rather than lower it.
Overall, buyers want to avoid component failure, inoperable equipment, and loss of service life. The best way to help with this is to be aware of the damage, maintenance, and sale history. This will also help with forming predictive maintenance schedules, which will often result in fewer repair costs and better performance output.
Navigating the Oil and Gas Industry
If you sell oil equipment, you want to establish yourself as a trusted equipment source. The main way to do this is to offer reliable, safe, and versatile products. You also want to be aware of what the oil industry needs and oil and gas regulatory compliance policies before selling what you have.
Fuelled focuses on industrial equipment sales and surplus. To learn how to sell your assets or how to navigate the industry, learn more about how we work today.