You don’t always want to hold on to a site. Many times, you want to get rid of it because either A) You want to sell a bunch of little sites to consolidate them into fewer, larger sites, B) It’s taking up “mental bandwith” and isn’t worth the effort to maintain, so you want to get a big chunk of cash for it, or C) You just want some money for some other projects. Regardless of your reasons, selling sites on Flippa.com, or one of the other really big website auction sites, can be a tricky at best, so, we’re going to go over getting the most out of each and every auction you do. There are certain “techniques” you can use to increase website effectiveness, which can make a site go from selling for 10x monthly revenue, to selling for 20x or more, just with a few simple steps.
1 Pay Extra For Premium Listings?
Flippa, as well as many others, offer you the opportunity to pay a fee, and in exchange, you can get your listing in bold, or highlighted in some other way, to make it “stand out above the rest”. Is it really worth it for you to do this however? How much of a boost will you ACTUALLY get? The truth is, SO many people do it at this point, that there’s virtually no benefit to doing it. Because so many people are doing it, you don’t even stand out at all anymore, I’ve found, and not only that, you stand out even more when you DON’T do this sometimes. So, the first thing I would advise, is to ignore these extra packages, they’re a waste of money, and usually, they’re also counter-productive to getting you the most amount of bids possible.
2 Starting Your Auction
When you’re listing an auction, you have a few different options for how you want to start off the bidding process. For example, on some sites, you have the starting bid, and this is basically where you want your listing to start at, (so if you start it at $1,000, it will show that amount, and people will have to bid there if they want to even begin bidding on your website). On top of that, you also have the “reserve price”, which is something similar, but it works a little differently. The reserve price is sort of a “minimum bid” as well, but, it’s one that people won’t actively see. So, if you set your RESERVE price to $1,000, and somebody bids $970, for example, it would say “reserve not met”, meaning they can’t actually WIN the auction at that price.
So, as you can see, this basically works as a safety net for bidders, ensuring that they get a certain “minimum” amount of a website, and most people use it as such. So, they say to themselves, “OK, $4,500 is the minimum I’d be willing to sell a website for, so I’ll set the reserve price there”. While of course this can be tempting to do, (who doesn’t want a nice safety net?) I would advise you to refrain from this completely (if you can stomach it)… Set your minimum bid to $1, and set it up to have NO RESERVE price. This will tempt bidders to come in non-stop and bid on your site, increasing the total number of people who actually bid, as opposed to setting a high reserve, or a high minimum bid price, which will only serve to scare them all away.
If you do this, people will come in and bid, trying to snag that “steal deal”. The idea of getting a site worth $1,000’s for only pennies on the dollar is just too attractive for many to pass up (even though this almost NEVER happens), so, they throw they’re hat in the ring, and bid anyways. The auctions that do this, 9 times out of 10, will get more bidders than the auctions that don’t, it’s really that simple.
3 Automatic vs. Manually-Approved Bidding
Another option you have within Flippa, is to either allow all bidders’ bids to be approved and added automatically, OR, you can set it so that you have to manually approve each and every one. Most people just go with the automatic approval by default, but, I would advise against this. In the beginning, while your auction is still at only $1, you’re better off approving bids manually, so that it STAYS at $1, and more people will bid. This will increase the number of bids you get, because the bid price will stay the same until you approve the bids, as opposed to increasing each time someone bids, and when the price stays low, you can bet that more people will be bidding on it. Then just approve them all at once, and you’ll have a ton of great bids.
In this article, we’ll be going over some more ways in which you can maximize how much money you make from selling websites on Flippa. In the last article, we talked about whether or not to pay for a premium listing, we talked about the starting bid, and the reserve price, and, we talked about bid approval. Mainly what we learned is, how to set up your Flippa listing to get as many bids as humanly possible. There are several reasons for this.
Foe one, Flippa sometimes shows listings that get a ton of bids, under a “popular listings” section. This will get more people looking at your auction, and will get you even more bids than you had before. Easy. Aside from getting even more bids, you’ll also be getting what’s known as “social proof”. Social proof means, that when people see other people are bidding on your project, they assume that means that it must be valuable, and so, they’re more likely to bid on it themselves, and of course, bid higher amounts than they would otherwise. So, popularity begets even more popularity.
Last but not least, it’s important to make sure that you have as many people bidding as possible, because each time someone bids on your project, they become “mentally involved” with it. This mental involvement almost makes them feel like they’re going to “war” with the other bidders(literally a bidding war). This involvement will make everyone who is involved, want to win, and the more they want to win, the more they’re willing to bid. Let’s face it, it simply doesn’t feel good to bid on a project, and then ultimately lose, so they do whatever they can to make sure this doesn’t happen. Now… let’s go over a few more tips and tricks to get more bidders competing over your auction.
4 Spread The Word
When you’re auctioning off a site using a website like Flippa, you’ll often find that you can get a ton of people just by posting your auction, and doing the simple things that we’ve discussed in this, and the previous article. However, you don’t want to just stop there. You can get a ton of people on Flippa, but you can also get people from outside of Flippa to come over and bid on your auction as well.
5 Browse The Forums
One thing you can look into, is finding forums that are related to your website’s niche. Sometimes you can post a thread on these forums (paid or otherwise) letting people know that you have a certain website for sale, and giving them a link to the listing. You can also try general make money online, or internet marketing forums, such as WarriorForum, to see if anyone there is willing to purchase the asset (this will especially work if your site is generating consistent and easy ad revenue, like from Adsense). Many of the people on sites like this, will have a Flippa account, and will be ready to bid immediately, and if not, no problem, they can easily create an account.
6 Leverage Lists and Social Networks
You don’t have to stop at forums however, why not also reach out to people who you’ve worked with before? For example, if you have a list that’s associated with that website, why not blast a quick e-mail to that list, letting them know you’re selling off the asset, and that it’s now for sale on Flippa, and give them the link. This will often get you someone who’s willing to bite, and if not, you didn’t really lose anything by sending out a quick e-mail did you? Not only can you use the site’s e-mail list, or your other personal e-mail lists, you can also use your social networks as well. This is especially helpful if you’re connected to people in your industry, niche, or simply anyone who might be looking to purchase a cashflow producing online asset.
7 Connect With The Competition
Last but not least, if you’re selling off a site, why not get in touch with some of your competitors about it? If it’s some sort of a product that you’re selling specifically, this can work very well, but really, no matter what the niche is, there’s usually someone who can benefit by owning 100% of the adspace on your website, so, figure out who that is, and then market your site to those people specifically. You can find them of course, by simply searching on Google, or, browsing through sites that sell competing products, such as on Amazon, Clickbank, or Commission Junction. You might find it surprising how often these people are interested in buying your site.
Use these techniques to get a ton of people pouring into your auction and competing to acquire your website. You may be surprised how quickly your auction can turn into the next “hot ticket item” on Flippa, if you implement these strategies correctly. This can be the difference between disappointment and joy when your auction expires, so make sure to use as many of these strategies as you can to your advantage.