What I would like to know, is if you were going to sell your airplane, what would you do to...
I have sold several airplanes (not as many as Baron Thomas, but more than Tripp) and every one has been different. I will tell you that selling to a first time buyer is much more difficult than selling to a knowledgeable buyer. No offence to first time buyers is intended. The first time buyer is unsure and a little frightened by the process. It does not matter that they are paying less than they would for a used SUV or higher end car or that they are purchasing what would be almost an antique if it were a car. It takes a lot more patients to sell to them.
1. Maximize the price you will actually sell it for. For example, does listing it on Barnstormers bring a higher return than say Trade-A-Plane?The only thing that is required to sell an airplane is finding a buyer who is willing to pay the price for the airplane.
Sandy makes a very good point about presentation. Lipstick sells! Include enough high quality pictures to get the prospects attention. Have more pictures that can be sent to the prospect if they express genuine interest. There are a number of aircraft sales websites, many of them are free or have very reasonable rates. Most, if not all, offer the ability to include pictures, by all means include pictures that answer the questions that you would have if you were the buyer.
Surprisingly I get fewer inquires from ads in Trade-A-Plane, and they are usually the most expensive ads, than from AOS, Barnstormers, etc. ,
2. Decrease the time it takes for you to sell it? I know that lowering the price will do that, but what other options are there?
Place a realistic price on the plane and be sure to put it in the ad; a lot of folks will skip ads that are not priced just like they do the ones without pictures. Add a little to the price so that you can “trade down”, most folks want a “deal”. If you are willing to come down a little it makes them feel good.
To Jim’s point about exposure; advertise in as many places as you can; the wider the audience the better your chance of selling the plane.
Be honest about the condition of the plane. The quickest way to queer a sale is for the prospect to get any bad surprises.
A trick that I have used with good effect is to scan the airframe and engine logbooks, burn them to a CD and advertise that the log books are available for the prospect’s inspection. That lets the prospect know that you have nothing to hide and their mechanic can peruse the logs without your having to worry about loss. When the prospect comes to look at the pane that part of the process is complete. I also include a boat load of detailed pictures on the CD as well as a copy of the FAA’s registration, 337 disk (also include Acrobat just in case they don’t have it)
Stay away while the pre-purchase inspection, if any, is being done.
Answer all questions immediately and honestly.
Something often overlooked is to spread the word locally. Your thought about a brochure is a good one and it gives you an excuse to fly to surrounding airports.
3. How do you keep from getting inquiries that are a waste of your time?
I don’t know the answer to that one. The only thing that I can think of is to include something like “Only serious inquires” in the ad. But that runs the risk of putting off someone who might be a buyer.
With something like a 150/152 you are going to get tire kickers, no way around it. It doesn’t take time to recognize them and courteously disengage.
When I was selling the SportHawk I had many calls simply inquiring about what a 150/150 was and how to go about doing a conversion. I tried to nicely tell them that I was not in the consulting business but trying to sell a really nice airplane at way less than they could make the conversion. That usually ended the conversation.
If the first thing that the caller ask is how much you are willing to come off of the price ask them to make an offer. You will learn a good deal about their intentions form their answer. (Happened many times when selling the SportHawk. I never did get an offer.)
4. What about using a broker?
I have never used a broker. Perhaps in exchange for their cost they may be able to decrease the time to sales. You will pay a pretty good price for their services and that will decrease your net on the sale.
Some tips that may be helpful:
Have a sales contract stating the terms and conditions for the sale written up before you start. When a prospect becomes a serious potential buyer send the contract to them and get it SIGNED.
Guarantee to deliver an AIRWORTHY airplane. Let the buyer pay for a pre-purchase inspection and if they find issues that make the plane un-airworthy get them fixed. I have also agreed to turn the per-purchase inspection into an annual by dealing with all inspection items not included in the pre-purchase. (If that is in the agreement I wouldn’t come off the price as much.) Make sure that you are not going to fix any item that is not related to airworthiness. It is to the seller’s benefit to deliver the airplane with a singed off annual form a liability stand point.
Be sure that the plane is as clean as a hounds tooth, inside, outside, tail cone and engine compartment, for the pre-purchase inspection. A dirty plane shouts poor maintenance.
Make it known early that you will accept only cash or a wire transfer for payment. Casher’s checks and money orders can be forged. Why take the chance?
Transferring funds in exchange for a bill of sale and signed registration is a hassle if the transaction is not a face to face deal. You can use AOPA’s escrow service or if you have a good relationship with your bank you can take the documents to your banker to hold. When a wire transfer for the sale is deposited in your bank he/she sends the paper work to the buyer’s bank.
I hope this helps!
