How to Be a Smart Buyer

12 April 2017 - 23:00, by , in Blog, No comments

Whether you’ve been to many used restaurant equipment auctions at Kohn-Megibow Company or are considering attending your very first KMC auction, there are a number of strategies you can follow to be a smart buyer. Learn how to navigate the fast-paced auction process and discover how to get the best deals on the equipment you need. These simple tips and suggestions will help you make smart buying decisions at any auction you attend.

1. Attend an Auction First
Even if you have no intentions of buying just yet, it really helps to attend a KMC used restaurant equipment auction before you are ready to start bidding. See how the process works (previewing equipment, registration, bidding, payment, item pick-up), understand how people are bidding and get a feel for the overall flow of the event. You will be much more prepared for a later auction when you actually want to buy something.

2. Study the Inventory

Try to keep your finger on the pulse of KMC’s inventory, so you know what we have in stock. We always have equipment coming in that you can preview and research at any time before an auction.

3. Buy on Non-Auction Days

You don’t always have to wait for an auction to buy equipment from Kohn-Megibow Company. You can make an offer before an item even hits the auction floor and still get it at a good price. Come in during the week or call in advance to see what equipment we have in stock. Don’t risk losing a piece of equipment you really want or need by waiting for it to go to auction.

4. Buy Equipment Before You Need It

Many people wait until something breaks down, and then they end up overpaying for an emergency replacement. Get the best deal on the right pieces of restaurant equipment if you know a major appliance is on its last legs or you just want to have a back-up ready just in case. The best examples of this are back-up refrigerators and ice machines, especially as summer approaches. These can be difficult and costly items to replace in an emergency, so think about buying the equipment before you need it.

 5. Start Small
It’s always a good idea to stock up on small kitchenware like pots, pans, flatware, dishes, silverware, glasses and more. Smaller items can also be a good way to ease yourself into the auction buying process as you gear up to buy bigger restaurant equipment.

6. Prioritize Need

A smart buyer will know well in advance exactly what they need (in order of importance) so they don’t end up buying stuff that’s not priority right away. Study the cost of new equipment so you can make sure you are getting a good deal on any used restaurant equipment you purchase from KMC.

7. Set Your Budget

In addition to knowing what you need, set your equipment budget in advance. This will help you stay on track and keep you from overspending. Think about how you plan to pay for or finance any equipment you purchase. Talk to the people at KMC about your financing options, as well. We can help you find the best solutions that will enable you to stay within budget.

We hope you find these smart buyer tips helpful. To see what we have in inventory at Kohn-Megibow Company or to prepare for one of our bi-weekly used restaurant equipment auctions, give us a call today and we’ll be happy to help guide you through the process.

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