What You Should Know About Restaurant Auctions; Tips from a Live Auction Company in Kansas City
Jan 23, 2023
As you’re driving on your normal commute to work or the grocery store, take note of all the local restaurants that have recently closed their doors. It’s pretty alarming to see all of these businesses struggle to make ends meet and eventually be forced to cease operations.
As a leading live auction company in Kansas City, our team at Mayo Auction & Realty has encountered many situations where restaurant owners are forced with making the tough decision to stop doing business and sell off some of their assets to try and make ends meet.
Many times, restaurant owners will reach out to a live auction company or an estate sale company in Kansas City to help liquidate items that were once in their restaurant. A restaurant auction can mean great deals on unique items that you can’t find at a typical appliance retail store.
In today’s blog, our live auction company in Kansas City will be providing valuable tips on regarding restaurant auctions.
Our Live Auction Company in Kansas City Explains the Basics of a Restaurant Auction
Auctions have been around for a long time, and they’ve evolved greatly in the last few decades, thanks to the internet. Restaurant auctions are just one of the many industry-specific options that focus on selling assets from dining establishments that were forced to close. Asset redeployment is also a good reason for a restaurant auction, especially if the items are not providing the returns they promised.
On the buyer’s end, a restaurant auction becomes a golden opportunity to obtain items at a fraction of the original price. Almost all products sold at auction are already used and may have some mileage, but that doesn’t mean they’re of poor quality. There’s also a wide selection of items that allow buyers to find exactly what they need.
Most auctions now take place online. An online auction house in Kansas City, like Mayo Auction & Realty, will often list available items from restaurants on digital marketplaces. When the auction closes, the buyers will attempt to place a bid on the item of their choice, and if their bid is the highest, they will win the item.
What Items Does a Live Auction Company in Kansas City Typically Sell at a Restaurant Auction?
Equipment and Machinery
Without a fully functional kitchen, a restaurant cannot run. Buyers will look at auction sites to get their ovens, range hoods, cooktops, deep fryers, and other items in order to cut costs on machinery and appliances.
Tableware
Glassware, dining utensil sets, and other items that customers use are in high demand. Since they are typically more expensive when bought brand-new, most people will try to purchase them at auctions in order to get a great deal.
Cooking Utensils
A significant investment is required to buy a complete set of pots, pans, and other cooking utensils. Restaurant owners use auctions to save money on perfectly good, albeit lightly used, cooking equipment.
Unique Equipment
It's possible that the cuisine served at your restaurant requires specialized tools to prepare. You'd have a better chance of selling your specialty items at an auction with restaurant owners who are actively looking for them than you would by finding another restaurant that might want to buy them.
Furniture
Your restaurant's tables, chairs, display cabinets, and other furniture can all be sold. You might be able to sell them for more money at first if they come in sets or are in reasonably good condition.
Why Do Restaurants Hire a Live Auction Company in Kansas City to Sell Their Assets?
Get an Audience for Your Product
The selling component of asset liquidation presents the biggest challenge. It will take a lot of work and additional expense to market them in order to reach your intended audience. You'll be on a platform with bidders who are actively looking for your items at an auction.
Faster Sales
Most auctions hosted by an estate sale company in Kansas City will have a time limit. It usually only lasts a few minutes for physical ones. On the other hand, there are more time periods before the bidding ends in online auctions.
More Open Than Other Techniques
Both buyers and sellers should take note of this. There are no hidden fees; buyers can see the item's price and calculate their offers accordingly. The marketplace gives sellers the ability to track the prices at which their goods are selling.
Do Away With Long Negotiations
This is especially true for expensive or in-demand items. To find buyers and select the best offer, the seller of these assets typically spends a lot of time negotiating. As a leading estate sale company in Kansas City, we know that the seller does not have to bargain during an auction. Just set the starting price, then wait for the offers to come in.
Might Produce a Greater Profit
When bidding on coveted or rare items from your restaurant, competition can be ferocious. In some circumstances, the offers might even be better than the store price, giving you a bigger profit.
Our team at Mayo Auction & Realty hopes you found this information useful regarding restaurant auctions. Whether you are planning on buying or selling restaurant supplies and equipment, contact our team if you have any questions. As a leading live auction company in Kansas City, we have the experience and knowledge to provide the assistance you need regarding restaurant auctions.
Are You Looking for a Dependable Estate Sale Company in Kansas City?
Mayo Auction & Realty is a full-service real estate auction company in Kansas City that effectively markets your property to the world. As a seller, you will enjoy getting market value for your property or assets in the time frame you need. We are a Kansas City online auction company as well. As a buyer, you will enjoy our easy-to-use competitive bidding marketplace. If you need an auction house in Kansas City, we are the partner for you!
The Mayo Auction & Realty team is here to make your life easier, so contact us today. We look forward to assisting you with all your auction and estate sale needs.