The New Horse Market – Part 2: The Seller
Guidelines for selling a performance horse in today's market
by Allison Trimble
Last month we began our study of the current performance horse market from the buyer’s perspective. This month we address the same points, but from the seller’s position. It is important to understand the motivations and considerations of both parties to be able to navigate your way in this market.
Why
Establish why you are selling your horse. Do you need to cut costs, or do you just not want this particular horse? Are you looking to trade in for a new horse? Examining these things will determine how motivated you are to sell. If it is financial, you need to be extremely willing to take any reasonable offer. If you are simply planning to use the sale money to buy a different horse, you may be willing to hold out a little longer until you find a buyer willing to give the price you are asking. Clearly identify what type of seller you are before you put your horse for sale. You don’t have to tell anyone else, but be realistic about your situation or you may lose a buyer because you were unclear about your own needs.
Where
Ask your trainer to spread the word with his/her friends. Even if you don’t have a horse in training, call any trainers you know and let them know your horse is for sale. If a trainer sells a horse for you, expect to pay a 10% commission on the sale price.
The asking price is going to make a difference where you advertise; you wouldn’t advertise a $50,000 horse on craigslist, and you may not choose to post a $1500 horse on reinersworld.com. I have done quite a bit of advertising through the Northwest Horse Source, and I advertise a lot on the Internet through dreamhorse and craigslist, as well as through local classified papers. One thing you might not know is that many associations, such as the NWRA and NWRCHA, offer free classified advertisement for members on their websites. Make good decisions about the amount you spend advertising so you don’t break yourself before you can get your horse sold, but remember that you may need to spend a little to reach the right buyers.
Price
I encourage all sellers to do the same market research I recommended for buyers. Look at any horses for sale that you think are similar to your horse and use those prices as a starting point, especially those that have recently sold. This will give you a good feel for the market value of a horse of a particular caliber. If you want to move your horse fast, price it slightly below the median.
Expect that most people will offer you less than you are asking. You don’t want to overprice your horse, but don’t price it so low that you have nowhere to go. If you are unsure about the price and are flexible, you have the option to list the horse as "private treaty," just keep in mind that this often says to the buyer that the horse is priced very high.
You always have the option of taking your horse to a trainer for an opinion on what your horse is worth and how best to market that particular horse. If nothing else, it will give you a read on what other people’s trainers will be telling them about your horse. It may cost you something, but could save you months of floundering around and advertising the wrong way or at the wrong price.
Sales Tactics
If you are going to be advertising on the Internet or in print ads, never underestimate the importance of a good video and pictures. It is the same as anything else: if it doesn’t grab someone’s eye, there are just too many other horses to pick through. I also think about what other disciplines my horse may excel in and advertise in those circles as well. I have sold reiners and cowhorses as barrel, trail, dressage and 4-H horses. Decide what makes your horse special or different from other horses and show that in your description.
If you don’t like your horse, try not to let that seep out of your pores. It will scare buyers off, and honestly, your horse may just not like you and would make someone else the horse of their dreams. If you need to sell your horse badly for financial reasons, try to disguise that as well. You may choose to take a low price for the horse because of your situation, but you are ensuring a low price if a buyer sniffs out your weakness.
My final words of advice are to respond quickly and professionally to any inquiries. Often, people buy the first horse that fits their needs, and if they have to wait weeks for a video or more information, they are likely to buy from someone who responds more promptly.
Tell me Your Story!
I am always happy to give specific advice on horses if any of you need some help. In January, I want to focus on you, the readers. Send a picture of you and your horse and a brief answer to the question “What about your horse experience makes you feel like you are On the Plus Side?” I want to know why you play in this game, or why you would like to. Tell me your story at coastalequine@aol.com and I will publish some of them in the January edition. I look forward to hearing from you!
~ Allison
(Editor's note: postal mail entries may be sent to NWHS at PO Box 717, Blaine, WA 98231 and will be forwarded to Allison)
by Allison Trimble
Last month we began our study of the current performance horse market from the buyer’s perspective. This month we address the same points, but from the seller’s position. It is important to understand the motivations and considerations of both parties to be able to navigate your way in this market.
Why
Establish why you are selling your horse. Do you need to cut costs, or do you just not want this particular horse? Are you looking to trade in for a new horse? Examining these things will determine how motivated you are to sell. If it is financial, you need to be extremely willing to take any reasonable offer. If you are simply planning to use the sale money to buy a different horse, you may be willing to hold out a little longer until you find a buyer willing to give the price you are asking. Clearly identify what type of seller you are before you put your horse for sale. You don’t have to tell anyone else, but be realistic about your situation or you may lose a buyer because you were unclear about your own needs.
Where
Ask your trainer to spread the word with his/her friends. Even if you don’t have a horse in training, call any trainers you know and let them know your horse is for sale. If a trainer sells a horse for you, expect to pay a 10% commission on the sale price.
The asking price is going to make a difference where you advertise; you wouldn’t advertise a $50,000 horse on craigslist, and you may not choose to post a $1500 horse on reinersworld.com. I have done quite a bit of advertising through the Northwest Horse Source, and I advertise a lot on the Internet through dreamhorse and craigslist, as well as through local classified papers. One thing you might not know is that many associations, such as the NWRA and NWRCHA, offer free classified advertisement for members on their websites. Make good decisions about the amount you spend advertising so you don’t break yourself before you can get your horse sold, but remember that you may need to spend a little to reach the right buyers.
Price
I encourage all sellers to do the same market research I recommended for buyers. Look at any horses for sale that you think are similar to your horse and use those prices as a starting point, especially those that have recently sold. This will give you a good feel for the market value of a horse of a particular caliber. If you want to move your horse fast, price it slightly below the median.
Expect that most people will offer you less than you are asking. You don’t want to overprice your horse, but don’t price it so low that you have nowhere to go. If you are unsure about the price and are flexible, you have the option to list the horse as "private treaty," just keep in mind that this often says to the buyer that the horse is priced very high.
You always have the option of taking your horse to a trainer for an opinion on what your horse is worth and how best to market that particular horse. If nothing else, it will give you a read on what other people’s trainers will be telling them about your horse. It may cost you something, but could save you months of floundering around and advertising the wrong way or at the wrong price.
Sales Tactics
If you are going to be advertising on the Internet or in print ads, never underestimate the importance of a good video and pictures. It is the same as anything else: if it doesn’t grab someone’s eye, there are just too many other horses to pick through. I also think about what other disciplines my horse may excel in and advertise in those circles as well. I have sold reiners and cowhorses as barrel, trail, dressage and 4-H horses. Decide what makes your horse special or different from other horses and show that in your description.
If you don’t like your horse, try not to let that seep out of your pores. It will scare buyers off, and honestly, your horse may just not like you and would make someone else the horse of their dreams. If you need to sell your horse badly for financial reasons, try to disguise that as well. You may choose to take a low price for the horse because of your situation, but you are ensuring a low price if a buyer sniffs out your weakness.
My final words of advice are to respond quickly and professionally to any inquiries. Often, people buy the first horse that fits their needs, and if they have to wait weeks for a video or more information, they are likely to buy from someone who responds more promptly.
Tell me Your Story!
I am always happy to give specific advice on horses if any of you need some help. In January, I want to focus on you, the readers. Send a picture of you and your horse and a brief answer to the question “What about your horse experience makes you feel like you are On the Plus Side?” I want to know why you play in this game, or why you would like to. Tell me your story at coastalequine@aol.com and I will publish some of them in the January edition. I look forward to hearing from you!
~ Allison
(Editor's note: postal mail entries may be sent to NWHS at PO Box 717, Blaine, WA 98231 and will be forwarded to Allison)
Labels: allison trimble, November 2008, On the Plus Side
posted by NWHS at
8:09 AM
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